Acadia Realty Trust (AKR) 10-Q 28 Jul 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		83,659,353

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Operating real estate, net	$ 2,957,544	$ 2,551,448
Real estate under development, at cost	208,966	543,486
Net investments in real estate	3,166,510	3,094,934
Notes receivable, net	249,848	276,163
Investments in and advances to unconsolidated affiliates	272,736	272,028
Other assets, net	207,203	192,786
Cash and cash equivalents	43,442	71,805
Rents receivable, net	50,096	43,842
Restricted cash	24,311	22,904
Assets of properties held for sale	34,699	21,498
Total assets	4,048,845	3,995,960
LIABILITIES
Mortgage and other notes payable, net	1,122,131	1,055,728
Unsecured notes payable, net	397,622	432,990
Unsecured line of credit	24,000	0
Accounts payable and other liabilities	215,621	208,672
Capital lease obligation	70,367	70,129
Dividends and distributions payable	23,349	36,625
Distributions in excess of income from, and investments in, unconsolidated affiliates	15,358	13,691
Total liabilities	1,868,448	1,817,835
Commitments and contingencies
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 100,000,000 shares, issued and outstanding 83,659,353 and 83,597,741 shares, respectively	84	84
Additional paid-in capital	1,592,069	1,594,926
Accumulated other comprehensive loss	(520)	(798)
Distributions in excess of accumulated earnings	(21,439)	(5,635)
Total Acadia shareholders’ equity	1,570,194	1,588,577
Noncontrolling interests	610,203	589,548
Total equity	2,180,397	2,178,125
Total liabilities and equity	$ 4,048,845	$ 3,995,960

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	83,659,353	83,597,741
Common shares, outstanding (in shares)	83,659,353	83,597,741

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Rental income	$ 48,468	$ 35,186	$ 97,053	$ 73,776
Expense reimbursements	10,074	7,769	22,390	15,728
Other	962	963	2,060	2,459
Total revenues	59,504	43,918	121,503	91,963
Operating expenses
Depreciation and amortization	26,057	14,678	50,593	31,527
General and administrative	8,864	8,521	17,333	17,873
Real estate taxes	8,034	5,640	18,640	11,805
Property operating	9,364	5,105	17,561	10,642
Other operating	443	538	737	829
Total operating expenses	52,762	34,482	104,864	72,676
Operating income	6,742	9,436	16,639	19,287
Equity in earnings and gains of unconsolidated affiliates inclusive of gains on disposition of properties of $3,285, $0, $14,771 and $0, respectively	4,340	1,740	17,043	3,694
Interest income	8,203	7,415	17,187	12,053
Interest expense	(12,750)	(8,897)	(24,238)	(16,935)
Income from continuing operations before income taxes	6,535	9,694	26,631	18,099
Income tax provision	(427)	(111)	(552)	(34)
Income from continuing operations before gain on disposition of properties	6,108	9,583	26,079	18,065
Gain on disposition of properties, net of tax	0	16,572	0	81,965
Net income	6,108	26,155	26,079	100,030
Net loss (income) attributable to noncontrolling interests	5,952	(8,237)	1,612	(53,187)
Net income attributable to Acadia	$ 12,060	$ 17,918	$ 27,691	$ 46,843
Earnings Per Share, Basic and Diluted [Abstract]
Basic and diluted earnings per share (in dollars per share)	$ 0.14	$ 0.24	$ 0.33	$ 0.64

CONSOLIDATED STATEMENTS OF INC5

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Gains on disposition of property of equity method investment	$ 3,285	$ 0	$ 14,771	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 6,108	$ 26,155	$ 26,079	$ 100,030
Other comprehensive (loss) income:
Unrealized loss on valuation of swap agreements	(2,124)	(5,279)	(2,008)	(14,098)
Reclassification of realized interest on swap agreements	930	1,140	1,903	2,186
Other comprehensive loss	(1,194)	(4,139)	(105)	(11,912)
Comprehensive income	4,914	22,016	25,974	88,118
Comprehensive loss (income) attributable to noncontrolling interests	6,205	(7,851)	1,995	(52,032)
Comprehensive income attributable to Acadia	$ 11,119	$ 14,165	$ 27,969	$ 36,086

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
Beginning 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	7,382			7,383	(7,383)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		319,000
Issuance of Common Shares, net of issuance costs	141,349	$ 4	141,345			141,349
Issuance of Common Shares, net of issuance costs (in Shares)		4,170,000
Issuance of OP Units to acquire real estate	29,336						29,336
Dividends declared ($0.52 and $0.50 per Common Share/OP Unit for Six Months Ended June 30, 2017 and 2016)	(39,498)				(36,566)	(36,566)	(2,932)
Acquisition of noncontrolling interests	(18,379)		7,569			7,569	(25,948)
Employee and trustee stock compensation, net	6,076		474			474	5,602
Employee and trustee stock compensation, net (in Shares)		26,000
Change in control of previously unconsolidated investment	(75,713)						(75,713)
Noncontrolling interest distributions	(49,135)						(49,135)
Noncontrolling interest contributions	157,409						157,409
Reallocation of noncontrolling interests	0		38,845			38,845	(38,845)
Comprehensive income (loss)	88,118			(10,757)	46,843	36,086	52,032
Ending Balance at Jun. 30, 2016	1,760,917	$ 75	1,287,854	(15,220)	22,919	1,295,628	465,289
Balance (in Shares) at Jun. 30, 2016		74,773,000
Beginning 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
Ending 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		730			730	(730)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		41,000
Issuance of Common Shares, net of issuance costs	0	$ 0	0			0
Issuance of Common Shares, net of issuance costs (in Shares)		0
Dividends declared ($0.52 and $0.50 per Common Share/OP Unit for Six Months Ended June 30, 2017 and 2016)	(46,702)				(43,495)	(43,495)	(3,207)
Employee and trustee stock compensation, net	7,002		340			340	6,662
Employee and trustee stock compensation, net (in Shares)		20,000
Noncontrolling interest distributions	(4,507)						(4,507)
Noncontrolling interest contributions	20,505						20,505
Reallocation of noncontrolling interests	0		(3,927)			(3,927)	3,927
Comprehensive income (loss)	25,974			278	27,691	27,969	(1,995)
Ending Balance at Jun. 30, 2017	$ 2,180,397	$ 84	$ 1,592,069	$ (520)	$ (21,439)	$ 1,570,194	$ 610,203
Balance (in Shares) at Jun. 30, 2017	83,659,353	83,659,000

CONSOLIDATED STATEMENTS OF SHA8

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.52	$ 0.50	$ 0.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 26,079	$ 100,030
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties	0	(81,965)
Depreciation and amortization	50,593	31,527
Distributions of operating income from unconsolidated affiliates	2,851	2,974
Equity in earnings and gains of unconsolidated affiliates	(17,043)	(3,694)
Stock compensation expense	7,002	4,150
Amortization of financing costs	2,504	1,192
Other, net	(7,625)	(3,812)
Changes in assets and liabilities:
Other liabilities	(820)	(9,144)
Prepaid expenses and other assets	(3,417)	(4,546)
Rents receivable, net	(3,837)	(886)
Restricted cash	(1,300)	5,139
Accounts payable and accrued expenses	5,164	1,794
Net cash provided by operating activities	60,151	42,759
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(77,785)	(18,537)
Development and property improvement costs	(46,303)	(55,890)
Issuance of or advances on notes receivable	(10,300)	(136,803)
Proceeds from the disposition of properties	0	150,379
Investments in and advances to unconsolidated affiliates	(4,262)	(63,034)
Return of capital from unconsolidated affiliates	10,124	35,608
Proceeds from notes receivable	12,000	24,500
Deposits for properties under contract	(1,000)	(17,500)
Proceeds from disposition of properties of unconsolidated affiliates	25,735	0
Payment of deferred leasing costs	(3,894)	(2,915)
Change in control of previously consolidated affiliate	0	(2,578)
Net cash used in investing activities	(95,685)	(86,770)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(31,901)	(275,620)
Principal payments on unsecured debt	(130,716)	(471,500)
Proceeds received on mortgage and other notes	98,528	22,371
Proceeds from unsecured debt	119,400	608,515
Proceeds from issuance of Common Shares, net of issuance costs of $0 and $1,654 respectively	0	141,349
Capital contributions from noncontrolling interests	20,505	157,409
Distributions to noncontrolling interests	(8,452)	(71,432)
Dividends paid to Common Shareholders	(56,019)	(52,980)
Deferred financing and other costs	(4,067)	(3,024)
Loan proceeds held as restricted cash	(107)	0
Net cash provided by financing activities	7,171	55,088
(Decrease) increase in cash and cash equivalents	(28,363)	11,077
Cash and cash equivalents, beginning of the period	71,805	72,776
Cash and cash equivalents, end of the period	43,442	83,853
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $9,666 and $9,771, respectively	23,343	19,246
Cash paid for income taxes, net of (refunds)	138	(1,267)
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	(1,927)	0
Acquisition of real estate through conversion of notes receivable	9,142	0
Acquisition of undivided interest in a property through conversion of notes receivable	16,005	0
Change in control of previously consolidated investment
Real estate, net	0	90,559
Investments in and advances to unconsolidated affiliates	0	(21,421)
Other assets and liabilities	0	3,997
Noncontrolling interest	0	(75,713)
Cash removed in de-consolidation of previously consolidated investment	$ 0	$ (2,578)

CONSOLIDATED STATEMENTS OF CA10

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Cash paid for capitalized interest	$ 9,666	$ 9,771
Payments of stock issuance costs	$ 0	$ 1,654

