MORTGAGES AND OTHER NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Mortgage Loan Activity [Table Text Block]

The following table reflects mortgage loan activity for the year ended December 31, 2013:



(dollars in thousands)
Collateral	Activity	Month	Amount Borrowed or Assumed		Amount Repaid		Interest Rate	Maturity Date
28 Jericho Turnpike	New Loan	January	$	16,500	$	—	LIBOR + 1.90%	1/23/2023
Nostrand Ave	New Loan	February	13,000		—		LIBOR + 2.65%	2/1/2016
161st St	Refinance	March	29,500		28,900		LIBOR + 2.50%	4/1/2018
City Point (1)	Amendment	March	20,000		—		LIBOR + 5.00%	8/23/2015
60 Orange St	New Loan	April	8,600		—		LIBOR + 1.75%	4/3/2023
210 Bowery	New Loan	June	4,600		—		LIBOR + 1.95%	6/1/2014
Cortlandt Towne Center (2)	Amendment	August	12,033		—		LIBOR + 1.65%	10/26/2015
Village Commons Shopping Center	Repayment	November	—		9,084
Branch Plaza	Repayment	November	—		12,311
West Diversey	Repayment	November	—		14,905
Fordham Place (3)	Repayment	December			81,422
Pelham Manor (3)	Repayment	December	—		33,555
Lincoln Park Center	Refinance	December	23,000		19,026		LIBOR + 1.45%	12/3/2016
A&P Shopping Plaza (3)	Repayment	December	—		8,000
City Point	New Loan	December	197,000		—		4.75%	2019 ⁽⁴⁾
Total			$	324,233	$	207,203

Notes:

(1) Loan was amended from $50.0 million to $20.0 million.

(2) Loan was amended from $73.0 million to $85.0 million.

(3) Loan was paid off in connection with the sale of the property.

(4) The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.

Schedule of Line of Credit Facilities [Table Text Block]

The following table sets forth certain information pertaining to our credit facilities as of December 31, 2013:



(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2012		Net borrowings (repayments) during the year ended December 31, 2013			Amount borrowed as of December 31, 2013		Letters of credit outstanding as of December 31, 2013		Amount available under credit facilities as of December 31, 2013
Acadia Realty, LP	$	150,000	$	—	$	—		$	—	$	12,500	$	137,500
Fund IV	150,000		93,050		(24,300		)	68,750		—		81,250
Total	$	300,000	$	93,050	$	(24,300	)	$	68,750	$	12,500	$	218,750

Schedule of Debt [Table Text Block]

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2013 and December 31, 2012:

(dollars in thousands)

Description of Debt and Collateral

12/31/2013

12/31/2012

Interest Rate at December 31, 2013

Maturity

Payment
Terms

Mortgage notes payable – variable-rate

161st Street

—

28,900

5.67%
(LIBOR+5.50%)

4/1/2013

Interest only monthly.

Liberty Avenue

9,090

9,208

3.42%
(LIBOR+3.25%)

4/30/2014

Monthly principal and interest.

210 Bowery

4,600

—

2.12%
(LIBOR+1.95%)

6/1/2014

Interest only monthly.

Branch Shopping Plaza

—

12,526

2.42%
(LIBOR+2.25%)

9/30/2014

Monthly principal and interest.

640 Broadway

22,750

3.12%
(LIBOR+2.95%)

7/1/2015

Interest only monthly.

Heritage Shops

20,871

21,000

2.42%
(LIBOR+2.25%)

8/10/2015

Interest only monthly.

CityPoint

20,650

3.67%
(LIBOR+3.50%)

8/12/2015

Interest only monthly.

CityPoint

20,000

—

5.17%
(LIBOR+5.00%)

8/23/2015

Interest only monthly.

Cortlandt Towne Center

84,745

73,499

1.82%
(LIBOR+1.65%)

10/26/2015

Monthly principal and interest.

