10-K/A

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

For the transition period from        to

Commission File Number 1-12002

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.

EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2011 ("Form 10-K") is to furnish Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the following materials from the Registrant's Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on February 28, 2012, formatted in XBRL (eXtensible Business Reporting Language):

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

As permitted by Rule 405(a)(2)(ii) of Regulation S-T, Exhibit 101 is required to be furnished by amendment within 30 days of the original filing date of the Form 10-K.

No other changes have been made to the Registrant's Form 10-K. This Amendment No. 1 does not reflect any subsequent events occurring after the original filing date of the Form 10-K or modify or update an any way disclosures made in the original filing.

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

EXHIBIT INDEX

The following is an index to all exhibits filed with the Annual Report on Form 10-K other than those incorporated by reference herein:

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.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

	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

Dated: March 26, 2012

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DEFERRED CHARGES (Tables)

12 Months Ended

Dec. 31, 2011

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:

	December 31,
(dollars in thousands)	2011			2010
Deferred financing costs	$	31,860		$	29,692
Deferred leasing and other costs	32,103			30,485
	63,963			60,177
Accumulated amortization	(38,109		)	(36,463		)
Total	$	25,854		$	23,714

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SEGMENT REPORTING (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended			36 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 reportable_segments	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011
Segment Reporting Information [Line Items]
Number of Reportable Segments									5
Revenues	$ 38,213	$ 36,656	$ 37,845	$ 37,447	$ 36,044	$ 36,302	$ 33,997	$ 34,702	$ 150,161	$ 141,045	$ 134,445
Property operating expenses and real estate taxes									48,057	46,478	43,991
Reserve for notes receivable									0	0	1,734
Abandonment of project costs									0	0	2,487
General and administrative expenses									23,086	20,220	22,006
Income before depreciation and amortization									79,018	74,347	64,227
Depreciation and amortization									(32,986)	(28,808)	(27,612)
Interest and other finance expense									(37,109)	(40,498)	(35,632)
Real estate at cost	1,471,745				1,305,561				1,471,745	1,305,561	1,119,758	1,471,745
Total assets	1,653,319				1,524,806				1,653,319	1,524,806	1,382,464	1,653,319
Expenditures for real estate and improvements									181,498	80,520	127,322
Other interest income									276	408	642
Equity in earnings (losses) of unconsolidated affiliates									1,555	10,971	(1,529)
Impairment of investment in unconsolidated affiliate									0	0	(3,768)
Gain on debt extinguishment									1,268	0	7,057
Income tax provision									474	2,890	1,541
Gain from bargain purchase									0	33,805	0
Impairment of asset									(6,925)	0	0
Gain on sale of property									46,830	0	7,143	53,973
Income from discontinued operations									2,262	3,332	3,719
Net income									53,715	50,667	12,706
Net (income) loss attributable to noncontrolling interests									(2,160)	(20,610)	18,427
Net income attributable to Common Shareholders	7,887	4,011	30,234	9,423	7,012	5,117	12,798	5,130	51,555	30,057	31,133
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Revenues									57,994	57,084	64,249
Property operating expenses and real estate taxes									17,087	17,236	19,282
Reserve for notes receivable											0
Abandonment of project costs											12
General and administrative expenses									24,226	22,439	23,983
Income before depreciation and amortization									16,681	17,409	20,972
Depreciation and amortization									(14,206)	(13,798)	(14,595)
Interest and other finance expense									(15,967)	(18,036)	(19,539)
Real estate at cost	499,872				441,714				499,872	441,714	436,071	499,872
Total assets	633,345				574,497				633,345	574,497	558,240	633,345
Expenditures for real estate and improvements									72,571	4,137	3,161
Opportunity Funds [Member]
Segment Reporting Information [Line Items]
Revenues									55,888	42,062	37,375
Property operating expenses and real estate taxes									18,952	17,671	14,874
Reserve for notes receivable											0
Abandonment of project costs											2,475
General and administrative expenses									16,678	13,588	13,593
Income before depreciation and amortization									20,258	10,803	6,433
Depreciation and amortization									(15,454)	(10,898)	(10,480)
Interest and other finance expense									(16,546)	(18,244)	(10,657)
Real estate at cost	773,562				667,179				773,562	667,179	486,032	773,562
Total assets	901,758				772,715				901,758	772,715	607,706	901,758
Expenditures for real estate and improvements									107,231	77,309	116,734
Self Storage Investments [Member]
Segment Reporting Information [Line Items]
Revenues									23,189	21,314	11,166
Property operating expenses and real estate taxes									14,435	13,107	10,985
Reserve for notes receivable											0
Abandonment of project costs											0
General and administrative expenses									0	0	0
Income before depreciation and amortization									8,754	8,207	181
Depreciation and amortization									(4,221)	(4,552)	(3,762)
Interest and other finance expense									(3,603)	(4,660)	(5,681)
Real estate at cost	213,743				210,017				213,743	210,017	208,702	213,743
Total assets	192,154				194,003				192,154	194,003	196,658	192,154
Expenditures for real estate and improvements									3,779	1,376	10,996
Notes Receivable [Member]
Segment Reporting Information [Line Items]
Revenues									11,429	19,161	19,698
Property operating expenses and real estate taxes									0	0	0
Reserve for notes receivable											1,734
Abandonment of project costs											0
General and administrative expenses									0	0	0
Income before depreciation and amortization									11,429	19,161	17,964
Depreciation and amortization									0	0	0
Interest and other finance expense									0	0	0
Real estate at cost	0				0				0	0	0	0
Total assets	59,989				89,202				59,989	89,202	125,221	59,989
Expenditures for real estate and improvements									0	0	0
Other [Member]
Segment Reporting Information [Line Items]
Revenues									25,782	22,479	23,265
Property operating expenses and real estate taxes									0	0	0
Reserve for notes receivable											0
Abandonment of project costs											0
General and administrative expenses									0	0	0
Income before depreciation and amortization									25,782	22,479	23,265
Depreciation and amortization									0	0	0
Interest and other finance expense									0	0	0
Real estate at cost	0				0				0	0	0	0
Total assets	0				0				0	0	0	0
Expenditures for real estate and improvements									0	0	0
Amounts Eliminated in Consolidation [Member]
Segment Reporting Information [Line Items]
Revenues									(24,121)	(21,055)	(21,308)
Property operating expenses and real estate taxes									(2,417)	(1,536)	(1,150)
Reserve for notes receivable											0
Abandonment of project costs											0
General and administrative expenses									(17,818)	(15,807)	(15,570)
Income before depreciation and amortization									(3,886)	(3,712)	(4,588)
Depreciation and amortization									895	440	1,225
Interest and other finance expense									(993)	442	245
Real estate at cost	(15,432)				(13,349)				(15,432)	(13,349)	(11,047)	(15,432)
Total assets	(133,927)				(105,611)				(133,927)	(105,611)	(105,361)	(133,927)
Expenditures for real estate and improvements									$ (2,083)	$ (2,302)	$ (3,569)

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EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2011

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:

