Acadia Realty Trust (AKR) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 25, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	899,629
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		84,730,288

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Operating real estate, net	$ 2,621,536	$ 2,551,448
Real estate under development, at cost	510,548	543,486
Net investments in real estate	3,132,084	3,094,934
Notes receivable, net	276,507	276,163
Investments in and advances to unconsolidated affiliates	260,497	272,028
Other assets, net	201,822	192,786
Cash and cash equivalents	47,707	71,805
Rents receivable, net	50,766	43,842
Restricted cash	24,021	22,904
Assets of properties held for sale	21,498	21,498
Total assets	4,014,902	3,995,960
LIABILITIES
Mortgage and other notes payable, net	1,143,049	1,055,728
Unsecured notes payable, net	358,847	432,990
Accounts payable and other liabilities	207,679	208,672
Capital lease obligations	70,247	70,129
Dividends and distributions payable	23,366	36,625
Distributions in excess of income from, and investments in, unconsolidated affiliates	15,221	13,691
Total liabilities	1,818,409	1,817,835
Commitments and contingencies
Acadia shareholders' Equity
Common shares, $0.001 par value, authorized 100,000,000 shares, issued and outstanding 83,630,051 and 83,597,741 shares, respectively	84	84
Additional paid-in capital	1,589,765	1,594,926
Accumulated other comprehensive income (loss)	438	(798)
Distributions in excess of accumulated earnings	(11,753)	(5,635)
Total Acadia shareholders’ equity	1,578,534	1,588,577
Noncontrolling interests	617,959	589,548
Total equity	2,196,493	2,178,125
Total liabilities and equity	$ 4,014,902	$ 3,995,960

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	100,000,000	100,000,000
Common shares, issued (in shares)	83,630,051	83,597,741
Common shares, outstanding (in shares)	83,630,051	83,597,741

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental income	$ 48,585	$ 38,590
Expense reimbursements	12,316	7,959
Other	1,098	1,496
Total revenues	61,999	48,045
Operating expenses
Depreciation and amortization	24,536	16,849
General and administrative	8,469	9,352
Real estate taxes	10,606	6,165
Property operating	8,197	5,537
Other operating	294	291
Total operating expenses	52,102	38,194
Operating income	9,897	9,851
Equity in earnings and gains of unconsolidated affiliates inclusive of gains on disposition of properties of $11,486 and $ - , respectively	12,703	1,954
Interest income	8,984	4,638
Interest expense	(11,488)	(8,038)
Income from continuing operations before income taxes	20,096	8,405
Income tax (provision) benefit	(125)	77
Income from continuing operations before gain on disposition of properties	19,971	8,482
Gain on disposition of properties, net of tax	0	65,393
Net income	19,971	73,875
Net income attributable to noncontrolling interests	(4,340)	(44,950)
Net income attributable to Acadia	$ 15,631	$ 28,925
Earnings Per Share, Basic and Diluted [Abstract]
Basic and diluted earnings per share (in dollars per share)	$ 0.18	$ 0.40

CONSOLIDATED STATEMENTS OF INC5

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Gain (loss) on disposition of property of equity method investment	$ 11,486	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 19,971	$ 73,875
Other comprehensive income (loss):
Unrealized income (loss) on valuation of swap agreements	118	(8,819)
Reclassification of realized interest on swap agreements	963	1,046
Other comprehensive income (loss)	1,081	(7,773)
Comprehensive income	21,052	66,102
Comprehensive income attributable to noncontrolling interests	(4,185)	(44,181)
Comprehensive income attributable to Acadia	$ 16,867	$ 21,921

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	(Distributions in Excess of Accumulated Earnings) Retained Earnings	Total Common Shareholders’ Equity	Noncontrolling Interests
Balance at Dec. 31, 2015	$ 1,521,354	$ 70	$ 1,092,239	$ (4,463)	$ 12,642	$ 1,100,488	$ 420,866
Balance (in Shares) at Dec. 31, 2015		70,258,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	$ 1	5,679			5,680	(5,680)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		249,000
Issuance of Common Shares, net of issuance costs	35,220	$ 1	35,219			35,220
Issuance of Common Shares, net of issuance costs (in Shares)		1,050,000
Issuance of OP Units to acquire real estate	29,336						29,336
Dividends declared	(19,345)				(17,872)	(17,872)	(1,473)
Acquisition of noncontrolling interests	(18,379)		7,569			7,569	(25,948)
Employee and trustee stock compensation, net	4,019		208			208	3,811
Employee and trustee stock compensation, net (in Shares)		9,000
Noncontrolling interest distributions	(36,174)						(36,174)
Noncontrolling interest contributions	46,343						46,343
Comprehensive income	66,102			(7,004)	28,925	21,921	44,181
Balance at Mar. 31, 2016	1,628,476	$ 72	1,140,914	(11,467)	23,695	1,153,214	475,262
Balance (in Shares) at Mar. 31, 2016		71,566,000
Balance at Dec. 31, 2015	1,521,354	$ 70	1,092,239	(4,463)	12,642	1,100,488	420,866
Balance (in Shares) at Dec. 31, 2015		70,258,000
Balance at Dec. 31, 2016	$ 2,178,125	$ 84	1,594,926	(798)	(5,635)	1,588,577	589,548
Balance (in Shares) at Dec. 31, 2016	83,597,741	83,598,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	$ 0		438			438	(438)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		25,000
Dividends declared	(23,366)				(21,749)	(21,749)	(1,617)
Employee and trustee stock compensation, net	4,235		94			94	4,141
Employee and trustee stock compensation, net (in Shares)		7,000
Noncontrolling interest distributions	(3,822)						(3,822)
Noncontrolling interest contributions	20,269						20,269
Reallocation of noncontrolling interests	0		(5,693)			(5,693)	5,693
Comprehensive income	21,052			1,236	15,631	16,867	4,185
Balance at Mar. 31, 2017	$ 2,196,493	$ 84	$ 1,589,765	$ 438	$ (11,753)	$ 1,578,534	$ 617,959
Balance (in Shares) at Mar. 31, 2017	83,630,051	83,630,000

CONSOLIDATED STATEMENTS OF SHA8

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.26	$ 0.25	$ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 19,971	$ 73,875
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties	0	(65,393)
Depreciation and amortization	24,536	16,849
Distributions of operating income from unconsolidated affiliates	1,299	1,082
Equity in earnings and gains of unconsolidated affiliates	(12,703)	(1,954)
Stock compensation expense	4,235	4,019
Amortization of financing costs	1,169	625
Other, net	(2,908)	(2,031)
Changes in assets and liabilities:
Other liabilities	1,076	(8,849)
Prepaid expenses and other assets	(5,736)	881
Rents receivable, net	(6,723)	(3,596)
Restricted cash	(1,010)	3,259
Accounts payable and accrued expenses	273	(792)
Net cash provided by operating activities	23,479	17,975
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(34,688)	(12,287)
Development and property improvement costs	(27,015)	(37,463)
Issuance of or advances on notes receivable	(150)	(27,800)
Proceeds from the disposition of properties	0	104,458
Investments in and advances to unconsolidated affiliates	(3,174)	(8,034)
Return of capital from unconsolidated affiliates	2,677	34,235
Proceeds from notes receivable	0	20,500
Proceeds from disposition of properties of unconsolidated affiliates	25,080	0
Payment of deferred leasing costs	(2,033)	(847)
Net cash (used in) provided by investing activities	(39,303)	72,762
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(5,236)	(99,501)
Principal payments on unsecured debt	(94,100)	(101,500)
Proceeds received on mortgage and other notes	93,044	1,945
Proceeds from unsecured debt	20,000	134,616
Proceeds from issuance of Common Shares, net of issuance costs of $0 and $1,654 respectively	0	32,026
Capital contributions from noncontrolling interests	20,264	46,343
Distributions to noncontrolling interests	(6,163)	(56,995)
Dividends paid to Common Shareholders	(34,275)	(35,112)
Deferred financing and other costs	(1,701)	(475)
Loan proceeds held as restricted cash	(107)	0
Net cash used in financing activities	(8,274)	(78,653)
(Decrease) increase in cash and cash equivalents	(24,098)	12,084
Cash and cash equivalents, beginning of the period	71,805	72,776
Cash and cash equivalents, end of the period	47,707	84,860
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $5,009 and $5,115, respectively	9,629	8,437
Cash paid for income taxes, net of (refunds)	220	(256)
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	0	1,463
Acquisition of real estate through issuance of OP Units	0	29,336
Acquisition of capital lease obligation	0	76,461
Assumption of accounts payable and accrued expenses through acquisition of real estate	$ (662)	$ 0

CONSOLIDATED STATEMENTS OF CA10

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Cash paid for capitalized interest	$ 5,009	$ 5,115
Payments of Stock Issuance Costs	$ 0	$ 1,654

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Acadia Realty Trust and subsidiaries (collectively, the “Company”) is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of March 31, 2017 and December 31, 2016, the Company controlled approximately 95% of the Operating Partnership as the sole general partner and 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 Common OP Units (“LTIP Units”) as long-term incentive compensation ( Note 13 ). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” As of March 31, 2017 , the Company has ownership interests in 118 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds (“Core Portfolio”). The Company also has or had ownership interests in 64 properties within its opportunity funds, Acadia Strategic Opportunity Fund I, LP (“Fund I,” which was liquidated in 2015), Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC, and Acadia Strategic Opportunity Fund V LLC (“Fund V,” or the “Current Fund,” and together with Funds I, II, III and IV, the “Funds”). The 182 Core Portfolio and Fund properties primarily consist of street and urban retail, and suburban shopping centers. In addition, the Company, together with the investors in the Funds, invest in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I”), Acadia Mervyn Investors II, LLC (“Mervyns II”) and Fund II, all on a non-recourse basis. The Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant. The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns I and II and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and Mervyns I and II are distributed pro-rata to their 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). All transactions between the Funds and the Operating Partnership have been eliminated in consolidation. The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns I and II (dollars in millions): Entity Formation Date Operating Partnership Share of Capital Fund Size Capital Called as of March 31, 2017 Unfunded Commitment Equity Interest Held By Operating Partnership (b) Preferred Return Total Distributions as of March 31, 2017 (c) Fund I and Mervyns I (a) 9/2001 22.22% $ 90.0 $ 86.6 $ — 37.78% 9% $ 194.5 Fund II and Mervyns II 6/2004 28.33% 300.0 347.1 — 28.33% 8% 131.6 Fund III 5/2007 24.54% 502.5 396.7 53.3 39.63% 6% 551.0 Fund IV 5/2012 23.12% 540.6 390.7 139.3 23.12% 6% 101.9 Fund V 8/2016 20.10% 520.0 — 520.0 20.10% 6% — __________ (a) As of December 31, 2015, Fund I had been liquidated. (b) Amount represents the current economic ownership at March 31, 2017, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund. (c) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. Basis of Presentation Segments At March 31, 2017, the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. Each property is considered a separate operating segment; however, each property on a stand-alone basis represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard. Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. 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. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. 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 2016 Annual Report on Form 10-K, as filed with the SEC on February 24, 2017 and amended on February 27, 2017. Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to the Company’s lease revenues, but will apply to reimbursed tenant costs. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017. Entities may adopt ASU 2014-09 using either a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or a retrospective approach with the cumulative effect recognized at the date of adoption. While the Company is still completing the assessment of the impact of this standard to its consolidated financial statements, management believes the majority of the Company’s revenue falls outside of the scope of this guidance. The Company intends to implement the standard retrospectively with the cumulative effect recognized in retained earnings at the date of application. In February 2016, the FASB issued ASU No. 2016-02 , Leases. ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. The new guidance requires that internal leasing costs be expensed as incurred, as opposed to capitalized and deferred. ASU 2016-02 will also require extensive quantitative and qualitative disclosures and is effective beginning after December 15, 2018, but early adoption is permitted. The Company is evaluating the impact of the new standard and has not yet determined if it will have a material impact on its consolidated financial statements; however, the Company capitalized internal leasing costs of $0.2 million and $0.3 million during the three months ended March 31, 2017 and 2016, respectively. In June 2016, the FASB issued ASU No. 2016-13 , Financial Instruments – Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. 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 adoption of ASU 2016-13 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 , Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 provides 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 adoption of ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business. ASU 2017-01 clarifies that to be considered a business, the elements must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The new standard illustrates the circumstances under which real estate with in-place leases would be considered a business and provides guidance for the identification of assets and liabilities in purchase accounting. ASU 2017-01 is effective for periods beginning after December 15, 2017 and early adoption is permitted. The Company is currently evaluating the impact ASU 2014-15 will have on its consolidated financial statements; however, it is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed. In January 2017, the FASB issued ASU No. 2017-03 Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323). ASU 2017-03 amends certain SEC guidance in the FASB Accounting Standards Codification in response to SEC staff announcements made during 2016 EITF meetings which addressed (i) the additional qualitative disclosures that a registrant is expected to provide when it cannot reasonably estimate the impact that ASUs 2014-09, 2016-02 and 2016-13 will have in applying the guidance in SAB Topic 11.M and (ii) guidance in ASC 323 related to the amendments made by ASU 2014-01 regarding use of the proportional amortization method in accounting for investments in qualified affordable housing projects (announcement made at the November 17, 2016, EITF meeting). The adoption of ASU 2017-03 is not expected to have a material impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which amends the guidance on nonfinancial assets in ASC 610-20. The amendments clarify that (i) a financial asset is within the scope of ASC 610-20 if it meets the definition of an in substance nonfinancial asset and may include nonfinancial assets transferred within a legal entity to a counter-party, (ii) an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counter-party and derecognize each asset when a counter-party obtains control of it, and (iii) an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. Further, ASU 2017-05 provides guidance on accounting for partial sales of nonfinancial assets. The amendments are effective at the same time as the amendments in ASU 2014-09. The adoption of ASU 2017-05 is not expected to have a material impact on the Company's consolidated financial statements.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2017
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Real Estate	Real Estate The Company’s consolidated real estate is comprised of the following (in thousands): March 31, December 31, 2017 2016 Land $ 649,533 $ 693,252 Buildings and improvements 2,041,300 1,916,288 Tenant improvements 137,168 132,220 Construction in progress 21,644 19,789 Properties under capital lease 76,965 76,965 Total 2,926,610 2,838,514 Less: Accumulated depreciation (305,074 ) (287,066 ) Operating real estate, net 2,621,536 2,551,448 Real estate under development, at cost 510,548 543,486 Net investment in real estate $ 3,132,084 $ 3,094,934 Acquisitions During the three months ended March 31, 2017 and the year ended December 31, 2016 , the Company acquired the following consolidated retail properties (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price Debt Assumed 2017 Acquisition Fund IV Lincoln Place - Fairview Heights, IL 100% Mar 13, 2017 $ 35,350 $ — Total 2017 Acquisitions $ 35,350 $ — 2016 Acquisitions Core Portfolio: 991 Madison Avenue - New York, NY (a) 100% Mar 26, 2016 $ 76,628 $ — 165 Newbury Street - Boston, MA 100% May 13, 2016 6,250 — Concord & Milwaukee - Chicago, IL 100% Jul 28, 2016 6,000 2,902 151 North State Street - Chicago, IL 100% Aug 10, 2016 30,500 14,556 State & Washington - Chicago, IL 100% Aug 22, 2016 70,250 25,650 North & Kingsbury - Chicago, IL 100% Aug 29, 2016 34,000 13,409 Sullivan Center - Chicago, IL 100% Aug 31, 2016 146,939 — California & Armitage - Chicago, IL 100% Sep 12, 2016 9,250 2,692 555 9th Street - San Francisco, CA 100% Nov 2, 2016 139,775 60,000 Subtotal Core Portfolio 519,592 119,209 Fund IV: Restaurants at Fort Point - Boston, MA 100% Jan 14, 2016 11,500 — 1964 Union Street - San Francisco, CA (a) 90% Jan 28, 2016 2,250 1,463 Wake Forest Crossing - Wake Forest, NC 100% Sep 27, 2016 36,600 — Airport Mall - Bangor, ME 100% Oct 28, 2016 10,250 — Colonie Plaza - Albany, NY 100% Oct 28, 2016 15,000 — Dauphin Plaza - Harrisburg, PA 100% Oct 28, 2016 16,000 — JFK Plaza - Waterville, ME 100% Oct 28, 2016 6,500 — Mayfair Shopping Center - Philadelphia, PA 100% Oct 28, 2016 16,600 — Shaw's Plaza - Waterville, ME 100% Oct 28, 2016 13,800 — Wells Plaza - Wells, ME 100% Oct 28, 2016 5,250 — 717 N Michigan - Chicago, IL 100% Dec 1, 2016 103,500 — Subtotal Fund IV 237,250 1,463 Total 2016 Acquisitions $ 756,842 $ 120,672 __________ (a) These acquisitions were accounted for as asset acquisitions as the underlying properties did not meet the definition of a business. All of the above acquisitions were deemed to be business combinations except 991 Madison Avenue and 1964 Union Street. The Company expensed $ 0.3 million of acquisition costs for the three months ended March 31, 2017 , of which $0.2 million related to the Core Portfolio and $ 0.1 million related to the Funds and $ 0.3 million of acquisition costs for the three months ended March 31, 2016, of which $ 0.2 million related to the Core Portfolio and $ 0.1 million related to the Funds. Purchase Price Allocations The purchase prices for the business combinations 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 allocation of the purchase price of properties acquired during the three months ended March 31, 2017 and the year ended December 31, 2016 (in thousands): Three Months Ended March 31, Year Ended December 31, 2017 2016 Net assets acquired: Land $ 7,149 $ 225,729 Buildings and improvements 22,201 458,525 Other assets — 3,481 Acquisition-related intangible assets (in Acquired lease intangibles, net) 7,444 63,606 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) (1,444 ) (72,985 ) Above and below market debt assumed (included in Mortgages and other notes payable, net) — (119,601 ) Net assets acquired $ 35,350 $ 558,755 Consideration: Cash $ 34,687 $ 677,964 Debt assumed — (119,209 ) Liabilities assumed 663 — Total Consideration $ 35,350 $ 558,755 Dispositions During the year ended December 31, 2016, the Company disposed of the following consolidated properties (in thousands): Property and Location Owner Date Sold Sale Price Gain on Sale 2016 Dispositions: Cortlandt Town Center (65%) - Mohegan Lake, NY (Note 4) Fund III Jan 28, 2016 $ 107,250 $ 65,393 Heritage Shops - Chicago, IL Fund III Apr 26, 2016 46,500 16,572 Total 2016 Dispositions $ 153,750 $ 81,965 The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the year ended December 31, 2016 were as follows (in thousands): Three Months Ended March 31, 2017 2016 Rental revenues $ — $ 4,963 Expenses — (550 ) Gain on disposition of properties — 65,393 Income from continuing operations of — 69,806 Amounts attributable to noncontrolling interests — (53,586 ) Net income attributable to Acadia $ — $ 16,220 Property Held For Sale At March 31, 2017 and December 31, 2016 , the Company had one property in Fund II classified as held-for-sale with net assets of $21.5 million and subject to a mortgage of $25.5 million , which will be repaid prior to the sale. The property held for sale had net (loss) income of $(0.5) million , and $0.2 million for the three months ended March 31, 2017 and 2016, respectively. Pro Forma Financial Information The following unaudited pro forma consolidated operating data is presented for the three months ended March 31, 2017 , as if the acquisitions of the properties acquired during that period were completed on January 1, 2016 and as if the acquisition of the properties acquired during the three months ended March 31, 2016 were completed on January 1, 2015. The related acquisition expenses of $0.3 million and $0.3 million reported during the three months ended March 31, 2017 and 2016, respectively have been reflected as pro forma charges at January 1, 2016 and January 1, 2015, respectively. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods. Three Months Ended March 31, 2017 2016 Pro forma revenues $ 62,478 $ 53,314 Pro forma income from continuing operations 20,201 74,174 Pro forma net income attributable to Acadia 15,808 29,155 Pro forma basic and diluted earnings per share 0.19 0.39 Real Estate Under Development and Construction in Progress Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. At March 31, 2017 and December 31, 2016 , the Company had one Core property, two properties in Fund II, three properties in Fund III and four properties in Fund IV classified as real estate under development. At December 31, 2016 accumulated costs aggregated $ 543.5 million . During the first quarter, the Company capitalized $3.8 million of additional costs, placed a portion of the City Point project for $113.2 million into service, and reclassified real estate with a carrying value of $76.4 million into real estate under development, resulting in a balance of $ 510.5 million at March 31, 2017 . Construction in progress pertains to construction activity at the Company’s operating properties which are in service and continue to operate during the construction period.