New Hyde Park Shopping Center

6,294

6,484

2.42%
(LIBOR+2.25%)

11/10/2015

Monthly principal and interest.

Nostrand Ave

12,567

—

2.82%
(LIBOR+2.65%)

2/1/2016

Monthly principal and interest.

Village Commons Shopping Center

—

9,192

1.57%
(LIBOR+1.40%)

6/30/2018

Monthly principal and interest.

Lincoln Park Centre

23,000

—

1.62%
(LIBOR+1.45%)

12/3/2016

Interest only monthly.

Term Loan

50,000

—

1.57%
(LIBOR+140%)

11/25/2018

Interest only monthly.

161st Street

29,500

—

2.67%
(LIBOR+2.50%)

4/1/2018

Interest only monthly.

West Diversey

—

15,273

2.07%
(LIBOR+1.90%)

4/27/2019

Monthly principal and interest.

4401 N White Plains Road

6,263

6,381

2.07%
(LIBOR+1.90%)

9/1/2022

Monthly principal and interest.

28 Jericho Turnpike

16,164

—

2.07%
(LIBOR+1.90%)

1/23/2023

Monthly principal and interest.

60 Orange Street

8,457

—

1.92%
(LIBOR+1.75%)

4/3/2023

Monthly principal and interest.

Sub-total mortgage notes payable

334,951

225,863

Credit facilities – variable-rate:

Fund IV revolving subscription line of credit (2)

68,750

93,050

1.82%
(LIBOR+1.65%)

11/20/2015

Interest only monthly.

Interest rate swaps (1)

(179,660

)

(132,857

)

Total variable-rate debt

224,041

186,056

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued



(dollars in thousands)
Description of Debt and Collateral	12/31/2013		12/31/2012			Interest Rate at December 31, 2013	Maturity	Payment Terms

Mortgage notes payable – fixed-rate
Lincoln Park Centre	$	—	$	19,478		5.85%	12/1/2013	Monthly principal and interest.
Clark Diversey	4,192		4,345			6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	13,369		13,634			5.64%	9/6/2014	Monthly principal and interest.
CityPoint	20,000		20,000			7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	16,747		17,025			4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,530		11,742			5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	32,744		33,258			5.53%	1/1/2016	Monthly principal and interest.
Chicago Street Retail Portfolio	15,558		15,835			5.61%	2/1/2016	Monthly principal and interest.
The Gateway Shopping Center	19,746		20,036			5.44%	3/1/2016	Monthly principal and interest.
330-340 River Street	10,904		11,128			5.29%	5/1/2016	Monthly principal and interest.
Brandywine Town Center	166,200		—			5.99%	7/1/2016	Interest only monthly.
Walnut Hill Plaza	22,910		23,194			6.06%	10/1/2016	Monthly principal and interest.
Rhode Island Place Shopping Center	16,208		16,426			6.35%	12/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000		26,000			5.42%	2/11/2017	Interest only monthly.
639 West Diversey	4,341		4,431			6.65%	3/1/2017	Monthly principal and interest.
Merrillville Plaza	25,837		26,151			5.88%	8/1/2017	Monthly principal and interest.
216th Street	25,500		25,500			5.80%	10/1/2017	Interest only monthly.
CityPoint	5,262		5,262			1.00%	8/23/2019	Interest only monthly.
CityPoint	197,000		—			4.75%	2019 (3)	Interest only monthly.
Interest rate swaps (1)	179,660		132,857			2.15%
Total fixed-rate debt	813,708		426,302
Unamortized premium (discount)	1,868		(107		)
Total	$	1,039,617	$	612,251

Notes:


(1)	Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).


(2)	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.


(3)	The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.

Schedule of Maturities of Long-term Debt [Table Text Block]

The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2013 are as follows (does not include $1,868 net valuation discount on assumption of debt):




(dollars in thousands)
2014	$	57,083
2015	273,909
2016	316,540
2017	81,161
2018	80,382
Thereafter	229,054
	$	1,038,129