	Years ended December 31,
(dollars in thousands, except per share amounts)	2011		2010		2009
Numerator:
Income from continuing operations attributable to Common Shareholders	$	20,062	$	28,260	$	26,574
Effect of dilutive securities:
Preferred OP Unit distributions	18		18		19
Numerator for diluted earnings per Common Share	20,080		28,278		26,593
Denominator:
Weighted average shares for basic earnings per share	40,697		40,136		38,005
Effect of dilutive securities:
Employee share options	264		245		212
Convertible Preferred OP Units	25		25		25
Dilutive potential Common Shares	289		270		237
Denominator for diluted earnings per share	40,986		40,406		38,242
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.50	$	0.70	$	0.70
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.49	$	0.70	$	0.70

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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%

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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)

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FEDERAL INCOME TAXES Tax Status of Dividends (Details)	12 Months Ended
	Dec. 31, 2011	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%

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SHARE INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2011

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:

Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2009	159,283		$	18.04	5.5	$	—
Granted	—		—		—	—
Exercised	(7,000	)	14.46		—	26
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2010	152,283		18.20		4.5	6
Granted	—		—		—	—
Exercised	(2,000	)	8.21		—	—
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2011	150,283		$	18.33	3.5	$	272

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:

Unvested Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2009	272,512		$	20.76	362,833		$	16.35
Granted	24,473		17.32		266,928		16.73
Vested	(143,042	)	21.26		(67,022	)	15.69
Forfeited	(513	)	13.74		—		—
Unvested at December 31, 2010	153,430		19.75		562,739		16.61
Granted	32,970		19.13		431,412		19.08
Vested	(104,196	)	20.95		(153,895	)	16.78
Forfeited	(6,465	)	14.73		(1,358	)	16.86
Unvested at December 31, 2011	75,739		$	18.25	838,898		$	17.85

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2011

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011

				Initial Cost to Company							Amount at which Carried at December 31, 2011
Description	Encumbrances			Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	17,287		$	1,147	$	7,425	$	1,219		$	1,147	$	8,644	$	9,791	$	6,116	1984	(a)
New Loudon Center Latham, NY	13,882			505		4,161		11,469			505		15,630		16,135		11,770		1982	(a)
Mark Plaza Edwardsville, PA	—			—		4,268		(872		)	—		3,396		3,396		2,596		1968	(c)
Plaza 422 Lebanon, PA	—			190		3,004		2,199			190		5,203		5,393		4,010		1972	(c)
Route 6 Mall Honesdale, PA	—			1,664		—		11,185			1,664		11,185		12,849		6,381		1994	(c)
Bartow Avenue Bronx, NY	—			1,691		5,803		560			1,691		6,363		8,054		1,686		2005	(c)
Amboy Rd. Shopping Ctr. Staten Island, NY	—			—		11,909		1,519			—		13,428		13,428		2,184		2005	(a)
Abington Towne Center Abington, PA	(1		)	799		3,197		2,007			799		5,204		6,003		2,504		1998	(a)
Bloomfield Town SquareBloomfield Hills, MI	(1		)	3,207		13,774		13,647			3,207		27,421		30,628		10,260		1998	(a)
Walnut Hill Plaza Woonsocket, RI	23,458			3,122		12,488		1,941			3,122		14,429		17,551		5,378		1998	(a)
Elmwood Park Plaza Elmwood Park, NJ	33,738			3,248		12,992		14,789			3,798		27,231		31,029		12,081		1998	(a)
Merrillville Plaza Hobart, IN	26,250			4,288		17,152		2,702			4,288		19,854		24,142		7,203		1998	(a)
Marketplace of AbseconAbsecon, NJ	(1		)	2,573		10,294		3,798			2,577		14,088		16,665		5,090		1998	(a)
Clark Diversey Chicago, IL	4,491			10,061		2,773		187			10,061		2,960		13,021		452		2006	(a)
Boonton Boonton, NJ	7,874			1,328		7,188		196			1,328		7,384		8,712		1,076		2006	(a)
Chestnut Hill Philadelphia, PA	—			8,289		5,691		44			8,289		5,735		14,024		794		2006	(a)
Third Avenue Bronx, NY	—			11,108		8,038		3,943			11,855		11,234		23,089		965		2006	(a)
Hobson West PlazaNaperville, IL	(1		)	1,793		7,172		1,763			1,793		8,935		10,728		3,286		1998	(a)
Village Commons Shopping Center Smithtown, NY	9,310			3,229		12,917		3,358			3,229		16,275		19,504		6,168		1998	(a)
Town Line Plaza Rocky Hill, CT	(1		)	878		3,510		7,502			907		10,983		11,890		7,935		1998	(a)
Branch Shopping Center Village of the Branch, NY	12,761			3,156		12,545		1,021			3,156		13,566		16,722		4,816		1998	(a)
The Methuen Shopping CenterMethuen, MA	(1		)	956		3,826		594			961		4,415		5,376		1,681		1998	(a)
Gateway Shopping Center Burlington, VT	20,308			1,273		5,091		12,009			1,273		17,100		18,373		5,607		1999	(a)
Core Portfolio:
Mad River Station Dayton, OH	—			2,350		9,404		1,058			2,350		10,462		12,812		3,573		1999	(a)
Pacesetter Park Shopping Center Ramapo, NY	11,941			1,475		5,899		1,121			1,475		7,020		8,495		2,720		1999	(a)
239 Greenwich Greenwich, CT	26,000			1,817		15,846		549			1,817		16,395		18,212		5,276		1998	(a)
West Shore Expressway Staten Island, NY	—			3,380		13,554		10			3,380		13,564		16,944		1,818		2007	(a)
West 54th Street Manhattan, NY	—			16,699		18,704		28			16,699		18,732		35,431		2,221		2007	(a)
Acadia 5-7 East 17th Street Manhattan, NY	—			3,048		7,281		—			3,048		7,281		10,329		743		2008	(a)
West Diversey 651-671 W Diversey Chicago, IL	—			8,576		17,256		—			8,576		17,256		25,832		252		2011	(a)
Mercer Street 15 Mercer Street New York, NY	—			1,887		2,483		—			1,887		2,483		4,370		31		2011	(a)
4401 White Plains Bronx, NY	—			1,581		5,054		—			1,581		5,054		6,635		42		2011	(a)
Chicago Street Retail Portfolio	—			3,319		13,187		—			3,319		13,187		16,506		137		2011	(a)
Undeveloped Land	—			251		—		—			251		—		251		—
Fund I:
Tarrytown Centre Westchester, NY	8,260			2,323		7,396		619			2,323		8,015		10,338		1,641		2004	(a)
Kroger/Safeway Various	—			—		4,265		—			—		4,265		4,265		4,067		2003	(a)
Fund II:
Liberty Avenue New York, NY	9,395			—		12,627		721			—		13,348		13,348		1,717		2005	(a)
Pelham Manor Westchester, NY	34,000			—		—		65,399			—		65,399		65,399		5,544		2004	(a)
400 E. Fordham Road Bronx, NY	84,277			11,144		18,010		95,318			16,253		108,219		124,472		9,090		2004	(a)
216th Street New York, NY	25,500			7,261		—		19,146			7,261		19,146		26,407		2,467		2005	(a)
161st Street Bronx, NY	28,900			16,679		28,410		261			16,679		28,671		45,350		4,642		2005	(a)
Atlantic Avenue Brooklyn, NY	11,540			5,322		—		15,350			5,322		15,350		20,672		945		2007	(a)
Canarsie Plaza Brooklyn, NY	56,476			32,543		—		82,915			32,543		82,915		115,458		2,368		2007	(a)
ASOF II, LLC	40,000			—		—		—			—		—		—		—
Fund III:
125 Main Street Assoc. Westport, CT	12,500			12,993		4,316		8,012			12,993		12,328		25,321		364		2007	(a)
Suffern Self Storage Suffern, NY	—			4,561		7,484		208			4,561		7,692		12,253		815		2008	(a)
Linden Self Storage Linden, NJ	(2		)	3,515		6,139		385			3,515		6,524		10,039		726		2008	(a)
Webster Self Storage Bronx, NY	(2		)	959		5,506		157			959		5,663		6,622		592		2008	(a)
Jersey City Self Storage Jersey City, NJ	(2		)	2,377		9,654		91			2,377		9,745		12,122		1,059		2008	(a)
Bronx Self Storage Bronx, NY	(2		)	10,835		5,936		153			10,835		6,089		16,924		688		2008	(a)
Lawrence Self Storage Lawrence, NY	(2		)	6,977		12,688		86			6,977		12,774		19,751		1,272		2008	(a)
Starr Avenue Self Storage Queens, NY	—			7,597		22,391		512			7,597		22,903		30,500		2,420		2008	(a)
New Rochelle Self Storage Westchester, NY	—			1,977		4,769		443			1,977		5,212		7,189		544		2008	(a)
Yonkers Self Storage Westchester, NY	—			3,121		17,457		283			3,121		17,740		20,861		1,765		2008	(a)
Bruckner Blvd. Self Storage Bronx, NY	—			6,244		10,551		245			6,244		10,796		17,040		1,105		2008	(a)
Ridgewood Self Storage Queens, NY	(2		)	8,000		—		13,942			8,000		13,942		21,942		979		2008	(c)
Document Storage New York City, NY	—			—		—		1,083			—		1,083		1,083		208		2008	(a)
Cortlandt Towne Center Cortlandt, NY	50,000			7,293		61,395		3,712			7,293		65,107		72,400		8,512		2009	(a)
Heritage Shops Chicago, IL	—			13,131		15,409		—			13,131		15,409		28,540		394		2011	(a)
654 Broadway New York, NY	—			3,188		9,563		—			3,188		9,563		12,751		20		2011	(a)
Marcus Avenue New Hyde Park, NY	—			2,250		9,000		—			2,250		9,000		11,250		—		2011	(a)
ASOF III, LLC	136,079			—		—		—			—		—		—		—
Real Estate Under Development	40,650			45,658		2,564		171,423			45,658		181,470		227,128		—
Total	$	787,877		$	324,836	$	559,416	$	580,010		$	331,280	$	1,140,465	$	1,471,745	$	180,796