Notes Receivable, Net

Notes Receivable, Net	3 Months Ended
	Mar. 31, 2017
Accounts and Notes Receivable, Net [Abstract]
Notes Receivable, Net	Notes Receivable, Net The Company’s notes receivable, net were collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands): March 31, December 31, March 31, 2017 Description 2017 2016 Number Maturity Date Interest Rate Core Portfolio $ 216,400 $ 216,400 5 May 2017 - September 2019 6.0% - 9.0% Fund II 31,201 31,007 1 May 2020 2.5% Fund III 4,656 4,506 1 July 2020 18.0% Fund IV 24,250 24,250 2 April 2017 - February 2021 6.0% - 15.3% $ 276,507 $ 276,163 9 During the three months ended March 31, 2017 , the Company: • advanced an additional $0.2 million on a Fund III note, which is collateralized by a property; and • increased the balance of a Fund II note by the interest accrued of $0.2 million . During the year ended December 31, 2016, the Company: • issued one Core note receivable and three Fund IV notes receivable aggregating $47.5 million with a weighted-average effective interest rate of 9.8% , which were collateralized by four mixed-use real estate properties; • received total collections of $42.8 million , including full repayment of five notes issued in prior periods aggregating $29.6 million ; and • restructured a $30.9 million Core mezzanine loan, which bore interest at 15.0% , and replaced it with a new $153.4 million loan collateralized by a first mortgage in the borrower’s tenancy-in-common interest. The new loan, which was made to the Company’s partners in the Brandywine Portfolio, bears interest at 8.1% ( Note 4 ). At March 31, 2017 and December 31, 2016, one of the Core notes receivable in the amount of $12.0 million was in default; however, no principal reserve was established because the estimated fair value of the real estate collateral exceeded the carrying value of the note. In February 2017, there was an auction pursuant to an Order of the United States Bankruptcy Court for the Southern District of New York for the property which is collateral for this note. The winning bid was in excess of the Company’s carrying value and accrued interest. The sale of this property was approved by Order of the Bankruptcy Court confirming the Chapter 11 Plan of Reorganization of the note issuer and is expected to close during the second quarter of 2017. In connection with this sale, the Company anticipates recovering its full carrying value of principal and interest recognized of $2.2 million upon settlement of this transaction. 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. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ).

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments In and Advances to Unconsolidated Affiliates The Company accounts for its investments in and advances to unconsolidated affiliates under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Nominal Ownership Interest March 31, December 31, Fund Property at March 31, 2017 2017 2016 Core: 840 N. Michigan (a) 88.43% $ 73,355 $ 74,131 Renaissance Portfolio 20% 36,097 36,437 Gotham Plaza 49% 29,396 29,421 Brandywine Portfolio (a) 22.22% 20,449 20,755 Georgetown Portfolio 50% 4,237 4,287 163,534 165,031 Mervyns I & II: KLA/Mervyn's, LLC (b) 10.5% — — Fund III: Fund III Other Portfolio 90% 225 8,108 Self Storage Management (c) 95% 241 241 466 8,349 Fund IV: Broughton Street Portfolio (d) 50% 56,313 54,839 Fund IV Other Portfolio 90% 17,927 21,817 650 Bald Hill Road 90% 19,027 18,842 93,267 95,498 Due from Related Parties (e) 2,273 2,193 Other 957 957 Investments in and advances to unconsolidated affiliates $ 260,497 $ 272,028 Core: Crossroads (f) 49% $ 15,221 $ 13,691 Distributions in excess of income from, $ 15,221 $ 13,691 __________ (a) Represents a tenancy-in-common interest. (b) Distributions have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (c) Represents a variable interest entity. (d) The Company is entitled to a 15% return on its cumulative capital contribution and a 9% preferred return on the balance of the loan it converted to equity during 2016, which was $14.9 million and $46.4 million at March 31, 2017, respectively. (e) Represents deferred fees. (f) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to fund future obligations of the entity. Core Portfolio The Company owns a 49% interest in a 311,000 square foot shopping center located in White Plains, New York (“Crossroads”), a 50% interest in a 28,000 square foot retail portfolio located in Georgetown, Washington D.C. (the “Georgetown Portfolio”), a 88.43% tenancy-in-common interest in an 87,000 square foot retail property located in Chicago, Illinois (“840 N. Michigan”), and a 49% noncontrolling interest in an approximately 123,000 square foot retail property located in Manhattan, New York (“Gotham Plaza”). In January 2017, an entity in which the Company owns a 20% noncontrolling interest (the “Renaissance Portfolio”), acquired a 6,200 square foot property in Alexandria, Virginia referred to as (“907 King Street”) for $3.0 million . The Renaissance Portfolio is now a 213,000 square-foot portfolio of 18 mixed-use properties, 16 of which are located in Georgetown, Washington D.C. and two of which are located in Alexandria, Virginia. 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 April 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 interest, as well as to provide certain participating rights to the outside partners. As a result of these modifications, the Company de-consolidated the Brandywine Portfolio and accounts for its interest under the equity method of accounting effective May 1, 2016. Furthermore, as the owners of the Brandywine Portfolio had consistent ownership interests before and after the modification and the underlying net assets are unchanged, the Company has reflected the change from consolidation to equity method based upon its historical cost. Additionally, in April 2016, the Company repaid the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio. The Company provided a loan collateralized by the partners’ tenancy-in-common interest, as further described in Note 7 , for their proportionate share of the repayment. Fund Investments Fund III Other Portfolio included the Company’s investment in Arundel Plaza through its date of sale in February 2017. Fund IV Other Portfolio includes the Company’s investment in 1701 Belmont Avenue, Promenade at Manassas, Eden Square and, through its date of sale in January 2017, an investment in 2819 Kennedy Boulevard. 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. In January 2017, Fund IV completed the disposition of 2819 Kennedy Boulevard, for $19.0 million less $8.4 million debt repayment for a net sales price of $10.6 million , resulting in a gain on disposition of $6.3 million at the property level, of which the Fund’s share was $6.2 million , which is included in equity earnings and gains from unconsolidated affiliates in the consolidated financial statements. The Operating Partnership’s proportionate share of the gain was $1.4 million , net of noncontrolling interests. During February 2017, Fund III completed the disposition of Arundel Plaza, for $28.8 million less $10.0 million debt repayments for a net sales price of $18.8 million , resulting in a gain on disposition of $8.2 million at the property level, of which the Fund’s share was $5.3 million , which is included in equity earnings and gains from unconsolidated affiliates in the consolidated financial statements. The Operating Partnership’s proportionate share of the gain was $1.3 million , net of noncontrolling interests. During January 2016, Fund III completed the disposition of a 65% interest in Cortlandt Town Center for $107.3 million resulting in a gain of $65.4 million and the deconsolidation of its remaining interest ( Note 2 ). During December 2016, Fund III completed the disposition of its remaining 35% interest in Cortlandt Town Center for $57.8 million less $32.6 million debt repayment for a net sales price of $25.2 million resulting in a gain on sale of $36.0 million , of which the Operating Partnership’s share was $8.8 million . Fees from Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.4 million and $0.1 million for the three months ended March 31, 2017 and 2016 , respectively, which is included in other revenues in the consolidated financial statements. In addition, the Company paid $0.5 million and $0.6 million to certain unaffiliated partners of our joint ventures during the three months ended March 31, 2017 and 2016, respectively, for leasing commissions, development, management and overhead fees. Summarized Financial Information of Unconsolidated Affiliates The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): March 31, December 31, 2017 2016 Combined and Condensed Balance Sheets Assets: Rental property, net $ 549,632 $ 576,505 Real estate under development 16,837 18,884 Investment in unconsolidated affiliates 6,853 6,853 Other assets 101,144 75,254 Total assets $ 674,466 $ 677,496 Liabilities and partners’ equity: Mortgage notes payable $ 389,198 $ 407,344 Other liabilities 58,909 30,117 Partners’ equity 226,359 240,035 Total liabilities and partners’ equity $ 674,466 $ 677,496 Company's share of accumulated equity $ 177,805 $ 191,049 Basis differential 60,520 61,827 Deferred fees, net of portion related to the Company's interest 4,678 3,268 Amounts receivable by the Company 2,273 2,193 Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates $ 245,276 $ 258,337 Three Months Ended March 31, 2017 2016 Combined and Condensed Statements of Income Total revenues $ 21,603 $ 13,372 Operating and other expenses (5,866 ) (3,730 ) Interest expense (4,538 ) (2,736 ) Depreciation and amortization (6,449 ) (3,880 ) Loss on debt extinguishment (151 ) — Gain on disposition of properties 14,446 — Net income attributable to unconsolidated affiliates $ 19,045 $ 3,026 Company’s share of equity in $ 13,569 $ 2,052 Basis differential amortization (866 ) (98 ) Company’s equity in earnings of $ 12,703 $ 1,954

Other Assets, Net and Accounts

Other Assets, Net and Accounts Payable and Other Liabilities	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, net and Accounts Payable and Other Liabilities	Other Assets, Net and Accounts Payable and Other Liabilities Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: March 31, December 31, (in thousands) 2017 2016 Other assets, net: Lease intangibles, net ( Note 6 ) $ 116,371 $ 114,584 Deferred charges, net (a) 26,505 25,221 Prepaid expenses 17,070 14,351 Other receivables 11,797 9,514 Accrued interest receivable 10,766 9,354 Deposits 4,491 4,412 Due from seller 4,300 4,300 Deferred tax assets 3,822 3,733 Derivative financial instruments ( Note 8 ) 3,378 2,921 Due from related parties 1,300 1,655 Corporate assets 624 1,241 Income taxes receivable 1,398 1,500 $ 201,822 $ 192,786 (a) Deferred charges, net: Deferred leasing and other costs $ 42,728 $ 40,728 Deferred financing costs 5,945 5,915 48,673 46,643 Accumulated amortization (22,168 ) (21,422 ) Deferred charges, net $ 26,505 $ 25,221 Accounts payable and other liabilities: Lease intangibles, net ( Note 6 ) $ 103,573 $ 105,028 Accounts payable and accrued expenses 48,383 48,290 Deferred income 35,979 35,267 Tenant security deposits, escrow and other 15,081 14,975 Derivative financial instruments ( Note 8 ) 3,013 3,590 Income taxes payable 1,418 1,287 Other 232 235 $ 207,679 $ 208,672
Other Assets, net and Accounts Payable and Other Liabilities	Other Assets, Net and Accounts Payable and Other Liabilities Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: March 31, December 31, (in thousands) 2017 2016 Other assets, net: Lease intangibles, net ( Note 6 ) $ 116,371 $ 114,584 Deferred charges, net (a) 26,505 25,221 Prepaid expenses 17,070 14,351 Other receivables 11,797 9,514 Accrued interest receivable 10,766 9,354 Deposits 4,491 4,412 Due from seller 4,300 4,300 Deferred tax assets 3,822 3,733 Derivative financial instruments ( Note 8 ) 3,378 2,921 Due from related parties 1,300 1,655 Corporate assets 624 1,241 Income taxes receivable 1,398 1,500 $ 201,822 $ 192,786 (a) Deferred charges, net: Deferred leasing and other costs $ 42,728 $ 40,728 Deferred financing costs 5,945 5,915 48,673 46,643 Accumulated amortization (22,168 ) (21,422 ) Deferred charges, net $ 26,505 $ 25,221 Accounts payable and other liabilities: Lease intangibles, net ( Note 6 ) $ 103,573 $ 105,028 Accounts payable and accrued expenses 48,383 48,290 Deferred income 35,979 35,267 Tenant security deposits, escrow and other 15,081 14,975 Derivative financial instruments ( Note 8 ) 3,013 3,590 Income taxes payable 1,418 1,287 Other 232 235 $ 207,679 $ 208,672

Lease Intangibles

Lease Intangibles	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	Lease Intangibles Upon acquisitions of real estate accounted for as business combinations, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below- market options and acquired in-place leases) and assumed liabilities in accordance with ASC Topic 805. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 163,219 $ (53,027 ) $ 110,192 $ 156,420 $ (47,827 ) $ 108,593 Above-market rent 17,295 (11,116 ) 6,179 16,649 (10,658 ) 5,991 $ 180,514 $ (64,143 ) $ 116,371 $ 173,069 $ (58,485 ) $ 114,584 Amortizable Intangible Liabilities Below-market rent $ (138,476 ) $ 34,903 $ (103,573 ) $ (137,032 ) $ 32,004 $ (105,028 ) $ (138,476 ) $ 34,903 $ (103,573 ) $ (137,032 ) $ 32,004 $ (105,028 ) During the three months ended March 31, 2017 , the Company acquired in-place lease intangible assets of $6.8 million , above-market rents of $0.6 million and below-market rents of $1.4 million with weighted-average useful lives of 3.1 , 3.7 and 13.3 years, respectively. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent are recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of income. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2017 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Net 2017 (Remainder) $ 9,068 $ 23,802 $ (14,734 ) 2018 9,439 18,149 (8,710 ) 2019 9,021 12,823 (3,802 ) 2020 7,746 10,595 (2,849 ) 2021 6,883 9,022 (2,139 ) Thereafter 55,237 35,801 19,436 Total $ 97,394 $ 110,192 $ (12,798 )

