UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM 10-K/A |
ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2011 | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ACADIA REALTY TRUST | |
(Exact name of registrant as specified in its charter) | |
Maryland | 23-2715194 |
(State of incorporation) | (I.R.S. employer identification no.) |
1311 Mamaroneck Avenue, Suite 260 White Plains, NY 10605 | |
(Address of principal executive offices) | |
(914) 288-8100 | |
(Registrant’s telephone number) | |
Securities registered pursuant to Section 12(b) of the Act: | |
Common Shares of Beneficial Interest, $.001 par value | |
(Title of Class) | |
New York Stock Exchange | |
(Name of Exchange on which registered) |
Securities registered pursuant to Section 12(g) of the Act: |
None |
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. |
YES x NO o |
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Securities Act. |
YES o NO x |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. |
YES x NO o |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). |
YES x NO o |
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the Act). |
Large Accelerated Filer x Accelerated Filer o Non-accelerated Filer o Smaller Reporting Company o |
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) |
YES o NO x |
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter was approximately $818.7 million, based on a price of $20.30 per share, the average sales price for the registrant’s common shares of beneficial interest on the New York Stock Exchange on that date. |
The number of shares of the registrant’s common shares of beneficial interest outstanding on February 28, 2012 was 42,763,289. |
DOCUMENTS INCORPORATED BY REFERENCE |
Part III – Portions of the registrant’s definitive proxy statement relating to its 2012 Annual Meeting of Shareholders presently scheduled to be held May 16, 2012 to be filed pursuant to Regulation 14A. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Document |
101.DEF | XBRL Taxonomy Extension Definitions Document |
101.LAB | XBRL Taxonomy Extension Labels Document |
101.PRE | XBRL Taxonomy Extension Presentation Document |
Exhibit No. | Description | |
3.1 | Declaration of Trust of the Company, as amended (1) | |
3.2 | Fourth Amendment to Declaration of Trust (1) | |
3.3 | Amended and Restated Bylaws of the Company (1) | |
3.4 | Fifth Amendment to Declaration of Trust (1) | |
3.5 | First Amendment the Amended and Restated Bylaws of the Company (1) | |
4.1 | Voting Trust Agreement between the Company and Yale University dated February 27, 2002 (1) | |
10.1 | 1999 Share Option Plan (1) | |
10.2 | 2003 Share Option Plan (1) | |
10.3 | Form of Share Award Agreement (1) | |
10.4 | Form of Registration Rights Agreement and Lock-Up Agreement (1) | |
10.5 | Registration Rights and Lock-Up Agreement (RD Capital Transaction) (1) | |
10.6 | Registration Rights and Lock-Up Agreement (Pacesetter Transaction) (1) | |
10.7 | Contribution and Share Purchase Agreement dated as of April 15, 1998 among Mark Centers Trust, Mark Centers Limited Partnership, the Contributing Owners and Contributing Entities named therein, RD Properties, L.P. VI, RD Properties, L.P. VIA and RD Properties, L.P. VIB (1) | |
10.8 | Agreement of Contribution among Acadia Realty Limited Partnership, Acadia Realty Trust and Klaff Realty, LP and Klaff Realty, Limited (1) | |
10.9 | Employment agreement between the Company and Kenneth F. Bernstein dated October 1998 (1) | |
10.11 | Amendment to employment agreement between the Company and Kenneth F. Bernstein dated January 19, 2007 (1) | |
10.12 | First Amendment to Employment Agreement between the Company and Kenneth Bernstein dated as of January 1, 2001 (1) | |
10.13 | Description of Long Term Investment Alignment Program (1) | |
10.14 | Letter of employment offer between the Company and Michael Nelsen, Sr. Vice President and Chief Financial Officer dated February 19, 2003 (1) | |
10.15 | Form of Amended and Restated Severance Agreement, dated June 12, 2008, that was entered into with each of Joel Braun, Executive Vice President and Chief Investment Officer; Michael Nelsen, Senior Vice President and Chief Financial Officer; Robert Masters, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary; and Joseph Hogan, Senior Vice President and Director of Construction. (Incorporated by reference to the Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on June 12, 2008) (1) | |
Exhibit No. | Description | |
10.18 | Consolidated, Amended and Restated Term Loan Agreement among Acadia-PA East Fordham Acquisitions, LLC, and Fordham Place Office LLC as borrower and The lenders Party Hereto as lenders and Eurohypo AG, New York Branch as Administrative Agent; Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing made by Acadia-PA East Fordham Acquisitions, LLC, and Fordham Place Office LLC in favor of Eurohypo AG, New York Branch as Administrative Agent; Replacement Note between Acadia-PA East Fordham Acquisitions, LLC, and Fordham Place Office LLC and Amalgamated Bank; Replacement Note between Acadia-PA East Fordham Acquisitions, LLC, and Fordham Place Office LLC and Deutsche Genossenschafts – Hypothekenbank AG; Replacement Note between Acadia-PA East Fordham Acquisitions, LLC, and Fordham Place Office LLC and Eurohypo AG, New York Branch; and Replacement Note between Acadia-PA East Fordham Acquisitions, LLC, and Fordham Place Office LLC and TD Bank. All dated November 4, 2009. (1) | |