Notes:

1. These properties serve as collateral for the financing with Bank of America, N.A. in the amount of $1,000.

2. These properties serve as collateral for the financing with GEMSA, in the amount of $42,000.

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:

	For the years ended December 31,
(dollars in thousands)	2011		2010		2009
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		—		68,688
Balance at end of year	$	1,471,745	$	1,305,561	$	1,119,758

3. (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2009 to December 31, 2011:

	For the years ended December 31,
(dollars in thousands)	2011		2010		2009
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

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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]
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

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SHARE INCENTIVE PLAN Schedule of Options Activity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011 Y	Dec. 31, 2010 Y	Dec. 31, 2009 Y
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and exercisable, Beginning of period	152,283	159,283
Options outstanding and exercisable, End of period	150,283	152,283	159,283
Options outstanding and exercisable, Weighted average exercise price, Beginning of period	$ 18.20	$ 18.04
Options exercised in period, Weighted average exercise price	$ 8.21	$ 14.46
Options outstanding and exercisable, Weighted average exercise price, End of period	$ 18.33	$ 18.20	$ 18.04
Options outstanding, Weighted average remaining contractual term	3.5	4.5	5.5
Options exercised, Aggregate intrinsic value	$ 20	$ 26	$ 2,800
Options outstanding and exercisable, Aggregate intrinsic value	$ 272	$ 6
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised	(2,000)	(7,000)	(259,000)

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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

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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%

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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

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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]
Effect of dilutive securities:
Series A Preferred OP Units	188				188				188	188	188
Common Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Issuance of Common Shares through special dividend (in shares)											1,287,000

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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

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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

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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

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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.

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2011 properties	Dec. 31, 2010	Dec. 31, 2009
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of Retail Properties	82
Impairment of asset	$ 6,925,000	$ 0	$ 0
Business Interruption Insurance Deductible	100,000
Provision for Insurance Deductible Attributable to Loss of Rents	100,000
Proceeds from Insurance Settlement, Investing Activities	6,900,000
Deferred Rent Receivables, Net	22,800,000	16,900,000
Allowance for Doubtful Accounts Receivable	5,300,000	7,200,000
Allowance for Notes, Loans and Financing Receivable	3,276,000	3,036,000	5,943,000
Required Distribution Rate to Maintain REIT Status (in percent)	90.00%
Loss of Anchor Tenant [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Allowance for Notes, Loans and Financing Receivable			1,700,000
Flood [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Impairment of asset	1,400,000
Building [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Property, Plant and Equipment, Useful Life, Minimum	30
Property, Plant and Equipment, Useful Life, Maximum	40
Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership Interest By General Partner or Managing Partner (in percent)	99.00%
Fund I and Mervyns I [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Preferred Return (in percent)	9.00%
Remaining Funds Rate of Distribution to All Partners (in percent)	80.00%
Fund I and Mervyns I [Member] | Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership Interest By General Partner or Managing Partner (in percent)	22.20%
Capital Committed by Partners in Partnership Interest	20,000,000
Remaining Funds Rate of Distribution to Operating Partnership (in percent)	20.00%
Fund I and Mervyns I [Member] | Institutional Investors [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capital Committed by Partners in Partnership Interest	70,000,000
Fund I [Member] | Granville Centre [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Impairment of asset	6,900,000
Fund I [Member] | Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
General Partners' Contributed Capital	16,500,000
Fund I [Member] | Operating Partnership, as General Partner or Managing Member [Member] | Granville Centre [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Impairment of asset	1,500,000
Mervyns I [Member] | Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
General Partners' Contributed Capital	2,700,000
Fund II and Mervyns II [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capital Committed by Partners in Partnership Interest	300,000,000
Fund II and Mervyns II [Member] | Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership Interest By General Partner or Managing Partner (in percent)	20.00%
Preferred Return (in percent)	8.00%
Fund II [Member] | Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capital Committed by Partners in Partnership Interest	60,000,000
Managing Members' Contributed Capital	48,800,000
Mervyns II [Member] | Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Managing Members' Contributed Capital	7,600,000
Fund III [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capital Committed by Partners in Partnership Interest	502,500,000
Fund III [Member] | Operating Partnership, as General Partner or Managing Member [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership Interest By General Partner or Managing Partner (in percent)	19.90%
Capital Committed by Partners in Partnership Interest	100,000,000
Preferred Return (in percent)	6.00%
Managing Members' Contributed Capital	45,100,000
Albertsons [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Impairment Charge to Investment in Unconsolidated Joint Ventures			$ 3,800,000

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2011

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:

(dollars in thousands)	Level 1		Level 2		Level 3
Liabilities
Derivative financial instruments	$	—	$	3,518	$	—

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:

	December 31, 2011				December 31, 2010
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	59,989	$	59,989	$	89,202	$	90,612
Mortgage Notes Payable and Convertible Notes Payable	$	788,840	$	792,737	$	854,924	$	863,639

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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

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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

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:

						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	45,966	$	4,901	$	11,251
Mervyns Add-On investments	2005/2008	6,517		3,558		1,046		819
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		1,679		388		336
Shopko	2006	1,108		1,659		222		332
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		840		535		168
Total		$	62,184	$	137,935	$	11,864	$	29,752

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:

			Acadia Investors Ownership % in:
Investment	Investee LLC	Acadia Investors Entity	Investee LLC	Underlying entity(s)
Mervyns	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Mervyns Add-On Investments	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Albertsons	KLA A Markets, LLC	Mervyns II	18.9%	5.7%
Albertsons Add-On Investments	KLA A Markets, LLC	Mervyns II	20.0%	6.0%
Shopko	KA-Shopko, LLC	Fund II	20.0%	2.0%
Marsh and Add-On Investments	KA Marsh, LLC	Fund II	20.0%	3.3%
Rex Stores	KLAC Rex Venture, LLC	Mervyns II	13.3%	13.3%

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.

(dollars in thousands)	December 31, 2011			December 31, 2010
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	280,470		$	186,802
Investment in unconsolidated affiliates	156,421			192,002
Other assets	29,587			27,841
Total assets	$	466,478		$	406,645
Liabilities and partners’ equity:
Mortgage notes payable	$	319,425		$	267,565
Other liabilities	16,902			13,815
Partners’ equity	130,151			125,265
Total liabilities and partners’ equity	$	466,478		$	406,645
Company’s investment in and advances to unconsolidated affiliates	$	84,568		$	31,036
Company's share of distributions in excess of share of income and investments in unconsolidated affiliates	$	(21,710	)	$	(20,884	)

Schedule of Condensed Income Statement [Table Text Block]

	Years Ended December 31,
(dollars in thousands)	2011			2010			2009
Combined and Condensed Statements of Operations
Total revenues	$	42,185		$	29,460		$	30,835
Operating and other expenses	15,924			10,617			9,851
Interest expense	17,099			13,525			13,786
Equity in earnings (losses) of unconsolidated affiliates	7,243			56,482			(30,568		)
Depreciation and amortization	8,837			4,839			5,152
Loss on sale of property, net	—			(2,957		)	(390		)
Net income (loss)	$	7,568		$	54,004		$	(28,912	)
Company’s share of net income (loss)	$	1,946		$	11,363		$	(1,141	)
Impairment loss	—			—			(3,768		)
Amortization of excess investment	(391		)	(392		)	(388		)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	1,555		$	10,971		$	(5,297	)

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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Dispositions (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended			36 Months Ended
	Dec. 31, 2011 sqft	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 sqft
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 62,940	$ 0	$ 11,956	$ 76,921
Gain (Loss)	46,830	0	7,143	53,973
GLA	1,784,388			1,784,388
Fifteen Kroger/Safeway Locations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	17,490
Gain (Loss)	14,645
GLA	617,276			617,276
Granville Centre [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	2,250
Gain (Loss)	(313)
GLA	134,997			134,997
Ledgewood Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	37,000
Gain (Loss)	28,576
GLA	517,151			517,151
Oakbrook [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	8,200
Gain (Loss)	3,922
GLA	112,000			112,000
Blackman Plaza [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price			2,500
Gain (Loss)			1,506
GLA			125,264
Six Kroger Locations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price			9,481
Gain (Loss)			$ 5,637
GLA			277,700

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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

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MORTGAGES PAYABLE Secured Credit Facilities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Line of Credit Facility [Line Items]
Total amount of credit facility	$ 254,784
Amount borrowed	177,079	212,450
Line of credit facility, repayments	(35,371)
Letters of credit outstanding as of December 31, 2011	4,561
Amount available under credit facilities as of December 31, 2011	73,144
Acadia Realty, LP [Member]
Line of Credit Facility [Line Items]
Total amount of credit facility	64,498
Amount borrowed	1,000	1,000
Line of credit facility, repayments	0
Letters of credit outstanding as of December 31, 2011	4,561
Amount available under credit facilities as of December 31, 2011	58,937
Fund II [Member]
Line of Credit Facility [Line Items]
Total amount of credit facility	40,000
Amount borrowed	40,000	40,000
Line of credit facility, repayments	0
Letters of credit outstanding as of December 31, 2011	0
Amount available under credit facilities as of December 31, 2011	0
Fund III [Member]
Line of Credit Facility [Line Items]
Total amount of credit facility	150,286
Amount borrowed	136,079	171,450
Line of credit facility, repayments	(35,371)
Letters of credit outstanding as of December 31, 2011	0
Amount available under credit facilities as of December 31, 2011	$ 14,207

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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:

	For the years ended December 31,
	2011		2010		2009
Ordinary income	75	%	100	%	95	%
Qualified dividend	22	%	—	%	—	%
Capital gain	3	%	—	%	5	%
	100	%	100	%	100	%

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:

(dollars in thousands)	2011		2010			2009
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		)	—
TRS net income	$	1,340	$	2,464		$	1,354

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):

(dollars in thousands)	2011			2010		2009
Federal provision at statutory tax rate	$	128		$	1,943	$	908
TRS State and local taxes, net of federal benefit	20			358		193
Tax effect of:
Permanent differences, net	(279		)	406		138
Restricted stock vesting	266			—		—
Other	146			—		78
REIT state and local income and franchise taxes	193			183		224
Total provision for income taxes	$	474		$	2,890	$	1,541

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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

XML

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
	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]	Dec. 31, 2010 Fixed Interest Rate [Member] Mortgage Notes Payable - Fixed Rate [Member] 216th Street [Member]	Dec. 31, 2011 Fixed Interest Rate [Member] Mortgage Notes Payable - Fixed Rate [Member] Atlantic Avenue [Member]	Dec. 31, 2010 Fixed Interest Rate [Member] Mortgage Notes Payable - Fixed Rate [Member] Atlantic Avenue [Member]	Dec. 31, 2011 Fixed Interest Rate [Member] Mortgage Notes Payable - Fixed Rate [Member] A&P Shopping Plaza [Member]	Dec. 31, 2010 Fixed Interest Rate [Member] Mortgage Notes Payable - Fixed Rate [Member] A&P Shopping Plaza [Member]	Dec. 31, 2011 Option 1 [Member] Canarsie Plaza [Member]	Dec. 31, 2011 Option 1 [Member] Fordham Place [Member]	Dec. 31, 2011 Option 1 [Member] Self Storage Investments [Member]	Dec. 31, 2011 Option 2 [Member] Canarsie Plaza [Member]	Aug. 31, 2011 Option 2 [Member] Canarsie Plaza [Member]	Dec. 31, 2011 Option 2 [Member] Fordham Place [Member]	Dec. 31, 2011 Option 2 [Member] Self Storage Investments [Member]	Aug. 31, 2011 Option 2 [Member] Self Storage Investments [Member]
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

[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 III revolving subscription line of credit is secured by unfunded investor capital commitments.