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 ownership interests in 65 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V”). Acadia Strategic Opportunity Fund I, LP (“Fund I,” together with Funds II, III, IV, and V, the “Funds”) was liquidated in 2015. The 183 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 II (dollars in millions): Entity Formation Date Operating Partnership Share of Capital Capital Called as of June 30, 2017 Unfunded Commitment Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of June 30, 2017 (b) Fund II and Mervyns II 6/2004 28.33% $ 347.1 $ — 28.33% 8% $ 131.6 Fund III 5/2007 24.54% 396.7 53.3 39.63% 6% 551.0 Fund IV 5/2012 23.12% 390.7 139.3 23.12% 6% 101.9 Fund V 8/2016 20.10% — 520.0 20.10% 6% — __________ (a) Amount represents the current economic ownership at June 30, 2017 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. Basis of Presentation Segments At June 30, 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 $0.5 million and $0.7 million during the six months ended June 30, 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 2017-01 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 Emerging Issues Task Force (“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 Staff Accounting Bulletin 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 de-recognize 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. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies the scope of modification accounting with respect to changes to the terms or conditions of a share-based payment award. Modification accounting would not apply if a change to an award does not affect the total current fair value (or other applicable measurement), vesting conditions, or the classification of the award. For all entities, ASU 2017-09 is effective prospectively for awards modified in fiscal years beginning after December 15, 2017, and interim periods within those annual periods and early adoption is permitted. The Company is currently evaluating the impact ASU 2017-09 will have on its consolidated financial statements.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2017 2016 Land $ 647,087 $ 693,252 Buildings and improvements 2,390,081 1,916,288 Tenant improvements 138,998 132,220 Construction in progress 23,910 19,789 Properties under capital lease 76,965 76,965 Total 3,277,041 2,838,514 Less: Accumulated depreciation (319,497 ) (287,066 ) Operating real estate, net 2,957,544 2,551,448 Real estate under development, at cost 208,966 543,486 Net investments in real estate $ 3,166,510 $ 3,094,934 Acquisitions During the six months ended June 30, 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 Acquisitions Fund IV: Lincoln Place - Fairview Heights, IL 100% Mar 13, 2017 $ 35,350 $ — Shaw's Plaza - Windham, ME 100% Jun 30, 2017 9,142 — Subtotal Fund IV 44,492 — Fund V: Plaza Santa Fe - Santa Fe, NM 100% Jun 5, 2017 35,220 — Subtotal Fund V 35,220 — Total 2017 Acquisitions $ 79,712 $ — 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 $ 0.6 million of acquisition costs for the six months ended June 30, 2017 , of which $0.2 million related to the Core Portfolio and $ 0.4 million related to the Funds and $ 2.1 million of acquisition costs for the six months ended June 30, 2016, of which $ 1.9 million related to the Core Portfolio and $ 0.2 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 six months ended June 30, 2017 and the year ended December 31, 2016 (in thousands): Six Months Ended June 30, Year Ended December 31, 2017 2016 Net Assets Acquired: Land $ 9,025 $ 225,729 Buildings and improvements 57,111 458,525 Other assets — 3,481 Acquisition-related intangible assets (in Acquired lease intangibles, net) 18,371 63,606 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) (4,795 ) (72,985 ) Above and below market debt assumed (included in Mortgages and other notes payable, net) — (119,601 ) Net assets acquired $ 79,712 $ 558,755 Consideration: Cash $ 80,939 $ 677,964 Debt assumed — (119,209 ) Liabilities assumed (1,227 ) — Total Consideration $ 79,712 $ 558,755 Dispositions There were no dispositions of consolidated properties during the six months ended June 30, 2017. 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 June 30, Six Months Ended June 30, 2016 2016 Rental revenues $ 1,442 $ 3,752 Expenses (82 ) (666 ) Gain on disposition of properties 16,572 81,965 Loss on extinguishment of debt (15 ) (15 ) Income from continuing operations of 17,917 85,036 Amounts attributable to noncontrolling interests (14,117 ) (64,949 ) Net income attributable to Acadia $ 3,800 $ 20,087 Properties Held For Sale At June 30, 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 at closing. In addition, at June 30, 2017 , the Company had one property in Fund III classified as held-for-sale with net assets of $13.2 million and subject to a mortgage of $12.0 million , which was paid off at closing on July 6, 2017 ( Note 15 ). The properties held for sale had aggregate net (loss) income of $(0.2) million , and $0.2 million for the six months ended June 30, 2017 and 2016, respectively. Pro Forma Financial Information The following unaudited pro forma consolidated operating data is presented for the three and six months ended June 30, 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 six months ended June 30, 2016 were completed on January 1, 2015. The related acquisition expenses of $0.9 million and $2.1 million reported during the six months ended June 30, 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pro forma revenues $ 60,543 $ 53,579 $ 124,516 $ 108,785 Pro forma income from continuing operations 5,969 24,624 24,886 96,979 Pro forma net income attributable to Acadia 11,948 16,738 26,763 44,374 Pro forma basic and diluted earnings per share 0.14 0.22 0.32 0.60 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 December 31, 2016 , the Company had one Core property, two properties in Fund II, three properties in Fund III, and eight properties in Fund IV classified as real estate under development. At June 30, 2017 , the Company had two Core properties, one property in Fund II, two properties in Fund III and eight properties in Fund IV classified as real estate under development. At December 31, 2016 accumulated costs aggregated $ 543.5 million . During the first half of 2017, the Company capitalized $0.3 million of additional costs in the Core portfolio and $97.1 million of additional costs in the Fund portfolio, placed substantially all of the City Point project for $432.6 million into service, and reclassified real estate with a carrying value of $0.7 million into real estate under development, resulting in a balance of $ 209.0 million at June 30, 2017 . Depreciation and amortization expense for the six months ended June 30, 2017 includes $2.0 million of accelerated depreciation related to a building under development that was demolished. 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	6 Months Ended
	Jun. 30, 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): June 30, December 31, June 30, 2017 Description 2017 2016 Number Maturity Date Interest Rate Core Portfolio $ 198,395 $ 216,400 4 June 2018 - September 2019 6.0% - 8.7% Fund II 31,397 31,007 1 May 2020 2.5% Fund III 4,806 4,506 1 July 2020 18.0% Fund IV 15,250 24,250 1 February 2021 15.3% $ 249,848 $ 276,163 7 During the six months ended June 30, 2017 , the Company: • recovered the full value of a $12.0 million Core note receivable, which was previously in default, plus accrued interest and fees aggregating $16.8 million as further described below; • exchanged a $16.0 million Core note receivable plus accrued interest thereon of $0.3 million for an additional undivided interest in one of the properties in the Brandywine Portfolio ( Note 4 ); • funded an additional $10.0 million on an existing Core note receivable, which had a total commitment of $20.0 million ; • entered into an agreement to extend the maturity of a $15.0 million Core note receivable to June 1, 2018 ; • increased the balance of a Fund II note receivable by the interest accrued of $0.4 million ; • advanced an additional $0.3 million on a Fund III note receivable; and • exchanged a $9.0 million Fund IV note receivable plus accrued interest of $0.2 million thereon for an investment in a shopping center in Windham, Maine ( Note 2 ). 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 loan bears interest at 8.1% ( Note 4 ). At 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 estimated 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 closed during the second quarter of 2017. In connection with this sale, the Company recovered its full carrying value of principal and interest and recognized additional interest income and expense reimbursements of $2.2 million in the first quarter of 2017 and $1.4 million in the second quarter of 2017 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	6 Months Ended
	Jun. 30, 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 primarily 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 June 30, December 31, Fund Property at June 30, 2017 2017 2016 Core: 840 N. Michigan (a) 88.43% $ 72,471 $ 74,131 Renaissance Portfolio 20% 35,783 36,437 Gotham Plaza 49% 29,321 29,421 Brandywine Market Square (a, b) 61.11% 21,984 5,469 Brandywine Portfolio (a, b) 22.22% 14,791 15,286 Georgetown Portfolio 50% 3,724 4,287 178,074 165,031 Mervyns I & II: KLA/Mervyn's, LLC (c) 10.5% — — Fund III: Fund III Other Portfolio 90% 166 8,108 Self Storage Management (d) 95% 241 241 407 8,349 Fund IV: Broughton Street Portfolio (e) 50% 57,043 54,839 Fund IV Other Portfolio 90% 20,240 21,817 650 Bald Hill Road 90% 13,735 18,842 91,018 95,498 Due from Related Parties (f) 2,280 2,193 Other (g) 957 957 Investments in and advances to unconsolidated affiliates $ 272,736 $ 272,028 Core: Crossroads (h) 49% $ 15,358 $ 13,691 Distributions in excess of income from, $ 15,358 $ 13,691 __________ (a) Represents a tenancy-in-common interest. (b) During May 2017, as discussed below, the Company increased its ownership in Brandywine Market Square, which was formerly included within the Brandywine Portfolio. (c) Distributions have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (d) Represents a variable interest entity. (e) The Company is entitled to a 15% return on its cumulative capital contribution which was $ 15.1 million and $ 14.5 million at June 30, 2017 and December 31, 2016, respectively. In addition the Company is entitled to a 9% preferred return on a portion of its equity, which was $ 46.8 million and $ 45.4 million at June 30, 2017 and December 31, 2016, respectively. (f) Represents deferred fees. (g) Includes a cost-method investment in Albertson’s ( Note 8 , Note 15 ) and other investments. (h) 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”), an 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”). On January 4, 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. Brandywine Portfolio and Brandywine Market Square The Company owns an interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio” joint venture) located in Wilmington, Delaware, which includes a property referred to as “Brandywine Market Square.” 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. The Brandywine Portfolio and Brandywine Market Square ventures do not include the property held by Brandywine Holdings, Inc., an entity consolidated by the Company. Additionally, in April 2016, the Company repaid the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio and provided a note receivable collateralized by the partners’ tenancy-in-common interest in the Brandywine Portfolio for their proportionate share of the repayment. On May 1, 2017, the Company exchanged $16.0 million of the $153.4 million note receivable ( Note 3 ) plus accrued interest of $0.3 million for one of the partner’s 38.89% tenancy-in-common interests in Brandywine Market Square. The Company already had a 22.22% interest in Brandywine Market Square and continues to apply the equity method of accounting for its aggregate 61.11% noncontrolling interest in Brandywine Market Square and its 22.22% interest in the rest of the Brandywine Portfolio. The incremental investment in Brandywine Market Square was recorded at $16.6 million and the excess of this amount over the venture’s book value associated with this interest, or $9.8 million , will be amortized over the remaining depreciable lives of the venture’s assets. Fund Investments Fund III Other Portfolio includes 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 Promenade at Manassas and Eden Square as well as 2819 Kennedy Boulevard and 1701 Belmont Avenue through their dates of sale. 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. On January 31, 2017, Fund IV completed the disposition of 2819 Kennedy Boulevard, for $19.0 million less $8.4 million debt repayment for net proceeds 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. On February 15, 2017, Fund III completed the disposition of Arundel Plaza, for $28.8 million less $10.0 million debt repayments for net proceeds 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. On June 30, 2017, Fund IV completed the disposition of 1701 Belmont Avenue, for $5.6 million less $2.9 million debt repayments for net proceeds of $2.7 million , resulting in a gain on disposition of $3.3 million at the property level, of which the Fund’s share was $3.3 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 $0.8 million , net of noncontrolling interests. On January 28, 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 ). On December 21, 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 $0.3 million and $0.4 million for each of the three months ended June 30, 2017 and 2016 , respectively, and $0.6 million and $0.6 million for the six months ended June 30, 2017 and 2016 , respectively, which is included in other revenues in the consolidated financial statements. In addition, the Company paid to certain unaffiliated partners of its joint ventures, $0.4 million and $0.6 million during the three months ended June 30, 2017 and 2016, respectively, and $0.9 million and $1.2 million during the six months ended June 30, 2017 and 2016, respectively for leasing commissions, development, management, construction 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): June 30, December 31, 2017 2016 Combined and Condensed Balance Sheets Assets: Rental property, net $ 544,210 $ 576,505 Real estate under development 19,381 18,884 Investment in unconsolidated affiliates 6,854 6,853 Other assets 106,407 75,254 Total assets $ 676,852 $ 677,496 Liabilities and partners’ equity: Mortgage notes payable $ 399,574 $ 407,344 Other liabilities 58,308 30,117 Partners’ equity 218,970 240,035 Total liabilities and partners’ equity $ 676,852 $ 677,496 Company's share of accumulated equity $ 179,729 $ 191,049 Basis differential 70,199 61,827 Deferred fees, net of portion related to the Company's interest 5,170 3,268 Amounts receivable by the Company 2,280 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 $ 257,378 $ 258,337 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Combined and Condensed Statements of Income Total revenues $ 20,974 $ 19,022 $ 42,577 $ 32,394 Operating and other expenses (6,272 ) (7,286 ) (12,138 ) (11,016 ) Interest expense (4,641 ) (3,377 ) (9,179 ) (6,113 ) Depreciation and amortization (6,063 ) (4,984 ) (12,512 ) (8,864 ) Loss on debt extinguishment (3 ) — (154 ) — Gain on disposition of properties 3,332 — 17,778 — Net income attributable to unconsolidated affiliates $ 7,327 $ 3,375 $ 26,372 $ 6,401 Company’s share of equity in $ 5,044 $ 1,838 $ 18,612 $ 3,890 Basis differential amortization (704 ) (98 ) (1,569 ) (196 ) Company’s equity in earnings of $ 4,340 $ 1,740 $ 17,043 $ 3,694

Other Assets, Net and Accounts

Other Assets, Net and Accounts Payable and Other Liabilities	6 Months Ended
	Jun. 30, 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: June 30, December 31, (in thousands) 2017 2016 Other assets, net: Lease intangibles, net ( Note 6 ) $ 119,002 $ 114,584 Deferred charges, net (a) 28,361 25,221 Prepaid expenses 16,901 14,351 Other receivables 12,569 9,514 Accrued interest receivable 10,168 9,354 Deposits 5,501 4,412 Due from seller 4,300 4,300 Deferred tax assets 3,880 3,733 Derivative financial instruments ( Note 8 ) 2,648 2,921 Due from related parties 1,406 1,655 Corporate assets 540 1,241 Income taxes receivable 1,927 1,500 $ 207,203 $ 192,786 (a) Deferred charges, net: Deferred leasing and other costs $ 44,689 $ 40,728 Deferred financing costs 7,147 5,915 51,836 46,643 Accumulated amortization (23,475 ) (21,422 ) Deferred charges, net $ 28,361 $ 25,221 Accounts payable and other liabilities: Lease intangibles, net ( Note 6 ) $ 103,980 $ 105,028 Accounts payable and accrued expenses 57,305 48,290 Deferred income 33,722 35,267 Tenant security deposits, escrow and other 15,486 14,975 Derivative financial instruments ( Note 8 ) 3,546 3,590 Income taxes payable 1,582 1,287 Other — 235 $ 215,621 $ 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: June 30, December 31, (in thousands) 2017 2016 Other assets, net: Lease intangibles, net ( Note 6 ) $ 119,002 $ 114,584 Deferred charges, net (a) 28,361 25,221 Prepaid expenses 16,901 14,351 Other receivables 12,569 9,514 Accrued interest receivable 10,168 9,354 Deposits 5,501 4,412 Due from seller 4,300 4,300 Deferred tax assets 3,880 3,733 Derivative financial instruments ( Note 8 ) 2,648 2,921 Due from related parties 1,406 1,655 Corporate assets 540 1,241 Income taxes receivable 1,927 1,500 $ 207,203 $ 192,786 (a) Deferred charges, net: Deferred leasing and other costs $ 44,689 $ 40,728 Deferred financing costs 7,147 5,915 51,836 46,643 Accumulated amortization (23,475 ) (21,422 ) Deferred charges, net $ 28,361 $ 25,221 Accounts payable and other liabilities: Lease intangibles, net ( Note 6 ) $ 103,980 $ 105,028 Accounts payable and accrued expenses 57,305 48,290 Deferred income 33,722 35,267 Tenant security deposits, escrow and other 15,486 14,975 Derivative financial instruments ( Note 8 ) 3,546 3,590 Income taxes payable 1,582 1,287 Other — 235 $ 215,621 $ 208,672

Lease Intangibles

Lease Intangibles	6 Months Ended
	Jun. 30, 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): June 30, 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 $ 174,113 $ (60,712 ) $ 113,401 $ 156,420 $ (47,827 ) $ 108,593 Above-market rent 17,328 (11,727 ) 5,601 16,649 (10,658 ) 5,991 $ 191,441 $ (72,439 ) $ 119,002 $ 173,069 $ (58,485 ) $ 114,584 Amortizable Intangible Liabilities Below-market rent $ (141,157 ) $ 37,844 $ (103,313 ) $ (137,032 ) $ 32,004 $ (105,028 ) Above-market ground lease (672 ) 5 (667 ) — — — $ (141,829 ) $ 37,849 $ (103,980 ) $ (137,032 ) $ 32,004 $ (105,028 ) During the six months ended June 30, 2017 , the Company acquired in-place lease intangible assets of $17.7 million , above-market rents of $0.7 million , below-market rents of $4.1 million , and an above-market ground lease of $0.7 million with weighted-average useful lives of 4.2 , 3.8 , 11.4 , and 11.5 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 is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of income. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of income. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2017 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net Expense 2017 (Remainder) $ 9,492 $ (25,081 ) $ 58 $ (15,531 ) 2018 9,607 (18,466 ) 58 (8,801 ) 2019 9,093 (14,273 ) 58 (5,122 ) 2020 7,708 (11,760 ) 58 (3,994 ) 2021 7,012 (9,304 ) 58 (2,234 ) Thereafter 54,800 (34,517 ) 377 20,660 Total $ 97,712 $ (113,401 ) $ 667 $ (15,022 )

Debt

Debt	6 Months Ended
	Jun. 30, 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 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Mortgages Payable Core Fixed Rate 3.88%-6.0% 3.88%-6.0% August 2017 - April 2035 $ 209,098 $ 234,875 Core Variable Rate - Swapped (a) 1.71%-3.77% 1.71%-3.77% June 2018 - June 2026 81,078 82,250 Total Core Mortgages Payable 290,176 317,125 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 19,672 19,779 Total Fund II Mortgages Payable 412,184 412,291 Fund III Variable Rate Prime+0.50% -LIBOR+4.65% Prime+0.50% -LIBOR+4.65% August 2017 - December 2021 79,859 83,467 Fund IV Fixed Rate 3.4%-4.50% 3.4%-4.50% October 2025-June 2026 10,503 10,503 Fund IV Variable Rate LIBOR+1.70% -LIBOR+3.95% LIBOR+1.70% - LIBOR+3.95% October 2017 - April 2022 263,494 233,139 Fund IV Variable Rate - Swapped (a) 1.78% 1.78% April 2022 81,444 14,509 Total Fund IV Mortgages Payable 355,441 258,151 Net unamortized debt issuance costs (16,526 ) (16,642 ) Unamortized premium 997 1,336 Total Mortgages Payable $ 1,122,131 $ 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 $ 51,371 $ 51,194 Core Variable Rate Unsecured (a) 1.24%-3.77% 1.24%-3.77% July 2018 - March 2025 248,629 248,806 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% August 2017- December 2017 54,920 134,636 Fund V Subscription Facility LIBOR+1.60% LIBOR+1.60% May 2020 44,400 — Net unamortized debt issuance costs (1,698 ) (1,646 ) Total Unsecured Notes Payable $ 397,622 $ 432,990 Unsecured Line of Credit Core Unsecured Line of Credit LIBOR+1.40% LIBOR+1.40% June 2020 $ 24,000 $ — Total Unsecured Line of Credit $ 24,000 $ — Total Debt - Fixed Rate (b) $ 900,189 $ 860,486 Total Debt - Variable Rate 660,791 645,185 Total Debt 1,560,980 1,505,671 Net unamortized debt issuance costs (18,224 ) (18,289 ) Unamortized premium 997 1,336 Total Indebtedness $ 1,543,753 $ 1,488,718 __________ (a) At June 30, 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 $430,825 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 nine new non-recourse mortgages totaling $130.0 million with a weighted-average interest rate of 3.38% collateralized by nine 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 two mortgages in full, which had a total balance of $28.1 million and a weighted-average interest rate of 5.42% , and made scheduled principal payments of $1.9 million . At June 30, 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 the Company’s Core Portfolio amounted to $26.3 million and was in default at June 30, 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 June 30, 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 The Company completed the following transactions related to its unsecured notes payable during the six months ended June 30, 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 June 30, 2017 which was not in compliance at December 31, 2016. The balance was $20.4 million at June 30, 2017 and $94.5 million at December 31, 2016. Total available credit at June 30, 2017 and December 31, 2016 was $0.0 and $55.5 million respectively on this line. • During the quarter, the Company obtained a new Fund V subscription line in the amount of $150.0 million . Fund V drew down $45.4 million and repaid $1.0 million . The total outstanding balance was $44.4 million as of June 30, 2017. Total available credit at June 30, 2017 was $105.6 million . Unsecured Line of Credit At June 30, 2017 and December 31, 2016 the Company had a total of $114.7 million and $147.5 million , respectively available under its unsecured line of credit. The Company completed the following transaction related to its unsecured line of credit during the six months ended June 30, 2017 : • In connection with the repayment of a secured mortgage note payable during the second quarter of 2017, the Company drew down a total of $24.0 million on the Core unsecured line of credit. The total outstanding balance was $24.0 million as of June 30, 2017 . Scheduled Debt Principal Payments The scheduled principal repayments of the Company’s consolidated indebtedness, as of June 30, 2017 are as follows (in thousands): Year Ending December 31, 2017 (Remainder) $ 214,660 2018 122,808 2019 211,245 2020 458,427 2021 255,058 Thereafter 298,782 1,560,980 Unamortized fair market value of assumed debt 997 Net unamortized debt issuance costs (18,224 ) Total indebtedness $ 1,543,753 See Note 4 for information about liabilities of the Company’s unconsolidated affiliates.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 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 the Company to develop its 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, the Company has 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 — The Company has 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. — The Company has 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. The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the six months ended June 30, 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): June 30, 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 — 2,648 — — 2,921 — Liabilities Derivative financial instruments — 3,546 — — 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 June 30, 2017 December 31, 2016 Core Interest Rate Swaps $ 124,844 Oct 2011 - Mar 2015 Jul 2018 - Mar 2025 1.38% — 3.77% Other Liabilities $ (2,871 ) $ (3,218 ) Interest Rate Swaps 204,864 Sep 2012 - Jul 2016 Jul 2020 - Jun 2026 1.24% — 3.77% Other Assets 2,570 2,609 $ 329,707 $ (301 ) $ (609 ) Fund II Interest Rate Swap $ 19,672 Oct 2014 Nov 2021 2.88% — 2.88% Other Liabilities $ (193 ) $ (228 ) Interest Rate Cap 29,500 Apr 2013 Apr 2018 4.00% — 4.00% Other Assets — — $ 49,172 $ (193 ) $ (228 ) Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3.00% — 3.00% Other Assets $ 33 $ 127 Fund IV Interest Rate Swaps $ 81,444 May 2014 - Mar 2017 May 2019 - Apr 2022 1.78% — 1.98% Other Liabilities $ (482 ) $ (144 ) Interest Rate Caps 108,900 Jul 2016 - Nov 2016 Aug 2019 - Dec 2019 3.00% — 3.00% Other Assets 45 185 $ 190,344 $ (437 ) $ 41 Total asset derivatives $ 2,648 $ 2,921 Total liability derivatives $ (3,546 ) $ (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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Amount of (loss) related to the effective portion recognized in other comprehensive income $ (2,124 ) $ (5,279 ) $ (2,008 ) $ (14,098 ) Amount of loss related to the effective portion subsequently reclassified to earnings $ — $ — $ — $ — Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing $ — $ — $ — $ — 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 The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): June 30, 2017 December 31, 2016 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 249,848 $ 244,544 $ 276,163 $ 272,052 Mortgage and Other Notes Payable, net (a) 3 1,137,660 1,144,720 1,071,034 1,077,926 Investment in non-traded equity securities 3 802 25,194 802 25,194 Unsecured notes payable and Unsecured line of credit, net (b) 2 423,320 424,367 434,636 435,779 (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 and unsecured line of credit 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 June 30, 2017 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 $103.7 million and $85.4 million as of June 30, 2017 and December 31, 2016, respectively. At each of June 30, 2017 and December 31, 2016, the Company had letters of credit outstanding of $ 11.3 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 ( Note 4 ), 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 $162.3 million and $165.7 million at June 30, 2017 and December 31, 2016, respectively.