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate Maturity Date at Carrying Value March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Mortgages Payable Core Fixed Rate 3.88%-6.65% 3.88%-6.65% August 2017 - April 2035 $ 234,273 $ 234,875 Core Variable Rate - Swapped (a) 1.71%-3.77% 1.71%-3.77% September 2022 - June 2026 81,663 82,250 Total Core Mortgages Payable 315,936 317,125 Fund II Fixed Rate 1.00%-5.80% 1.00%-5.80% October 2017 - May 2020 249,762 249,762 Fund II Variable Rate LIBOR+0.79% -LIBOR+2.50% LIBOR+0.62% -LIBOR+2.50% August 2017 - November 2021 142,750 142,750 Fund II Variable Rate - Swapped (a) 2.88% 2.88% November 2021 19,726 19,779 Total Fund II Mortgages Payable 412,238 412,291 Fund III Variable Rate Prime+0.50% -LIBOR+4.65% Prime+0.50% -LIBOR+4.65% May 2017 - December 2021 79,680 83,467 Fund IV Fixed Rate 3.4%-4.50% 3.4%-4.50% October 2025-June 2026 10,504 10,503 Fund IV Variable Rate LIBOR+1.70% -LIBOR+3.95% LIBOR+1.70% - LIBOR+3.95% May 2017 - April 2022 258,816 233,139 Fund IV Variable Rate - Swapped (a) 1.78% 1.78% April 2022 81,668 14,509 Total Fund IV Mortgages Payable 350,988 258,151 Net unamortized debt issuance costs (16,951 ) (16,642 ) Unamortized premium 1,158 1,336 Total Mortgages Payable $ 1,143,049 $ 1,055,728 Unsecured Notes Payable Core Unsecured Term Loans LIBOR+1.30% -LIBOR+1.60% LIBOR+1.30% -LIBOR+1.60% July 2020 - December 2022 $ 51,283 $ 51,194 Core Variable Rate Unsecured (a) 1.24%-3.77% 1.24%-3.77% July 2018 - March 2025 248,717 248,806 Total Core Unsecured Notes Payable 300,000 300,000 Fund IV Term Loan/Subscription Facility LIBOR+1.65% -LIBOR+2.75% LIBOR+1.65% -LIBOR+2.75% February 2017- November 2017 60,536 134,636 Net unamortized debt issuance costs (1,689 ) (1,646 ) Total Unsecured Notes Payable $ 358,847 $ 432,990 Unsecured Line of Credit Core Unsecured Line of Credit LIBOR+1.40% LIBOR+1.40% June 2020 $ — $ — Total Unsecured Line of Credit $ — $ — Total Debt - Fixed Rate (b) $ 926,314 $ 860,486 Total Debt - Variable Rate 593,064 645,185 Total Debt 1,519,378 1,505,671 Net unamortized debt issuance costs (18,640 ) (18,289 ) Unamortized premium 1,158 1,336 Total Indebtedness $ 1,501,896 $ 1,488,718 __________ (a) At March 31, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR + 1.90% for Core variable-rate debt; LIBOR + .79% to LIBOR + 2.50% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.70% to LIBOR + 3.95% for Fund IV variable-rate debt and LIBOR + 1.30% to LIBOR + 1.60% for Core variable-rate unsecured notes. (b) Includes $431,774 and $365,343 , respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. Mortgages Payable During 2017, the Company obtained eight new non-recourse mortgages totaling $93.0 million with a weighted-average interest rate of 2.68% collateralized by eight properties, which mature between February 14, 2020 and April 1, 2022. The Company entered into interest rate swap contracts to effectively fix the interest rates of seven of these obligations with a notional value of $67.3 million at a weighted-average rate of 1.92% . During 2017, the Company repaid one mortgage in full, which had a balance of $3.5 million and an interest rate of LIBOR + 2.15% , and made scheduled principal payments of $1.9 million . At March 31, 2017 and December 31, 2016, the Company’s mortgages were collateralized by 47 and 39 properties, respectively, and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions ( Note 8 ). The mortgage loan related to Brandywine Holdings in our Core Portfolio amounted to $26.3 million and was in default at March 31, 2017 and December 31, 2016. This loan bears interest at 5.99% , excluding default interest of 5% , and is collateralized by a property, in which the Company holds a 22% controlling interest. In April 2017, the lender on this mortgage initiated a lawsuit against the Company for the full balance of the principal, accrued interest as well as penalties and fees aggregating approximately $31.0 million . The Company’s management believes that the mortgage is not recourse to the Company and that the suit is without merit. In addition, at March 31, 2017, a mortgage loan in the amount of $14.3 million and collateralized by a Fund II property, was in default because its liquidity covenant had been breached. Unsecured Notes Payable At each of March 31, 2017 and December 31, 2016, the Company had a total of $0.0 and $9.9 million available under its unsecured term loans. A portion of the Company’s variable-rate term loan debt has been effectively fixed through certain cash flow hedge transactions ( Note 8 ). The Company completed the following transactions related to its unsecured notes payable during the three months ended March 31, 2017: • The Company reduced its maximum commitment available on the Fund IV subscription line of credit from $100.0 million to $21.5 million . Furthermore, upon repayment of $74.1 million , net of $10.0 million in draws, the Company was in compliance with its liquidity covenant at March 31, 2017 which was not in compliance at December 31, 2016. The balance was $20.4 million at March 31, 2017 and $94.5 million at December 31, 2016. Total available credit at March 31, 2017 and December 31, 2016 was $1.1 million and $55.5 million respectively on this line. Unsecured Lines of Credit At March 31, 2017 and December 31, 2016 the Company had a total of $150.0 million and $147.5 million , respectively available under its unsecured line of credit. The Company completed the following transactions related to its unsecured line of credit during the three months ended March 31, 2017: • The Company drew down and repaid $10.0 million on the Core unsecured line of credit. There was no outstanding balance as of March 31, 2017. Scheduled Debt Principal Payments The scheduled principal repayments of the Company’s consolidated indebtedness, as of March 31, 2017 are as follows (in thousands): Year Ending December 31, 2017 (Remainder) $ 273,916 2018 115,846 2019 206,646 2020 369,107 2021 255,074 Thereafter 298,789 1,519,378 Unamortized fair market value of assumed debt 1,158 Net unamortized debt issuance costs (18,640 ) Total indebtedness $ 1,501,896 See Note 4 for information about liabilities of the Company’s unconsolidated affiliates.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; and Level 3, for financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs along with their weighted-average ranges. Money Market Funds — The Company has money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and/or U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate swaps. The interest rate swaps were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. — Our derivative liabilities, which are included in Accounts payable and other liabilities in the consolidated financial statements, are comprised of interest rate swaps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the three months ended March 31, 2017 or 2016. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money Market Funds $ 3 $ — $ — $ 20,001 $ — $ — Derivative financial instruments — 3,378 — — 2,921 — Liabilities Derivative financial instruments — 3,013 — — 3,590 — In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Derivative Financial Instruments The Company had the following interest rate swaps for the periods presented (dollars in thousands): Aggregate Strike Rate Balance Sheet Location Fair Value Derivative Instrument Effective Date Maturity Date Low High March 31, 2017 December 31, 2016 Core Interest Rate Swaps $ 125,247 Oct 2011 - Mar 2015 Jul 2018 - Mar 2025 1.38% — 3.77% Other Liabilities $ (2,515 ) $ (3,218 ) Interest Rate Swaps 205,134 Sep 2012 - Jul 2016 Jul 2020 - Jun 2026 1.24% — 3.77% Other Assets 3,224 2,609 $ 330,381 $ 709 $ (609 ) Fund II Interest Rate Swap $ 19,726 Oct 2014 Nov 2021 2.88% — 2.88% Other Liabilities $ (160 ) $ (228 ) Interest Rate Cap 29,500 Apr 2013 Apr 2018 4% — 4% Other Assets — — $ 49,226 $ (160 ) $ (228 ) Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3% — 3% Other Assets $ 64 $ 127 Fund IV Interest Rate Swaps $ 81,668 May 2014 - Mar 2017 May 2019 - Apr 2022 1.78% — 1.98% Other Liabilities $ (338 ) $ (144 ) Interest Rate Caps 108,900 Jul 2016 - Nov 2016 Aug 2019 - Dec 2019 3% — 3% Other Assets 90 185 $ 190,568 $ (248 ) $ 41 Total asset derivatives $ 3,378 $ 2,921 Total liability derivatives $ (3,013 ) $ (3,590 ) All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable rate mortgage debt ( Note 7 ). Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company is exposed to credit risk in the event of non-performance by the counterparties to the Swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into Swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. The following table presents the location in the financial statements of the income (losses) recognized related to the Company’s cash flow hedges (in thousands): Three Months Ended March 31, 2017 2016 Amount of gain (loss) related to the effective portion recognized $ 118 $ (8,819 ) Amount of loss related to the effective portion subsequently reclassified to earnings $ — $ — Amount of gain (loss) related to the ineffective portion $ — $ — Credit Risk-Related Contingent Features The Company has agreements with each of its Swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps. Other Financial Instruments Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2017 December 31, 2016 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 276,507 $ 272,347 $ 276,163 $ 272,052 Mortgage and Other Notes Payable, net (a) 3 1,143,049 1,164,861 1,055,728 1,077,926 Investment in non-traded equity securities 3 802 25,194 802 25,194 Unsecured notes payable, net (b) 2 358,847 361,559 432,990 435,779 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. (b) The Company determined the estimated fair value of the unsecured notes payable using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. The Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values at March 31, 2017.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and Guaranties In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $37.9 million and $85.4 million as of March 31, 2017 and December 31, 2016, respectively. At each of March 31, 2017 and December 31, 2016, the Company had letters of credit outstanding of $ 2.5 million . The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. In connection with certain of the Company’s unconsolidated joint ventures, the Company agreed to fund amounts due to the joint ventures’ lenders, under certain circumstances, if such amounts are not paid by the joint venture based on the Company’s pro rata share of such amount, aggregating $160.1 million and $165.7 million at March 31, 2017 and December 31, 2016, respectively.

Shareholders' Equity, Noncontro

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income	Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Income Common Shares The Company completed the following transactions in its common shares during the three months ended March 31, 2017: • The Company withheld 4,314 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized accrued Common Share and Common OP Unit-based compensation totaling $2.0 million in connection with the vesting of Restricted Shares and Units ( Note 13 ). The Company completed the following transactions in its common shares during the year ended December 31, 2016: • The Company issued 4,500,000 Common Shares under its at-the-market (“ATM”) equity programs, generating gross proceeds of $157.6 million and net proceeds of $155.7 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 December 31, 2016 and March 31, 2017, there was $218.0 million remaining under this $250.0 million program. • The Company entered into a forward sale agreement to issue 3,600,000 Common Shares for gross proceeds of $126.8 million and net proceeds of $124.5 million . As of December 31, 2016, these shares have been physically settled. • 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 . • The Company withheld 3,152 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized accrued Common Share and Common OP Unit-based compensation totaling $10.9 million in connection with the vesting of Restricted Shares and Units ( Note 13 ). Share Repurchases The Company has a share repurchase program that authorizes management, at its discretion, to repurchase up to $20.0 million of its outstanding Common Shares. The program may be discontinued or extended at any time. There were no Common Shares repurchased by the Company during the three months ended March 31, 2017 or the year ended December 31, 2016. Under this program the Company has repurchased 2.1 million Common Shares, none of which were repurchased after December 2001. As of March 31, 2017, management may repurchase up to approximately $7.5 million of our outstanding Common Shares under this program. Dividends and Distributions On February 28, 2017, the Board of Trustees declared a regular quarterly cash dividend of $0.26 per Common Share, which was paid on April 14, 2017 to holders of record as of March 31, 2017. On November 8, 2016, the Board of Trustees declared an increase of $0.01 to the regular quarterly cash dividend of $0.25 to $0.26 per Common Share, which was paid on January 13, 2017 to holders of record as of December 30, 2016. In addition, on November 8, 2016, the Board of Trustees declared a special cash dividend of $0.15 per Common Share with the same record and payment date as the regular quarterly dividend. The special dividend is a result of the taxable capital gains for 2016 arising from property dispositions within the Funds. Accumulated Other Comprehensive Income The following table sets forth the activity in accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and 2016 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2017 $ (798 ) Other comprehensive loss before reclassifications 118 Reclassification of realized interest on swap agreements 963 Net current period other comprehensive loss 1,081 Net current period other comprehensive loss attributable to noncontrolling interests 155 Balance at March 31, 2017 $ 438 Balance at January 1, 2016 $ (4,463 ) Other comprehensive income before reclassifications (8,818 ) Reclassification of realized interest on swap agreements 1,046 Net current period other comprehensive income (7,772 ) Net current period other comprehensive income attributable to noncontrolling interests 768 Balance at March 31, 2016 $ (11,467 ) Noncontrolling Interests The following table summarizes the change in the noncontrolling interests for the periods presented (in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2016 $ 96,340 $ 324,526 $ 420,866 Distributions declared of $0.25 per Common OP Unit (1,473 ) — (1,473 ) Net income for the period January 1 through March 31, 2016 1,993 42,957 44,950 Conversion of 248,160 Common OP Units to Common Shares (5,680 ) — (5,680 ) Issuance of Common and Preferred OP Units to acquire real estate 29,336 — 29,336 Acquisition of noncontrolling interests (c) — (25,948 ) (25,948 ) Other comprehensive income - unrealized loss (436 ) (478 ) (914 ) Reclassification of realized interest expense on swap agreements 49 96 145 Noncontrolling interest contributions — 46,343 46,343 Noncontrolling interest distributions and other reductions — (36,174 ) (36,174 ) Employee Long-term Incentive Plan Unit Awards 3,811 — 3,811 Balance at March 31, 2016 $ 123,940 $ 351,322 $ 475,262 Balance at January 1, 2017 95,422 494,126 589,548 Distributions declared of $0.26 per Common OP Unit (1,617 ) — (1,617 ) Net income for the period January 1 through March 31, 2017 1,062 3,278 4,340 Conversion of 24,860 Common OP Units to Common Shares (438 ) — (438 ) Other comprehensive income - unrealized income (loss) 21 (317 ) (296 ) Reclassification of realized interest expense on swap agreements 49 92 141 Noncontrolling interest contributions — 20,269 20,269 Noncontrolling interest distributions and other reductions — (3,822 ) (3,822 ) Employee Long-term Incentive Plan Unit Awards 4,141 — 4,141 Rebalancing adjustment (d) 5,693 — 5,693 Balance at March 31, 2017 $ 104,333 $ 513,626 $ 617,959 __________ (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,363,351 and 3,357,760 Common OP Units at March 31, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at March 31, 2017 and 2016; (iii) 141,593 Series C Preferred OP Units at March 31, 2017 and 2016; and (iv) 2,265,852 and 1,979,882 LTIP units as of March 31, 2017 and 2016, respectively, as discussed in Share Incentive Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Fund I, II, III, IV and V, and Mervyns I and II, and six other subsidiaries. (c) During the first quarter of 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million , giving the Company an aggregate 28.33% interest. Amount in the table above represents the book value of this transaction. (d) Adjustment reflects 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 changes in ownership (the "Rebalancing"). Preferred OP Units There were no issuances of Preferred OP Units during the three months ended March 31, 2017. In 1999 the Operating Partnership issued 1,500 Series A Preferred OP Units in connection with the acquisition of a property, have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 ( 9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through December 31, 2016, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50 . Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. During the first quarter of 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza ( Note 4 ). 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 and 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 Unit 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.