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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2011

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Change in Noncontrolling Interests [Table Text Block]

The following table summarizes the change in the noncontrolling interests since December 31, 2010:

	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2010	$	4,409		$	264,901
Distributions declared of $0.72 per Common OP Unit	(984		)	—
Net income for the period January 1 through December 31, 2011	652			1,508
Conversion of 11,569 OP Units to Common Shares by limited partners of the Operating Partnership	(56		)	—
Issuance of LTIP Unit Awards to employees	2,441			—
Other comprehensive income - unrealized loss on valuation of swap agreements	(48		)	(2,102		)
Reclassification of realized interest expense on swap agreements	28			648
Noncontrolling interest contributions	—			117,945
Noncontrolling interest distributions and other reductions	—			(7,697		)
Employee Long-term Incentive Plan Unit Awards	3,550			—
Balance at December 31, 2011	$	9,992		$	375,203

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EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic earnings per Common Share is computed using net income attributable to common shareholders and the weighted average Common Shares outstanding. Diluted earnings per Common Share reflect the conversion of obligations and the assumed exercises of securities including the effects of awards issuable under the Company’s Share Incentive Plans. In accordance with GAAP, all Common Shares used to calculate earnings per Common Share have been adjusted to reflect a special dividend paid on January 30, 2009, which resulted in the issuance of approximately 1.3 million additional Common Shares. The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:

	Years ended December 31,
(dollars in thousands, except per share amounts)	2011		2010		2009
Numerator:
Income from continuing operations attributable to Common Shareholders	$	20,062	$	28,260	$	26,574
Effect of dilutive securities:
Preferred OP Unit distributions	18		18		19
Numerator for diluted earnings per Common Share	20,080		28,278		26,593
Denominator:
Weighted average shares for basic earnings per share	40,697		40,136		38,005
Effect of dilutive securities:
Employee share options	264		245		212
Convertible Preferred OP Units	25		25		25
Dilutive potential Common Shares	289		270		237
Denominator for diluted earnings per share	40,986		40,406		38,242
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.50	$	0.70	$	0.70
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.49	$	0.70	$	0.70

The weighted average shares used in the computation of dilutive earnings per share include unvested restricted Common Shares (“Restricted Shares”) and restricted OP Units (“LTIP Units”) (Note 15) that are entitled to receive dividend equivalent payments. The effect of the conversion of Common OP Units is not reflected in the above table, 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 interest in subsidiaries 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. The conversion of the convertible notes payable (Note 9) is not reflected in the table above as such conversion, based on the market price of the Common Shares, would be settled with cash.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20. Earnings Per Common Share (continued)

The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive for the years ended December 31, 2011, 2010 and 2009 and are accordingly included in the table above.

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FEDERAL INCOME TAXES

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Federal Income Taxes

Federal Income Taxes

The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate Federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2011, 2010 and 2009, no U.S. Federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to Federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and Federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiary (“TRS”) is subject to Federal, state and local income taxes.

Characterization of Distributions:

The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:

	For the years ended December 31,
	2011		2010		2009
Ordinary income	75	%	100	%	95	%
Qualified dividend	22	%	—	%	—	%
Capital gain	3	%	—	%	5	%
	100	%	100	%	100	%

Taxable REIT Subsidiaries

Income taxes have been provided for using the liability method as required by ASC Topic 740 “Income Taxes.” The Company’s TRS income and provision for income taxes for the years ended December 31, 2011, 2010 and 2009 are summarized as follows:

(dollars in thousands)	2011		2010			2009
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		)	—
TRS net income	$	1,340	$	2,464		$	1,354

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Federal Income Taxes, continued

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):

(dollars in thousands)	2011			2010		2009
Federal provision at statutory tax rate	$	128		$	1,943	$	908
TRS State and local taxes, net of federal benefit	20			358		193
Tax effect of:
Permanent differences, net	(279		)	406		138
Restricted stock vesting	266			—		—
Other	146			—		78
REIT state and local income and franchise taxes	193			183		224
Total provision for income taxes	$	474		$	2,890	$	1,541

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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT Schedule of Notes Receivable (Details) (USD $)	1 Months Ended		12 Months Ended					12 Months Ended				1 Months Ended		12 Months Ended								1 Months Ended		12 Months Ended		1 Months Ended		12 Months Ended		1 Months Ended			12 Months Ended			12 Months Ended		1 Months Ended					1 Months Ended
	Dec. 31, 2011 properties	Dec. 31, 2009 extension_options	Dec. 31, 2011 properties	Dec. 31, 2010	Dec. 31, 2009 extension_options	Sep. 30, 2011	Dec. 31, 2008	Dec. 31, 2011 Zero Coupon Loan [Member]		Dec. 31, 2011 Mezzanine Loan Due 2013 [Member]		Feb. 28, 2011 Mezzanine Loan Due With Capital Event [Member]		Dec. 31, 2011 Mezzanine Loan Due With Capital Event [Member]		Dec. 31, 2011 Mezzanine Loan Due 2017 [Member]		Dec. 31, 2011 First Mortgage Loan Due 2012 [Member]		Dec. 31, 2011 First Mortgage Loan Due on Demand [Member]		Sep. 30, 2011 First Mortgage Loan Due 2012 Second [Member] members_of_entity		Dec. 31, 2011 First Mortgage Loan Due 2012 Second [Member]		Oct. 31, 2011 Construction Loans [Member] extension_options		Dec. 31, 2011 Construction Loans [Member]		May 31, 2011 Mezzanine Loan [Member]	Dec. 31, 2011 First Mortgage Loan Due 2012 Third [Member] properties locations extension_options		Dec. 31, 2011 First Mortgage Loan Due 2012 Third [Member] properties locations extension_options		Dec. 31, 2011 Individually Less Than 3% [Member]	Dec. 31, 2011 Individually Less Than 3% [Member] Minimum [Member]	Dec. 31, 2011 Individually Less Than 3% [Member] Maximum [Member]	Apr. 30, 2010 First Mortgage [Member]	Dec. 31, 2009 First Mortgage [Member]	Dec. 31, 2010 First Mortgage [Member] properties	Sep. 30, 2011 Core Portfolio [Member] Georgetown Portfolio [Member] properties	Sep. 30, 2011 Core Portfolio [Member] Georgetown Portfolio [Member] Mezzanine Loan [Member]	Aug. 31, 2009 Pennsylvania First Mortgage Loan, Secured By Property [Member]	Aug. 31, 2009 Long Island, New York [Member] First Mortgage Loan Secured By Interest in Single Tenant Property [Member]	Jun. 30, 2009 South Carolina First Mortgage Loan, Secured By Property [Member]	Mar. 31, 2009 South Carolina First Mortgage Loan, Secured By Property [Member]	Sep. 30, 2010 Preferred Equity Investment [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate								24.00%		10.00%		15.00%		15.00%		17.50%		12.00%		10.77%		7.00%		7.00%				20.51%					6.00%			10.00%	12.00%
Prior liens								$ 166,200,000	[1]	$ 85,835,000	[1]			$ 11,925,000	[1]	$ 37,700,000	[1]
Face amount of mortgages	71,025,000	8,600,000	71,025,000		8,600,000			5,644,000	[1]	9,089,000	[1]	3,834,000	[1]	3,834,000	[1]	3,550,000	[1]	8,500,000	[2]	10,000,000	[1]	4,000,000	[2]	4,000,000	[2]	5,400,000	[1]	5,400,000	[1]		12,609,000	[2]	12,609,000	[2]	8,399,000							8,000,000
Carrying amount of mortgages	59,989,000	125,221,000	59,989,000	89,202,000	125,221,000		125,587,000	3,563,000	[1]	9,089,000	[1]			3,834,000	[1]	2,173,000	[1]	8,500,000	[2]	10,000,000	[1]			4,000,000	[2]			5,400,000	[1]		12,609,000	[2]	12,609,000	[2]	821,000
Number of locations sold																															15		15
Number of Properties Collateralized	29		29																												14		14							3	5
Number of extension options		2			2																					1					2		2
Effective interest rate, first extension option																															9.00%
Effective interest rate, second extension option																															12.00%
Effective interest rate, extension option		14.50%																								15.00%
Number of Members of Entity Which Own Shopping Center																						2
Assignment of Mortgage Loan						17,000,000
Mortgage Loans on Real Estate, Collection of Required Payment												1,900,000																		54,700,000								2,100,000	4,700,000					5,100,000	700,000	300,000
Mortgage Loans on Real Estate, Collections of Principal	8,600,000		56,517,000	42,010,000	13,614,000																									33,800,000													2,800,000
Mortgage Loans on Real Estate, Collection of Required Payment, Accrued Interest Portion	1,000,000																													13,400,000
Mortgage Loans on Real Estate, Collection of Required Payment, Exit Fee Portion																														7,500,000
Preferred Equity Investment, Collection of Required Payment																																															49,400,000
Preferred Equity Investment, Collection of Required Payment, Invested Capital Portion																																															40,000,000
Preferred Equity Investment, Collection of Required Payment, Accrued Preferred Return Portion																																															$ 9,400,000
Period of extension options		6 months																								6 months					6 months
Number of Properties Collateralized, Sold																																								2
Mortgage Loans on Real Estate, Period of Original Term of Loan		1 year