Shareholders' Equity, Noncontro

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 Common Share and Common OP Unit-based compensation totaling $4.5 million in connection with the vesting of Restricted Shares and Units ( Note 13 ). • At the May 10 Shareholder Meeting, Shareholders approved an amendment to the Company’s Declaration of Trust to increase the authorized share capital of the Company from 100 million shares of beneficial interest to 200 million shares which will become effective on July 24, 2017. 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 June 30, 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 six months ended June 30, 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 June 30, 2017 , management may repurchase up to approximately $7.5 million of the Company’s outstanding Common Shares under this program. Dividends and Distributions On May 10, 2017, the Board of Trustees declared a regular quarterly cash dividend of $0.26 per Common Share, which was paid on July 14, 2017 to holders of record as of June 30, 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 six months ended June 30, 2017 and 2016 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2017 $ (798 ) Other comprehensive loss before reclassifications (2,008 ) Reclassification of realized interest on swap agreements 1,903 Net current period other comprehensive loss (105 ) Net current period other comprehensive loss attributable to noncontrolling interests 383 Balance at June 30, 2017 $ (520 ) Balance at January 1, 2016 $ (4,463 ) Other comprehensive loss before reclassifications (14,098 ) Reclassification of realized interest on swap agreements 2,186 Net current period other comprehensive loss (11,912 ) Net current period other comprehensive loss attributable to noncontrolling interests 1,155 Balance at June 30, 2016 $ (15,220 ) Noncontrolling Interests The following table summarizes the change in the noncontrolling interests for the six months ended June 30, 2017 and 2016 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2017 95,422 494,126 589,548 Distributions declared of $0.52 per Common OP Unit (3,207 ) — (3,207 ) Net income (loss) for the period January 1 through June 30, 2017 1,920 (3,532 ) (1,612 ) Conversion of 41,166 Common OP Units to Common Shares (730 ) — (730 ) Other comprehensive income - unrealized loss (71 ) (676 ) (747 ) Reclassification of realized interest expense on swap agreements 87 277 364 Noncontrolling interest contributions — 20,505 20,505 Noncontrolling interest distributions — (4,507 ) (4,507 ) Employee Long-term Incentive Plan Unit Awards 6,662 — 6,662 Rebalancing adjustment (d) 3,927 — 3,927 Balance at June 30, 2017 $ 104,010 $ 506,193 $ 610,203 Balance at January 1, 2016 $ 96,340 $ 324,526 $ 420,866 Distributions declared of $0.50 per Common OP Unit (2,932 ) — (2,932 ) Net income for the period January 1 through June 30, 2016 3,247 49,940 53,187 Conversion of 303,536 Common OP Units to Common Shares (7,383 ) — (7,383 ) 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 (712 ) (729 ) (1,441 ) Change in control of previously unconsolidated investment — (75,713 ) (75,713 ) Reclassification of realized interest expense on swap agreements 107 179 286 Noncontrolling interest contributions — 157,409 157,409 Noncontrolling interest distributions — (49,135 ) (49,135 ) Employee Long-term Incentive Plan Unit Awards 5,602 — 5,602 Rebalancing adjustment (d) (38,845 ) — (38,845 ) Balance at June 30, 2016 $ 84,760 $ 380,529 $ 465,289 __________ (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,361,397 and 3,317,760 Common OP Units at June 30, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at June 30, 2017 and 2016; (iii) 140,343 and 141,593 Series C Preferred OP Units at June 30, 2017 and 2016, respectively; and (iv) 2,266,957 and 1,990,081 LTIP units as of June 30, 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 Funds 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 and 1,250 Series C Preferred OP Units were exchanged for common shares of the Company during the six months ended June 30, 2017 . In 1999 the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which 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	6 Months Ended
	Jun. 30, 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 seven of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $1.8 million and $1.0 million (including capitalized ground rent at properties under development of $0.1 million and $0.3 million ) for the six months ended June 30, 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 $0.4 million and $0.2 million for the six months ended June 30, 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 six months ended June 30, 2017 and 2016, lease expense totaling $1.5 million and $0.7 million , respectively were made under this lease. The lease was initially valued at $76.6 million, 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 June 30, 2017 , are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments 2017 (Remainder) $ 77,973 $ 2,085 2018 162,628 4,187 2019 156,020 4,207 2020 144,613 4,106 2021 130,356 4,240 Thereafter 686,126 189,093 Total $ 1,357,716 $ 207,918 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 and six months ended June 30, 2017 and 2016, no single tenant collectively comprised more than 10% of the Company’s consolidated total revenues.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 June 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 41,488 $ 18,016 $ — $ 59,504 Depreciation and amortization (15,534 ) (10,523 ) — — (26,057 ) Property operating expenses, other operating and real estate taxes (10,160 ) (7,681 ) — — (17,841 ) General and administrative expenses — — — (8,864 ) (8,864 ) Operating income (loss) 15,794 (188 ) — (8,864 ) 6,742 Interest income — — 8,203 — 8,203 Equity in earnings of unconsolidated affiliates 982 3,358 — — 4,340 Interest expense (6,933 ) (5,817 ) — — (12,750 ) Income tax provision — — — (427 ) (427 ) Net income (loss) 9,843 (2,647 ) 8,203 (9,291 ) 6,108 Net (income) loss attributable to noncontrolling interests (372 ) 6,324 — — 5,952 Net income attributable to Acadia $ 9,471 $ 3,677 $ 8,203 $ (9,291 ) $ 12,060 Real estate at cost $ 1,984,601 $ 1,501,406 $ — $ — $ 3,486,007 Total assets $ 2,252,390 $ 1,546,607 $ 249,848 $ — $ 4,048,845 Acquisition of real estate $ — $ 43,097 $ — $ — $ 43,097 Development and property improvement costs $ 2,758 $ 16,530 $ — $ — $ 19,288 As of or for the Three Months Ended June 30, 2016 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 34,693 $ 9,225 $ — $ — $ 43,918 Depreciation and amortization (11,706 ) (2,972 ) — — (14,678 ) Property operating expenses, other operating and real estate taxes (8,286 ) (2,997 ) — — (11,283 ) General and administrative expenses — — — (8,521 ) (8,521 ) Operating income 14,701 3,256 — (8,521 ) 9,436 Gain on disposition of properties — 16,572 — — 16,572 Interest income — — 7,415 — 7,415 Equity in earnings of unconsolidated affiliates 581 1,159 — — 1,740 Interest expense (7,113 ) (1,784 ) — — (8,897 ) Income tax provision — — — (111 ) (111 ) Net income 8,169 19,203 7,415 (8,632 ) 26,155 Net income attributable to noncontrolling interests (9 ) (8,228 ) — — (8,237 ) Net income attributable to Acadia $ 8,160 $ 10,975 $ 7,415 $ (8,632 ) $ 17,918 Real estate at cost $ 1,528,848 $ 1,118,897 $ — $ — $ 2,647,745 Total assets $ 1,809,395 $ 1,152,103 $ 273,542 $ — $ 3,235,040 Acquisition of real estate $ 6,250 $ — $ — $ — $ 6,250 Development and property improvement costs $ 6,975 $ 11,452 $ — $ — $ 18,427 As of or For the Six Months Ended June 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 85,933 $ 35,570 $ — $ — $ 121,503 Depreciation and amortization (31,973 ) (18,620 ) — — (50,593 ) Property operating expenses, other operating and real estate taxes (23,012 ) (13,926 ) — — (36,938 ) General and administrative expenses — — — (17,333 ) (17,333 ) Operating income 30,948 3,024 — (17,333 ) 16,639 Interest income — — 17,187 — 17,187 Equity in earnings of unconsolidated affiliates 1,542 15,501 — — 17,043 Interest expense (14,088 ) (10,150 ) — — (24,238 ) Income tax provision — — — (552 ) (552 ) Net income 18,402 8,375 17,187 (17,885 ) 26,079 Net (income) loss attributable to noncontrolling interests (804 ) 2,416 — — 1,612 Net income attributable to Acadia $ 17,598 $ 10,791 $ 17,187 $ (17,885 ) $ 27,691 Real estate at cost $ 1,984,601 $ 1,501,406 $ — $ — $ 3,486,007 Total assets $ 2,252,390 $ 1,546,607 $ 249,848 $ — $ 4,048,845 Acquisition of real estate $ — $ 77,785 $ — $ — $ 77,785 Development and property improvement costs $ 3,753 $ 42,550 $ — $ — $ 46,303 As of or For the Six Months Ended June 30, 2016 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 72,800 $ 19,163 $ — $ — $ 91,963 Depreciation and amortization (25,201 ) (6,326 ) — — (31,527 ) Property operating expenses, other operating and real estate taxes (16,848 ) (6,428 ) — — (23,276 ) General and administrative expenses — — — (17,873 ) (17,873 ) Operating income 30,751 6,409 — (17,873 ) 19,287 Gain on disposition of properties — 81,965 — — 81,965 Interest income — — 12,053 — 12,053 Equity in earnings of unconsolidated affiliates 1,173 2,521 — — 3,694 Interest expense (13,877 ) (3,058 ) — — (16,935 ) Income tax provision — — — (34 ) (34 ) Net income 18,047 87,837 12,053 (17,907 ) 100,030 Net income attributable to noncontrolling interests (2,831 ) (50,356 ) — — (53,187 ) Net income attributable to Acadia $ 15,216 $ 37,481 $ 12,053 $ (17,907 ) $ 46,843 Real estate at cost $ 1,528,848 $ 1,118,897 $ — $ — $ 2,647,745 Total assets $ 1,809,395 $ 1,152,103 $ 273,542 $ — $ 3,235,040 Acquisition of real estate $ 6,250 $ 12,287 $ — $ — $ 18,537 Development and property improvement costs $ 10,222 $ 45,668 $ — $ — $ 55,890

Share Incentive and Other Compe

Share Incentive and Other Compensation	6 Months Ended
	Jun. 30, 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 June 30, 2017 total of 1,794,293 shares remained available to be issued under this plan. Restricted Shares and LTIP Units During the six months ended June 30, 2017 , the Company issued 292,255 LTIP Units and 7,628 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 $4.5 million and $3.7 million for the six months ended June 30, 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 2017, the Company issued 11,814 Restricted Shares and 11,105 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 3,864 of the Restricted Shares and 5,805 of the LTIP Units will be on the first anniversary of the date of issuance and 7,950 of the Restricted Shares and 5,300 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 for each of the six months ended June 30, 2017 and 2016. 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 June 30, 2017 . Compensation expense of $0.4 million and $ 1.5 million was recognized for the six months ended June 30, 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 19,442 29.85 303,360 32.44 Vested (21,771 ) 30.91 (257,515 ) 28.58 Forfeited (309 ) 35.37 — — Unvested at June 30, 2017 46,769 $ 27.28 902,722 $ 28.37 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the six months ended June 30, 2017 and the year ended December 31, 2016 were $32.28 and $34.50 , respectively. As of June 30, 2017 , there was $18.3 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 2.5 years. The total fair value of Restricted Shares that vested for each of the six months ended June 30, 2017 and the year ended December 31, 2016, was $0.7 million . The total fair value of LTIP Units that vested during the six months ended June 30, 2017 and the year ended December 31, 2016, was $7.4 million and $13.6 million , respectively. Other Plans On a combined basis, the Company incurred a total of $0.3 million related to the following employee benefit plans for each of the six months ended June 30, 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 six months ended June 30, 2017 and 2016, a total of 2,407 and 2,334 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	6 Months Ended
	Jun. 30, 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 units (“Restricted Share Units”) and share option awards issued under the Company’s Share Incentive Plans ( Note 13 ). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. 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 June 30, Six Months Ended June 30, (dollars in thousands) 2017 2016 2017 2016 Numerator: Net income attributable to Acadia $ 12,060 $ 17,918 $ 27,691 $ 46,843 Less: net income attributable to participating securities (126 ) (223 ) (372 ) (589 ) Income from continuing operations net of income $ 11,934 $ 17,695 $ 27,319 $ 46,254 Denominator: Weighted average shares for basic earnings per share 83,661,953 72,895,868 83,648,415 71,825,784 Effect of dilutive securities: Employee unvested restricted shares — — 5,365 7,861 Convertible Preferred OP Units — — — 25,067 Denominator for diluted earnings per share 83,661,953 72,895,868 83,653,780 71,858,712 Basic and diluted earnings per Common Share from $ 0.14 $ 0.24 $ 0.33 $ 0.64 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 — Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 — Series C Preferred OP Units 140,343 141,593 140,343 141,593 Series C Preferred OP Units - Common share equivalent 487,299 402,252 479,167 402,653 Restricted shares 43,318 50,156 — —

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Financing and Hedging On July 5, the Company repaid a Core mortgage in the amount of $28.6 million . On July 7, the Company executed a ten -year interest rate swap for a notional amount of $25.0 million as a hedge against increases in future interest rates on its previously unhedged variable-rate Core borrowings. Dispositions On July 6, Fund III sold its consolidated New Hyde Park Shopping Center for $22.1 million . As this sale was probable of occurring at June 30, the property was classified as held for sale at that date ( Note 2 ). On July 14, Fund II entered into a purchase and sale agreement for the sale of its City Point Tower I property for $96.0 million . As the carrying amount less estimated costs to sell was $92.0 million at June 30, 2017, the Company anticipates recording an impairment charge of approximately $4.0 million during the third quarter of 2017. Acquisition On July 27, Fund V acquired a retail property for $44.0 million . It is not practicable to disclose the preliminary purchase price allocation or consolidated pro forma financial information for this transaction given the short period of time between the acquisition dates and the filing of this Report. Other In July 2017, the Company received a $2.3 million cash distribution from its Albertson’s investment ( Note 4 ).