Leases

Leases	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Leases	Leases Operating Leases The Company is engaged in the operation of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through June 20, 2066, with renewal options. Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one month to ninety nine years and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volumes. The Company leases land at six of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $0.8 million and $0.6 million (including capitalized ground rent at properties under development of $0.1 million and $0.2 million ) for the three months ended March 31, 2017 and 2016, respectively. The leases terminate at various dates between 2020 and 2066. These leases provide the Company with options to renew for additional terms aggregating from 25 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $0.2 million and $0.1 million for the three months ended March 31, 2017 and 2016, respectively. Capital Lease During 2016, the Company entered into a 49 -year master lease at 991 Madison Avenue, which is accounted for as a capital lease. During the three months ended March 31, 2017 and 2016, lease payments totaling $0.6 million and $7.0 million , respectively were made under this lease. The lease was initially valued at $76,628 , which represents the total discounted payments to be made under the lease. The property under the capital lease is included in Note 2 . Lease Obligations The scheduled future minimum (i) rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for such premises and (ii) rental payments under the terms of all non-cancelable operating and capital leases in which the Company is the lessee, principally for office space and ground leases, as of March 31, 2017 are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments 2017 (Remainder) $ 151,136 $ 2,803 2018 153,392 3,756 2019 144,089 3,776 2020 130,749 3,669 2021 116,857 3,744 Thereafter 627,453 185,621 Total $ 1,323,676 $ 203,369 A ground lease expiring during 2078 provides the Company with an option to purchase the underlying land during 2031. If the Company does not exercise the option, the rents that will be due are based on future values and as such are not determinable at this time. Accordingly, the above table does not include rents for this lease beyond 2031. During the three months ended March 31, 2017 and 2016, no single tenant collectively comprised more than 10% of the Company’s consolidated total revenues.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds ( Note 3 ). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments. During 2016, the Company revised how it allocates general and administrative and income tax expenses among its segments to reflect all such expenses as unallocated corporate expenses. The presentation of the 2016 interim periods have been revised to reflect this change. The following tables set forth certain segment information for the Company (in thousands): As of or for the Three Months Ended March 31, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 44,446 $ 17,553 $ — $ — $ 61,999 Depreciation and amortization (16,439 ) (8,097 ) — — (24,536 ) Property operating expenses, other operating and real estate taxes (12,853 ) (6,244 ) — — (19,097 ) General and administrative expenses — — — (8,469 ) (8,469 ) Operating income 15,154 3,212 — (8,469 ) 9,897 Interest income — — 8,984 — 8,984 Equity in earnings of unconsolidated affiliates 560 12,143 — — 12,703 Interest expense (7,155 ) (4,333 ) — — (11,488 ) Income tax provision — — — (125 ) (125 ) Net income 8,559 11,022 8,984 (8,594 ) 19,971 Net income attributable to noncontrolling interests (432 ) (3,908 ) — — (4,340 ) Net income attributable to Acadia 8,127 7,114 8,984 (8,594 ) 15,631 Real estate at cost $ 1,983,365 $ 1,480,201 $ — $ — $ 3,463,566 Total assets $ 2,246,037 $ 1,498,045 $ 276,507 $ — $ 4,020,589 Acquisition of real estate $ — $ 34,688 $ — $ — $ 34,688 Development and property improvement costs $ 996 $ 26,019 $ — $ — $ 27,015 As of or for the Three Months Ended March 31, 2016 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 38,107 $ 9,938 $ — $ — $ 48,045 Depreciation and amortization (13,495 ) (3,354 ) — — (16,849 ) Property operating expenses, other operating and real estate taxes (8,562 ) (3,431 ) — — (11,993 ) General and administrative expenses — — — (9,352 ) (9,352 ) Operating income 16,050 3,153 — (9,352 ) 9,851 Gain on disposition of properties — 65,393 — — 65,393 Interest income — — 4,638 — 4,638 Equity in earnings of unconsolidated affiliates 592 1,362 — — 1,954 Interest expense (6,764 ) (1,274 ) — — (8,038 ) Income tax benefit — — — 77 77 Net income 9,878 68,634 4,638 (9,275 ) 73,875 Net income attributable to noncontrolling interests (2,822 ) (42,128 ) — — (44,950 ) Net income attributable to Acadia 7,056 26,506 4,638 (9,275 ) 28,925 Real estate at cost $ 1,641,312 $ 1,104,902 $ — $ — $ 2,746,214 Total assets $ 1,827,059 $ 1,166,589 $ 154,679 $ — $ 3,148,327 Acquisition of real estate $ — $ 12,287 $ — $ — $ 12,287 Development and property improvement costs $ 3,248 $ 34,215 $ — $ — $ 37,463

Share Incentive and Other Compe

Share Incentive and Other Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Incentive and Other Compensation	Share Incentive and Other Compensation Share Incentive Plan The Second Amended and Restated 2006 Incentive Plan (the “Share Incentive Plan”) authorizes the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees and employees. At March 31, 2017 total of 1,794,293 shares remained available to be issued under this plan. Restricted Shares and LTIP Units During the three months ended March 31, 2017, the Company issued 292,224 LTIP Units and 7,605 Restricted Share Units to employees of the Company pursuant to the Share Incentive Plan. These awards were measured at their fair value on the grant date, which was established as the market price of the Company’s Common Shares as of the close of trading on the day preceding the grant date. The total value of the above Restricted Share Units and LTIP Units as of the grant date was $ 9.8 million , of which $ 2.2 million was recognized as compensation expense in 2016, and $ 7.6 million will be recognized as compensation expense over the remaining vesting period. Total long-term incentive compensation expense, including the expense related to the Share Incentive Plan, was $1.9 million for each of the three months ended March 31, 2017 and 2016, respectively and is recorded in General and Administrative on the Consolidated Statements of Income. In addition, members of the Board of Trustees (the “Board”) have been issued units under the Share Incentive Plan. During 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 Units 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 Share Incentive Plan, was $0.3 million and $0.2 million for the three months ended March 31, 2017 and 2016, respectively. No such Awards were issued to Trustees during the three months ended March 31, 2017. 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 granted such awards to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership and 14.4% 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. The awards in connection with Fund IV were determined to have no intrinsic value as of March 31, 2017. Compensation expense of $0.3 million and $ 1.5 million was recognized for the three months ended March 31, 2017 and 2016, respectively, related to the Program in connection with Fund III. A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares Common Restricted Weighted LTIP Units Weighted Unvested at January 1, 2016 49,899 $ 25.90 1,020,121 $ 23.92 Granted 24,583 33.35 359,484 34.40 Vested (24,886 ) 29.17 (522,680 ) 26.08 Forfeited (189 ) 35.37 (48 ) 35.37 Unvested at December 31, 2016 49,407 27.92 856,877 26.99 Granted 7,605 32.03 292,224 30.98 Vested (10,655 ) 29.84 (248,636 ) 28.37 Forfeited (309 ) 35.37 — 35.37 Unvested at March 31, 2017 46,048 $ 27.92 900,465 $ 26.99 The weighted-average fair value for Restricted Shares and LTIP Units granted for the three months ended March 31, 2017 and the year ended December 31, 2016 were $31.00 and $34.50 , respectively. As of March 31, 2017, there was $20.4 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Share Incentive Plan. That cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of Restricted Shares that vested during the three months ended March 31, 2017 and the year ended December 31, 2016, was $0.4 million and $0.7 million , respectively. The total fair value of LTIP Units that vested during the three months ended March 31, 2017 and the year ended December 31, 2016, was $8.2 million and $13.6 million , respectively. Other Plans On a combined basis, the Company incurred a total of $0.1 million related to the following employee benefit plans for each of the three months ended March 31, 2017 and 2016, respectively: Employee Share Purchase Plan The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”), allows eligible employees of the Company to purchase Common Shares through payroll deductions. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more the $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. During the three months ended March 31, 2017 and 2016, a total of 841 and 968 Common Shares, respectively, were purchased by employees under the Purchase Plan. Deferred Share Plan During May of 2006, the Company adopted a Trustee Deferral and Distribution Election (“Trustee Deferral Plan”), under which the participating Trustees earn deferred compensation. Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $18,000 , for the year ended December 31, 2017.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2017
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. During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit (“Restricted Share Units”) and share option awards issued under the Company’s Share Incentive Plans ( Note 13 ). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the three months ended March 31, 2017. Conversely, the assumed conversion of these would be dilutive and included in the computation of diluted earnings per share for the three months ended March 31, 2016. The effect of the assumed conversion of 141,593 Series C Preferred OP Units into 471,035 Common Shares, would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the three months ended March 31, 2017. Conversely, the assumed conversion of 141,593 Series C Preferred OP Units into 403,054 Common Shares, would be dilutive and included in the computation of diluted earnings per share for the three months ended March 31, 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. Three Months Ended March 31, (shares and dollars in thousands, except per share amounts) 2017 2016 Numerator: Net income attributable to Acadia $ 15,631 $ 28,925 Less: net income attributable to participating securities (162 ) (365 ) Income from continuing operations net of income $ 15,469 $ 28,560 Denominator: Weighted average shares for basic earnings per share 83,635 70,756 Effect of dilutive securities: Employee share options 11 16 Convertible Preferred OP Units — 428 Denominator for diluted earnings per share 83,646 71,200 Basic and diluted earnings per Common Share from $ 0.18 $ 0.40

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Financing In April 2017 Fund IV obtained a non-recourse mortgage in the amount of $20.0 million for its unconsolidated 650 Bald Hill Road property ( Note 4 ).

Organization, Basis of Presen26

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. 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. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. 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 2016 Annual Report on Form 10-K, as filed with the SEC on February 24, 2017 and amended on February 27, 2017.
Use of Estimates	Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to the Company’s lease revenues, but will apply to reimbursed tenant costs. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017. Entities may adopt ASU 2014-09 using either a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or a retrospective approach with the cumulative effect recognized at the date of adoption. While the Company is still completing the assessment of the impact of this standard to its consolidated financial statements, management believes the majority of the Company’s revenue falls outside of the scope of this guidance. The Company intends to implement the standard retrospectively with the cumulative effect recognized in retained earnings at the date of application. In February 2016, the FASB issued ASU No. 2016-02 , Leases. ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. The new guidance requires that internal leasing costs be expensed as incurred, as opposed to capitalized and deferred. ASU 2016-02 will also require extensive quantitative and qualitative disclosures and is effective beginning after December 15, 2018, but early adoption is permitted. The Company is evaluating the impact of the new standard and has not yet determined if it will have a material impact on its consolidated financial statements; however, the Company capitalized internal leasing costs of $0.2 million and $0.3 million during the three months ended March 31, 2017 and 2016, respectively. In June 2016, the FASB issued ASU No. 2016-13 , Financial Instruments – Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. 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 adoption of ASU 2016-13 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 , Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 provides 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 adoption of ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business. ASU 2017-01 clarifies that to be considered a business, the elements must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The new standard illustrates the circumstances under which real estate with in-place leases would be considered a business and provides guidance for the identification of assets and liabilities in purchase accounting. ASU 2017-01 is effective for periods beginning after December 15, 2017 and early adoption is permitted. The Company is currently evaluating the impact ASU 2014-15 will have on its consolidated financial statements; however, it is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed. In January 2017, the FASB issued ASU No. 2017-03 Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323). ASU 2017-03 amends certain SEC guidance in the FASB Accounting Standards Codification in response to SEC staff announcements made during 2016 EITF meetings which addressed (i) the additional qualitative disclosures that a registrant is expected to provide when it cannot reasonably estimate the impact that ASUs 2014-09, 2016-02 and 2016-13 will have in applying the guidance in SAB Topic 11.M and (ii) guidance in ASC 323 related to the amendments made by ASU 2014-01 regarding use of the proportional amortization method in accounting for investments in qualified affordable housing projects (announcement made at the November 17, 2016, EITF meeting). The adoption of ASU 2017-03 is not expected to have a material impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which amends the guidance on nonfinancial assets in ASC 610-20. The amendments clarify that (i) a financial asset is within the scope of ASC 610-20 if it meets the definition of an in substance nonfinancial asset and may include nonfinancial assets transferred within a legal entity to a counter-party, (ii) an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counter-party and derecognize each asset when a counter-party obtains control of it, and (iii) an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. Further, ASU 2017-05 provides guidance on accounting for partial sales of nonfinancial assets. The amendments are effective at the same time as the amendments in ASU 2014-09. The adoption of ASU 2017-05 is not expected to have a material impact on the Company's consolidated financial statements.

Organization, Basis of Presen27

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General terms and operating partnership's equity interests	The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns I and II (dollars in millions): Entity Formation Date Operating Partnership Share of Capital Fund Size Capital Called as of March 31, 2017 Unfunded Commitment Equity Interest Held By Operating Partnership (b) Preferred Return Total Distributions as of March 31, 2017 (c) Fund I and Mervyns I (a) 9/2001 22.22% $ 90.0 $ 86.6 $ — 37.78% 9% $ 194.5 Fund II and Mervyns II 6/2004 28.33% 300.0 347.1 — 28.33% 8% 131.6 Fund III 5/2007 24.54% 502.5 396.7 53.3 39.63% 6% 551.0 Fund IV 5/2012 23.12% 540.6 390.7 139.3 23.12% 6% 101.9 Fund V 8/2016 20.10% 520.0 — 520.0 20.10% 6% — __________ (a) As of December 31, 2015, Fund I had been liquidated. (b) Amount represents the current economic ownership at March 31, 2017, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund. (c) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2017
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Schedule of Consolidated Real Estate	The Company’s consolidated real estate is comprised of the following (in thousands): March 31, December 31, 2017 2016 Land $ 649,533 $ 693,252 Buildings and improvements 2,041,300 1,916,288 Tenant improvements 137,168 132,220 Construction in progress 21,644 19,789 Properties under capital lease 76,965 76,965 Total 2,926,610 2,838,514 Less: Accumulated depreciation (305,074 ) (287,066 ) Operating real estate, net 2,621,536 2,551,448 Real estate under development, at cost 510,548 543,486 Net investment in real estate $ 3,132,084 $ 3,094,934
Schedule of Business Acquisitions, by Acquisition	During the three months ended March 31, 2017 and the year ended December 31, 2016 , the Company acquired the following consolidated retail properties (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price Debt Assumed 2017 Acquisition Fund IV Lincoln Place - Fairview Heights, IL 100% Mar 13, 2017 $ 35,350 $ — Total 2017 Acquisitions $ 35,350 $ — 2016 Acquisitions Core Portfolio: 991 Madison Avenue - New York, NY (a) 100% Mar 26, 2016 $ 76,628 $ — 165 Newbury Street - Boston, MA 100% May 13, 2016 6,250 — Concord & Milwaukee - Chicago, IL 100% Jul 28, 2016 6,000 2,902 151 North State Street - Chicago, IL 100% Aug 10, 2016 30,500 14,556 State & Washington - Chicago, IL 100% Aug 22, 2016 70,250 25,650 North & Kingsbury - Chicago, IL 100% Aug 29, 2016 34,000 13,409 Sullivan Center - Chicago, IL 100% Aug 31, 2016 146,939 — California & Armitage - Chicago, IL 100% Sep 12, 2016 9,250 2,692 555 9th Street - San Francisco, CA 100% Nov 2, 2016 139,775 60,000 Subtotal Core Portfolio 519,592 119,209 Fund IV: Restaurants at Fort Point - Boston, MA 100% Jan 14, 2016 11,500 — 1964 Union Street - San Francisco, CA (a) 90% Jan 28, 2016 2,250 1,463 Wake Forest Crossing - Wake Forest, NC 100% Sep 27, 2016 36,600 — Airport Mall - Bangor, ME 100% Oct 28, 2016 10,250 — Colonie Plaza - Albany, NY 100% Oct 28, 2016 15,000 — Dauphin Plaza - Harrisburg, PA 100% Oct 28, 2016 16,000 — JFK Plaza - Waterville, ME 100% Oct 28, 2016 6,500 — Mayfair Shopping Center - Philadelphia, PA 100% Oct 28, 2016 16,600 — Shaw's Plaza - Waterville, ME 100% Oct 28, 2016 13,800 — Wells Plaza - Wells, ME 100% Oct 28, 2016 5,250 — 717 N Michigan - Chicago, IL 100% Dec 1, 2016 103,500 — Subtotal Fund IV 237,250 1,463 Total 2016 Acquisitions $ 756,842 $ 120,672 __________ (a) These acquisitions were accounted for as asset acquisitions as the underlying properties did not meet the definition of a business. The following table summarizes the allocation of the purchase price of properties acquired during the three months ended March 31, 2017 and the year ended December 31, 2016 (in thousands): Three Months Ended March 31, Year Ended December 31, 2017 2016 Net assets acquired: Land $ 7,149 $ 225,729 Buildings and improvements 22,201 458,525 Other assets — 3,481 Acquisition-related intangible assets (in Acquired lease intangibles, net) 7,444 63,606 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) (1,444 ) (72,985 ) Above and below market debt assumed (included in Mortgages and other notes payable, net) — (119,601 ) Net assets acquired $ 35,350 $ 558,755 Consideration: Cash $ 34,687 $ 677,964 Debt assumed — (119,209 ) Liabilities assumed 663 — Total Consideration $ 35,350 $ 558,755
Schedule of Property Dispositions	During the year ended December 31, 2016, the Company disposed of the following consolidated properties (in thousands): Property and Location Owner Date Sold Sale Price Gain on Sale 2016 Dispositions: Cortlandt Town Center (65%) - Mohegan Lake, NY (Note 4) Fund III Jan 28, 2016 $ 107,250 $ 65,393 Heritage Shops - Chicago, IL Fund III Apr 26, 2016 46,500 16,572 Total 2016 Dispositions $ 153,750 $ 81,965
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures	The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the year ended December 31, 2016 were as follows (in thousands): Three Months Ended March 31, 2017 2016 Rental revenues $ — $ 4,963 Expenses — (550 ) Gain on disposition of properties — 65,393 Income from continuing operations of — 69,806 Amounts attributable to noncontrolling interests — (53,586 ) Net income attributable to Acadia $ — $ 16,220
Business Acquisition, Pro Forma Information	Three Months Ended March 31, 2017 2016 Pro forma revenues $ 62,478 $ 53,314 Pro forma income from continuing operations 20,201 74,174 Pro forma net income attributable to Acadia 15,808 29,155 Pro forma basic and diluted earnings per share 0.19 0.39

Notes Receivable, Net (Tables)

Notes Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Accounts and Notes Receivable, Net [Abstract]
Schedule of Notes Receivable	The Company’s notes receivable, net were collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands): March 31, December 31, March 31, 2017 Description 2017 2016 Number Maturity Date Interest Rate Core Portfolio $ 216,400 $ 216,400 5 May 2017 - September 2019 6.0% - 9.0% Fund II 31,201 31,007 1 May 2020 2.5% Fund III 4,656 4,506 1 July 2020 18.0% Fund IV 24,250 24,250 2 April 2017 - February 2021 6.0% - 15.3% $ 276,507 $ 276,163 9