[1] Interest only payable monthly, principal due on maturity.

[2] Payable upon maturity.

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TENANT LEASES (Tables)

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Schedule of Future Minimum Rental Payments Receivable for Operating Leases [Table Text Block]

Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2011 are summarized as follows:

(dollars in thousands)
2012	$	87,873
2013	82,153
2014	75,099
2015	69,636
2016	65,245
Thereafter	574,137
Total	$	954,143

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SUMMARY OF QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information

Summary of Quarterly Financial Information (unaudited)

The quarterly results of operations of the Company for the years ended December 31, 2011 and 2010 are as follows:

(dollars in thousands, except per share amounts)	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Revenue	$	37,447	$	37,845	$	36,656	$	38,213
Income from continuing operations attributable to Common Shareholders	$	8,185	$	4,245	$	3,843	$	3,789
Income from discontinued operations attributable to Common Shareholders	$	1,238	$	25,989	$	168	$	4,098
Net income attributable to Common Shareholders	$	9,423	$	30,234	$	4,011	$	7,887
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.20	$	0.11	$	0.10	$	0.09
Income from discontinued operations	$	0.03	$	0.64	$	—	$	0.10
Net income per share	$	0.23	$	0.75	$	0.10	$	0.19
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.20	$	0.10	$	0.10	$	0.09
Income from discontinued operations	$	0.03	$	0.64	$	—	$	0.10
Net income per share	$	0.23	$	0.74	$	0.10	$	0.19
Cash dividends declared per Common Share	$	0.18	$	0.18	$	0.18	$	0.18
Weighted average Common Shares outstanding:
Basic	40,317,603		40,333,575		40,339,958		41,785,261
Diluted	40,580,173		40,633,317		40,628,781		42,066,390

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21. Summary of Quarterly Financial Information (unaudited) (continued)

(dollars in thousands, except per share amounts)	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010
Revenue	$	34,702	$	33,997	$	36,302	$	36,044
Income from continuing operations attributable to Common Shareholders	$	4,829	$	12,250	$	4,592	$	6,589
Income from discontinued operations attributable to Common Shareholders	$	301	$	548	$	525	$	423
Net income attributable to Common Shareholders	$	5,130	$	12,798	$	5,117	$	7,012
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.12	$	0.30	$	0.12	$	0.16
Income from discontinued operations	$	0.01	$	0.02	$	0.01	$	0.01
Net income per share	$	0.13	$	0.32	$	0.13	$	0.17
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.12	$	0.30	$	0.12	$	0.16
Income from discontinued operations	$	0.01	$	0.01	$	0.01	$	0.01
Net income per share	$	0.13	$	0.31	$	0.13	$	0.17
Cash dividends declared per Common Share	$	0.18	$	0.18	$	0.18	$	0.18
Weighted average Common Shares outstanding:
Basic	39,980,646		40,134,706		40,169,141		40,257,378
Diluted	40,149,931		40,371,812		40,430,998		40,594,009

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Under various Federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties.

The Company conducts Phase I environmental reviews with respect to properties it acquires. These reviews include an investigation for the presence of asbestos, underground storage tanks and polychlorinated biphenyls (PCBs). Although such reviews are intended to evaluate the environmental condition of the subject property as well as surrounding properties, there can be no assurance that the review conducted by the Company will be adequate to identify environmental or other problems that may exist. Where a Phase II assessment is so recommended, a Phase II assessment is conducted to further determine the extent of possible environmental contamination. In all instances where a Phase I or II assessment has resulted in specific recommendations for remedial actions, the Company has either taken or scheduled the recommended remedial action. To mitigate unknown risks, the Company has obtained environmental insurance for most of its properties, which covers only unknown environmental risks.

The Company believes that it is in compliance in all material respects with all Federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

22. Commitments and Contingencies (continued)

The Company is involved in various matters of litigation arising in the normal course of business. While the Company is unable to predict with certainty the amounts involved, the Company’s management and counsel are of the opinion that, when such litigation is resolved, the Company’s resulting liability, if any, will not have a significant effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company's policy is to accrue legal expenses as they are incurred.

In September 2008, the Company, certain of its subsidiaries, and other unrelated entities (the “Investor Consortium”) were named as defendants in an adversary proceeding brought by Mervyn's LLC (“Mervyns”) in the United States Bankruptcy Court for the District of Delaware. The action involves five claims alleging fraudulent transfers in which Mervyns is nominally seeking approximately $1.175 billion in damages from the Investor Consortium, although the actual claims made by the administrator and the unsecured creditors are substantially less. The first claim contends that, at the time of the sale of Mervyns by Target Corporation to the Investor Consortium, a transfer of assets was made in an effort to defraud creditors. The Company believes that this aspect of the case is without merit. The remaining four claims relate to transfers of assets of Mervyns at various times after the sale by Target. The Company believes that there are substantial defenses to these claims and intends to continue to defend them vigorously. This matter is in the early stages of discovery. The parties to this action have agreed to a non-binding mediation, which is scheduled for the end of March, 2012.

Because of the inherently unpredictable nature of litigation, the Company could incur some amount of liability in connection with this matter. However, at the present time, there have not been sufficient developments in this matter for us to estimate the reasonably possible loss or range of loss that the Company might incur as a result of this matter.