Organization, Basis of Presen26

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 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 $0.5 million and $0.7 million during the six months ended June 30, 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 2017-01 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 Emerging Issues Task Force (“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 Staff Accounting Bulletin 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 de-recognize 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. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies the scope of modification accounting with respect to changes to the terms or conditions of a share-based payment award. Modification accounting would not apply if a change to an award does not affect the total current fair value (or other applicable measurement), vesting conditions, or the classification of the award. For all entities, ASU 2017-09 is effective prospectively for awards modified in fiscal years beginning after December 15, 2017, and interim periods within those annual periods and early adoption is permitted. The Company is currently evaluating the impact ASU 2017-09 will have on its consolidated financial statements.

Organization, Basis of Presen27

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 II (dollars in millions): Entity Formation Date Operating Partnership Share of Capital Capital Called as of June 30, 2017 Unfunded Commitment Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of June 30, 2017 (b) Fund II and Mervyns II 6/2004 28.33% $ 347.1 $ — 28.33% 8% $ 131.6 Fund III 5/2007 24.54% 396.7 53.3 39.63% 6% 551.0 Fund IV 5/2012 23.12% 390.7 139.3 23.12% 6% 101.9 Fund V 8/2016 20.10% — 520.0 20.10% 6% — __________ (a) Amount represents the current economic ownership at June 30, 2017 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2017 2016 Land $ 647,087 $ 693,252 Buildings and improvements 2,390,081 1,916,288 Tenant improvements 138,998 132,220 Construction in progress 23,910 19,789 Properties under capital lease 76,965 76,965 Total 3,277,041 2,838,514 Less: Accumulated depreciation (319,497 ) (287,066 ) Operating real estate, net 2,957,544 2,551,448 Real estate under development, at cost 208,966 543,486 Net investments in real estate $ 3,166,510 $ 3,094,934
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the allocation of the purchase price of properties acquired during the six months ended June 30, 2017 and the year ended December 31, 2016 (in thousands): Six Months Ended June 30, Year Ended December 31, 2017 2016 Net Assets Acquired: Land $ 9,025 $ 225,729 Buildings and improvements 57,111 458,525 Other assets — 3,481 Acquisition-related intangible assets (in Acquired lease intangibles, net) 18,371 63,606 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) (4,795 ) (72,985 ) Above and below market debt assumed (included in Mortgages and other notes payable, net) — (119,601 ) Net assets acquired $ 79,712 $ 558,755 Consideration: Cash $ 80,939 $ 677,964 Debt assumed — (119,209 ) Liabilities assumed (1,227 ) — Total Consideration $ 79,712 $ 558,755 During the six months ended June 30, 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 Acquisitions Fund IV: Lincoln Place - Fairview Heights, IL 100% Mar 13, 2017 $ 35,350 $ — Shaw's Plaza - Windham, ME 100% Jun 30, 2017 9,142 — Subtotal Fund IV 44,492 — Fund V: Plaza Santa Fe - Santa Fe, NM 100% Jun 5, 2017 35,220 — Subtotal Fund V 35,220 — Total 2017 Acquisitions $ 79,712 $ — 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.
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 June 30, Six Months Ended June 30, 2016 2016 Rental revenues $ 1,442 $ 3,752 Expenses (82 ) (666 ) Gain on disposition of properties 16,572 81,965 Loss on extinguishment of debt (15 ) (15 ) Income from continuing operations of 17,917 85,036 Amounts attributable to noncontrolling interests (14,117 ) (64,949 ) Net income attributable to Acadia $ 3,800 $ 20,087
Business Acquisition, Pro Forma Information	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pro forma revenues $ 60,543 $ 53,579 $ 124,516 $ 108,785 Pro forma income from continuing operations 5,969 24,624 24,886 96,979 Pro forma net income attributable to Acadia 11,948 16,738 26,763 44,374 Pro forma basic and diluted earnings per share 0.14 0.22 0.32 0.60

Notes Receivable, Net (Tables)

Notes Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, June 30, 2017 Description 2017 2016 Number Maturity Date Interest Rate Core Portfolio $ 198,395 $ 216,400 4 June 2018 - September 2019 6.0% - 8.7% Fund II 31,397 31,007 1 May 2020 2.5% Fund III 4,806 4,506 1 July 2020 18.0% Fund IV 15,250 24,250 1 February 2021 15.3% $ 249,848 $ 276,163 7

Investments in and Advances t30

Investments in and Advances to Unconsolidated Affiliates (Tables)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Fund Property at June 30, 2017 2017 2016 Core: 840 N. Michigan (a) 88.43% $ 72,471 $ 74,131 Renaissance Portfolio 20% 35,783 36,437 Gotham Plaza 49% 29,321 29,421 Brandywine Market Square (a, b) 61.11% 21,984 5,469 Brandywine Portfolio (a, b) 22.22% 14,791 15,286 Georgetown Portfolio 50% 3,724 4,287 178,074 165,031 Mervyns I & II: KLA/Mervyn's, LLC (c) 10.5% — — Fund III: Fund III Other Portfolio 90% 166 8,108 Self Storage Management (d) 95% 241 241 407 8,349 Fund IV: Broughton Street Portfolio (e) 50% 57,043 54,839 Fund IV Other Portfolio 90% 20,240 21,817 650 Bald Hill Road 90% 13,735 18,842 91,018 95,498 Due from Related Parties (f) 2,280 2,193 Other (g) 957 957 Investments in and advances to unconsolidated affiliates $ 272,736 $ 272,028 Core: Crossroads (h) 49% $ 15,358 $ 13,691 Distributions in excess of income from, $ 15,358 $ 13,691 __________ (a) Represents a tenancy-in-common interest. (b) During May 2017, as discussed below, the Company increased its ownership in Brandywine Market Square, which was formerly included within the Brandywine Portfolio. (c) Distributions have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (d) Represents a variable interest entity. (e) The Company is entitled to a 15% return on its cumulative capital contribution which was $ 15.1 million and $ 14.5 million at June 30, 2017 and December 31, 2016, respectively. In addition the Company is entitled to a 9% preferred return on a portion of its equity, which was $ 46.8 million and $ 45.4 million at June 30, 2017 and December 31, 2016, respectively. (f) Represents deferred fees. (g) Includes a cost-method investment in Albertson’s ( Note 8 , Note 15 ) and other investments. (h) 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): June 30, December 31, 2017 2016 Combined and Condensed Balance Sheets Assets: Rental property, net $ 544,210 $ 576,505 Real estate under development 19,381 18,884 Investment in unconsolidated affiliates 6,854 6,853 Other assets 106,407 75,254 Total assets $ 676,852 $ 677,496 Liabilities and partners’ equity: Mortgage notes payable $ 399,574 $ 407,344 Other liabilities 58,308 30,117 Partners’ equity 218,970 240,035 Total liabilities and partners’ equity $ 676,852 $ 677,496 Company's share of accumulated equity $ 179,729 $ 191,049 Basis differential 70,199 61,827 Deferred fees, net of portion related to the Company's interest 5,170 3,268 Amounts receivable by the Company 2,280 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 $ 257,378 $ 258,337
Schedule of Condensed Income Statement	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Combined and Condensed Statements of Income Total revenues $ 20,974 $ 19,022 $ 42,577 $ 32,394 Operating and other expenses (6,272 ) (7,286 ) (12,138 ) (11,016 ) Interest expense (4,641 ) (3,377 ) (9,179 ) (6,113 ) Depreciation and amortization (6,063 ) (4,984 ) (12,512 ) (8,864 ) Loss on debt extinguishment (3 ) — (154 ) — Gain on disposition of properties 3,332 — 17,778 — Net income attributable to unconsolidated affiliates $ 7,327 $ 3,375 $ 26,372 $ 6,401 Company’s share of equity in $ 5,044 $ 1,838 $ 18,612 $ 3,890 Basis differential amortization (704 ) (98 ) (1,569 ) (196 ) Company’s equity in earnings of $ 4,340 $ 1,740 $ 17,043 $ 3,694

Other Assets, Net and Account31

Other Assets, Net and Accounts Payable and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, (in thousands) 2017 2016 Other assets, net: Lease intangibles, net ( Note 6 ) $ 119,002 $ 114,584 Deferred charges, net (a) 28,361 25,221 Prepaid expenses 16,901 14,351 Other receivables 12,569 9,514 Accrued interest receivable 10,168 9,354 Deposits 5,501 4,412 Due from seller 4,300 4,300 Deferred tax assets 3,880 3,733 Derivative financial instruments ( Note 8 ) 2,648 2,921 Due from related parties 1,406 1,655 Corporate assets 540 1,241 Income taxes receivable 1,927 1,500 $ 207,203 $ 192,786 (a) Deferred charges, net: Deferred leasing and other costs $ 44,689 $ 40,728 Deferred financing costs 7,147 5,915 51,836 46,643 Accumulated amortization (23,475 ) (21,422 ) Deferred charges, net $ 28,361 $ 25,221 Accounts payable and other liabilities: Lease intangibles, net ( Note 6 ) $ 103,980 $ 105,028 Accounts payable and accrued expenses 57,305 48,290 Deferred income 33,722 35,267 Tenant security deposits, escrow and other 15,486 14,975 Derivative financial instruments ( Note 8 ) 3,546 3,590 Income taxes payable 1,582 1,287 Other — 235 $ 215,621 $ 208,672

Lease Intangibles (Tables)

Lease Intangibles (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets and liabilities are summarized as follows (in thousands): June 30, 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 $ 174,113 $ (60,712 ) $ 113,401 $ 156,420 $ (47,827 ) $ 108,593 Above-market rent 17,328 (11,727 ) 5,601 16,649 (10,658 ) 5,991 $ 191,441 $ (72,439 ) $ 119,002 $ 173,069 $ (58,485 ) $ 114,584 Amortizable Intangible Liabilities Below-market rent $ (141,157 ) $ 37,844 $ (103,313 ) $ (137,032 ) $ 32,004 $ (105,028 ) Above-market ground lease (672 ) 5 (667 ) — — — $ (141,829 ) $ 37,849 $ (103,980 ) $ (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 June 30, 2017 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net Expense 2017 (Remainder) $ 9,492 $ (25,081 ) $ 58 $ (15,531 ) 2018 9,607 (18,466 ) 58 (8,801 ) 2019 9,093 (14,273 ) 58 (5,122 ) 2020 7,708 (11,760 ) 58 (3,994 ) 2021 7,012 (9,304 ) 58 (2,234 ) Thereafter 54,800 (34,517 ) 377 20,660 Total $ 97,712 $ (113,401 ) $ 667 $ (15,022 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Mortgages Payable Core Fixed Rate 3.88%-6.0% 3.88%-6.0% August 2017 - April 2035 $ 209,098 $ 234,875 Core Variable Rate - Swapped (a) 1.71%-3.77% 1.71%-3.77% June 2018 - June 2026 81,078 82,250 Total Core Mortgages Payable 290,176 317,125 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 19,672 19,779 Total Fund II Mortgages Payable 412,184 412,291 Fund III Variable Rate Prime+0.50% -LIBOR+4.65% Prime+0.50% -LIBOR+4.65% August 2017 - December 2021 79,859 83,467 Fund IV Fixed Rate 3.4%-4.50% 3.4%-4.50% October 2025-June 2026 10,503 10,503 Fund IV Variable Rate LIBOR+1.70% -LIBOR+3.95% LIBOR+1.70% - LIBOR+3.95% October 2017 - April 2022 263,494 233,139 Fund IV Variable Rate - Swapped (a) 1.78% 1.78% April 2022 81,444 14,509 Total Fund IV Mortgages Payable 355,441 258,151 Net unamortized debt issuance costs (16,526 ) (16,642 ) Unamortized premium 997 1,336 Total Mortgages Payable $ 1,122,131 $ 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 $ 51,371 $ 51,194 Core Variable Rate Unsecured (a) 1.24%-3.77% 1.24%-3.77% July 2018 - March 2025 248,629 248,806 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% August 2017- December 2017 54,920 134,636 Fund V Subscription Facility LIBOR+1.60% LIBOR+1.60% May 2020 44,400 — Net unamortized debt issuance costs (1,698 ) (1,646 ) Total Unsecured Notes Payable $ 397,622 $ 432,990 Unsecured Line of Credit Core Unsecured Line of Credit LIBOR+1.40% LIBOR+1.40% June 2020 $ 24,000 $ — Total Unsecured Line of Credit $ 24,000 $ — Total Debt - Fixed Rate (b) $ 900,189 $ 860,486 Total Debt - Variable Rate 660,791 645,185 Total Debt 1,560,980 1,505,671 Net unamortized debt issuance costs (18,224 ) (18,289 ) Unamortized premium 997 1,336 Total Indebtedness $ 1,543,753 $ 1,488,718 __________ (a) At June 30, 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 $430,825 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 June 30, 2017 are as follows (in thousands): Year Ending December 31, 2017 (Remainder) $ 214,660 2018 122,808 2019 211,245 2020 458,427 2021 255,058 Thereafter 298,782 1,560,980 Unamortized fair market value of assumed debt 997 Net unamortized debt issuance costs (18,224 ) Total indebtedness $ 1,543,753