10.19 | Fifth Amendment to Employment Agreement between the Company and Kenneth F. Bernstein dated August 5, 2008 (1) | |
10.26 | First Amendment to Severance Agreements between the Company and Joel Braun Executive Vice President and Chief Investment Officer, Michael Nelsen, Senior Vice President and Chief Financial Officer, Robert Masters, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary and Joseph Hogan, Senior Vice President and Director of Construction dated January 19, 2007 (1) | |
10.28 | Third Amended and Restated Credit Agreement and Note among Acadia Strategic Opportunity Fund II, LLC and Bank of America, N.A., dated March 3, 2010 (1) | |
10.36 | Amended and Restated Loan Agreement among Acadia Cortlandt LLC and Bank of America, N.A., Note between Acadia Cortlandt LLC and Bank of America, N.A., Note Consolidation and Modification Agreement between Acadia Cortlandt LLC and Bank of America, N.A., Note between Acadia Cortlandt LLC and Bank of America, N.A., Mortgage Consolidation and Modification Agreement between Acadia Cortlandt LLC and Bank of America, N.A., Mortgage Security Agreement between Acadia Cortlandt LLC and Bank of America, N.A. and Amended and Restated Guaranty Agreement between Acadia Cortlandt LLC and Bank of America, N.A., all dated October 26, 2010 (1) | |
10.39 | Fourth Amended and Restated Credit Agreement among Acadia Strategic Opportunity Fund II, LLC and Bank of America, N.A. dated December 22, 2010 (1) | |
10.43 | Amended and Restated Severance Agreement, dated April 19, 2011, that was entered into with Christopher Conlon, Senior Vice President, Leasing and Development (1) | |
10.44 | Prospectus Supplement Regarding Options Issued under the Acadia Realty Trust 1999 Share Incentive Plan and 2003 Share Incentive Plan (1) | |
10.45 | Acadia Realty Trust 1999 Share Incentive Plan and 2003 Share Incentive Plan Deferral and Distribution Election Form (1) | |
10.48 | Sixth Amendment to the Employment Agreement between the Company and Kenneth F. Bernstein dated March 7, 2011 (1) | |
10.49 | Second Amendment to Consolidated, Amended and Restated Term Loan Agreement and Omnibus Amendment and Ratification of Loan Documents between Acadia East Fordham Acquisitions, LLC and Eurohypo AG, New York Branch, Replacement Note between Acadia East Fordham Acquisitions, LLC and Eurohypo AG, New York Branch and First Amendment to Cash Management and Security Agreement between Acadia East Fordham Acquisitions, LLC and Eurohypo AG, New York Branch all dated June 30, 2011 (1) | |
10.55 | Agreement and Plan Of Merger Dated as of December 22, 2005 by and among Acadia Realty Acquisition I, LLC, Ara Btc LLC, ARA MS LLC, ARA BS LLC, ARA BC LLC and ARA BH LLC, Acadia Investors, Inc., AII BTC LLC, AII MS LLC, AII BS LLC, AII BC LLC And AII BH LLC, Samuel Ginsburg 2000 Trust Agreement #1, Martin Ginsburg 2000 Trust Agreement #1, Martin Ginsburg, Samuel Ginsburg and Adam Ginsburg, and GDC SMG, LLC, GDC Beechwood, LLC, Aspen Cove Apartments, LLC and SMG Celebration, LLC (1) | |
Exhibit No. | Description | |
10.59 | Amended and Restated Revolving Loan Agreement dated as of December 19, 2006 by and among RD Abington Associates LP, Acadia Town Line, LLC, RD Methuen Associates LP, RD Absecon Associates, LP, RD Bloomfield Associates, LP, RD Hobson Associates, LP, and RD Village Associates LP, and Bank of America, N.A. and the First Amendment to Amended and Restated Revolving Loan Agreement dated February, 2007. (1) | |
10.67 | Acquisition and Project Loan agreement between Acadia – PA East Fordham Acquisitions, LLC and Eurohypo AG, New York Branch dated October 5, 2007 (1) | |
10.68 | Building Loan Agreement between Acadia – PA East Fordham Acquisitions, LLC and Eurohypo AG, New York Branch dated October 5, 2007 (1) | |
10.69 | Revolving credit agreement between Acadia Strategic Opportunity Fund III, LLC. and Bank of America, N.A. dated October 10, 2007 (1) | |
10.75 | Certain information regarding the compensation arrangements with certain officers of registrant (Incorporated by reference to Item 5.02 of the registrant’s Form 8-K filed with the SEC on February 4, 2008) | |
10.79 | Amended and Restated Agreement of Limited Partnership of the Operating Partnership (1) | |
10.80 | First and Second Amendments to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (1) | |
10.81 | Third Amendment to Amended and Restated Agreement of Limited Partnership of the Operating Partnership (1) | |
10.82 | Fourth Amendment to Amended and Restated Agreement of Limited Partnership of the Operating Partnership (1) | |
10.84 | Second Amendment to the Revolving Credit Agreement between Acadia Strategic Opportunity Fund III, LLC as borrower and Bank of America, N.A., dated September 1, 2011, and Third Amendment to the Revolving Credit Agreement between Acadia Strategic Opportunity Fund III, LLC as borrower and Bank of America, N.A., dated September 23, 2011 (1) | |
21 | List of Subsidiaries of Acadia Realty Trust (1) | |
23.1 | Consent of Registered Public Accounting Firm to incorporation by reference its reports into Forms S-3 and Forms S-8 (1) | |
31.1 | Certification of Chief Executive Officer pursuant to rule 13a–14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1) | |