During August 2009, the Company terminated the employment of a former Senior Vice President (the “Former Employee”) for engaging in conduct that fell within the definition of “cause” in his severance agreement with the Company. Had the Former Employee not been terminated for “cause,” he would have been eligible to receive approximately $0.9 million under the severance agreement. Because the Company terminated him for “cause,” it did not pay the Former Employee any severance benefits under the agreement. The Former Employee has brought a lawsuit against the Company in New York State Supreme Court, alleging breach of the severance agreement. The suit is in the pre-trial discovery stage. The Company believes it has meritorious defenses to the suit.

The Company has arranged for the provision of one letter of credit in connection with a certain lease and investment. As of December 31, 2011, there were no outstanding balances under the letter of credit. If the letter of credit was fully drawn, the combined maximum amount of exposure would be $4.6 million.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 53,715	$ 50,667	$ 12,706
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	33,683	34,499	33,520
Amortization of financing costs	3,918	6,054	3,722
Gain from bargain purchase	0	(33,805)	0
Gain on sale of property	(46,830)	0	(7,143)
Gain on debt extinguishment	(1,268)	0	(7,057)
Impairment of asset	6,925	0	0
Amortization of discount on convertible debt	829	1,042	1,280
Non-cash accretion of notes receivable	(786)	(6,164)	(5,352)
Share compensation expense	4,299	4,104	3,969
Equity in (earnings) losses of unconsolidated affiliates	(1,555)	(10,971)	1,529
Impairment of investment in unconsolidated affiliate	0	0	3,768
Distributions of operating income from unconsolidated affiliates	5,515	12,124	880
Reserve for notes receivable	0	0	1,734
Provision for bad debt	252	3,331	4,132
Other, net	472	906	7,457
Changes in assets and liabilities
Cash in escrow	7,319	(20,028)	(1,788)
Rents receivable, net	(8,894)	(4,662)	(8,370)
Prepaid expenses and other assets	(5,906)	4,297	6,166
Accounts receivable from related parties	1,034	(2,408)	1,990
Accounts payable and accrued expenses	14,513	1,874	(5,902)
Other liabilities	(903)	3,517	221
Net cash provided by operating activities	66,332	44,377	47,462
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate	(181,498)	(80,520)	(127,322)
Deferred acquisition and leasing costs	(6,298)	(3,904)	(11,368)
Investments in and advances to unconsolidated affiliates	(54,981)	(19,116)	(5,603)
Return of capital from unconsolidated affiliates	4,504	785	4,705
Repayments of notes receivable	56,519	42,010	13,614
Increase in notes receivable	(34,343)	0	(9,362)
Proceeds from sale of property	62,940	0	11,956
Net cash used in investing activities	(153,157)	(60,745)	(123,380)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage notes	(161,389)	(127,823)	(182,610)
Proceeds received on mortgage notes	144,959	175,793	260,065
Purchase of convertible notes payable	(48,997)	(240)	(46,736)
Increase in deferred financing and other costs	(2,877)	(6,830)	(1,755)
Capital contributions from noncontrolling interests	117,945	33,556	25,653
Distributions to noncontrolling interests	(8,605)	(1,638)	(2,879)
Dividends paid to Common Shareholders	(29,033)	(28,909)	(30,163)
Proceeds from issuance of Common Shares, net of issuance costs	44,659	0	65,222
Repurchase and cancellation of Common Shares	(726)	(966)	(5,424)
Common Shares issued under Employee Share Purchase Plan	93	100	106
Exercise of options to purchase Common Shares	16	109	1,556
Net cash provided by financing activities	56,045	43,152	83,035
(Decrease) increase in cash and cash equivalents	(30,780)	26,784	7,117
Cash and cash equivalents, beginning of period	120,592	93,808	86,691
Cash and cash equivalents, end of period	89,812	120,592	93,808
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $4,850, $2,903 and $3,516, respectively	32,120	31,920	30,183
Cash paid for income taxes	3,776	1,263	777
Supplemental disclosure of non-cash investing and financing activities
Dividends paid through the issuance of Common Shares	0	0	16,192
Acquisition of interest in unconsolidated affiliates
Real Estate, net	0	(108,000)	0
Assumption of mortgage debt	0	25,990	0
Gain from bargain purchase	0	33,805	0
Other assets and liabilities	0	7,532	0
Investment in unconsolidated affiliates	0	37,824	0
Cash included in investment in real estate	$ 0	$ (2,849)	$ 0

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

During January 2012, the Company established an at-the-market (“ATM”) equity program with an aggregate offering price of up to $75.0 million in Common Shares. The Company intends to use the future net proceeds of this offering for general corporate purposes, which may include, among other things, repayment of its debt, future acquisitions, (directly in the Core Portfolio and through its Opportunity Funds), and redevelopments of and capital improvements to its properties.

During January 2012, the Company acquired 1520 North Milwaukee Ave, a 3,100 square foot property located in Chicago, IL for approximately $3.8 million.

During February 2012, Fund III, in a venture with an unaffiliated partner, acquired 640 Broadway, a 45,700 square foot property located in New York, NY for approximately $32.5 million.

During February 2012, the Company acquired a 40,000 square foot single tenant property, located in Cambridge, MA, for approximately $19.2 million, which included the assumption of $7.0 million of in-place mortgage debt.

During February 2012, Kenneth Bernstein, President and CEO, converted 150,000 Common OP Units into Common Shares and subsequently sold 75,000 Common Shares.

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COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended
	Sep. 30, 2008 Fraudulent Transfers [Member] claim	Aug. 31, 2009 Breach of Severance Agreement [Member]	Dec. 31, 2011 Letter of Credit [Member] letter_of_credit
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	5
Loss Contingency, Damages Sought, Value	$ 1,175.0	$ 0.9
Loss Contingency, Pending Claims With Merit, Number	4
Letter of Credit, Number			1
Guarantor Obligations, Maximum Exposure, Undiscounted			$ 4.6

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ACQUIRED LEASE INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Amortization of Acquired Lease Intangible Assets and Liabilities [Table Text Block]

The scheduled amortization of acquired lease intangible assets and liabilities as of December 31, 2011 is as follows:

(dollars in thousands)	Acquired lease intangible
	Assets		Liabilities
2012	$	3,695	$	1,112
2013	3,083		895
2014	2,688		587
2015	2,550		419
2016	2,387		395
Thereafter	12,318		2,054
Total	$	26,721	$	5,462

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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended			36 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	Dec. 31, 2011
ASSETS
Net real estate					$ 20,981					$ 20,981
Rents receivable, net					649					649
Deferred charges, net of amortization					2,016					2,016
Prepaid expenses and other assets, net					155					155
Total assets of discontinued operations	0				23,801				0	23,801		0
LIABILITIES
Accounts payable and accrued expenses					233					233
Other liabilities					342					342
Total liabilities of discontinued operations	0				575				0	575		0
STATEMENTS OF OPERATIONS
Total revenues									5,309	11,913	12,902
Total expenses									3,047	8,581	9,183
Operating Income									2,262	3,332	3,719
Loss on Impairment of asset									(6,925)	0	0
Gain on sale of property									46,830	0	7,143	53,973
Income from discontinued operations									42,167	3,332	10,862
(Income) from discontinued operations, attributable to noncontrolling interests									(10,674)	(1,535)	(6,303)
Income from discontinued operations, attributable to Common Shareholders	$ 4,098	$ 168	$ 25,989	$ 1,238	$ 423	$ 525	$ 548	$ 301	$ 31,493	$ 1,797	$ 4,559