Financial Instruments and Fai34

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 — 2,648 — — 2,921 — Liabilities Derivative financial instruments — 3,546 — — 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 June 30, 2017 December 31, 2016 Core Interest Rate Swaps $ 124,844 Oct 2011 - Mar 2015 Jul 2018 - Mar 2025 1.38% — 3.77% Other Liabilities $ (2,871 ) $ (3,218 ) Interest Rate Swaps 204,864 Sep 2012 - Jul 2016 Jul 2020 - Jun 2026 1.24% — 3.77% Other Assets 2,570 2,609 $ 329,707 $ (301 ) $ (609 ) Fund II Interest Rate Swap $ 19,672 Oct 2014 Nov 2021 2.88% — 2.88% Other Liabilities $ (193 ) $ (228 ) Interest Rate Cap 29,500 Apr 2013 Apr 2018 4.00% — 4.00% Other Assets — — $ 49,172 $ (193 ) $ (228 ) Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3.00% — 3.00% Other Assets $ 33 $ 127 Fund IV Interest Rate Swaps $ 81,444 May 2014 - Mar 2017 May 2019 - Apr 2022 1.78% — 1.98% Other Liabilities $ (482 ) $ (144 ) Interest Rate Caps 108,900 Jul 2016 - Nov 2016 Aug 2019 - Dec 2019 3.00% — 3.00% Other Assets 45 185 $ 190,344 $ (437 ) $ 41 Total asset derivatives $ 2,648 $ 2,921 Total liability derivatives $ (3,546 ) $ (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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Amount of (loss) related to the effective portion recognized in other comprehensive income $ (2,124 ) $ (5,279 ) $ (2,008 ) $ (14,098 ) Amount of loss related to the effective portion subsequently reclassified to earnings $ — $ — $ — $ — Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing $ — $ — $ — $ —
Fair value, by balance sheet grouping	other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): June 30, 2017 December 31, 2016 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 249,848 $ 244,544 $ 276,163 $ 272,052 Mortgage and Other Notes Payable, net (a) 3 1,137,660 1,144,720 1,071,034 1,077,926 Investment in non-traded equity securities 3 802 25,194 802 25,194 Unsecured notes payable and Unsecured line of credit, net (b) 2 423,320 424,367 434,636 435,779 (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 and unsecured line of credit 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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017 and 2016 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2017 $ (798 ) Other comprehensive loss before reclassifications (2,008 ) Reclassification of realized interest on swap agreements 1,903 Net current period other comprehensive loss (105 ) Net current period other comprehensive loss attributable to noncontrolling interests 383 Balance at June 30, 2017 $ (520 ) Balance at January 1, 2016 $ (4,463 ) Other comprehensive loss before reclassifications (14,098 ) Reclassification of realized interest on swap agreements 2,186 Net current period other comprehensive loss (11,912 ) Net current period other comprehensive loss attributable to noncontrolling interests 1,155 Balance at June 30, 2016 $ (15,220 )
Change in Noncontrolling Interests	The following table summarizes the change in the noncontrolling interests for the six months ended June 30, 2017 and 2016 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2017 95,422 494,126 589,548 Distributions declared of $0.52 per Common OP Unit (3,207 ) — (3,207 ) Net income (loss) for the period January 1 through June 30, 2017 1,920 (3,532 ) (1,612 ) Conversion of 41,166 Common OP Units to Common Shares (730 ) — (730 ) Other comprehensive income - unrealized loss (71 ) (676 ) (747 ) Reclassification of realized interest expense on swap agreements 87 277 364 Noncontrolling interest contributions — 20,505 20,505 Noncontrolling interest distributions — (4,507 ) (4,507 ) Employee Long-term Incentive Plan Unit Awards 6,662 — 6,662 Rebalancing adjustment (d) 3,927 — 3,927 Balance at June 30, 2017 $ 104,010 $ 506,193 $ 610,203 Balance at January 1, 2016 $ 96,340 $ 324,526 $ 420,866 Distributions declared of $0.50 per Common OP Unit (2,932 ) — (2,932 ) Net income for the period January 1 through June 30, 2016 3,247 49,940 53,187 Conversion of 303,536 Common OP Units to Common Shares (7,383 ) — (7,383 ) 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 (712 ) (729 ) (1,441 ) Change in control of previously unconsolidated investment — (75,713 ) (75,713 ) Reclassification of realized interest expense on swap agreements 107 179 286 Noncontrolling interest contributions — 157,409 157,409 Noncontrolling interest distributions — (49,135 ) (49,135 ) Employee Long-term Incentive Plan Unit Awards 5,602 — 5,602 Rebalancing adjustment (d) (38,845 ) — (38,845 ) Balance at June 30, 2016 $ 84,760 $ 380,529 $ 465,289 __________ (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,361,397 and 3,317,760 Common OP Units at June 30, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at June 30, 2017 and 2016; (iii) 140,343 and 141,593 Series C Preferred OP Units at June 30, 2017 and 2016, respectively; and (iv) 2,266,957 and 1,990,081 LTIP units as of June 30, 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 Funds 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)	6 Months Ended
	Jun. 30, 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 June 30, 2017 , are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments 2017 (Remainder) $ 77,973 $ 2,085 2018 162,628 4,187 2019 156,020 4,207 2020 144,613 4,106 2021 130,356 4,240 Thereafter 686,126 189,093 Total $ 1,357,716 $ 207,918

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 41,488 $ 18,016 $ — $ 59,504 Depreciation and amortization (15,534 ) (10,523 ) — — (26,057 ) Property operating expenses, other operating and real estate taxes (10,160 ) (7,681 ) — — (17,841 ) General and administrative expenses — — — (8,864 ) (8,864 ) Operating income (loss) 15,794 (188 ) — (8,864 ) 6,742 Interest income — — 8,203 — 8,203 Equity in earnings of unconsolidated affiliates 982 3,358 — — 4,340 Interest expense (6,933 ) (5,817 ) — — (12,750 ) Income tax provision — — — (427 ) (427 ) Net income (loss) 9,843 (2,647 ) 8,203 (9,291 ) 6,108 Net (income) loss attributable to noncontrolling interests (372 ) 6,324 — — 5,952 Net income attributable to Acadia $ 9,471 $ 3,677 $ 8,203 $ (9,291 ) $ 12,060 Real estate at cost $ 1,984,601 $ 1,501,406 $ — $ — $ 3,486,007 Total assets $ 2,252,390 $ 1,546,607 $ 249,848 $ — $ 4,048,845 Acquisition of real estate $ — $ 43,097 $ — $ — $ 43,097 Development and property improvement costs $ 2,758 $ 16,530 $ — $ — $ 19,288 As of or for the Three Months Ended June 30, 2016 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 34,693 $ 9,225 $ — $ — $ 43,918 Depreciation and amortization (11,706 ) (2,972 ) — — (14,678 ) Property operating expenses, other operating and real estate taxes (8,286 ) (2,997 ) — — (11,283 ) General and administrative expenses — — — (8,521 ) (8,521 ) Operating income 14,701 3,256 — (8,521 ) 9,436 Gain on disposition of properties — 16,572 — — 16,572 Interest income — — 7,415 — 7,415 Equity in earnings of unconsolidated affiliates 581 1,159 — — 1,740 Interest expense (7,113 ) (1,784 ) — — (8,897 ) Income tax provision — — — (111 ) (111 ) Net income 8,169 19,203 7,415 (8,632 ) 26,155 Net income attributable to noncontrolling interests (9 ) (8,228 ) — — (8,237 ) Net income attributable to Acadia $ 8,160 $ 10,975 $ 7,415 $ (8,632 ) $ 17,918 Real estate at cost $ 1,528,848 $ 1,118,897 $ — $ — $ 2,647,745 Total assets $ 1,809,395 $ 1,152,103 $ 273,542 $ — $ 3,235,040 Acquisition of real estate $ 6,250 $ — $ — $ — $ 6,250 Development and property improvement costs $ 6,975 $ 11,452 $ — $ — $ 18,427 As of or For the Six Months Ended June 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 85,933 $ 35,570 $ — $ — $ 121,503 Depreciation and amortization (31,973 ) (18,620 ) — — (50,593 ) Property operating expenses, other operating and real estate taxes (23,012 ) (13,926 ) — — (36,938 ) General and administrative expenses — — — (17,333 ) (17,333 ) Operating income 30,948 3,024 — (17,333 ) 16,639 Interest income — — 17,187 — 17,187 Equity in earnings of unconsolidated affiliates 1,542 15,501 — — 17,043 Interest expense (14,088 ) (10,150 ) — — (24,238 ) Income tax provision — — — (552 ) (552 ) Net income 18,402 8,375 17,187 (17,885 ) 26,079 Net (income) loss attributable to noncontrolling interests (804 ) 2,416 — — 1,612 Net income attributable to Acadia $ 17,598 $ 10,791 $ 17,187 $ (17,885 ) $ 27,691 Real estate at cost $ 1,984,601 $ 1,501,406 $ — $ — $ 3,486,007 Total assets $ 2,252,390 $ 1,546,607 $ 249,848 $ — $ 4,048,845 Acquisition of real estate $ — $ 77,785 $ — $ — $ 77,785 Development and property improvement costs $ 3,753 $ 42,550 $ — $ — $ 46,303 As of or For the Six Months Ended June 30, 2016 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 72,800 $ 19,163 $ — $ — $ 91,963 Depreciation and amortization (25,201 ) (6,326 ) — — (31,527 ) Property operating expenses, other operating and real estate taxes (16,848 ) (6,428 ) — — (23,276 ) General and administrative expenses — — — (17,873 ) (17,873 ) Operating income 30,751 6,409 — (17,873 ) 19,287 Gain on disposition of properties — 81,965 — — 81,965 Interest income — — 12,053 — 12,053 Equity in earnings of unconsolidated affiliates 1,173 2,521 — — 3,694 Interest expense (13,877 ) (3,058 ) — — (16,935 ) Income tax provision — — — (34 ) (34 ) Net income 18,047 87,837 12,053 (17,907 ) 100,030 Net income attributable to noncontrolling interests (2,831 ) (50,356 ) — — (53,187 ) Net income attributable to Acadia $ 15,216 $ 37,481 $ 12,053 $ (17,907 ) $ 46,843 Real estate at cost $ 1,528,848 $ 1,118,897 $ — $ — $ 2,647,745 Total assets $ 1,809,395 $ 1,152,103 $ 273,542 $ — $ 3,235,040 Acquisition of real estate $ 6,250 $ 12,287 $ — $ — $ 18,537 Development and property improvement costs $ 10,222 $ 45,668 $ — $ — $ 55,890

Share Incentive and Other Com38

Share Incentive and Other Compensation (Tables)	6 Months Ended
	Jun. 30, 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 19,442 29.85 303,360 32.44 Vested (21,771 ) 30.91 (257,515 ) 28.58 Forfeited (309 ) 35.37 — — Unvested at June 30, 2017 46,769 $ 27.28 902,722 $ 28.37

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2017 2016 2017 2016 Numerator: Net income attributable to Acadia $ 12,060 $ 17,918 $ 27,691 $ 46,843 Less: net income attributable to participating securities (126 ) (223 ) (372 ) (589 ) Income from continuing operations net of income $ 11,934 $ 17,695 $ 27,319 $ 46,254 Denominator: Weighted average shares for basic earnings per share 83,661,953 72,895,868 83,648,415 71,825,784 Effect of dilutive securities: Employee unvested restricted shares — — 5,365 7,861 Convertible Preferred OP Units — — — 25,067 Denominator for diluted earnings per share 83,661,953 72,895,868 83,653,780 71,858,712 Basic and diluted earnings per Common Share from $ 0.14 $ 0.24 $ 0.33 $ 0.64 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 — Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 — Series C Preferred OP Units 140,343 141,593 140,343 141,593 Series C Preferred OP Units - Common share equivalent 487,299 402,252 479,167 402,653 Restricted shares 43,318 50,156 — —

Organization, Basis of Presen40

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)segmentproperty	Dec. 31, 2016	Jun. 30, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments | segment	3
Capitalized internal leasing costs | $	$ 0.5		$ 0.7
Operating Partnership, as General Partner or Managing Member
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Equity interest held by Operating Partnership	95.00%	95.00%
Remaining funds rate of distribution to operating partnership (in percent)	20.00%
Institutional Investors
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners (in percent)	80.00%
Core Portfolio
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	65
Core Portfolio and Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties	183

Organization, Basis of Presen41

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Fund II and Mervyns II
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	28.33%
Capital called	$ 347.1
Unfunded Commitment	$ 0
Equity Interest Held By Operating Partnership	28.33%
Preferred Return	8.00%
Total distributions	$ 131.6
Fund III
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	24.54%
Capital called	$ 396.7
Unfunded Commitment	$ 53.3
Equity Interest Held By Operating Partnership	39.63%
Preferred Return	6.00%
Total distributions	$ 551
Fund IV
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	23.12%
Capital called	$ 390.7
Unfunded Commitment	$ 139.3
Equity Interest Held By Operating Partnership	23.12%
Preferred Return	6.00%
Total distributions	$ 101.9
Fund V
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	20.10%
Capital called	$ 0
Unfunded Commitment	$ 520
Equity Interest Held By Operating Partnership	20.10%
Preferred Return	6.00%
Total distributions	$ 0

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Land	$ 647,087	$ 693,252
Buildings and improvements	2,390,081	1,916,288
Tenant improvements	138,998	132,220
Construction in progress	23,910	19,789
Properties under capital lease	76,965	76,965
Total	3,277,041	2,838,514
Less: Accumulated depreciation	(319,497)	(287,066)
Operating real estate, net	2,957,544	2,551,448
Real estate under development, at cost	208,966	543,486
Net investments in real estate	$ 3,166,510	$ 3,094,934

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Purchase Price	$ 79,712		$ 756,842
Debt Assumed	0		120,672
Acquisition related costs	900	$ 2,100
Purchase Price Allocation
Land	9,025		225,729
Buildings and improvements	57,111		458,525
Other assets	0		3,481
Acquisition-related intangible assets (in Acquired lease intangibles, net)	18,371		63,606
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(4,795)		(72,985)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	0		(119,601)
Net assets acquired	79,712		558,755
Consideration:
Cash	80,939		677,964
Debt assumed	0		(120,672)
Liabilities assumed	(1,227)		0
Total Consideration	79,712		558,755
Core Portfolio and Opportunity Funds
Business Acquisition [Line Items]
Acquisition related costs	600
Core Portfolio
Business Acquisition [Line Items]
Purchase Price			519,592
Debt Assumed			119,209
Acquisition related costs	200	1,900
Consideration:
Debt assumed			$ (119,209)
Core Portfolio | 991 Madison Avenue | New York, NY
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 76,628
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Core Portfolio | 165 Newbury Street - Boston, MA | Boston, MA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 6,250
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Core Portfolio | Concord & Milwaukee - Chicago, IL | Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 6,000
Debt Assumed			2,902
Consideration:
Debt assumed			$ (2,902)
Core Portfolio | 151 North State Street - Chicago, IL | Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 30,500
Debt Assumed			14,556
Consideration:
Debt assumed			$ (14,556)
Core Portfolio | State & Washington - Chicago, IL | Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 70,250
Debt Assumed			25,650
Consideration:
Debt assumed			$ (25,650)
Core Portfolio | North & Kingsbury - Chicago, IL | Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 34,000
Debt Assumed			13,409
Consideration:
Debt assumed			$ (13,409)
Core Portfolio | Sullivan Center - Chicago, IL | Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 146,939
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Core Portfolio | California & Armitage - Chicago, IL | Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 9,250
Debt Assumed			2,692
Consideration:
Debt assumed			$ (2,692)
Core Portfolio | 555 9th Street - San Francisco, CA | San Francisco, CA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 139,775
Debt Assumed			60,000
Consideration:
Debt assumed			(60,000)
Funds Segment
Business Acquisition [Line Items]
Acquisition related costs	400	$ 200
Fund V
Business Acquisition [Line Items]
Purchase Price	35,220
Debt Assumed	0
Consideration:
Debt assumed	$ 0
Fund V | Plaza Santa Fe - Santa Fe, NM | Windham, ME
Business Acquisition [Line Items]
Percent Acquired	100.00%
Fund V | Plaza Santa Fe - Santa Fe, NM | Santa Fe, NM
Business Acquisition [Line Items]
Purchase Price	$ 35,220
Debt Assumed	0
Consideration:
Debt assumed	0
Fund IV
Business Acquisition [Line Items]
Purchase Price	44,492		237,250
Debt Assumed	0		1,463
Consideration:
Debt assumed	$ 0		$ (1,463)
Fund IV | Lincoln Place - Fairview Heights, IL | Fairview Heights, IL
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 35,350
Debt Assumed	0
Consideration:
Debt assumed	$ 0
Fund IV | Restaurants at Fort Point - Boston, MA | Boston, MA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 11,500
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | 1964 Union Street | San Francisco, CA
Business Acquisition [Line Items]
Percent Acquired			90.00%
Purchase Price			$ 2,250
Debt Assumed			1,463
Consideration:
Debt assumed			$ (1,463)
Fund IV | Wake Forest Crossing - Wake Forest, NC | Wake Forest, NC
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 36,600
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | Airport Mall - Bangor, ME | Bangor, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 10,250
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | Colonie Plaza - Albany, NY | Albany, NY
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 15,000
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | Dauphin Plaza - Harrisburg, PA | Harrisburg, PA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 16,000
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | JFK Plaza - Waterville, ME | Waterville, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 6,500
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | Mayfair Shopping Center - Philadelphia, PA | Philadelphia, PA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 16,600
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | Shaw's Plaza - Waterville, ME | Windham, ME
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 9,142
Debt Assumed	0
Consideration:
Debt assumed	$ 0
Fund IV | Shaw's Plaza - Waterville, ME | Waterville, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 13,800
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | Wells Plaza - Wells, ME | Wells, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 5,250
Debt Assumed			0
Consideration:
Debt assumed			$ 0
Fund IV | 717 N Michigan - Chicago, IL | Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 103,500
Debt Assumed			0
Consideration:
Debt assumed			$ 0