31.2 | Certification of Chief Financial Officer pursuant to rule 13a–14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1) | |
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1) | |
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1) | |
99.1 | Certificate of Designation of Series A Preferred Operating Partnership Units of Limited Partnership Interest of Acadia Realty Limited Partnership (1) | |
99.2 | Certificate of Designation of Series B Preferred Operating Partnership Units of Limited Partnership Interest of Acadia Realty Limited Partnership (1) | |
Exhibit No. | Description | |
101.INS | XBRL Instance Document* (2) | |
101.SCH | XBRL Taxonomy Extension Schema Document* (2) | |
101.CAL | XBRL Taxonomy Extension Calculation Document* (2) | |
101.DEF | XBRL Taxonomy Extension Definitions Document* (2) | |
101.LAB | XBRL Taxonomy Extension Labels Document* (2) | |
101.PRE | XBRL Taxonomy Extension Presentation Document* (2) | |
* | Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. | |
Notes: | ||
(1 | ) | Previously filed or furnished with, or incorporated by reference in, Acadia Realty Trust's Form 10-K filed on February 28, 2012. |
(2 | ) | Furnished herewith. |
ACADIA REALTY TRUST | ||
(Registrant) | ||
By: | /s/ Kenneth F. Bernstein | |
Kenneth F. Bernstein | ||
Chief Executive Officer, | ||
President and Trustee | ||
By: | /s/ Jonathan W. Grisham | |
Jonathan W. Grisham | ||
Senior Vice President and | ||
Chief Financial Officer | ||
By: | /s/ Richard Hartmann | |
Richard Hartmann | ||
Senior Vice President and | ||
Chief Accounting Officer |
DEFERRED CHARGES (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Deferred charges consist of the following as of December 31, 2011 and 2010:
|
EARNINGS PER COMMON SHARE (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
|
TENANT LEASES (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
Customer
|
Dec. 31, 2010
Customer
|
Dec. 31, 2009
Customer
|
|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2012 | 87,873 | ||
2013 | 82,153 | ||
2014 | 75,099 | ||
2015 | 69,636 | ||
2016 | 65,245 | ||
Thereafter | 574,137 | ||
Total | 954,143 | ||
Customer Concentration Risk [Member]
|
|||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
Number of Customers Representing Amounts Greater Than Concentration Risk Threshold | 0 | 0 | 0 |
Concentration Risk, Benchmark Threshold Percent | 10.00% | 10.00% | 10.00% |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)
|
3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 81 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 63 Months Ended | 12 Months Ended | 12 Months Ended | 67 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
properties
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
properties
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Unconsolidated Affiliates [Member]
|
Dec. 31, 2010
Unconsolidated Affiliates [Member]
|
Dec. 31, 2009
Unconsolidated Affiliates [Member]
|
Dec. 31, 2011
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2010
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2009
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
KA-Shopko LLC [Member]
|
Dec. 31, 2011
Marsh and Add-On Investments [Member]
|
Dec. 31, 2011
KLAC Rex Venture LLC [Member]
|
Dec. 31, 2011
KLA/Mervyns LLC [Member]
|
Dec. 31, 2011
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
|
Dec. 31, 2011
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
|
Dec. 31, 2011
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Fund II [Member]
KA-Shopko LLC [Member]
|
Dec. 31, 2011
Fund II [Member]
Marsh and Add-On Investments [Member]
|
Dec. 31, 2011
Core Portfolio [Member]
|
Dec. 31, 2010
Core Portfolio [Member]
|
Dec. 31, 2009
Core Portfolio [Member]
|
Dec. 31, 2011
Core Portfolio [Member]
Brandywine Portfolio [Member]
sqft
|
Dec. 31, 2011
Core Portfolio [Member]
Crossroads [Member]
sqft
|
Sep. 30, 2011
Core Portfolio [Member]
Georgetown Portfolio [Member]
properties
|
Dec. 31, 2011
Opportunity Funds [Member]
|
Dec. 31, 2010
Opportunity Funds [Member]
|
Dec. 31, 2009
Opportunity Funds [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
RCP Venture [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
RCP Venture [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2004
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
stores
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
|
Jul. 31, 2007
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
retail_properties
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2010
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Jun. 30, 2006
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
KA-Shopko LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
KA-Shopko LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
KA Marsh LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
Marsh and Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
Marsh and Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Jun. 29, 2010
Opportunity Funds [Member]
Fund II [Member]
CityPoint [Member]
|
Mar. 25, 2010
Opportunity Funds [Member]
Fund I [Member]
Sterling Heights Shopping Center [Member]
|
Dec. 31, 2009
Opportunity Funds [Member]
Fund I [Member]
Sterling Heights Shopping Center [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund I [Member]