Investments in and Advances t30

Investments in and Advances to Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Nominal Ownership Interest March 31, December 31, Fund Property at March 31, 2017 2017 2016 Core: 840 N. Michigan (a) 88.43% $ 73,355 $ 74,131 Renaissance Portfolio 20% 36,097 36,437 Gotham Plaza 49% 29,396 29,421 Brandywine Portfolio (a) 22.22% 20,449 20,755 Georgetown Portfolio 50% 4,237 4,287 163,534 165,031 Mervyns I & II: KLA/Mervyn's, LLC (b) 10.5% — — Fund III: Fund III Other Portfolio 90% 225 8,108 Self Storage Management (c) 95% 241 241 466 8,349 Fund IV: Broughton Street Portfolio (d) 50% 56,313 54,839 Fund IV Other Portfolio 90% 17,927 21,817 650 Bald Hill Road 90% 19,027 18,842 93,267 95,498 Due from Related Parties (e) 2,273 2,193 Other 957 957 Investments in and advances to unconsolidated affiliates $ 260,497 $ 272,028 Core: Crossroads (f) 49% $ 15,221 $ 13,691 Distributions in excess of income from, $ 15,221 $ 13,691 __________ (a) Represents a tenancy-in-common interest. (b) Distributions have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (c) Represents a variable interest entity. (d) The Company is entitled to a 15% return on its cumulative capital contribution and a 9% preferred return on the balance of the loan it converted to equity during 2016, which was $14.9 million and $46.4 million at March 31, 2017, respectively. (e) Represents deferred fees. (f) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to fund future obligations of the entity.
Schedule of Condensed Balance Sheet	The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): March 31, December 31, 2017 2016 Combined and Condensed Balance Sheets Assets: Rental property, net $ 549,632 $ 576,505 Real estate under development 16,837 18,884 Investment in unconsolidated affiliates 6,853 6,853 Other assets 101,144 75,254 Total assets $ 674,466 $ 677,496 Liabilities and partners’ equity: Mortgage notes payable $ 389,198 $ 407,344 Other liabilities 58,909 30,117 Partners’ equity 226,359 240,035 Total liabilities and partners’ equity $ 674,466 $ 677,496 Company's share of accumulated equity $ 177,805 $ 191,049 Basis differential 60,520 61,827 Deferred fees, net of portion related to the Company's interest 4,678 3,268 Amounts receivable by the Company 2,273 2,193 Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates $ 245,276 $ 258,337
Schedule of Condensed Income Statement	Three Months Ended March 31, 2017 2016 Combined and Condensed Statements of Income Total revenues $ 21,603 $ 13,372 Operating and other expenses (5,866 ) (3,730 ) Interest expense (4,538 ) (2,736 ) Depreciation and amortization (6,449 ) (3,880 ) Loss on debt extinguishment (151 ) — Gain on disposition of properties 14,446 — Net income attributable to unconsolidated affiliates $ 19,045 $ 3,026 Company’s share of equity in $ 13,569 $ 2,052 Basis differential amortization (866 ) (98 ) Company’s equity in earnings of $ 12,703 $ 1,954

Other Assets, Net and Account31

Other Assets, Net and Accounts Payable and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets and other liabilities	Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: March 31, December 31, (in thousands) 2017 2016 Other assets, net: Lease intangibles, net ( Note 6 ) $ 116,371 $ 114,584 Deferred charges, net (a) 26,505 25,221 Prepaid expenses 17,070 14,351 Other receivables 11,797 9,514 Accrued interest receivable 10,766 9,354 Deposits 4,491 4,412 Due from seller 4,300 4,300 Deferred tax assets 3,822 3,733 Derivative financial instruments ( Note 8 ) 3,378 2,921 Due from related parties 1,300 1,655 Corporate assets 624 1,241 Income taxes receivable 1,398 1,500 $ 201,822 $ 192,786 (a) Deferred charges, net: Deferred leasing and other costs $ 42,728 $ 40,728 Deferred financing costs 5,945 5,915 48,673 46,643 Accumulated amortization (22,168 ) (21,422 ) Deferred charges, net $ 26,505 $ 25,221 Accounts payable and other liabilities: Lease intangibles, net ( Note 6 ) $ 103,573 $ 105,028 Accounts payable and accrued expenses 48,383 48,290 Deferred income 35,979 35,267 Tenant security deposits, escrow and other 15,081 14,975 Derivative financial instruments ( Note 8 ) 3,013 3,590 Income taxes payable 1,418 1,287 Other 232 235 $ 207,679 $ 208,672

Lease Intangibles (Tables)

Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 163,219 $ (53,027 ) $ 110,192 $ 156,420 $ (47,827 ) $ 108,593 Above-market rent 17,295 (11,116 ) 6,179 16,649 (10,658 ) 5,991 $ 180,514 $ (64,143 ) $ 116,371 $ 173,069 $ (58,485 ) $ 114,584 Amortizable Intangible Liabilities Below-market rent $ (138,476 ) $ 34,903 $ (103,573 ) $ (137,032 ) $ 32,004 $ (105,028 ) $ (138,476 ) $ 34,903 $ (103,573 ) $ (137,032 ) $ 32,004 $ (105,028 )
Schedule of Amortization of Acquired Lease Intangible Assets and Liabilities	The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2017 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Net 2017 (Remainder) $ 9,068 $ 23,802 $ (14,734 ) 2018 9,439 18,149 (8,710 ) 2019 9,021 12,823 (3,802 ) 2020 7,746 10,595 (2,849 ) 2021 6,883 9,022 (2,139 ) Thereafter 55,237 35,801 19,436 Total $ 97,394 $ 110,192 $ (12,798 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate Maturity Date at Carrying Value March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Mortgages Payable Core Fixed Rate 3.88%-6.65% 3.88%-6.65% August 2017 - April 2035 $ 234,273 $ 234,875 Core Variable Rate - Swapped (a) 1.71%-3.77% 1.71%-3.77% September 2022 - June 2026 81,663 82,250 Total Core Mortgages Payable 315,936 317,125 Fund II Fixed Rate 1.00%-5.80% 1.00%-5.80% October 2017 - May 2020 249,762 249,762 Fund II Variable Rate LIBOR+0.79% -LIBOR+2.50% LIBOR+0.62% -LIBOR+2.50% August 2017 - November 2021 142,750 142,750 Fund II Variable Rate - Swapped (a) 2.88% 2.88% November 2021 19,726 19,779 Total Fund II Mortgages Payable 412,238 412,291 Fund III Variable Rate Prime+0.50% -LIBOR+4.65% Prime+0.50% -LIBOR+4.65% May 2017 - December 2021 79,680 83,467 Fund IV Fixed Rate 3.4%-4.50% 3.4%-4.50% October 2025-June 2026 10,504 10,503 Fund IV Variable Rate LIBOR+1.70% -LIBOR+3.95% LIBOR+1.70% - LIBOR+3.95% May 2017 - April 2022 258,816 233,139 Fund IV Variable Rate - Swapped (a) 1.78% 1.78% April 2022 81,668 14,509 Total Fund IV Mortgages Payable 350,988 258,151 Net unamortized debt issuance costs (16,951 ) (16,642 ) Unamortized premium 1,158 1,336 Total Mortgages Payable $ 1,143,049 $ 1,055,728 Unsecured Notes Payable Core Unsecured Term Loans LIBOR+1.30% -LIBOR+1.60% LIBOR+1.30% -LIBOR+1.60% July 2020 - December 2022 $ 51,283 $ 51,194 Core Variable Rate Unsecured (a) 1.24%-3.77% 1.24%-3.77% July 2018 - March 2025 248,717 248,806 Total Core Unsecured Notes Payable 300,000 300,000 Fund IV Term Loan/Subscription Facility LIBOR+1.65% -LIBOR+2.75% LIBOR+1.65% -LIBOR+2.75% February 2017- November 2017 60,536 134,636 Net unamortized debt issuance costs (1,689 ) (1,646 ) Total Unsecured Notes Payable $ 358,847 $ 432,990 Unsecured Line of Credit Core Unsecured Line of Credit LIBOR+1.40% LIBOR+1.40% June 2020 $ — $ — Total Unsecured Line of Credit $ — $ — Total Debt - Fixed Rate (b) $ 926,314 $ 860,486 Total Debt - Variable Rate 593,064 645,185 Total Debt 1,519,378 1,505,671 Net unamortized debt issuance costs (18,640 ) (18,289 ) Unamortized premium 1,158 1,336 Total Indebtedness $ 1,501,896 $ 1,488,718 __________ (a) At March 31, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR + 1.90% for Core variable-rate debt; LIBOR + .79% to LIBOR + 2.50% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.70% to LIBOR + 3.95% for Fund IV variable-rate debt and LIBOR + 1.30% to LIBOR + 1.60% for Core variable-rate unsecured notes. (b) Includes $431,774 and $365,343 , respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
Schedule of Maturities of Long-term Debt	The scheduled principal repayments of the Company’s consolidated indebtedness, as of March 31, 2017 are as follows (in thousands): Year Ending December 31, 2017 (Remainder) $ 273,916 2018 115,846 2019 206,646 2020 369,107 2021 255,074 Thereafter 298,789 1,519,378 Unamortized fair market value of assumed debt 1,158 Net unamortized debt issuance costs (18,640 ) Total indebtedness $ 1,501,896

Financial Instruments and Fai34

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities measured on 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 (in thousands): March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money Market Funds $ 3 $ — $ — $ 20,001 $ — $ — Derivative financial instruments — 3,378 — — 2,921 — Liabilities Derivative financial instruments — 3,013 — — 3,590 —
Schedule of derivative financial instruments	The Company had the following interest rate swaps for the periods presented (dollars in thousands): Aggregate Strike Rate Balance Sheet Location Fair Value Derivative Instrument Effective Date Maturity Date Low High March 31, 2017 December 31, 2016 Core Interest Rate Swaps $ 125,247 Oct 2011 - Mar 2015 Jul 2018 - Mar 2025 1.38% — 3.77% Other Liabilities $ (2,515 ) $ (3,218 ) Interest Rate Swaps 205,134 Sep 2012 - Jul 2016 Jul 2020 - Jun 2026 1.24% — 3.77% Other Assets 3,224 2,609 $ 330,381 $ 709 $ (609 ) Fund II Interest Rate Swap $ 19,726 Oct 2014 Nov 2021 2.88% — 2.88% Other Liabilities $ (160 ) $ (228 ) Interest Rate Cap 29,500 Apr 2013 Apr 2018 4% — 4% Other Assets — — $ 49,226 $ (160 ) $ (228 ) Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3% — 3% Other Assets $ 64 $ 127 Fund IV Interest Rate Swaps $ 81,668 May 2014 - Mar 2017 May 2019 - Apr 2022 1.78% — 1.98% Other Liabilities $ (338 ) $ (144 ) Interest Rate Caps 108,900 Jul 2016 - Nov 2016 Aug 2019 - Dec 2019 3% — 3% Other Assets 90 185 $ 190,568 $ (248 ) $ 41 Total asset derivatives $ 3,378 $ 2,921 Total liability derivatives $ (3,013 ) $ (3,590 )
Gain (loss) on derivative instruments within the statement of income	The following table presents the location in the financial statements of the income (losses) recognized related to the Company’s cash flow hedges (in thousands): Three Months Ended March 31, 2017 2016 Amount of gain (loss) related to the effective portion recognized $ 118 $ (8,819 ) Amount of loss related to the effective portion subsequently reclassified to earnings $ — $ — Amount of gain (loss) related to the ineffective portion $ — $ —
Fair value, by balance sheet grouping	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2017 December 31, 2016 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 276,507 $ 272,347 $ 276,163 $ 272,052 Mortgage and Other Notes Payable, net (a) 3 1,143,049 1,164,861 1,055,728 1,077,926 Investment in non-traded equity securities 3 802 25,194 802 25,194 Unsecured notes payable, net (b) 2 358,847 361,559 432,990 435,779 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. (b) The Company determined the estimated fair value of the unsecured notes payable using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

Shareholders' Equity, Noncont35

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Reclassification out of Accumulated Other Comprehensive Income	The following table sets forth the activity in accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and 2016 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2017 $ (798 ) Other comprehensive loss before reclassifications 118 Reclassification of realized interest on swap agreements 963 Net current period other comprehensive loss 1,081 Net current period other comprehensive loss attributable to noncontrolling interests 155 Balance at March 31, 2017 $ 438 Balance at January 1, 2016 $ (4,463 ) Other comprehensive income before reclassifications (8,818 ) Reclassification of realized interest on swap agreements 1,046 Net current period other comprehensive income (7,772 ) Net current period other comprehensive income attributable to noncontrolling interests 768 Balance at March 31, 2016 $ (11,467 )
Change in Noncontrolling Interests	The following table summarizes the change in the noncontrolling interests for the periods presented (in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2016 $ 96,340 $ 324,526 $ 420,866 Distributions declared of $0.25 per Common OP Unit (1,473 ) — (1,473 ) Net income for the period January 1 through March 31, 2016 1,993 42,957 44,950 Conversion of 248,160 Common OP Units to Common Shares (5,680 ) — (5,680 ) Issuance of Common and Preferred OP Units to acquire real estate 29,336 — 29,336 Acquisition of noncontrolling interests (c) — (25,948 ) (25,948 ) Other comprehensive income - unrealized loss (436 ) (478 ) (914 ) Reclassification of realized interest expense on swap agreements 49 96 145 Noncontrolling interest contributions — 46,343 46,343 Noncontrolling interest distributions and other reductions — (36,174 ) (36,174 ) Employee Long-term Incentive Plan Unit Awards 3,811 — 3,811 Balance at March 31, 2016 $ 123,940 $ 351,322 $ 475,262 Balance at January 1, 2017 95,422 494,126 589,548 Distributions declared of $0.26 per Common OP Unit (1,617 ) — (1,617 ) Net income for the period January 1 through March 31, 2017 1,062 3,278 4,340 Conversion of 24,860 Common OP Units to Common Shares (438 ) — (438 ) Other comprehensive income - unrealized income (loss) 21 (317 ) (296 ) Reclassification of realized interest expense on swap agreements 49 92 141 Noncontrolling interest contributions — 20,269 20,269 Noncontrolling interest distributions and other reductions — (3,822 ) (3,822 ) Employee Long-term Incentive Plan Unit Awards 4,141 — 4,141 Rebalancing adjustment (d) 5,693 — 5,693 Balance at March 31, 2017 $ 104,333 $ 513,626 $ 617,959 __________ (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,363,351 and 3,357,760 Common OP Units at March 31, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at March 31, 2017 and 2016; (iii) 141,593 Series C Preferred OP Units at March 31, 2017 and 2016; and (iv) 2,265,852 and 1,979,882 LTIP units as of March 31, 2017 and 2016, respectively, as discussed in Share Incentive Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Fund I, II, III, IV and V, and Mervyns I and II, and six other subsidiaries. (c) During the first quarter of 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million , giving the Company an aggregate 28.33% interest. Amount in the table above represents the book value of this transaction. (d) Adjustment reflects 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 changes in ownership (the "Rebalancing").