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Disposal Group, Not Discontinued Operations $ 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 | Cortlandt Towne Center
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 | Heritage Shops
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 - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
STATEMENTS OF INCOME
Rental revenues	$ 1,442	$ 3,752
Expenses	(82)	(666)
Gain on disposition of properties	16,572	81,965
Loss on extinguishment of debt	(15)	(15)
Income from continuing operations of disposed properties, net of income taxes	17,917	85,036
Amounts attributable to noncontrolling interests	(14,117)	(64,949)
Net income attributable to Acadia	$ 3,800	$ 20,087

Real Estate - Properties Held F

Real Estate - Properties Held For Sale (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)property
Fund II
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
Fund III
Long Lived Assets Held-for-sale [Line Items]
Number of properties held-for-sale | property	1
Properties held-for-sale	$ 13.2
Mortgage loans on real estate	12
Disposal Group, Held-for-sale, Not Discontinued Operations
Long Lived Assets Held-for-sale [Line Items]
Properties held for sale net income (loss)	$ (0.2)	$ 0.2

Real Estate - Pro Forma Informa

Real Estate - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Acquisition related costs			$ 900	$ 2,100
Pro forma revenues	$ 60,543	$ 53,579	124,516	108,785
Pro forma income from continuing operations	5,969	24,624	24,886	96,979
Pro forma net income attributable to Acadia	$ 11,948	$ 16,738	$ 26,763	$ 44,374
Pro forma basic and diluted earnings per share (in dollars per share)	$ 0.14	$ 0.22	$ 0.32	$ 0.60

Real Estate - Under Development

Real Estate - Under Development and Construction in Progress (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)property	Dec. 31, 2016USD ($)property
Property, Plant and Equipment [Line Items]
Real estate under development	$ 208,966	$ 543,486
Real estate in service	2,957,544	$ 2,551,448
Real estate under development, reclassification amount	700
Depreciation and amortization expense related to building under development demolished, Write-offs	2,000
City Point
Property, Plant and Equipment [Line Items]
Real estate in service	$ 432,600
Core Portfolio
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	2
Real estate development, capitalized costs	$ 300
Fund Portfolio
Property, Plant and Equipment [Line Items]
Real estate development, capitalized costs	$ 97,100
Fund II
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	1	2
Fund III
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	2	3
Fund IV
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	8	8

Notes Receivable, Net - Schedul

Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands	Jun. 30, 2017USD ($)debtinstrument	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable | $	$ 249,848	$ 276,163
Number of instruments held | debtinstrument	7
Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable | $	$ 198,395	216,400
Number of instruments held | debtinstrument	4
Core Portfolio | Minimum
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	6.00%
Core Portfolio | Maximum
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	8.70%
Fund II
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable | $	$ 31,397	31,007
Number of instruments held | debtinstrument	1
Effective interest rate	2.50%
Fund III
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable | $	$ 4,806	4,506
Number of instruments held | debtinstrument	1
Effective interest rate	18.00%
Fund IV
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable | $	$ 15,250	$ 24,250
Number of instruments held | debtinstrument	1
Effective interest rate	15.30%

Notes Receivable, Net - Narrati

Notes Receivable, Net - Narrative (Details) $ in Thousands	May 01, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)note_receivableproperty
Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable				$ 12,000	$ 24,500
Recovered mortgage amount including accrued interest and fees				16,800
Additional advance				98,528	$ 22,371
Notes receivable, net		$ 249,848		249,848		$ 276,163
Recovered interest income		1,400	$ 2,200
Nonperforming Financial Instruments
Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable				12,000
Notes receivable, net						12,000
Notes Receivable | Collateralized Note, 9.8% Interest Rate
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 | Five Notes Issued in Periods Prior to 2016
Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable						$ 42,800
Notes receivable, net						$ 29,600
Number of notes repaid | note_receivable						5
Notes Receivable | First Mortgage Loan, 8.1% Loan, Due 2019
Mortgage Loans on Real Estate [Line Items]
Effective interest rate						8.10%
Mezzanine Loan | Mezzanine Loan, 15% Loan
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net						$ 30,900
Effective interest rate						15.00%
Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net		198,395		198,395		$ 216,400
Core Portfolio | Notes Receivable of $10 million
Mortgage Loans on Real Estate [Line Items]
Additional advance				10,000
Notes receivable, net						$ 20,000
Core Portfolio | Note Receivable, Due June 1, 2018
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net		$ 15,000		$ 15,000
Core Portfolio | Notes Receivable | Collateralized Note, 9.8% Interest Rate
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued | note_receivable						1
Maximum | Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		8.70%		8.70%
Brandywine Market Square
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 153,400
Brandywine Market Square | Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Note receivable exchanged	16,000
Note receivable accrued interest	$ 300	$ 300		$ 300
Shopping Center in Windham, ME
Mortgage Loans on Real Estate [Line Items]
Note receivable exchanged				9,000
Note receivable accrued interest		200		200
Fund III
Mortgage Loans on Real Estate [Line Items]
Additional advance				300
Notes receivable, net		$ 4,806		$ 4,806		$ 4,506
Effective interest rate		18.00%		18.00%
Fund II
Mortgage Loans on Real Estate [Line Items]
Note receivable accrued interest		$ 400		$ 400
Notes receivable, net		$ 31,397		$ 31,397		31,007
Effective interest rate		2.50%		2.50%
Fund IV
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net		$ 15,250		$ 15,250		$ 24,250
Effective interest rate		15.30%		15.30%
Fund IV | Notes Receivable | Collateralized Note, 9.8% Interest Rate
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued | note_receivable						3

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	Jun. 30, 2017	May 01, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Due to related parties	$ 2,280		$ 2,193
Other	957		957
Investments in and advances to unconsolidated affiliates	272,736		272,028
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 15,358		13,691
KLA Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.50%
Equity method investments	$ 0		0
Fund III Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 166		8,108
Self Storage Management
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	95.00%
Equity method investments	$ 241		241
Fund III
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 407		8,349
Broughton Street Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 57,043		54,839
Cumulative capital contribution, percentage	15.00%
Cumulative capital contribution	$ 15,100		14,500
Preferred return percentage	9.00%
Preferred return	$ 46,800		45,400
Fund IV Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 20,240		21,817
650 Bald Hill Road
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 13,735		18,842
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investments	91,018		95,498
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 178,074		165,031
Core Portfolio | 840 N. Michigan
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%
Equity method investments	$ 72,471		74,131
Core Portfolio | Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Equity method investments	$ 35,783		36,437
Core Portfolio | Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Equity method investments	$ 29,321		29,421
Core Portfolio | Brandywine Market Square
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.11%	61.11%
Equity method investments	$ 21,984	$ 16,600	5,469
Core Portfolio | Brandywine Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	22.22%
Equity method investments	$ 14,791		15,286
Core Portfolio | Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 3,724		4,287
Core Portfolio | Crossroads
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	$ 15,358		$ 13,691

Investments in and Advances t52

Investments in and Advances to Unconsolidated Affiliates - Core Portfolio (Details) $ in Thousands	May 01, 2017USD ($)	Jan. 31, 2017USD ($)ft²	Apr. 29, 2016USD ($)	Jun. 30, 2017USD ($)ft²property	Dec. 31, 2016USD ($)	Jan. 31, 2016ft²
Schedule of Equity Method Investments [Line Items]
Purchase Price				$ 79,712	$ 756,842
Notes receivable, net				249,848	276,163
Brandywine Market Square
Schedule of Equity Method Investments [Line Items]
Notes receivable, net	$ 153,400
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Purchase Price					519,592
Notes receivable, net				198,395	216,400
Equity method investments				$ 178,074	165,031
Core Portfolio | Crossroads
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				49.00%
Square footage of real estate property (in square feet) | ft²				311,000
Core Portfolio | Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				50.00%
Square footage of real estate property (in square feet) | ft²				28,000
Equity method investments				$ 3,724	4,287
Core Portfolio | Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				49.00%
Square footage of real estate property (in square feet) | ft²						123,000
Percentage of voting interests acquired						49.00%
Equity method investments				$ 29,321	29,421
Core Portfolio | Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				20.00%
Square footage of real estate property (in square feet) | ft²				213,000
Percentage of voting interests acquired		20.00%
Number of businesses acquired | property				18
Equity method investments				$ 35,783	36,437
Core Portfolio | Brandywine Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				22.22%
Square footage of real estate property (in square feet) | ft²				1,000,000
Repayments of debt			$ 140,000
Equity method investments				$ 14,791	15,286
Core Portfolio | Brandywine Market Square
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.11%			61.11%
Note receivable exchanged	$ 16,000
Note receivable accrued interest	$ 300			$ 300
Equity method investment, ownership percentage by third party	38.89%
Equity method investments	$ 16,600			$ 21,984	$ 5,469
Gain on equity method investment	$ 9,800
Core Portfolio | Chicago, IL
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				88.43%
Square footage of real estate property (in square feet) | ft²				87,000
Core Portfolio | Alexandria, Virginia | Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) | ft²		6,200
Purchase Price		$ 3,000
Number of businesses acquired | property				2
Core Portfolio | Washington D.C. | Renaissance Portfolio
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
	Jun. 30, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Jan. 31, 2016
Cortlandt Towne Center
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%
Cortlandt Towne Center | Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt				$ 32.6
Partnership Interest | Cortlandt Towne Center
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal				$ 8.8
2819 Kennedy Boulevard | Fund IV
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 | Fund IV | Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt			8.4
2819 Kennedy Boulevard | Affiliated Entity | Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal			6.2
2819 Kennedy Boulevard | Partnership Interest | Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal			$ 1.4
Arundel Plaza | Fund III
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 | Fund III | Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt		10
Arundel Plaza | Affiliated Entity | Fund III
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal		5.3
Arundel Plaza | Partnership Interest | Fund III
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal		$ 1.3
1701 Belmont Avenue | Fund IV
Schedule of Equity Method Investments [Line Items]
Consideration received	$ 5.6
Proceeds from sale of equity method investments	2.7
Gain (loss) on disposal	3.3
1701 Belmont Avenue | Fund IV | Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt	2.9
1701 Belmont Avenue | Affiliated Entity | Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal	3.3
1701 Belmont Avenue | Partnership Interest | Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal	$ 0.8

Investments in and Advances t54

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Combined and Condensed Balance Sheets
Real estate under development	$ 208,966		$ 208,966		$ 543,486
Investments in and advances to unconsolidated affiliates	272,736		272,736		272,028
Other assets	207,203		207,203		192,786
Total assets	4,048,845		4,048,845		3,995,960
Total liabilities and equity	4,048,845		4,048,845		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	257,378		257,378		258,337
Combined and Condensed Statements of Income
Total revenues	59,504	$ 43,918	121,503	$ 91,963
Operating and other expenses	(52,762)	(34,482)	(104,864)	(72,676)
Depreciation and amortization	(26,057)	(14,678)	(50,593)	(31,527)
Income from continuing operations before gain on disposition of properties	6,108	9,583	26,079	18,065
Company’s equity in earnings of unconsolidated affiliates	4,340	1,740	17,043	3,694
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Related party revenue	300	400	600	600
Expenses, related party	400	600	900	1,200
Unconsolidated Affiliates
Combined and Condensed Balance Sheets
Rental property, net	544,210		544,210		576,505
Real estate under development	19,381		19,381		18,884
Investments in and advances to unconsolidated affiliates	6,854		6,854		6,853
Other assets	106,407		106,407		75,254
Total assets	676,852		676,852		677,496
Mortgage notes payable	399,574		399,574		407,344
Other liabilities	58,308		58,308		30,117
Partners’ equity	218,970		218,970		240,035
Total liabilities and equity	676,852		676,852		677,496
Company's share of accumulated equity	179,729		179,729		191,049
Basis differential	70,199		70,199		61,827
Deferred fees, net of portion related to the Company's interest	5,170		5,170		3,268
Amounts receivable by the Company	2,280		2,280		$ 2,193
Combined and Condensed Statements of Income
Total revenues	20,974	19,022	42,577	32,394
Operating and other expenses	(6,272)	(7,286)	(12,138)	(11,016)
Interest expense	(4,641)	(3,377)	(9,179)	(6,113)
Depreciation and amortization	(6,063)	(4,984)	(12,512)	(8,864)
Loss on debt extinguishment	(3)	0	(154)	0
Gain on disposition of properties	3,332	0	17,778	0
Income from continuing operations before gain on disposition of properties	7,327	3,375	26,372	6,401
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Income
Company’s share of equity in net income of unconsolidated affiliates	5,044	1,838	18,612	3,890
Basis differential amortization	(704)	(98)	(1,569)	(196)
Company’s equity in earnings of unconsolidated affiliates	$ 4,340	$ 1,740	$ 17,043	$ 3,694

Other Assets, Net and Account55

Other Assets, Net and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Other assets, net:
Lease intangibles, net (Note 6)	$ 119,002	$ 114,584
Deferred charges, net	28,361	25,221
Prepaid expenses	16,901	14,351
Other receivables	12,569	9,514
Accrued interest receivable	10,168	9,354
Deposits	5,501	4,412
Due from seller	4,300	4,300
Deferred tax assets	3,880	3,733
Derivative financial instruments (Note 8)	2,648	2,921
Due from related parties	1,406	1,655
Corporate assets	540	1,241
Income taxes receivable	1,927	1,500
Other assets, net	207,203	192,786
Deferred charges, net:
Deferred leasing and other costs	44,689	40,728
Deferred financing costs	7,147	5,915
Deferred costs, gross	51,836	46,643
Accumulated amortization	(23,475)	(21,422)
Deferred charges, net	28,361	25,221
Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	103,980	105,028
Accounts payable and accrued expenses	57,305	48,290
Deferred income	33,722	35,267
Tenant security deposits, escrow and other	15,486	14,975
Derivative financial instruments (Note 8)	3,546	3,590
Income taxes payable	1,582	1,287
Other	0	235
Accounts payable and other liabilities	$ 215,621	$ 208,672