Sterling Heights Shopping Center [Member]
|
Jun. 30, 2010
Opportunity Funds [Member]
Fund III [Member]
locations
|
|
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 22.20% | 49.00% | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square Footage of Real Estate Property (in feet) | 1,000,000 | 311,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of Notes Receivable to Investments in and Advances to Unconsolidated Affiliates | $ 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Properties Collateralized | 29 | 29 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Stores | 262 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | 23,200,000 | 26,058,000 | 4,901,000 | 20,717,000 | 20,717,000 | 20,700,000 | 4,239,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 54,981,000 | 19,116,000 | 5,603,000 | 2,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Dividends or Distributions | 45,966,000 | 11,251,000 | 4,500,000 | 11,400,000 | 81,594,000 | 16,318,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Method Investments | 6,517,000 | 6,517,000 | 1,046,000 | 2,416,000 | 2,416,000 | 388,000 | 2,701,000 | 2,700,000 | 535,000 | 1,108,000 | 222,000 | 700,000 | 2,000,000 | 2,667,000 | 533,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income, Dividend | 137,935,000 | 29,752,000 | 1,900,000 | 3,558,000 | 819,000 | 500,000 | 1,679,000 | 336,000 | 840,000 | 168,000 | 1,659,000 | 332,000 | 2,639,000 | 528,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Retail Properties | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 10.50% | 20.00% | 20.00% | 20.00% | 13.30% | 10.50% | 18.90% | 5.80% | 5.80% | 6.00% | 13.30% | 5.70% | 2.00% | 3.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Net Sales Proceeds | 2,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Recourse Debt | 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 24.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Locations Owned | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined and Condensed Balance Sheets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental property, net | 280,470,000 | 186,802,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in and advances to unconsolidated affiliates | 84,568,000 | 31,036,000 | 84,568,000 | 31,036,000 | 156,421,000 | 192,002,000 | 62,184,000 | 11,864,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 29,587,000 | 27,841,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 1,653,319,000 | 1,524,806,000 | 1,653,319,000 | 1,524,806,000 | 1,382,464,000 | 466,478,000 | 406,645,000 | 633,345,000 | 574,497,000 | 558,240,000 | 901,758,000 | 772,715,000 | 607,706,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable | 319,425,000 | 267,565,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 20,437,000 | 20,279,000 | 20,437,000 | 20,279,000 | 16,902,000 | 13,815,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' equity | 130,151,000 | 125,265,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and partners' equity | 1,653,319,000 | 1,524,806,000 | 1,653,319,000 | 1,524,806,000 | 466,478,000 | 406,645,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of distributions in excess of share of income and investments in unconsolidated affiliates | (21,710,000) | (20,884,000) | (21,710,000) | (20,884,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined and Condensed Statements of Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 38,213,000 | 36,656,000 | 37,845,000 | 37,447,000 | 36,044,000 | 36,302,000 | 33,997,000 | 34,702,000 | 150,161,000 | 141,045,000 | 134,445,000 | 42,185,000 | 29,460,000 | 30,835,000 | 57,994,000 | 57,084,000 | 64,249,000 | 55,888,000 | 42,062,000 | 37,375,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and other expenses | 104,129,000 | 95,506,000 | 97,830,000 | 15,924,000 | 10,617,000 | 9,851,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 17,099,000 | 13,525,000 | 13,786,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 1,555,000 | 10,971,000 | (1,529,000) | 7,243,000 | 56,482,000 | (30,568,000) | 1,555,000 | 10,971,000 | (5,297,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 32,986,000 | 28,808,000 | 27,612,000 | 8,837,000 | 4,839,000 | 5,152,000 | 14,206,000 | 13,798,000 | 14,595,000 | 15,454,000 | 10,898,000 | 10,480,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of property, net | 0 | (2,957,000) | (390,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 11,548,000 | 47,335,000 | 1,844,000 | 7,568,000 | 54,004,000 | (28,912,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 1,946,000 | 11,363,000 | (1,141,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss | 0 | 0 | (3,768,000) | 0 | 0 | (3,768,000) | (3,800,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of excess investment | $ (391,000) | $ (392,000) | $ (388,000) |
FEDERAL INCOME TAXES Tax Status of Dividends (Details)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
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Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Tax Contingency [Line Items] | |||
Required Distribution Rate to Maintain REIT Status (in percent) | 90.00% | ||
Ordinary income | 75.00% | 100.00% | 95.00% |
Qualified dividend | 22.00% | 0.00% | 0.00% |
Capital gain | 3.00% | 0.00% | 5.00% |
Total | 100.00% | 100.00% | 100.00% |