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The scheduled future minimum (i) rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for such premises and (ii) rental payments under the terms of all non-cancelable operating and capital leases in which the Company is the lessee, principally for office space and ground leases, as of March 31, 2017 are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments 2017 (Remainder) $ 151,136 $ 2,803 2018 153,392 3,756 2019 144,089 3,776 2020 130,749 3,669 2021 116,857 3,744 Thereafter 627,453 185,621 Total $ 1,323,676 $ 203,369

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Reconciliation of Certain Segment Information from Segments to Consolidated	The following tables set forth certain segment information for the Company (in thousands): As of or for the Three Months Ended March 31, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 44,446 $ 17,553 $ — $ — $ 61,999 Depreciation and amortization (16,439 ) (8,097 ) — — (24,536 ) Property operating expenses, other operating and real estate taxes (12,853 ) (6,244 ) — — (19,097 ) General and administrative expenses — — — (8,469 ) (8,469 ) Operating income 15,154 3,212 — (8,469 ) 9,897 Interest income — — 8,984 — 8,984 Equity in earnings of unconsolidated affiliates 560 12,143 — — 12,703 Interest expense (7,155 ) (4,333 ) — — (11,488 ) Income tax provision — — — (125 ) (125 ) Net income 8,559 11,022 8,984 (8,594 ) 19,971 Net income attributable to noncontrolling interests (432 ) (3,908 ) — — (4,340 ) Net income attributable to Acadia 8,127 7,114 8,984 (8,594 ) 15,631 Real estate at cost $ 1,983,365 $ 1,480,201 $ — $ — $ 3,463,566 Total assets $ 2,246,037 $ 1,498,045 $ 276,507 $ — $ 4,020,589 Acquisition of real estate $ — $ 34,688 $ — $ — $ 34,688 Development and property improvement costs $ 996 $ 26,019 $ — $ — $ 27,015 As of or for the Three Months Ended March 31, 2016 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 38,107 $ 9,938 $ — $ — $ 48,045 Depreciation and amortization (13,495 ) (3,354 ) — — (16,849 ) Property operating expenses, other operating and real estate taxes (8,562 ) (3,431 ) — — (11,993 ) General and administrative expenses — — — (9,352 ) (9,352 ) Operating income 16,050 3,153 — (9,352 ) 9,851 Gain on disposition of properties — 65,393 — — 65,393 Interest income — — 4,638 — 4,638 Equity in earnings of unconsolidated affiliates 592 1,362 — — 1,954 Interest expense (6,764 ) (1,274 ) — — (8,038 ) Income tax benefit — — — 77 77 Net income 9,878 68,634 4,638 (9,275 ) 73,875 Net income attributable to noncontrolling interests (2,822 ) (42,128 ) — — (44,950 ) Net income attributable to Acadia 7,056 26,506 4,638 (9,275 ) 28,925 Real estate at cost $ 1,641,312 $ 1,104,902 $ — $ — $ 2,746,214 Total assets $ 1,827,059 $ 1,166,589 $ 154,679 $ — $ 3,148,327 Acquisition of real estate $ — $ 12,287 $ — $ — $ 12,287 Development and property improvement costs $ 3,248 $ 34,215 $ — $ — $ 37,463

Share Incentive and Other Com38

Share Incentive and Other Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Unvested Restricted Shares and LTIP Units	A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares Common Restricted Weighted LTIP Units Weighted Unvested at January 1, 2016 49,899 $ 25.90 1,020,121 $ 23.92 Granted 24,583 33.35 359,484 34.40 Vested (24,886 ) 29.17 (522,680 ) 26.08 Forfeited (189 ) 35.37 (48 ) 35.37 Unvested at December 31, 2016 49,407 27.92 856,877 26.99 Granted 7,605 32.03 292,224 30.98 Vested (10,655 ) 29.84 (248,636 ) 28.37 Forfeited (309 ) 35.37 — 35.37 Unvested at March 31, 2017 46,048 $ 27.92 900,465 $ 26.99

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, (shares and dollars in thousands, except per share amounts) 2017 2016 Numerator: Net income attributable to Acadia $ 15,631 $ 28,925 Less: net income attributable to participating securities (162 ) (365 ) Income from continuing operations net of income $ 15,469 $ 28,560 Denominator: Weighted average shares for basic earnings per share 83,635 70,756 Effect of dilutive securities: Employee share options 11 16 Convertible Preferred OP Units — 428 Denominator for diluted earnings per share 83,646 71,200 Basic and diluted earnings per Common Share from $ 0.18 $ 0.40

Organization, Basis of Presen40

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)segmentproperty	Dec. 31, 2016	Dec. 31, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reporting units | segment	3
Capitalized internal leasing costs | $	$ 0.2		$ 0.3
Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Equity Interest Held By Operating Partnership (b)	95.00%	95.00%
Remaining funds rate of distribution to operating partnership (in percent)	20.00%
Institutional Investors [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners (in percent)	80.00%
Core Portfolio [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties	118
Properties owned percentage	100.00%
Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties	64
Core Portfolio and Opportunity Funds [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties	182

Organization, Basis of Presen41

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Fund I and Mervyns I [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	22.22%
Fund Size	$ 90
Capital called	86.6
Unfunded Commitment	$ 0
Equity Interest Held By Operating Partnership (b)	37.78%
Preferred Return	9.00%
Total distributions	$ 194.5
Fund II and Mervyns II [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	28.33%
Fund Size	$ 300
Capital called	347.1
Unfunded Commitment	$ 0
Equity Interest Held By Operating Partnership (b)	28.33%
Preferred Return	8.00%
Total distributions	$ 131.6
Fund III [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	24.54%
Fund Size	$ 502.5
Capital called	396.7
Unfunded Commitment	$ 53.3
Equity Interest Held By Operating Partnership (b)	39.63%
Preferred Return	6.00%
Total distributions	$ 551
Fund IV [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	23.12%
Fund Size	$ 540.6
Capital called	390.7
Unfunded Commitment	$ 139.3
Equity Interest Held By Operating Partnership (b)	23.12%
Preferred Return	6.00%
Total distributions	$ 101.9
Fund V [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	20.10%
Fund Size	$ 520
Capital called	0
Unfunded Commitment	$ 520
Equity Interest Held By Operating Partnership (b)	20.10%
Preferred Return	6.00%
Total distributions	$ 0

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Land	$ 649,533	$ 693,252
Buildings and improvements	2,041,300	1,916,288
Tenant improvements	137,168	132,220
Construction in progress	21,644	19,789
Properties under capital lease	76,965	76,965
Total	2,926,610	2,838,514
Less: Accumulated depreciation	(305,074)	(287,066)
Operating real estate, net	2,621,536	2,551,448
Real estate under development, at cost	510,548	543,486
Net investments in real estate	$ 3,132,084	$ 3,094,934

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Purchase Price	$ 35,350		$ 558,755
Liabilities assumed	663		0
Acquisition related costs	300	$ 300	300
Purchase Price Allocation
Land	7,149		225,729
Buildings and improvements	22,201		458,525
Other assets	0		3,481
Acquisition-related intangible assets (in Acquired lease intangibles, net)	7,444		63,606
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(1,444)		(72,985)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	0		(119,601)
Net assets acquired	35,350		558,755
Consideration:
Cash	34,687		677,964
Debt assumed	0		(119,209)
Liabilities assumed	663		0
Purchase Price	35,350		$ 558,755
Core Portfolio [Member]
Business Acquisition [Line Items]
Acquisition related costs	200	200
Fund III and IV [Member]
Business Acquisition [Line Items]
Acquisition related costs	100	$ 100
Acquisitions in 2016 [Member]
Business Acquisition [Line Items]
Purchase Price	756,842
Liabilities assumed	120,672
Consideration:
Liabilities assumed	120,672
Purchase Price	756,842
Acquisitions in 2016 [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Purchase Price	237,250
Liabilities assumed	1,463
Consideration:
Liabilities assumed	1,463
Purchase Price	237,250
Acquisitions in 2016 [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Purchase Price	519,592
Liabilities assumed	119,209
Consideration:
Liabilities assumed	119,209
Purchase Price	$ 519,592
Lincoln Park Centre [Member] | Fairview Heights, IL [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 35,350
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	35,350
Business Acquisition 2017 [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Purchase Price	35,350
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 35,350
991 Madison Avenue [Member] | New York, New York [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 76,628
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 76,628
165 Newbury Street [Member] | Boston, Massachusetts [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 6,250
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 6,250
Concord and Milwaukee [Member] | Chicago, Illinois [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 6,000
Liabilities assumed	2,902
Consideration:
Liabilities assumed	2,902
Purchase Price	$ 6,000
151 North State Street [Member] | Chicago, Illinois [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 30,500
Liabilities assumed	14,556
Consideration:
Liabilities assumed	14,556
Purchase Price	$ 30,500
State and Washington [Member] | Chicago, Illinois [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 70,250
Liabilities assumed	25,650
Consideration:
Liabilities assumed	25,650
Purchase Price	$ 70,250
North & Kingsbury [Member] | Chicago, Illinois [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 34,000
Liabilities assumed	13,409
Consideration:
Liabilities assumed	13,409
Purchase Price	$ 34,000
Sullivan Center [Member] | Chicago, Illinois [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 146,939
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 146,939
California and Armitage [Member] | Chicago, Illinois [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 9,250
Liabilities assumed	2,692
Consideration:
Liabilities assumed	2,692
Purchase Price	$ 9,250
555 9th Avenue [Member] | San Francisco, California [Member] | Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 139,775
Liabilities assumed	60,000
Consideration:
Liabilities assumed	60,000
Purchase Price	$ 139,775
Restaurant at Fort Point [Member] | Boston, Massachusetts [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 11,500
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 11,500
1964 Union Street [Member] | San Francisco, California [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	90.00%
Purchase Price	$ 2,250
Liabilities assumed	1,463
Consideration:
Liabilities assumed	1,463
Purchase Price	$ 2,250
Wake Forest Crossing [Member] | Wake Forest, NC [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 36,600
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 36,600
Airport Mall [Member] | Bangor, ME [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 10,250
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 10,250
Colonie Plaza [Member] | Albany, NY [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 15,000
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 15,000
Dauphin Plaza [Member] | Harrisburg, PA [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 16,000
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 16,000
JFK Plaza [Member] | Waterville, ME [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 6,500
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 6,500
Mayfair Shopping Center [Member] | Philadelphia, PA [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 16,600
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 16,600
Shaw's Plaza [Member] | Waterville, ME [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 13,800
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 13,800
Wells Plaza [Member] | Wells, ME [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 5,250
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 5,250
717 N Michigan [Member] | Chicago, Illinois [Member] | Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 103,500
Liabilities assumed	0
Consideration:
Liabilities assumed	0
Purchase Price	$ 103,500

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Disposal Group, Not Discontinued Operations [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 153,750
Gain on Sale	81,965
Fund III [Member] | Cortlandt Towne Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	107,250
Gain on Sale	65,393
Fund III [Member] | Heritage Shops [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	46,500
Gain on Sale	$ 16,572

Real Estate - Discontinued Oper

Real Estate - Discontinued Operations (Details) - Disposal Group, Not Discontinued Operations [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
STATEMENTS OF INCOME
Rental revenues	$ 0	$ 4,963
Expenses	0	(550)
Gain on disposition of properties	0	65,393
Income from continuing operations of disposed properties, net of income taxes	0	69,806
Amounts attributable to noncontrolling interests	0	(53,586)
Net income attributable to Acadia	$ 0	$ 16,220

Real Estate - Properties Held F

Real Estate - Properties Held For Sale (Details) - Fund II [Member] $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)property
Long Lived Assets Held-for-sale [Line Items]
Number of properties held-for-sale | property	1		1
Properties held-for-sale	$ 21.5		$ 21.5
Mortgage loans on real estate	25.5		$ 25.5
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Long Lived Assets Held-for-sale [Line Items]
Properties held for sale net income (loss)	$ (0.5)	$ 0.2

Real Estate - Pro Forma Informa

Real Estate - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Acquisition related costs	$ 300	$ 300	$ 300
Pro forma revenues	62,478		53,314
Pro forma income from continuing operations	20,201		74,174
Pro forma net income attributable to Acadia	$ 15,808		$ 29,155
Basic and diluted earnings per share data (in dollars per share)	$ 0.19		$ 0.39

Real Estate - Real Estate Under

Real Estate - Real Estate Under Development and Construction in Progress (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Property, Plant and Equipment [Line Items]
Real estate under development	$ 510,548	$ 543,486
Real estate in service	2,621,536	$ 2,551,448
Real Estate Under Development, Reclassification Amount	76,400
City Point [Member]
Property, Plant and Equipment [Line Items]
Real estate development, capitalized costs	3,800
Real estate in service	$ 113,200
Core Portfolio [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	1	1
Fund II [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	2	2
Fund III [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	3	3
Fund IV [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	4	4

Notes Receivable, Net - Schedul

Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands	Mar. 31, 2017USD ($)debtinstrument	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 276,507	$ 276,163
Core Portfolio [Member]
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 216,400	216,400
Number of instruments held | debtinstrument	5
Core Portfolio [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	6.00%
Core Portfolio [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	9.00%
Fund II [Member]
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 31,201	31,007
Number of instruments held | debtinstrument	1
Effective interest rate	2.50%
Fund III [Member]
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 4,656	4,506
Number of instruments held | debtinstrument	1
Effective interest rate	18.00%
Fund IV [Member]
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 24,250	24,250
Number of instruments held | debtinstrument	2
Fund IV [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	6.00%
Fund IV [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	15.30%
Fair Value, Inputs, Level 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 276,507	$ 276,163
Number of instruments held | debtinstrument	9

Notes Receivable, Net - Narrati

Notes Receivable, Net - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)note_receivableproperty	Jun. 30, 2017USD ($)
Mortgage Loans on Real Estate [Line Items]
Additional advance	$ 93,044	$ 1,945
Notes receivable, net	276,507		$ 276,163
Proceeds from notes receivable	0	$ 20,500
Nonperforming Financial Instruments [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	12,000		12,000
Notes Receivable [Member] | Collateralized Note, 9.8% Interest Rate [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net			$ 47,500
Effective interest rate			9.80%
Number of properties collateralized | property			4
Notes Receivable [Member] | Five Notes Issued in Periods Prior to 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net			$ 29,600
Proceeds from notes receivable			$ 42,800
Number of notes repaid | note_receivable			5
Notes Receivable [Member] | First Mortgage Loan, 8.1% Loan, Due 2019 [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net			$ 153,400
Effective interest rate			8.10%
Mezzanine Loan [Member] | Mezzanine Loan, 15% Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net			$ 30,900
Effective interest rate			15.00%
Fund III [Member]
Mortgage Loans on Real Estate [Line Items]
Additional advance	200
Notes receivable, net	$ 4,656		$ 4,506
Effective interest rate	18.00%
Fund II [Member]
Mortgage Loans on Real Estate [Line Items]
Increase in accrued interest	$ 200
Notes receivable, net	$ 31,201		31,007
Effective interest rate	2.50%
Core Portfolio [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 216,400		$ 216,400
Core Portfolio [Member] | Notes Receivable [Member] | Collateralized Note, 9.8% Interest Rate [Member]
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued | note_receivable			1
Fund IV [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 24,250		$ 24,250
Fund IV [Member] | Notes Receivable [Member] | Collateralized Note, 9.8% Interest Rate [Member]
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued | note_receivable			3
Scenario, Forecast [Member]
Mortgage Loans on Real Estate [Line Items]
Anticipated receivable on mortgage loan				$ 2,200

Investments in and Advances t51

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments In and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Due to related parties	$ 2,273	$ 2,193
Other	957	957
Investments in and advances to unconsolidated affiliates	260,497	272,028
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 15,221	13,691
Cumulative capital contribution, percentage	15.00%
Preferred return percentage	9.00%
Cumulative capital contribution	$ 14,900
Preferred return	46,400
Core Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 163,534	165,031
Core Portfolio [Member] | 840 N. Michigan [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%
Equity method investments	$ 73,355	74,131
Core Portfolio [Member] | Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Equity method investments	$ 36,097	36,437
Core Portfolio [Member] | Gotham Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Equity method investments	$ 29,396	29,421
Core Portfolio [Member] | Brandywine Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	22.22%
Equity method investments	$ 20,449	20,755
Core Portfolio [Member] | Georgetown Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 4,237	4,287
Core Portfolio [Member] | Crossroads [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 15,221	13,691
Mervyns I and Mervyns II [Member] | KLA Mervyns LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.50%
Equity method investments	$ 0	0
Fund III [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 466	8,349
Fund III [Member] | Fund III Other Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 225	8,108
Fund III [Member] | Self Storage Management [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	95.00%
Equity method investments	$ 241	241
Fund IV [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 93,267	95,498
Fund IV [Member] | Broughton Street Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 56,313	54,839
Fund IV [Member] | Fund IV Other Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 17,927	21,817
Fund IV [Member] | 650 Bald Hill Road [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 19,027	$ 18,842

Investments in and Advances t52

Investments in and Advances to Unconsolidated Affiliates - Core Portfolio (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2017USD ($)ft²	Apr. 29, 2016USD ($)	Mar. 31, 2017USD ($)ft²property	Dec. 31, 2016USD ($)	Jan. 31, 2016ft²
Schedule of Equity Method Investments [Line Items]
Purchase Price | $			$ 35,350	$ 558,755
Core Portfolio [Member] | Crossroads [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			49.00%
Square footage of real estate property (in square feet)			311,000
Core Portfolio [Member] | Georgetown Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Square footage of real estate property (in square feet)			28,000
Core Portfolio [Member] | Gotham Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			49.00%
Square footage of real estate property (in square feet)					123,000
Percentage of voting interests acquired					49.00%
Core Portfolio [Member] | Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			20.00%
Square footage of real estate property (in square feet)			213,000
Percentage of voting interests acquired	20.00%
Number of businesses acquired | property			18
Core Portfolio [Member] | Brandywine Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			22.22%
Square footage of real estate property (in square feet)			1,000,000
Repayments of debt | $		$ 140,000
Core Portfolio [Member] | Chicago, Illinois [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			88.43%
Square footage of real estate property (in square feet)			87,000
Core Portfolio [Member] | Alexandria, Virginia [Member] | Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet)	6,200
Purchase Price | $	$ 3,000
Number of businesses acquired | property			2
Core Portfolio [Member] | Washington D.C. [Member] | Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Number of businesses acquired | property			16