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 191,441	$ 173,069
Amortizable Intangible Assets, Accumulated Amortization	(72,439)	(58,485)
Amortizable Intangible Assets, Net Carrying Amount	119,002	114,584
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(141,157)	(137,032)
Amortizable Intangible Liabilities, Accumulated Amortization	37,844	32,004
Amortizable Intangible Liabilities, Net Carrying Amount	(103,313)	(105,028)
Above-market Ground Lease, Gross	(672)	0
Above-market Ground Lease, Accumulated Amortization	5	0
Above-market Ground Lease, Net	(667)	0
Finite-Lived Intangible Liabilities, Gross	(141,829)	(137,032)
Finite-Lived Intangible Liabilities, Accumulated Amortization	37,849	32,004
Finite-Lived Intangible Liabilities, Net	(103,980)	(105,028)
Below market rents, acquired	$ 4,100
Below market rents acquired, weighted average useful life	11 years 5 months
Above-market ground lease, acquired	$ 700
Above-market ground lease acquired, weighted average useful life	11 years 6 months
In-place lease intangible assets
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 174,113	156,420
Amortizable Intangible Assets, Accumulated Amortization	(60,712)	(47,827)
Amortizable Intangible Assets, Net Carrying Amount	113,401	108,593
Intangible assets acquired	$ 17,700
Acquired intangible assets, weighted average useful life	4 years 2 months
Above-market rent
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 17,328	16,649
Amortizable Intangible Assets, Accumulated Amortization	(11,727)	(10,658)
Amortizable Intangible Assets, Net Carrying Amount	5,601	$ 5,991
Intangible assets acquired	$ 700
Acquired intangible assets, weighted average useful life	3 years 9 months

Lease Intangibles - Scheduled A

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Acquired Lease Intangibles [Abstract]
Amortizable Intangible Assets, Net Carrying Amount	$ 119,002	$ 114,584
2017 (Remainder), Increase to Amortization	(25,081)
2018, Increase to Amortization	(18,466)
2019, Increase to Amortization	(14,273)
2020, Increase to Amortization	(11,760)
2021, Increase to Amortization	(9,304)
Thereafter, Increase to Amortization	(34,517)
Total, Increase to Amortization	(113,401)
2017 (Remainder), Net	(15,531)
2018, Net	(8,801)
2019, Net	(5,122)
2020, Net	(3,994)
2021, Net	(2,234)
Thereafter, Net	20,660
Total	(15,022)
Net Increase in Lease Revenues
Acquired Lease Intangibles [Abstract]
2017 (Remainder)	9,492
2,018	9,607
2,019	9,093
2,020	7,708
2,021	7,012
Thereafter	54,800
Amortizable Intangible Assets, Net Carrying Amount	97,712
Reduction of Rent Expense
Acquired Lease Intangibles [Abstract]
2017 (Remainder)	58
2,018	58
2,019	58
2,020	58
2,021	58
Thereafter	377
Amortizable Intangible Assets, Net Carrying Amount	$ 667

Debt - Summary of Consolidated

Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,560,980	$ 1,505,671
Mortgage and other notes payable, net	1,122,131	1,055,728
Unsecured notes payable, net	397,622	432,990
Unsecured line of credit	24,000	0
Net unamortized debt issuance costs	(18,224)	(18,289)
Unamortized fair market value of assumed debt	997	1,336
Total indebtedness	1,543,753	1,488,718
Total Debt - Fixed and Effectively Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	900,189	860,486
Total Debt - Variable Rate
Debt Instrument [Line Items]
Long-term debt, gross	660,791	645,185
Total Debt - Variable Rate Fixed and Effectively Fixed Rate During Period
Debt Instrument [Line Items]
Long-term debt, gross	430,825	365,343
Mortgages
Debt Instrument [Line Items]
Mortgage and other notes payable, net	1,122,131	1,055,728
Net unamortized debt issuance costs	(16,526)	(16,642)
Unamortized fair market value of assumed debt	$ 997	1,336
Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate, stated percentage	5.42%
Unsecured Debt
Debt Instrument [Line Items]
Unsecured notes payable, net	$ 397,622	432,990
Net unamortized debt issuance costs	(1,698)	(1,646)
Line of Credit
Debt Instrument [Line Items]
Unsecured line of credit	$ 24,000	0
Core Portfolio | Variable Rate Debt | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.08%
Core Portfolio | Variable Rate Debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Core Portfolio | Variable Rate Unsecured Term Loans - Swapped | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Core Portfolio | Variable Rate Unsecured Term Loans - Swapped | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Core Portfolio | Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 290,176	317,125
Core Portfolio | Mortgages | Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 209,098	$ 234,875
Core Portfolio | Mortgages | Fixed Rate | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.88%	3.88%
Core Portfolio | Mortgages | Fixed Rate | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	6.00%	6.00%
Core Portfolio | Mortgages | Variable Rate - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 81,078	$ 82,250
Core Portfolio | Mortgages | Variable Rate - Swapped | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	1.71%	1.71%
Core Portfolio | Mortgages | Variable Rate - Swapped | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Core Portfolio | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000	$ 300,000
Core Portfolio | Unsecured Debt | Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross	$ 51,371	$ 51,194
Core Portfolio | Unsecured Debt | Unsecured Term Loans | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%	1.30%
Core Portfolio | Unsecured Debt | Unsecured Term Loans | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 248,629	$ 248,806
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	1.24%	1.24%
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Core Portfolio | Line of Credit | Unsecured Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 24,000	$ 0
Core Portfolio | Line of Credit | Unsecured Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%	1.40%
Fund II | Variable Rate Debt | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.79%
Fund II | Variable Rate Debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Fund II | Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 412,184	$ 412,291
Fund II | Mortgages | Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 249,762	$ 249,762
Fund II | Mortgages | Fixed Rate | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	1.00%	1.00%
Fund II | Mortgages | Fixed Rate | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	5.80%	5.80%
Fund II | Mortgages | Variable Rate - Swapped
Debt Instrument [Line Items]
Interest rate, stated percentage	2.88%	2.88%
Long-term debt, gross	$ 19,672	$ 19,779
Fund II | Mortgages | Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 142,750	$ 142,750
Fund II | Mortgages | Variable Rate Debt | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.79%	0.62%
Fund II | Mortgages | Variable Rate Debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2.50%
Fund III | Variable Rate Debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%
Fund III | Variable Rate Debt | Prime Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Fund III | Mortgages | Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 79,859	$ 83,467
Fund III | Mortgages | Variable Rate Debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%	4.65%
Fund III | Mortgages | Variable Rate Debt | Prime Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%	0.50%
Fund IV | Variable Rate Debt | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Fund IV | Variable Rate Debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%
Fund IV | Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 355,441	$ 258,151
Fund IV | Mortgages | Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 10,503	$ 10,503
Fund IV | Mortgages | Fixed Rate | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.40%	3.40%
Fund IV | Mortgages | Fixed Rate | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%	4.50%
Fund IV | Mortgages | Variable Rate - Swapped
Debt Instrument [Line Items]
Interest rate, stated percentage	1.78%	1.78%
Long-term debt, gross	$ 81,444	$ 14,509
Fund IV | Mortgages | Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 263,494	$ 233,139
Fund IV | Mortgages | Variable Rate Debt | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%	1.70%
Fund IV | Mortgages | Variable Rate Debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%	3.95%
Fund IV | Unsecured Debt | Term Loan / Subscription Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 54,920	$ 134,636
Fund IV | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	1.65%
Fund IV | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%	2.75%
Fund V | Unsecured Debt | Subscription Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 44,400	$ 0
Fund V | Unsecured Debt | Subscription Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%

Debt - Mortgage Payable (Detail

Debt - Mortgage Payable (Details)	6 Months Ended
	Jun. 30, 2017USD ($)propertyderivativeloan	Dec. 31, 2016USD ($)property
Debt Instrument [Line Items]
Number of Interest Rate Derivatives Held | derivative	7
Mortgages
Debt Instrument [Line Items]
Number of mortgage loans | loan	9
Borrowings, amount	$ 130,000,000
Weighted average interest rate, outstanding	3.38%
Number of properties collateralized | property	47	39
Number of notes repaid | loan	2
Repayments of debt	$ 28,100,000
Annual principal payment	1,900,000
Interest Rate Swaps | Mortgages
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 67,300,000
Weighted average interest rate	1.92%
Core Portfolio
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 329,707,000
Brandywine Portfolio | Core Portfolio | Mortgages
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.99%
Debt default, amount	$ 26,300,000	$ 26,300,000
Debt Instrument, Default Interest	5.00%
Interest owner percentage in property	22.00%
Loss Contingency, Damages Sought, Value	$ 31,000,000
Sherman Avenue | Mortgages
Debt Instrument [Line Items]
Debt default, amount	$ 14,300,000
LIBOR | Mortgages
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.42%

Debt - Unsecured Notes Payable

Debt - Unsecured Notes Payable (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total indebtedness	$ 1,543,753,000	$ 1,543,753,000	$ 1,488,718,000
Fund IV | Line of Credit | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	21,500,000	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	20,400,000	94,500,000
Remaining borrowing capacity	0	0	$ 55,500,000
Fund V | Subscription Line | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000	150,000,000
Repayments of debt	1,000,000
Long-term line of credit, noncurrent	44,400,000	44,400,000
Remaining borrowing capacity	105,600,000	$ 105,600,000
Proceeds from debt	$ 45,400,000

Debt - Unsecured Lines of Credi

Debt - Unsecured Lines of Credit (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unsecured line of credit	$ 24,000,000	$ 0
Line of Credit | Unsecured Debt
Debt Instrument [Line Items]
Unsecured line of credit	114,700,000	$ 147,500,000
Core Portfolio | Line of Credit | Unsecured Debt
Debt Instrument [Line Items]
Proceeds from (repayments of) lines of credit	24,000,000
Line of Credit Facility, Fair Value of Amount Outstanding	$ 24,000,000

Debt - Scheduled Principal Repa

Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017 (Remainder)	$ 214,660
2,018	122,808
2,019	211,245
2,020	458,427
2,021	255,058
Thereafter	298,782
Long-term debt and convertible notes payable	1,560,980	$ 1,505,671
Unamortized fair market value of assumed debt	997	1,336
Net unamortized debt issuance costs	(18,224)	(18,289)
Total indebtedness	$ 1,543,753	$ 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	Jun. 30, 2017	Dec. 31, 2016
Assets
Derivative financial instruments	$ 2,648	$ 2,921
Liabilities
Derivative financial instruments	3,546	3,590
Recurring | Level 1
Assets
Money Market Funds	3	20,001
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Recurring | Level 2
Assets
Money Market Funds	0	0
Derivative financial instruments	2,648	2,921
Liabilities
Derivative financial instruments	3,546	3,590
Recurring | Level 3
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	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (3,546)	$ (3,590)
Fair value, asset derivatives	2,648	2,921
Core Portfolio
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	329,707
Fair value, derivatives, net	(301)	(609)
Core Portfolio | Interest Rate Swaps | Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	124,844
Fair value, liability derivatives	$ (2,871)	(3,218)
Core Portfolio | Interest Rate Swaps | Other Liabilities | Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	1.38%
Core Portfolio | Interest Rate Swaps | Other Liabilities | Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%
Core Portfolio | Interest Rate Swaps | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 204,864
Fair value, asset derivatives	$ 2,570	2,609
Core Portfolio | Interest Rate Swaps | Other Assets | Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	1.24%
Core Portfolio | Interest Rate Swaps | Other Assets | Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%
Fund II
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 49,172
Fair value, derivatives, net	(193)	(228)
Fund II | Interest Rate Swaps | Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	19,672
Fair value, liability derivatives	$ (193)	(228)
Fund II | Interest Rate Swaps | Other Liabilities | Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II | Interest Rate Swaps | Other Liabilities | Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II | Interest Rate Cap | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 29,500
Fair value, asset derivatives	$ 0	0
Fund II | Interest Rate Cap | Other Assets | Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund II | Interest Rate Cap | Other Assets | Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund III | Interest Rate Cap | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 58,000
Fair value, asset derivatives	$ 33	127
Fund III | Interest Rate Cap | Other Assets | Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund III | Interest Rate Cap | Other Assets | Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 190,344
Fair value, derivatives, net	(437)	41
Fund IV | Interest Rate Swaps | Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	81,444
Fair value, liability derivatives	$ (482)	(144)
Fund IV | Interest Rate Swaps | Other Liabilities | Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	1.78%
Fund IV | Interest Rate Swaps | Other Liabilities | Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	1.98%
Fund IV | Interest Rate Cap | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 108,900
Fair value, asset derivatives	$ 45	$ 185
Fund IV | Interest Rate Cap | Other Assets | Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV | Interest Rate Cap | Other Assets | Maximum
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 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) related to the effective portion recognized in other comprehensive income	$ (2,124)	$ (5,279)	$ (2,008)	$ (14,098)
Amount of loss related to the effective portion subsequently reclassified to earnings	0	0	0	0
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing	$ 0	$ 0	$ 0	$ 0

Financial Instruments and Fai66

Financial Instruments and Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	$ 249,848	$ 276,163
Mortgage and Other Notes Payable, net	1,543,753	1,488,718
Unsecured notes payable and Unsecured line of credit, net	397,622	432,990
Carrying Amount | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	249,848	276,163
Mortgage and Other Notes Payable, net	1,137,660	1,071,034
Investment in non-traded equity securities	802	802
Carrying Amount | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit, net	423,320	434,636
Estimated Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	244,544	272,052
Mortgage and Other Notes Payable, net	1,144,720	1,077,926
Investment in non-traded equity securities	25,194	25,194
Estimated Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit, net	$ 424,367	$ 435,779

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 103.7	$ 85.4
Letters of credit, oustanding amount	11.3	11.3
Unconsolidated joint venture debt, pro rata portion, if not paid by joint venture	$ 162.3	$ 165.7

Shareholders' Equity, Noncont68

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Common Shares, Share Repurchases and Dividends and Distributions (Details) - USD ($)	May 10, 2017	Nov. 08, 2016	Nov. 07, 2016	Jul. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2001	May 09, 2017	Dec. 31, 2014
Class of Stock [Line Items]
Common shares, authorized (in shares)	200,000,000				100,000,000		100,000,000		100,000,000
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)					$ 0.52	$ 0.50	$ 0.50
ATM Equity Program
Class of Stock [Line Items]
Stock, shares authorized not issued										$ 200,000,000
Restricted Stock
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
Class of Stock [Line Items]
Unit based compensation					$ 4,500,000		$ 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
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
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
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
Class of Stock [Line Items]
Cash dividends paid (in dollars per share)		$ 0.15

Shareholders' Equity, Noncont69

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			$ 2,178,125	$ 1,521,354
Other comprehensive loss before reclassifications			(2,008)	(14,098)
Reclassification of realized interest on swap agreements			1,903	2,186
Net current period other comprehensive loss	$ (1,194)	$ (4,139)	(105)	(11,912)
Ending Balance	2,180,397	1,760,917	2,180,397	1,760,917
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(798)	(4,463)
Ending Balance	$ (520)	$ (15,220)	(520)	(15,220)
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net current period other comprehensive loss			$ 383	$ 1,155