SHARE INCENTIVE PLAN (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Share Incentive Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under all option arrangements as of December 31, 2010 and 2011, and changes during the years then ended is presented below:
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Schedule of Unvested Restricted Shares and LTIP Units [Table Text Block] | A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2010 and 2011 and changes during the years ended December 31, 2010 and 2011, is presented below:
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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2011
Notes:
1. Depreciation on buildings and improvements reflected in the statements of income is calculated over the estimated useful life of the assets as follows: Buildings: 30 to 40 years Improvements: Shorter of lease term or useful life 2. The aggregate gross cost of property included above for Federal income tax purposes was $1,345.0 million as of December 31, 2011 3. (a) Reconciliation of Real Estate Properties: The following table reconciles the real estate properties from January 1, 2009 to December 31, 2011:
3. (b) Reconciliation of Accumulated Depreciation: The following table reconciles accumulated depreciation from January 1, 2009 to December 31, 2011:
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FEDERAL INCOME TAXES Income and Provision for Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Tax Contingency [Line Items] | |||||||||||
TRS income before income taxes | $ 12,022 | $ 50,225 | $ 3,385 | ||||||||
Provision for income taxes: | |||||||||||
TRS net income before noncontrolling interests | 3,789 | 3,843 | 4,245 | 8,185 | 6,589 | 4,592 | 12,250 | 4,829 | 20,062 | 28,260 | 26,574 |
Noncontrolling interests | 2,160 | 20,610 | (18,427) | ||||||||
TRS net income | 53,715 | 50,667 | 12,706 | ||||||||
TRS [Member]
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|||||||||||
Income Tax Contingency [Line Items] | |||||||||||
TRS income before income taxes | 376 | 5,716 | 2,671 | ||||||||
Provision for income taxes: | |||||||||||
Federal | 222 | 2,164 | 1,025 | ||||||||
State and local | 59 | 543 | 292 | ||||||||
TRS net income before noncontrolling interests | 95 | 3,009 | 1,354 | ||||||||
Noncontrolling interests | 1,245 | (545) | 0 | ||||||||
TRS net income | $ 1,340 | $ 2,464 | $ 1,354 |
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT Schedule of Notes Receivable and Preferred Equity Investments Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Balance at beginning of period | $ 89,202 | $ 125,221 | $ 125,587 | |
New mortgage loans | 34,758 | 0 | 10,839 | |
Collections of principle | (8,600) | (56,517) | (42,010) | (13,614) |
Reclass of investments in unconsolidated affiliates | (8,000) | 0 | 0 | |
Noncash Accretion Of Notes Receivable | 786 | 6,164 | 5,352 | |
Reserves | (240) | (93) | (2,943) | |
Other | 0 | (80) | 0 | |
Balance at close of period | $ 59,989 | $ 59,989 | $ 89,202 | $ 125,221 |
EMPLOYEE 401(K) PLAN (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Defined Contribution Plan [Line Items] | |||
Employer matching contribution (in percent) | 50.00% | ||
Maximum employee annual salary contribution (in percent) | 15.00% | ||
Maximum employee annual salary contribution amount | $ 16,500 | ||
Employer contribution | $ 200,000 | $ 200,000 | $ 200,000 |
Maximum [Member]
|
|||
Defined Contribution Plan [Line Items] | |||
Maximum annual contribution per employee (in percent) | 6.00% |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Real Estate Properties (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | $ 1,305,561 | $ 1,119,758 | $ 1,004,347 |
Other improvements | 60,300 | 185,803 | 46,723 |
Property Acquired | 105,884 | 0 | 68,688 |
Balance at end of year | $ 1,471,745 | $ 1,305,561 | $ 1,119,758 |
EARNINGS PER COMMON SHARE (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Numerator: | |||||||||||
Income from continuing operations attributable to Common Shareholders | $ 3,789 | $ 3,843 | $ 4,245 | $ 8,185 | $ 6,589 | $ 4,592 | $ 12,250 | $ 4,829 | $ 20,062 | $ 28,260 | $ 26,574 |
Effect of dilutive securities: | |||||||||||
Preferred OP Unit distributions | 18 | 18 | 19 | ||||||||
Employee share options | 264,000 | 245,000 | 212,000 | ||||||||
Convertible Preferred OP Units | 25,000 | 25,000 | 25,000 | ||||||||
Dilutive potential Common Shares | 289,000 | 270,000 | 237,000 | ||||||||
Numerator for diluted earnings per Common Share | 20,080 | 28,278 | 26,593 | ||||||||
Denominator | |||||||||||
Weighted average shares for basic earnings per share | 40,697,000 | 40,136,000 | 38,005,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Preferred OP Unit distributions | $ 18 | $ 18 | $ 19 | ||||||||
Employee share options | 264,000 | 245,000 | 212,000 | ||||||||
Convertible Preferred OP Units | 25,000 | 25,000 | 25,000 | ||||||||
Dilutive potential Common Shares | 289,000 | 270,000 | 237,000 | ||||||||
Denominatior for diluted earnings per share | 42,066,390 | 40,628,781 | 40,633,317 | 40,580,173 | 40,594,009 | 40,430,998 | 40,371,812 | 40,149,931 | 40,986,000 | 40,406,000 | 38,242,000 |
Basic earnings per Common Share from continuing operations attributable to Common shareholders | $ 0.09 | $ 0.10 | $ 0.11 | $ 0.20 | $ 0.16 | $ 0.12 | $ 0.30 | $ 0.12 | $ 0.50 | $ 0.70 | $ 0.70 |