Investments in and Advances t53

Investments in and Advances to Unconsolidated Affiliates - Fund Investments (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Jan. 31, 2016	Mar. 31, 2017
Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of debt					$ 3.5
Fund III [Member] | Cortlandt Towne Center [Member]
Schedule of Equity Method Investments [Line Items]
Consideration received			$ 57.8	$ 107.3
Proceeds from sale of equity method investments			25.2
Gain (loss) on disposal			$ 36	$ 65.4
Percentage of disposition			35.00%	65.00%
Fund III [Member] | Cortlandt Towne Center [Member] | Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of debt			$ 32.6
Partnership Interest [Member] | Fund III [Member] | Cortlandt Towne Center [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal			$ 8.8
2819 Kennedy Boulevard [Member] | Fund IV [Member]
Schedule of Equity Method Investments [Line Items]
Consideration received		$ 19
Proceeds from sale of equity method investments		10.6
Gain (loss) on disposal		6.3
2819 Kennedy Boulevard [Member] | Fund IV [Member] | Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of debt		8.4
2819 Kennedy Boulevard [Member] | Affiliated Entity [Member] | Fund IV [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal		6.2
2819 Kennedy Boulevard [Member] | Partnership Interest [Member] | Fund IV [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal		$ 1.4
Arundel Plaza [Member] | Fund III [Member]
Schedule of Equity Method Investments [Line Items]
Consideration received	$ 28.8
Proceeds from sale of equity method investments	18.8
Gain (loss) on disposal	8.2
Arundel Plaza [Member] | Fund III [Member] | Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of debt	10
Arundel Plaza [Member] | Affiliated Entity [Member] | Fund III [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal	5.3
Arundel Plaza [Member] | Partnership Interest [Member] | Fund III [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal	$ 1.3

Investments in and Advances t54

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Combined and Condensed Balance Sheets
Real estate under development, at cost	$ 510,548		$ 543,486
Investments in and advances to unconsolidated affiliates	260,497		272,028
Other assets	201,822		192,786
Total assets	4,014,902		3,995,960
Total liabilities and equity	4,014,902		3,995,960
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates	245,276		258,337
Combined and Condensed Statements of Operations [Abstract]
Total revenues	61,999	$ 48,045
Operating and other expenses	(52,102)	(38,194)
Depreciation and amortization	(24,536)	(16,849)
Income from continuing operations before gain on disposition of properties	19,971	8,482
Company’s equity in earnings of unconsolidated affiliates	12,703	1,954
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Related party revenue	400	100
Expenses, related party	500	$ 600
Unconsolidated Affiliates [Member]
Combined and Condensed Balance Sheets
Rental property, net	549,632		576,505
Real estate under development, at cost	16,837		18,884
Investments in and advances to unconsolidated affiliates	6,853		6,853
Other assets	101,144		75,254
Total assets	674,466		677,496
Mortgage notes payable	389,198		407,344
Other liabilities	58,909		30,117
Partners’ equity	226,359		240,035
Total liabilities and equity	674,466		677,496
Company's share of accumulated equity	177,805		191,049
Basis differential	60,520		61,827
Deferred fees, net of portion related to the Company's interest	4,678		3,268
Amounts receivable by the Company	2,273		2,193
Combined and Condensed Statements of Operations [Abstract]
Total revenues	21,603		13,372
Operating and other expenses	(5,866)		(3,730)
Interest expense	(4,538)		(2,736)
Depreciation and amortization	(6,449)		(3,880)
Loss on debt extinguishment	(151)		0
Gain on disposition of properties	14,446		0
Income from continuing operations before gain on disposition of properties	19,045		3,026
Operating Partnership, as General Partner or Managing Member [Member]
Combined and Condensed Statements of Operations [Abstract]
Company’s share of equity in net income of unconsolidated affiliates	13,569		2,052
Basis differential amortization	(866)		(98)
Company’s equity in earnings of unconsolidated affiliates	$ 12,703		$ 1,954

Other Assets, Net and Account55

Other Assets, Net and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other assets, net:
Lease intangibles, net (Note 6)	$ 116,371	$ 114,584
Deferred charges, net	26,505	25,221
Prepaid expenses	17,070	14,351
Other receivables	11,797	9,514
Accrued interest receivable	10,766	9,354
Deposits	4,491	4,412
Due from seller	4,300	4,300
Deferred tax assets	3,822	3,733
Derivative financial instruments (Note 8)	3,378	2,921
Due from related parties	1,300	1,655
Corporate assets	624	1,241
Income taxes receivable	1,398	1,500
Other assets, net	201,822	192,786
Deferred charges, net:
Deferred leasing and other costs	42,728	40,728
Deferred financing costs	5,945	5,915
Deferred costs, gross	48,673	46,643
Accumulated amortization	(22,168)	(21,422)
Deferred charges, net	26,505	25,221
Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	103,573	105,028
Accounts payable and accrued expenses	48,383	48,290
Deferred income	35,979	35,267
Tenant security deposits, escrow and other	15,081	14,975
Derivative financial instruments (Note 8)	3,013	3,590
Income taxes payable	1,418	1,287
Other	232	235
Accounts payable and other liabilities	$ 207,679	$ 208,672

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 180,514	$ 173,069
Amortizable Intangible Assets, Accumulated Amortization	(64,143)	(58,485)
Amortizable Intangible Assets, Net Carrying Amount	116,371	114,584
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(138,476)	(137,032)
Amortizable Intangible Liabilities, Accumulated Amortization	34,903	32,004
Amortizable Intangible Liabilities, Net Carrying Amount	(103,573)	(105,028)
Below market rents, acquired	$ 1,400
Below market rents acquired, weighted average useful life	13 years 3 months 18 days
In-place lease and tenant relationships
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 163,219	156,420
Amortizable Intangible Assets, Accumulated Amortization	(53,027)	(47,827)
Amortizable Intangible Assets, Net Carrying Amount	110,192	108,593
Intangible assets acquired	$ 6,800
Acquired intangible assets, weighted average useful life	3 years 1 month 6 days
Above-market rent
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 17,295	16,649
Amortizable Intangible Assets, Accumulated Amortization	(11,116)	(10,658)
Amortizable Intangible Assets, Net Carrying Amount	6,179	$ 5,991
Intangible assets acquired	$ 600
Acquired intangible assets, weighted average useful life	3 years 8 months 12 days

Lease Intangibles - Scheduled A

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) $ in Thousands	Mar. 31, 2017USD ($)
Acquired Lease Intangibles [Abstract]
2017, Net	$ (14,734)
2018, Net	(8,710)
2019, Net	(3,802)
2020, Net	(2,849)
2021, Net	(2,139)
Thereafter, Net	19,436
Total	(12,798)
Assets
Acquired Lease Intangibles [Abstract]
2,017	9,068
2,018	9,439
2,019	9,021
2,020	7,746
2,021	6,883
Thereafter	55,237
Total	97,394
Liabilities
Acquired Lease Intangibles [Abstract]
2,017	23,802
2,018	18,149
2,019	12,823
2,020	10,595
2,021	9,022
Thereafter	35,801
Total	$ 110,192

Debt - Summary of Consolidated

Debt - Summary of Consolidated Indebtedness (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,519,378,000	$ 1,505,671,000
Mortgage and other notes payable, net	1,143,049,000	1,055,728,000
Unsecured notes payable, net	358,847,000	432,990,000
Net unamortized debt issuance costs	(18,640,000)	(18,289,000)
Unamortized fair market value of assumed debt	1,158,000	1,336,000
Total indebtedness	1,501,896,000	1,488,718,000
Total Debt - Fixed and Effectively Fixed Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	926,314,000	860,486,000
Total Debt - Variable Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	593,064,000	645,185,000
Total Debt - Variable Rate Fixed and Effectively Fixed Rate During Period [Member]
Debt Instrument [Line Items]
Long-term debt, gross	431,774	365,343
Mortgages [Member]
Debt Instrument [Line Items]
Mortgage and other notes payable, net	1,143,049,000	1,055,728,000
Net unamortized debt issuance costs	(16,951,000)	(16,642,000)
Unamortized fair market value of assumed debt	1,158,000	1,336,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unsecured notes payable, net	358,847,000	432,990,000
Net unamortized debt issuance costs	(1,689,000)	(1,646,000)
Total indebtedness	0	9,900,000
Line of Credit [Member]
Debt Instrument [Line Items]
Unsecured line of credit	0	0
Core Portfolio [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt, gross	315,936,000	317,125,000
Core Portfolio [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	234,273,000	234,875,000
Core Portfolio [Member] | Mortgages [Member] | Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Long-term debt, gross	81,663,000	82,250,000
Core Portfolio [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	300,000,000	300,000,000
Core Portfolio [Member] | Unsecured Debt [Member] | Unsecured Term Loans [Member]
Debt Instrument [Line Items]
Long-term debt, gross	51,283,000	51,194,000
Core Portfolio [Member] | Unsecured Debt [Member] | Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Long-term debt, gross	248,717,000	248,806,000
Core Portfolio [Member] | Line of Credit [Member] | Unsecured Line of Credit [Member]
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Fund II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt, gross	412,238,000	412,291,000
Fund II [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 249,762,000	$ 249,762,000
Fund II [Member] | Mortgages [Member] | Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	2.88%	2.88%
Long-term debt, gross	$ 19,726,000	$ 19,779,000
Fund II [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	142,750,000	142,750,000
Fund III [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	79,680,000	83,467,000
Fund IV [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt, gross	350,988,000	258,151,000
Fund IV [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 10,504,000	$ 10,503,000
Fund IV [Member] | Mortgages [Member] | Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.78%	1.78%
Long-term debt, gross	$ 81,668,000	$ 14,509,000
Fund IV [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	258,816,000	233,139,000
Fund IV [Member] | Unsecured Debt [Member] | Term Loan / Subscription Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 60,536,000	$ 134,636,000
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	2.15%
London Interbank Offered Rate (LIBOR) [Member] | Core Portfolio [Member] | Line of Credit [Member] | Unsecured Line of Credit [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%	1.40%
Minimum [Member] | Core Portfolio [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.88%	3.88%
Minimum [Member] | Core Portfolio [Member] | Mortgages [Member] | Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.71%	1.71%
Minimum [Member] | Core Portfolio [Member] | Unsecured Debt [Member] | Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.24%	1.24%
Minimum [Member] | Fund II [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.00%	1.00%
Minimum [Member] | Fund IV [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.40%	3.40%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Core Portfolio [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.08%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Core Portfolio [Member] | Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Core Portfolio [Member] | Unsecured Debt [Member] | Unsecured Term Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%	1.30%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund II [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.79%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund II [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.79%	0.62%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund IV [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund IV [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%	1.70%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund IV [Member] | Unsecured Debt [Member] | Term Loan / Subscription Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	1.65%
Minimum [Member] | Prime Rate [Member] | Fund III [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Minimum [Member] | Prime Rate [Member] | Fund III [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%	0.50%
Maximum [Member] | Core Portfolio [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	6.65%	6.65%
Maximum [Member] | Core Portfolio [Member] | Mortgages [Member] | Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Maximum [Member] | Core Portfolio [Member] | Unsecured Debt [Member] | Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Maximum [Member] | Fund II [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	5.80%	5.80%
Maximum [Member] | Fund IV [Member] | Mortgages [Member] | Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%	4.50%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Core Portfolio [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Core Portfolio [Member] | Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Core Portfolio [Member] | Unsecured Debt [Member] | Unsecured Term Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund II [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund II [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2.50%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund III [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund III [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%	4.65%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund IV [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund IV [Member] | Mortgages [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%	3.95%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fund IV [Member] | Unsecured Debt [Member] | Term Loan / Subscription Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%	2.75%

Debt - Mortgage Payable (Detail

Debt - Mortgage Payable (Details)	3 Months Ended
	Mar. 31, 2017USD ($)propertyderivativeloan	Dec. 31, 2016USD ($)property
Debt Instrument [Line Items]
Number of Interest Rate Derivatives Held | derivative	7
Mortgages [Member]
Debt Instrument [Line Items]
Number of mortgage loans | loan	8
Borrowings, amount	$ 93,000,000
Weighted average interest rate, outstanding	2.68%
Number of properties collateralized | property	47	39
Number of notes repaid | loan	1
Repayments of debt	$ 3,500,000
Annual principal payment	1,900,000
Interest Rate Swap [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 67,300,000
Weighted average interest rate	1.92%
Core Portfolio [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 330,381,000
Fund II [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 49,226,000
Brandywine Portfolio [Member] | Core Portfolio [Member]
Debt Instrument [Line Items]
Debt Instrument, Default Interest	5.00%
Brandywine Portfolio [Member] | Core Portfolio [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.99%
Debt default, amount	$ 26,300,000	$ 26,300,000
Interest owner percentage in property	22.00%
Loss Contingency, Damages Sought, Value	$ 31,000,000
Sherman Avenue [Member] | Fund II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt default, amount	$ 14,300,000
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.15%

Debt - Unsecured Notes Payable

Debt - Unsecured Notes Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total indebtedness	$ 1,501,896,000	$ 1,488,718,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total indebtedness	0	9,900,000
Fund IV [Member] | Line of Credit [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	21,500,000	100,000,000
Repayments of debt	74,100,000
Proceeds from (repayments of) lines of credit	10,000,000
Long-term line of credit, noncurrent	20,400,000	94,500,000
Remaining borrowing capacity	$ 1,100,000	$ 55,500,000

Debt - Unsecured Lines of Credi

Debt - Unsecured Lines of Credit (Details) - Line of Credit [Member] - Unsecured Debt [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unsecured line of credit	$ 150,000,000	$ 147,500,000
Core Portfolio [Member]
Debt Instrument [Line Items]
Proceeds from (repayments of) lines of credit	10,000,000
Line of Credit Facility, Fair Value of Amount Outstanding	$ 0

Debt - Scheduled Principal Repa

Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017 (Remainder)	$ 273,916
2,018	115,846
2,019	206,646
2,020	369,107
2,021	255,074
Thereafter	298,789
Long-term debt and convertible notes payable	1,519,378	$ 1,505,671
Unamortized fair market value of assumed debt	1,158	1,336
Net unamortized debt issuance costs	(18,640)	(18,289)
Total indebtedness	$ 1,501,896	$ 1,488,718

Financial Instruments and Fai63

Financial Instruments and Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Derivative financial instruments	$ 3,378	$ 2,921
Liabilities
Derivative financial instruments	3,013	3,590
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Money Market Funds	3	20,001
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Money Market Funds	0	0
Derivative financial instruments	3,378	2,921
Liabilities
Derivative financial instruments	3,013	3,590
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Money Market Funds	0	0
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	$ 0	$ 0

Financial Instruments and Fai64

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (3,013)	$ (3,590)
Fair value, asset derivatives	3,378	2,921
Core Portfolio [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	330,381
Fair value, derivatives, net	709	(609)
Core Portfolio [Member] | Interest Rate Swap [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	125,247
Fair value, liability derivatives	$ (2,515)	(3,218)
Core Portfolio [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.38%
Core Portfolio [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%
Core Portfolio [Member] | Interest Rate Swap [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 205,134
Fair value, asset derivatives	$ 3,224	2,609
Core Portfolio [Member] | Interest Rate Swap [Member] | Other Assets [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.24%
Core Portfolio [Member] | Interest Rate Swap [Member] | Other Assets [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%
Fund II [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 49,226
Fair value, derivatives, net	(160)	(228)
Fund II [Member] | Interest Rate Swap [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	19,726
Fair value, liability derivatives	$ (160)	(228)
Fund II [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II [Member] | Interest Rate Cap [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 29,500
Fair value, asset derivatives	$ 0	0
Fund II [Member] | Interest Rate Cap [Member] | Other Assets [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund II [Member] | Interest Rate Cap [Member] | Other Assets [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund III [Member] | Interest Rate Cap [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 58,000
Fair value, asset derivatives	$ 64	127
Fund III [Member] | Interest Rate Cap [Member] | Other Assets [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund III [Member] | Interest Rate Cap [Member] | Other Assets [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 190,568
Fair value, derivatives, net	(248)	41
Fund IV [Member] | Interest Rate Swap [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	81,668
Fair value, liability derivatives	$ (338)	(144)
Fund IV [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.78%
Fund IV [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.98%
Fund IV [Member] | Interest Rate Cap [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 108,900
Fair value, asset derivatives	$ 90	$ 185
Fund IV [Member] | Interest Rate Cap [Member] | Other Assets [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV [Member] | Interest Rate Cap [Member] | Other Assets [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%

Financial Instruments and Fai65

Financial Instruments and Fair Value Measurements - Schedule of Gain (Loss) from Derivative Instruments (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (loss)	$ 118	$ (8,819)
Amount of loss related to the effective portion subsequently reclassified to earnings	0	0
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing	$ 0	$ 0

Financial Instruments and Fai66

Financial Instruments and Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	$ 276,507	$ 276,163
Total indebtedness	1,501,896	1,488,718
Unsecured notes payable, net	358,847	432,990
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	276,507	276,163
Carrying Amount [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	276,507	276,163
Total indebtedness	1,143,049	1,055,728
Investment in non-traded equity securities	802	802
Carrying Amount [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable, net	358,847	432,990
Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	272,347	272,052
Total indebtedness	1,164,861	1,077,926
Investment in non-traded equity securities	25,194	25,194
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable, net	$ 361,559	$ 435,779

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 37.9	$ 85.4
Letters of credit, oustanding amount	2.5	2.5
Unconsolidated joint venture debt, pro rata portion, if not paid by joint venture	$ 160.1	$ 165.7