Shareholders' Equity, Noncont70

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ 589,548
Net income (loss)	$ 6,108	$ 26,155		26,079	$ 100,030
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	(2,124)	(5,279)		(2,008)	(14,098)
Change in control of previously unconsolidated investment					(75,713)
Reclassification of realized interest on swap agreements	930	$ 1,140		1,903	2,186
Noncontrolling interest contributions				20,505	157,409
Noncontrolling interest distributions				(4,507)	(49,135)
Employee Long-term Incentive Plan Unit Awards				7,002	6,076
Rebalancing adjustment				0	0
Balance	$ 610,203			610,203		$ 589,548
Payments to noncontrolling interests				$ 8,452	$ 71,432
Distributions declared (in dollars per share)				$ 0.52	$ 0.50	$ 0.50
Limited partners' capital account, units issued and converted (in shares)	41,166			41,166		303,536
LTIP Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP units outstanding (in shares)	2,266,957	1,990,081		2,266,957	1,990,081
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Limited partners' capital account, units issued and converted (in shares)	1,392			1,392
Fund II
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			28.33%
Operating Partnership, as General Partner or Managing Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	3,361,397	3,317,760		3,361,397	3,317,760
Equity Interest Held By Operating Partnership				95.00%		95.00%
Operating Partnership, as General Partner or Managing Member | Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	188	188		188	188
Operating Partnership, as General Partner or Managing Member | Series C Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	140,343	141,593		140,343	141,593
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			$ 420,866	$ 589,548	$ 420,866	$ 420,866
Distributions declared of $0.52 and $0.50 per Common OP Unit for Six Months Ended June 30, 2017 and 2016				(3,207)	(2,932)
Net income (loss)				(1,612)	53,187
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership				(730)	(7,383)
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				(747)	(1,441)
Change in control of previously unconsolidated investment					(75,713)
Reclassification of realized interest on swap agreements				364	286
Noncontrolling interest contributions				20,505	157,409
Noncontrolling interest distributions				(4,507)	(49,135)
Employee Long-term Incentive Plan Unit Awards				6,662	5,602
Rebalancing adjustment				3,927	(38,845)
Balance	$ 610,203	$ 465,289		610,203	465,289	589,548
Noncontrolling Interests | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	3,927			3,927
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			324,526	494,126	324,526	324,526
Distributions declared of $0.52 and $0.50 per Common OP Unit for Six Months Ended June 30, 2017 and 2016				0	0
Net income (loss)				(3,532)	49,940
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				(676)	(729)
Change in control of previously unconsolidated investment					(75,713)
Reclassification of realized interest on swap agreements				277	179
Noncontrolling interest contributions				20,505	157,409
Noncontrolling interest distributions				(4,507)	(49,135)
Employee Long-term Incentive Plan Unit Awards				0	0
Rebalancing adjustment					0
Balance	506,193	380,529		506,193	380,529	494,126
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	0			0
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			$ 96,340	95,422	96,340	96,340
Distributions declared of $0.52 and $0.50 per Common OP Unit for Six Months Ended June 30, 2017 and 2016				(3,207)	(2,932)
Net income (loss)				1,920	3,247
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership				(730)	(7,383)
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				(71)	(712)
Change in control of previously unconsolidated investment					0
Reclassification of realized interest on swap agreements				87	107
Noncontrolling interest contributions				0	0
Noncontrolling interest distributions				0	0
Employee Long-term Incentive Plan Unit Awards				6,662	5,602
Rebalancing adjustment					(38,845)
Balance	104,010	$ 84,760		104,010	$ 84,760	$ 95,422
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 3,927			$ 3,927

Shareholders' Equity, Noncont71

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)$ / Unitsshares	Jun. 30, 2016$ / sharesshares	Dec. 31, 2016shares	Dec. 31, 1999shares
Class of Stock [Line Items]
Limited partners' capital account, units issued and converted (in shares)	41,166		303,536
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 C Preferred OP Units
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	1,250
Series A Preferred Stock
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)				1,580
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
Class of Stock [Line Items]
Preferred OP Units (in shares)	3,361,397	3,317,760
Operating Partnership, as General Partner or Managing Member | Series A Preferred Stock
Class of Stock [Line Items]
Preferred OP Units (in shares)	188	188
Gotham Plaza | Preferred OP Units [Member]
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		141,593
Gotham Plaza | 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 shares)		3.4722
Number of convertiable units of share price falls above $35.20 (in Shares)		2.8409
Minimum | Gotham Plaza | Preferred OP Units [Member]
Class of Stock [Line Items]
Share price at conversion date | $ / shares		$ 28.80
Maximum | Gotham Plaza | 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	6 Months Ended
	Jun. 30, 2017USD ($)shopping_center	Jun. 30, 2016USD ($)
Operating Leased Assets [Line Items]
Number of shopping centers with land leases | shopping_center	7
Ground lease expense	$ 1.8	$ 1
Rent expense capitalized	0.1	0.3
Rent expense	$ 0.4	$ 0.2
Minimum
Operating Leased Assets [Line Items]
Period of lease term	25 years
Maximum
Operating Leased Assets [Line Items]
Period of lease term	71 years

Leases - Capital Leasers (Detai

Leases - Capital Leasers (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Capital Leased Assets [Line Items]
Capital lease obligation	$ 70,367		$ 70,129
991 Madison Avenue
Capital Leased Assets [Line Items]
Capital lease term	49 years
Capital lease obligation	$ 76,600
991 Madison Avenue | Capital Lease Obligations
Capital Leased Assets [Line Items]
Repayments capital lease obligations	$ 1,500	$ 700

Leases - Lease Obligations (Det

Leases - Lease Obligations (Details) $ in Thousands	Jun. 30, 2017USD ($)
Minimum Rental Revenues
2017 (Remainder)	$ 77,973
2,018	162,628
2,019	156,020
2,020	144,613
2,021	130,356
Thereafter	686,126
Total	1,357,716
Minimum Rental Payments
2017 (Remainder)	2,085
2,018	4,187
2,019	4,207
2,020	4,106
2,021	4,240
Thereafter	189,093
Total	$ 207,918

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenues	$ 59,504	$ 43,918	$ 121,503	$ 91,963
Depreciation and amortization	(26,057)	(14,678)	(50,593)	(31,527)
Property operating expenses, other operating and real estate taxes	(17,841)	(11,283)	(36,938)	(23,276)
General and administrative expenses	(8,864)	(8,521)	(17,333)	(17,873)
Operating income	6,742	9,436	16,639	19,287
Gain on disposition of properties	0	16,572	0	81,965
Interest income	8,203	7,415	17,187	12,053
Equity in earnings of unconsolidated affiliates	4,340	1,740	17,043	3,694
Interest expense	(12,750)	(8,897)	(24,238)	(16,935)
Income tax provision	(427)	(111)	(552)	(34)
Net income	6,108	26,155	26,079	100,030
Net loss (income) attributable to noncontrolling interests	5,952	(8,237)	1,612	(53,187)
Net income attributable to Acadia	12,060	17,918	27,691	46,843
Real estate at cost	3,486,007	2,647,745	3,486,007	2,647,745
Total assets	4,048,845	3,235,040	4,048,845	3,235,040
Acquisition of real estate	43,097	6,250	77,785	18,537
Development and property improvement costs	19,288	18,427	46,303	55,890
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	41,488	34,693	85,933	72,800
Depreciation and amortization	(15,534)	(11,706)	(31,973)	(25,201)
Property operating expenses, other operating and real estate taxes	(10,160)	(8,286)	(23,012)	(16,848)
General and administrative expenses	0	0	0	0
Operating income	15,794	14,701	30,948	30,751
Gain on disposition of properties		0		0
Interest income	0	0	0	0
Equity in earnings of unconsolidated affiliates	982	581	1,542	1,173
Interest expense	(6,933)	(7,113)	(14,088)	(13,877)
Income tax provision	0	0	0	0
Net income	9,843	8,169	18,402	18,047
Net loss (income) attributable to noncontrolling interests	(372)	(9)	(804)	(2,831)
Net income attributable to Acadia	9,471	8,160	17,598	15,216
Real estate at cost	1,984,601	1,528,848	1,984,601	1,528,848
Total assets	2,252,390	1,809,395	2,252,390	1,809,395
Acquisition of real estate	0	6,250	0	6,250
Development and property improvement costs	2,758	6,975	3,753	10,222
Funds
Segment Reporting Information [Line Items]
Revenues	18,016	9,225	35,570	19,163
Depreciation and amortization	(10,523)	(2,972)	(18,620)	(6,326)
Property operating expenses, other operating and real estate taxes	(7,681)	(2,997)	(13,926)	(6,428)
General and administrative expenses	0	0	0	0
Operating income	(188)	3,256	3,024	6,409
Gain on disposition of properties		16,572		81,965
Interest income	0	0	0	0
Equity in earnings of unconsolidated affiliates	3,358	1,159	15,501	2,521
Interest expense	(5,817)	(1,784)	(10,150)	(3,058)
Income tax provision	0	0	0	0
Net income	(2,647)	19,203	8,375	87,837
Net loss (income) attributable to noncontrolling interests	6,324	(8,228)	2,416	(50,356)
Net income attributable to Acadia	3,677	10,975	10,791	37,481
Real estate at cost	1,501,406	1,118,897	1,501,406	1,118,897
Total assets	1,546,607	1,152,103	1,546,607	1,152,103
Acquisition of real estate	43,097	0	77,785	12,287
Development and property improvement costs	16,530	11,452	42,550	45,668
Structured Financing
Segment Reporting Information [Line Items]
Revenues		0	0	0
Depreciation and amortization	0	0	0	0
Property operating expenses, other operating and real estate taxes	0	0	0	0
General and administrative expenses	0	0	0	0
Operating income	0	0	0	0
Gain on disposition of properties		0		0
Interest income	8,203	7,415	17,187	12,053
Equity in earnings of unconsolidated affiliates	0	0	0	0
Interest expense	0	0	0	0
Income tax provision	0	0	0	0
Net income	8,203	7,415	17,187	12,053
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Acadia	8,203	7,415	17,187	12,053
Real estate at cost	0	0	0	0
Total assets	249,848	273,542	249,848	273,542
Acquisition of real estate	0	0	0	0
Development and property improvement costs	0	0	0	0
Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Depreciation and amortization	0	0	0	0
Property operating expenses, other operating and real estate taxes	0	0	0	0
General and administrative expenses	(8,864)	(8,521)	(17,333)	(17,873)
Operating income	(8,864)	(8,521)	(17,333)	(17,873)
Gain on disposition of properties		0		0
Interest income	0	0	0	0
Equity in earnings of unconsolidated affiliates	0	0	0	0
Interest expense	0	0	0	0
Income tax provision	(427)	(111)	(552)	(34)
Net income	(9,291)	(8,632)	(17,885)	(17,907)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Acadia	(9,291)	(8,632)	(17,885)	(17,907)
Real estate at cost	0	0	0	0
Total assets	0	0	0	0
Acquisition of real estate	0	0	0	0
Development and property improvement costs	$ 0	$ 0	$ 0	$ 0

Share Incentive and Other Com76

Share Incentive and Other Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.3	$ 0.3
Trustee fees	0.3	0.3
Total unrecognized compensation cost related to nonvested awards	$ 18.3
Weighted-average period over which cost is expected to be recognized	2 years 6 months
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested	$ 7.4		$ 13.6
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested	0.7		0.7
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date	9.8
Compensation expense	7.6		2.2
Unit based compensation	$ 4.5		$ 10.9
Weighted average grant date fair value, grants (in dollars per share)	$ 32.28		$ 34.50
Officers and Employees | Second Amended 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,794,293
Officer | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	292,255
Officer | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	7,628
Trustee | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	11,105
Trustee | LTIP Units | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	5,805
Trustee | LTIP Units | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	5,300
Senior Executives | Long Term Investment Alignment Program
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 | LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation	$ 4.5	3.7
Trustee | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	11,814
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date	3,864
Shares granted to trustees for trustee fees begin vesting on two year anniversary of grant date	7,950
Trustee | LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date	33.00%
Fund III | Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.4	$ 1.5
Fund III | Senior Executives | Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award				25.00%
Fund IV | Senior Executives | Long Term Investment Alignment Program
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	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Restricted Stock
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)	19,442	24,583
Shares vested (in shares)	(21,771)	(24,886)
Shares forfeited (in shares)	(309)	(189)
Shares unvested, End of period (in shares)	46,769	49,407
Weighted Grant-Date Fair Value
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)	29.85	33.35
Shares vested, Weighted average grant date fair value (in dollars per share)	30.91	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)	$ 27.28	$ 27.92
LTIP Units
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)	303,360	359,484
Shares vested (in shares)	(257,515)	(522,680)
Shares forfeited (in shares)	0	(48)
Shares unvested, End of period (in shares)	902,722	856,877
Weighted Grant-Date Fair Value
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)	32.44	34.40
Shares vested, Weighted average grant date fair value (in dollars per share)	28.58	26.08
Shares forfeited, Weighted average grant date fair value (in dollars per share)	0	35.37
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 28.37	$ 26.99

Share Incentive and Other Com78

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 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)	2,407	2,334

Share Incentive and Other Com79

Share Incentive and Other Compensation - Employee 401 (k) Plan (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income attributable to Acadia	$ 12,060	$ 17,918	$ 27,691	$ 46,843
Less: net income attributable to participating securities	(126)	(223)	(372)	(589)
Income from continuing operations net of income attributable to participating securities	$ 11,934	$ 17,695	$ 27,319	$ 46,254
Denominator:
Weighted average shares for basic earnings per share	83,661,953	72,895,868	83,648,415	71,825,784
Effect of dilutive securities:
Employee unvested restricted shares	0	0	5,365	7,861
Convertible Preferred OP Units	0	0	0	25,067
Weighted Average Number of Shares Outstanding, Diluted	83,661,953	72,895,868	83,653,780	71,858,712
Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$ 0.14	$ 0.24	$ 0.33	$ 0.64
Series A Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	188	188	188	0
Series A Preferred OP Units - Common share equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	25,067	25,067	25,067	0
Series C Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	140,343	141,593	140,343	141,593
Series C Preferred OP Units - Common share equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	487,299	402,252	479,167	402,653
Restricted shares
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	43,318	50,156	0	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 27, 2017	Jul. 14, 2017	Jul. 07, 2017	Jul. 06, 2017	Jul. 05, 2017	Jul. 28, 2017	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Proceeds from the disposition of properties								$ 0	$ 150,379
Purchase Price								79,712		$ 756,842
Cash distribution received								2,851	$ 2,974
Fund II
Subsequent Event [Line Items]
Derivative, notional amount								49,172
Mortgages | Interest Rate Swaps
Subsequent Event [Line Items]
Derivative, notional amount								67,300
Core Portfolio
Subsequent Event [Line Items]
Derivative, notional amount								$ 329,707
Purchase Price										$ 519,592
Subsequent Event
Subsequent Event [Line Items]
Purchase Price	$ 44,000
Subsequent Event | Albertson
Subsequent Event [Line Items]
Cash distribution received						$ 2,300
Subsequent Event | Interest Rate Swaps
Subsequent Event [Line Items]
Derivative term			10 years
Derivative, notional amount			$ 25,000
Subsequent Event | Core Portfolio | Mortgages
Subsequent Event [Line Items]
Repayments of debt					$ 28,600
New Hyde Park Shopping Center | Subsequent Event | Fund III | Disposed of by Sale
Subsequent Event [Line Items]
Proceeds from the disposition of properties				$ 22,100
City Point Tower I Property | Subsequent Event | Fund II | Disposed of by Sale
Subsequent Event [Line Items]
Proceeds from the disposition of properties		$ 96,000
Cost of real estate sales				$ 92,000
Forecast | City Point Tower I Property | Fund II | Disposed of by Sale
Subsequent Event [Line Items]
Loss on disposal of properties							$ 4,000