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders | $ 0.09 | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.16 | $ 0.12 | $ 0.30 | $ 0.12 | $ 0.49 | $ 0.70 | $ 0.70 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,067 | 25,067 | 25,067 | ||||||||
Acadia Realty, LP [Member] | Series A Preferred Stock [Member]
|
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Effect of dilutive securities: | |||||||||||
Series A Preferred OP Units | 188 | 188 | 188 | 188 | 188 | ||||||
Common Stock [Member]
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|||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
Issuance of Common Shares through special dividend (in shares) | 1,287,000 |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Accumulated Depreciation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 156,117 | $ 132,488 | $ 109,376 |
Depreciation related to real estate | 24,679 | 23,629 | 23,112 |
Balance at end of year | $ 180,796 | $ 156,117 | $ 132,488 |
DIVIDENDS AND DISTRIBUTIONS PAYABLE (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 29, 2011
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Dividends, Common Stock [Abstract] | ||||||||||||
Cash dividends declared per Common Share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.75 |
LEASE OBLIGATIONS (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2012 | $ 5,115,000 | ||
2013 | 5,162,000 | ||
2014 | 4,975,000 | ||
2015 | 5,093,000 | ||
2016 | 3,986,000 | ||
Thereafter | 138,242,000 | ||
Total | 162,573,000 | ||
Minimum [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Period of lease term | 20 years | ||
Maximum [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Period of lease term | 71 years | ||
Ground Rent [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense | 4,600,000 | 3,700,000 | 2,500,000 |
Properties Under Development [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Rent expense capitalized | 1,500,000 | 500,000 | 600,000 |
White Plains Corporate Office [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense | $ 1,400,000 | $ 1,500,000 | $ 1,500,000 |
Property Subject to Operating Lease [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Number of properties leased | 9 |
EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN
|
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Share Purchase and Deferred Share Plan | Employee Share Purchase and Deferred Share 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 2011, 2010 and 2009, a total of 4,886, 6,184 and 8,744 Common Shares, respectively, were purchased by employees under the Purchase Plan. Associated compensation expense of $0.01 million was recorded in 2011 and $0.02 million was recorded in both 2010 and 2009. During May of 2006, the Company adopted a Trustee Deferral and Distribution Election (“Trustee Deferral Plan”) whereby the participating Trustees have deferred compensation of $0.06 million in both 2011 and 2010 and $0.05 million for 2009. During 2009, certain trustees elected to receive 14,722 Common Shares, which were previously deferred, from the Trustee Deferral Plan. |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2011:
|
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The Company has determined the estimated fair values of the following financial instruments by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:
|
EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
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 | $ 25,000 | ||
Employee share purchase compensation expense | 10,000 | 20,000 | 20,000 |
Trustee [Member] | Deferred Compensation [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation arrangement compensation expense | $ 60,000 | $ 60,000 | $ 50,000 |
Deferred compensation arrangement shares issued (in shares) | 14,722 | ||
Common Stock [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee share purchase (in shares) | 4,886 | 6,184 | 8,744 |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] | The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2011:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] | The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] |
|
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Common Shares (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Class of Stock [Line Items] | |||
Proceeds from Issuance of Common Stock | $ 45.0 | ||
Common Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Issuance of Common Shares, net of issuance costs (in Shares) | 2,250,000 | 5,750,000 | |
Restricted Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Restricted Stock, Shares Canceled for Tax Withholding For Share Based Compensation | 40,254 | ||
LTIP Units and Restricted Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Allocated Share-based Compensation Expense | $ 4.0 | $ 3.8 | $ 3.7 |
FEDERAL INCOME TAXES (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Status of Dividends [Table Text Block] | The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of TRS Income and Provision for Income Taxes [Table Text Block] | The Company’s TRS income and provision for income taxes for the years ended December 31, 2011, 2010 and 2009 are summarized as follows:
|
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Cash paid for capitalized interest | $ 4,850 | $ 2,903 | $ 3,516 |