Shareholders' Equity, Noncont68

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Common Shares, Share Repurchases and Dividends and Distributions (Details) - USD ($)	Feb. 28, 2017	Nov. 08, 2016	Nov. 07, 2016	Jul. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2001	Dec. 31, 2014
Class of Stock [Line Items]
Authorized amount					$ 20,000,000
Treasury stock, acquired (in shares)					0		0	2,100,000
Remaining authorized repurchase amount					$ 7,500,000
Distributions declared (in dollars per share)					$ 0.26	$ 0.25	$ 0.25
ATM Equity Program [Member]
Class of Stock [Line Items]
Stock, shares authorized not issued									$ 200,000,000
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation (in shares)					4,314		3,152
LTIP Units and Restricted Stock [Member]
Class of Stock [Line Items]
Unit based compensation					$ 2,000,000		$ 10,900,000
Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)							4,830,000
Stock issued during period							$ 175,200,000
Proceeds from issuance of common stock							$ 172,100,000
Common Shares | Forward Sale and Underwritten Public Offering [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)							3,600,000
Stock issued during period							$ 126,800,000
Proceeds from issuance of common stock							$ 124,500,000
Common Shares | ATM Equity Program [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)							4,500,000
Stock issued during period							$ 157,600,000
Proceeds from issuance of common stock							155,700,000
Additional maximum gross proceeds amount				$ 250,000,000	250,000,000		250,000,000
Sale of Stock, remaining value under program					$ 218,000,000		$ 218,000,000
Regular Quarterly Cash Dividend [Member]
Class of Stock [Line Items]
Cash dividends declared, period increase (in dollars per share)		$ 0.01
Distributions declared (in dollars per share)	$ 0.26	0.26	$ 0.25
Special Cash Dividend [Member]
Class of Stock [Line Items]
Cash dividends paid (in dollars per share)		$ 0.15
Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)						1,050,000

Shareholders' Equity, Noncont69

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Balance	$ 2,178,125	$ 1,521,354
Net current period other comprehensive income	1,081	(7,773)
Balance	2,196,493	1,628,476
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Balance	(798)	(4,463)
Other comprehensive loss before reclassifications	118	(8,818)
Reclassification of realized interest on swap agreements	963	1,046
Net current period other comprehensive income	1,081	(7,772)
Balance	438	(11,467)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net current period other comprehensive income	$ 155	$ 768

Shareholders' Equity, Noncont70

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 589,548
Net income attributable to noncontrolling interests	(4,340)	$ (44,950)
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership	0	0
Issuance of OP Units to acquire real estate		29,336
Acquisition of noncontrolling interests		(18,379)
Other comprehensive income - unrealized loss on valuation of swap agreements	118	(8,819)
Reclassification of realized interest on swap agreements	963	1,046
Noncontrolling interest contributions	20,269	46,343
Noncontrolling interest distributions and other reductions	(3,822)	(36,174)
Employee Long-term Incentive Plan Unit Awards	4,235	4,019
Balance	617,959		$ 589,548
Payments to noncontrolling interests	$ 6,163	$ 56,995
Distributions declared (in dollars per share)	$ 0.26	$ 0.25	$ 0.25
Limited partners' capital account, units issued and converted (in shares)	24,860		248,160
LTIP Units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP units outstanding (in shares)	2,265,852	1,979,882
Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Limited partners' capital account, units issued and converted (in shares)	1,392
Series C Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	141,593	141,593
Fund II [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Additional ownership interest acquired		8.30%
Payments to noncontrolling interests		$ 18,400
Equity Interest Held By Operating Partnership (b)		28.33%
Operating Partnership, as General Partner or Managing Member [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	3,363,351	3,357,760
Equity Interest Held By Operating Partnership (b)	95.00%		95.00%
Operating Partnership, as General Partner or Managing Member [Member] | Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	188	188
Operating Partnership, as General Partner or Managing Member [Member] | Series C Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	141,593	141,593
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 589,548	$ 420,866	$ 420,866
Distributions declared	(1,617)	(1,473)
Net income attributable to noncontrolling interests	4,340	44,950
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership	(438)	(5,680)
Issuance of OP Units to acquire real estate		29,336
Acquisition of noncontrolling interests		(25,948)
Other comprehensive income - unrealized loss on valuation of swap agreements	(296)	(914)
Reclassification of realized interest on swap agreements	141	145
Noncontrolling interest contributions	20,269	46,343
Noncontrolling interest distributions and other reductions	(3,822)	(36,174)
Employee Long-term Incentive Plan Unit Awards	4,141	3,811
Balance	617,959	475,262	589,548
Noncontrolling Interests | Restatement Adjustment [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	5,693
Noncontrolling Interests | Partially-Owned Affiliates [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	494,126	324,526	324,526
Distributions declared	0	0
Net income attributable to noncontrolling interests	3,278	42,957
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership	0	0
Issuance of OP Units to acquire real estate		0
Acquisition of noncontrolling interests		(25,948)
Other comprehensive income - unrealized loss on valuation of swap agreements	(317)	(478)
Reclassification of realized interest on swap agreements	92	96
Noncontrolling interest contributions	20,269	46,343
Noncontrolling interest distributions and other reductions	(3,822)	(36,174)
Employee Long-term Incentive Plan Unit Awards	0	0
Balance	513,626	351,322	494,126
Noncontrolling Interests | Partially-Owned Affiliates [Member] | Restatement Adjustment [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	0
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	95,422	96,340	96,340
Distributions declared	(1,617)	(1,473)
Net income attributable to noncontrolling interests	1,062	1,993
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership	(438)	(5,680)
Issuance of OP Units to acquire real estate		29,336
Acquisition of noncontrolling interests		0
Other comprehensive income - unrealized loss on valuation of swap agreements	21	(436)
Reclassification of realized interest on swap agreements	49	49
Noncontrolling interest contributions	0	0
Noncontrolling interest distributions and other reductions	0	0
Employee Long-term Incentive Plan Unit Awards	4,141	3,811
Balance	104,333	$ 123,940	$ 95,422
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member [Member] | Restatement Adjustment [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 5,693

Shareholders' Equity, Noncont71

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)$ / Unitsshares	Mar. 31, 2016$ / sharesshares	Dec. 31, 2016shares	Dec. 31, 1999shares
Class of Stock [Line Items]
Limited partners' capital account, units issued and converted (in shares)	24,860		248,160
Units converted from Series A Preferred OP Units (in shares)	185,600
Denominator for Series A Preferred OP Unit conversion | $	$ 7.50
Preferred OP Units [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)	0
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)				1,500
Preferred stock, stated value per unit | $ / Units	1,000
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit) | $ / Units	22.50
Per unit conversion annual rate, Preferred OP Units	9.00%
Limited partners' capital account, units issued and converted (in shares)	1,392
Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)			4,830,000
Operating Partnership, as General Partner or Managing Member [Member]
Class of Stock [Line Items]
Preferred OP Units (in shares)	3,363,351	3,357,760
Operating Partnership, as General Partner or Managing Member [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred OP Units (in shares)	188	188
Gotham Plaza [Member] | Preferred OP Units [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)		141,593
Gotham Plaza [Member] | Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)		442,478
Share price (in dollars per share) | $ / shares		$ 100
Preferred quarterly distribution per share price | $ / shares		$ 0.9375
Number of convertible units if share price falls below $28.80 (in shares0		3.4722
Number of convertiable units of share price falls above $35.20 (in Shares)		2.8409
Minimum [Member] | Gotham Plaza [Member] | Preferred OP Units [Member]
Class of Stock [Line Items]
Share price at conversion date | $ / shares		$ 28.80
Maximum [Member] | Gotham Plaza [Member] | Preferred OP Units [Member]
Class of Stock [Line Items]
Share price at conversion date | $ / shares		$ 35.20

Leases - Operating Leases (Deta

Leases - Operating Leases (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)shopping_center	Mar. 31, 2016USD ($)
Operating Leased Assets [Line Items]
Number of shopping centers with land leases | shopping_center	6
Ground lease expense	$ 0.8	$ 0.6
Rent expense capitalized	0.1	0.2
Rent expense	$ 0.2	$ 0.1
Minimum [Member]
Operating Leased Assets [Line Items]
Period of lease term	25 years
Maximum [Member]
Operating Leased Assets [Line Items]
Period of lease term	71 years

Leases - Capital Leasers (Detai

Leases - Capital Leasers (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Capital Leased Assets [Line Items]
Capital lease obligations	$ 70,247,000		$ 70,129,000
991 Madison Avenue [Member]
Capital Leased Assets [Line Items]
Capital lease term	49 years
Capital lease obligations	$ 76,628
991 Madison Avenue [Member] | Capital Lease Obligations
Capital Leased Assets [Line Items]
Repayments capital lease obligations	$ 600,000	$ 7,000,000

Leases - Lease Obligations (Det

Leases - Lease Obligations (Details) $ in Thousands	Mar. 31, 2017USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,017	$ 151,136
2,018	153,392
2,019	144,089
2,020	130,749
2,021	116,857
Thereafter	627,453
Total	1,323,676
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017	2,803
2,018	3,756
2,019	3,776
2,020	3,669
2,021	3,744
Thereafter	185,621
Total	$ 203,369

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Revenues	$ 61,999	$ 48,045
Depreciation and amortization	(24,536)	(16,849)
Property operating expenses, other operating and real estate taxes	(19,097)	(11,993)
General and administrative expenses	(8,469)	(9,352)
Operating income	9,897	9,851
Gain on disposition of properties	0	65,393
Interest income	8,984	4,638
Equity in earnings of unconsolidated affiliates	12,703	1,954
Interest expense	(11,488)	(8,038)
Income tax (provision) benefit	(125)	77
Net income	19,971	73,875
Net income attributable to noncontrolling interests	(4,340)	(44,950)
Net income attributable to Acadia	15,631	28,925
Real estate at cost	3,463,566	2,746,214
Total assets	4,020,589	3,148,327
Acquisition of real estate	34,688	12,287
Development and property improvement costs	27,015	37,463
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Revenues	44,446	38,107
Depreciation and amortization	(16,439)	(13,495)
Property operating expenses, other operating and real estate taxes	(12,853)	(8,562)
General and administrative expenses	0	0
Operating income	15,154	16,050
Gain on disposition of properties		0
Interest income	0	0
Equity in earnings of unconsolidated affiliates	560	592
Interest expense	(7,155)	(6,764)
Income tax (provision) benefit	0	0
Net income	8,559	9,878
Net income attributable to noncontrolling interests	(432)	(2,822)
Net income attributable to Acadia	8,127	7,056
Real estate at cost	1,983,365	1,641,312
Total assets	2,246,037	1,827,059
Acquisition of real estate	0	0
Development and property improvement costs	996	3,248
Funds
Segment Reporting Information [Line Items]
Revenues	17,553	9,938
Depreciation and amortization	(8,097)	(3,354)
Property operating expenses, other operating and real estate taxes	(6,244)	(3,431)
General and administrative expenses	0	0
Operating income	3,212	3,153
Gain on disposition of properties		65,393
Interest income	0	0
Equity in earnings of unconsolidated affiliates	12,143	1,362
Interest expense	(4,333)	(1,274)
Income tax (provision) benefit	0	0
Net income	11,022	68,634
Net income attributable to noncontrolling interests	(3,908)	(42,128)
Net income attributable to Acadia	7,114	26,506
Real estate at cost	1,480,201	1,104,902
Total assets	1,498,045	1,166,589
Acquisition of real estate	34,688	12,287
Development and property improvement costs	26,019	34,215
Structuring Financing
Segment Reporting Information [Line Items]
Revenues	0	0
Depreciation and amortization	0	0
Property operating expenses, other operating and real estate taxes	0	0
General and administrative expenses	0	0
Operating income	0	0
Gain on disposition of properties		0
Interest income	8,984	4,638
Equity in earnings of unconsolidated affiliates	0	0
Interest expense	0	0
Income tax (provision) benefit	0	0
Net income	8,984	4,638
Net income attributable to noncontrolling interests	0	0
Net income attributable to Acadia	8,984	4,638
Real estate at cost	0	0
Total assets	276,507	154,679
Acquisition of real estate	0	0
Development and property improvement costs	0	0
Other
Segment Reporting Information [Line Items]
Revenues	0	0
Depreciation and amortization	0	0
Property operating expenses, other operating and real estate taxes	0	0
General and administrative expenses	(8,469)	(9,352)
Operating income	(8,469)	(9,352)
Gain on disposition of properties		0
Interest income	0	0
Equity in earnings of unconsolidated affiliates	0	0
Interest expense	0	0
Income tax (provision) benefit	(125)	77
Net income	(8,594)	(9,275)
Net income attributable to noncontrolling interests	0	0
Net income attributable to Acadia	(8,594)	(9,275)
Real estate at cost	0	0
Total assets	0	0
Acquisition of real estate	0	0
Development and property improvement costs	$ 0	$ 0

Share Incentive and Other Com76

Share Incentive and Other Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.1	$ 0.1
Trustee fees	0.3	0.2
Total unrecognized compensation cost related to nonvested awards	$ 20.4
Weighted-average period over which cost is expected to be recognized	2 years 4 months 24 days
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested	$ 8.2		$ 13.6
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested	0.4		0.7
LTIP Units and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date	9.8
Compensation expense	7.6		2.2
Unit based compensation	$ 2		$ 10.9
Weighted average grant date fair value, grants (in dollars per share)	$ 31		$ 34.50
Officers and Employees [Member] | Second Amended 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,794,293
Officer [Member] | LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	292,224
Officer [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	7,605
Trustee [Member] | LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	10,822
Trustee [Member] | LTIP Units [Member] | Share-based Compensation, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	5,532
Trustee [Member] | LTIP Units [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	5,290
Senior Executives [Member] | Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Max percentage of future fund III promote that may be awarded to senior executives				25.00%
General and Administrative Expense [Member] | LTIP Units and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation	$ 1.9
Trustee [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	13,491
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date	4,674
Shares granted to trustees for trustee fees begin vesting on two year anniversary of grant date	8,817
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date	33.00%
Fund III [Member] | Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.3	$ 1.5
Fund III [Member] | Senior Executives [Member] | Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award				25.00%
Fund IV [Member] | Senior Executives [Member] | Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award				14.40%

Share Incentive and Other Com77

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	49,407	49,899
Shares granted (in shares)	7,605	24,583
Shares vested (in shares)	(10,655)	(24,886)
Shares forfeited (in shares)	(309)	(189)
Shares unvested, End of period (in shares)	46,048	49,407
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 27.92	$ 25.90
Shares granted, Weighted average grant date fair value (in dollars per share)	32.03	33.35
Shares vested, Weighted average grant date fair value (in dollars per share)	29.84	29.17
Shares forfeited, Weighted average grant date fair value (in dollars per share)	35.37	35.37
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 27.92	$ 27.92
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	856,877	1,020,121
Shares granted (in shares)	292,224	359,484
Shares vested (in shares)	(248,636)	(522,680)
Shares forfeited (in shares)	0	(48)
Shares unvested, End of period (in shares)	900,465	856,877
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 26.99	$ 23.92
Shares granted, Weighted average grant date fair value (in dollars per share)	30.98	34.40
Shares vested, Weighted average grant date fair value (in dollars per share)	28.37	26.08
Shares forfeited, Weighted average grant date fair value (in dollars per share)	35.37	35.37
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 26.99	$ 26.99

Share Incentive and Other Com78

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase discount rate (in percent)	15.00%
Employee share purchase maximum purchase amount	$ 25
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	841	968

Share Incentive and Other Com79

Share Incentive and Other Compensation - Employee 401 (k) Plan (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employer matching contribution (in percent)	50.00%
Maximum annual contribution per employee (in percent)	6.00%
Maximum employee annual salary contribution (in percent)	15.00%
Maximum employee annual salary contribution amount	$ 18

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Numerator:
Net income attributable to Acadia	$ 15,631		$ 28,925
Less: net income attributable to participating securities	(162)		(365)
Income from continuing operations net of income attributable to participating securities	$ 15,469		$ 28,560
Denominator:
Weighted average shares for basic earnings per share	83,635,000		70,756,000
Effect of dilutive securities:
Employee share options	11,000		16,000
Convertible Preferred OP Units	0		428,000
Denominator for diluted earnings per share	83,646,000		71,200,000
Basic and diluted earnings per Common Share from continuing operations attributable to Acadia (in dollars per share)	$ 0.18		$ 0.40
Series A Preferred Stock [Member] | Common Shares
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	25,067
Series C Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)	141,593	141,593
Series C Preferred Stock [Member] | Common Shares
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	471,035	403,054
Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)	3,363,351	3,357,760
Operating Partnership, as General Partner or Managing Member [Member] | Series A Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)	188	188
Operating Partnership, as General Partner or Managing Member [Member] | Series C Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)	141,593	141,593

Subsequent Events (Details)

Subsequent Events (Details) - Mortgages [Member] - USD ($)	Apr. 28, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Borrowings, amount		$ 93,000,000
650 Bald Hill Road [Member] | Subsequent Event [Member] | Fund IV [Member]
Subsequent Event [Line Items]
Borrowings, amount	$ 20,000,000