MORTGAGES PAYABLE Summary Mortgage Notes Payable (Details) (USD $)
|
1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 31, 2011
|
Dec. 31, 2011
properties
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Jan. 31, 2011
Canarsie Plaza [Member]
|
Dec. 31, 2011
Liberty Avenue [Member]
|
Jun. 30, 2011
Fordham Place [Member]
|
Dec. 31, 2011
Tarrytown Shopping Center [Member]
|
Dec. 31, 2011
161st Street [Member]
|
Dec. 31, 2011
CityPoint [Member]
|
Dec. 31, 2011
Pelham Manor [Member]
|
Oct. 31, 2011
Branch Shopping Plaza [Member]
|
Dec. 31, 2011
Branch Shopping Plaza [Member]
|
Sep. 30, 2011
125 Main Street, Westport [Member]
|
Dec. 31, 2011
125 Main Street, Westport [Member]
|
Dec. 31, 2011
Cortlandt Towne Center [Member]
|
Dec. 31, 2011
Village Commons Shopping Center [Member]
|
Jan. 31, 2011
Chestnut Hill [Member]
properties
|
Dec. 31, 2011
Fund III [Member]
|
Dec. 31, 2011
Core Portfolio [Member]
|
Dec. 31, 2011
Fund II [Member]
|
Dec. 31, 2011
Fund III [Member]
|
Dec. 31, 2011
Fund II term loan [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
|
Aug. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Jan. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Nov. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Fordham Place [Member]
|
Jun. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Fordham Place [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Fordham Place [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Tarrytown Shopping Center [Member]
|
Nov. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Tarrytown Shopping Center [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Tarrytown Shopping Center [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
161st Street [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
161st Street [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
CityPoint [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
CityPoint [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Six Self-Storage Properties [Member]
|
Aug. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Six Self-Storage Properties [Member]
properties
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Six Self-Storage Properties [Member]
|
Jan. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Pelham Manor [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Pelham Manor [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Pelham Manor [Member]
|
Oct. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Branch Shopping Plaza [Member]
extensions
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Branch Shopping Plaza [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Branch Shopping Plaza [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
125 Main Street, Westport [Member]
|
Sep. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
125 Main Street, Westport [Member]
extensions
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
125 Main Street, Westport [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Cortlandt Towne Center [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Cortlandt Towne Center [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Village Commons Shopping Center [Member]
|
Jun. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Village Commons Shopping Center [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Village Commons Shopping Center [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Fund III [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Fund III [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Six Core Portfolio properties[Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Oct. 31, 2011
Variable Interest Rate [Member]
Six Core Portfolio properties[Member]
Secured Credit Facilities - Variable-Rate [Member]
properties
|
Dec. 31, 2010
Variable Interest Rate [Member]
Six Core Portfolio properties[Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Fund II term loan [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Fund II term loan [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
CityPoint [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
CityPoint [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Five Self-Storage Properties [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Five Self-Storage Properties [Member]
|
Jan. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Chestnut Hill [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Chestnut Hill [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Chestnut Hill [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Clark Diversey [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Clark Diversey [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
New Louden Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
New Louden Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Crescent Plaza [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Crescent Plaza [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Pacesetter Park Shopping Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Pacesetter Park Shopping Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Elmwood Park Shopping Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Elmwood Park Shopping Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
The Gateway Shopping Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
The Gateway Shopping Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Walnut Hill Plaza [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Walnut Hill Plaza [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
239 Greenwich Avenue [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
239 Greenwich Avenue [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Merrillville Plaza [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Merrillville Plaza [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
216th Street [Member]
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Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
216th Street [Member]
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Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Atlantic Avenue [Member]
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Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Atlantic Avenue [Member]
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Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
A&P Shopping Plaza [Member]
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Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
A&P Shopping Plaza [Member]
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Dec. 31, 2011
Option 1 [Member]
Canarsie Plaza [Member]
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Dec. 31, 2011
Option 1 [Member]
Fordham Place [Member]
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Dec. 31, 2011
Option 1 [Member]
Self Storage Investments [Member]
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Dec. 31, 2011
Option 2 [Member]
Canarsie Plaza [Member]
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Aug. 31, 2011
Option 2 [Member]
Canarsie Plaza [Member]
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Dec. 31, 2011
Option 2 [Member]
Fordham Place [Member]
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Dec. 31, 2011
Option 2 [Member]
Self Storage Investments [Member]
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Aug. 31, 2011
Option 2 [Member]
Self Storage Investments [Member]
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ 787,910,000 | $ 806,212,000 | $ 488,581,000 | $ 439,836,000 | $ 368,529,000 | $ 298,921,000 | $ 58,000,000 | $ 56,476,000 | $ 40,243,000 | $ 9,900,000 | $ 9,395,000 | $ 10,000,000 | $ 84,277,000 | $ 85,300,000 | $ 85,910,000 | $ 8,260,000 | $ 8,260,000 | $ 8,427,000 | $ 28,900,000 | $ 28,900,000 | $ 20,650,000 | $ 20,650,000 | $ 42,000,000 | $ 0 | $ 34,000,000 | $ 31,554,000 | $ 13,700,000 | $ 12,761,000 | $ 13,932,000 | $ 12,500,000 | $ 0 | $ 50,000,000 | $ 50,000,000 | $ 9,310,000 | $ 9,400,000 | $ 9,305,000 | $ 177,079,000 | $ 212,450,000 | $ (57,027,000) | [1] | $ (71,535,000) | [1] | $ 136,079,000 | [2] | $ 171,450,000 | [2] | $ 1,000,000 | $ 1,000,000 | $ 40,000,000 | $ 40,000,000 | $ 299,296,000 | $ 366,308,000 | $ 57,027,000 | [1] | $ 71,535,000 | [1] | $ 20,000,000 | $ 20,000,000 | $ 0 | $ 41,500,000 | $ 0 | $ 9,338,000 | $ 4,491,000 | $ 4,625,000 | $ 13,882,000 | $ 14,119,000 | $ 17,287,000 | $ 17,539,000 | $ 11,941,000 | $ 12,132,000 | $ 33,738,000 | $ 34,197,000 | $ 20,308,000 | $ 20,500,000 | $ 23,458,000 | $ 23,500,000 | $ 26,000,000 | $ 26,000,000 | $ 26,250,000 | $ 26,250,000 | $ 25,500,000 | $ 25,500,000 | $ 11,540,000 | $ 11,540,000 | $ 7,874,000 | $ 8,033,000 | |||||||||||||||||||||||||||||||||||||||
Number of Properties Collateralized | 29 | 1 | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate, minimum | 1.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate, maximum | 7.34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | 7,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional borrowings | 4,000,000 | 3,000,000 | 16,200,000 | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt | 9,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount of credit facility | 254,784,000 | 150,286,000 | 40,000,000 | 64,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized premium | 33,000 | 68,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate at December 31, 2011 | 5.41% | [1] | 7.25% | 6.35% | 5.64% | 4.98% | 5.12% | 5.53% | 5.44% | 6.06% | 5.42% | 5.88% | 5.80% | 7.34% | 6.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of debt | 41,500,000 | 500,000 | 900,000 | 7,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on debt extinguishment | 1,268,000 | 0 | 7,057,000 | 1,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loan extensions | 1 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, additional borrowings | 71,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, repayments | $ 35,371,000 | $ 35,371,000 | $ 0 | $ 107,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis Spread | 3.25% | 1.65% | 5.50% | 2.50% | 2.75% | 2.25% | 2.35% | 1.90% | 1.40% | 2.55% | 1.55% | 3.20% | 4.00% | 3.50% | 4.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | 3.55% | 1.95% | 5.80% | 2.80% | 3.05% | 2.55% | 2.65% | 2.20% | 1.70% | 2.25% | 1.25% | 2.90% | 4.30% | 4.45% | 6.50% | 5.00% | 4.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIBOR floor | 1.50% | 2.50% | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Length of loan extension | 3 years | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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