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SHARE INCENTIVE PLAN Share Incentive Plan (Details) (USD $)	12 Months Ended						12 Months Ended			1 Months Ended		0 Months Ended	12 Months Ended	1 Months Ended				12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2003	Dec. 31, 2011 Trustee [Member]	Mar. 22, 2011 Officer [Member]	Dec. 31, 2011 LTIP Units and Restricted Stock [Member]	Dec. 31, 2010 LTIP Units and Restricted Stock [Member]	Dec. 31, 2009 LTIP Units and Restricted Stock [Member]	Mar. 22, 2011 LTIP Units [Member] Officer [Member]	Mar. 22, 2011 LTIP Units [Member] Other Employees [Member]	May 10, 2011 Restricted Stock [Member] Trustee [Member]	Dec. 31, 2011 Restricted Stock [Member] Trustee [Member]	Mar. 22, 2011 Restricted Stock [Member] Officer [Member]	Mar. 22, 2011 Restricted Stock [Member] Other Employees [Member]	Dec. 31, 2003 2003 Plan [Member]	Dec. 31, 2006 2006 Plan [Member]	Dec. 31, 2009 Long Term Investment Alignment Program [Member] Senior Executives [Member]	Dec. 31, 2011 Long Term Investment Alignment Program [Member] Senior Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Equivalent Value of Common Shares a Participant Can be Awarded																1,000,000	500,000
Minimum Options Exercise Price as a Percentage of the Fair Market Value of the Common Shares				100.00%
Discount on Shares Issued Relating to Conversion of Senior Managements Cash Bonus Percent				25.00%
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures										431,248	164	22,154		210	9,584
Percent of Awards Issued to Officers Subject to Performance Measures						11.00%
Total Value of Restricted Shares and LTIP Units as of the Grant Date							$ 8,400,000
Share compensation expense	4,299,000	4,104,000	3,969,000				2,400,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	9,400,000						6,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 19.08	$ 16.73	$ 10.31
Long Term Incentive and Share Based Compensation Expense							4,000,000	3,800,000	3,700,000
Shares Granted to Trustees for Trustee Fees Vesting on One Year Anniversary of Grant Date													10,279
Shares Granted to Trustees for Trustee Fees Begin Vesting on Two Year Anniversary of Grant Date													11,875
Annual Vesting Rate of Shares Granted to Trustees That Begin Vesting on the Second Anniversary of Grant Date													33.00%
Trustee Fees	$ 200,000
Max Percentage of Future Fund III Promote That May be Awarded to Senior Executives																		25.00%
Percent of Units Awarded																			71.00%
Options Outstanding and Vested to Officers and Employees	101,283
Options Outstanding and Vested to Non Employee Turstees					49,000

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Land	$ 285,622	$ 219,981
Building and improvements	958,995	837,452
Construction in progress	7,483	4,236
Real Estate Investment Property, at Cost	1,252,100	1,061,669
Less: accumulated depreciation	180,796	156,117
Net operating real estate	1,071,304	905,552
Real estate under development	219,645	243,892
Notes receivable and preferred equity investments, net	59,989	89,202
Investments in and advances to unconsolidated affiliates	84,568	31,036
Cash and cash equivalents	89,812	120,592
Cash in escrow	20,969	28,610
Rents receivable, net	26,415	17,464
Deferred charges, net	25,854	23,714
Acquired lease intangibles, net	26,721	18,622
Prepaid expenses and other assets	26,667	19,912
Accounts receivable from related parties	1,375	2,409
Assets of discontinued operations	0	23,801
Total assets	1,653,319	1,524,806
LIABILITIES
Mortgages payable	787,910	806,212
Convertible notes payable, net of unamortized discount of $0 and $1,063, respectively	930	48,712
Distributions in excess of income from, and investments in, unconsolidated affiliates	21,710	20,884
Accounts payable and accrued expenses	39,647	27,458
Dividends and distributions payable	7,914	7,427
Acquired lease and other intangibles, net	5,462	5,737
Other liabilities	20,437	20,279
Liabilities of discontinued operations	0	575
Total liabilities	884,010	937,284
Shareholders’ equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 42,586,376 and 40,254,525 shares, respectively	43	40
Additional paid-in capital	348,667	303,823
Accumulated other comprehensive loss	(3,913)	(2,857)
Retained earnings	39,317	17,206
Total Shareholders’ equity	384,114	318,212
Noncontrolling interests	385,195	269,310
Total equity	769,309	587,522
Total liabilities and equity	$ 1,653,319	$ 1,524,806

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LEASE OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:

(dollars in thousands)
2012	$	5,115
2013	5,162
2014	4,975
2015	5,093
2016	3,986
Thereafter	138,242
Total	$	162,573

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2008	$ 442,228	$ 32	$ 218,527	$ (4,508)	$ 13,671	$ 227,722	$ 214,506
Balance (in Shares) at Dec. 31, 2008		32,357,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership			90			90	(90)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		16,000
Issuance of Common Shares, net of issuance costs	65,222	6	65,216			65,222
Issuance of Common Shares, net of issuance costs (in Shares)		5,750,000
Issuance of Common Shares through special dividend	16,192	2	16,190			16,192
Issuance of Common Shares through special dividend (in shares)		1,287,000
Vesting of employee Restricted Share and LTIP awards	3,847		2,957			2,957	890
Vesting of employee Restricted Share and LTIP awards (in Shares)		253,000
Dividends declared	(29,474)				(28,679)	(28,679)	(795)
Exercise of options	1,556		1,556			1,556
Exercise of options (in Shares)		259,000
Common Shares issued under Employee Share Purchase Plan	106		106			106
Common Shares issued under Employee Share Purchase Plan (in Shares)		8,744
Issuance of Common Shares to trustees	635		635			635
Issuance of Common Shares to trustees (in Shares)		25,000
Employee Restricted Shares cancelled	(5,423)		(5,423)			(5,423)
Employee Restricted Shares cancelled (in Shares)		(359,000)
Deferred shares converted to Common Shares (in Shares)		190,000
Conversion options on Convertible Notes purchased (Note 9)	(840)		(840)			(840)
Noncontrolling interest distributions	(1,624)						(1,624)
Noncontrolling Interest contributions	25,653						25,653
Balance before adjustment toward comprehensive income	518,078	40	299,014	(4,508)	(15,008)	279,538	238,540
Balance before adjustment toward comprehensive income (in Shares)		39,787,000
Comprehensive income (loss):
Net income	12,706				31,133	31,133	(18,427)
Unrealized loss on valuation of swap agreements	(1,052)			(912)	0	(912)	(140)
Reclassification of realized interest on swap agreements	2,745			2,426	0	2,426	319
Total comprehensive income (loss)	14,399			1,514	31,133	32,647	(18,248)
Balance at Dec. 31, 2009	532,477	40	299,014	(2,994)	16,125	312,185	220,292
Balance (in Shares) at Dec. 31, 2009		39,787,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership			3,240			3,240	(3,240)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		365,000
Vesting of employee Restricted Share and LTIP awards	3,838		2,060			2,060	1,778
Vesting of employee Restricted Share and LTIP awards (in Shares)		133,000
Dividends declared	(29,699)				(28,976)	(28,976)	(723)
Exercise of options	109		109			109
Exercise of options (in Shares)		7,000
Common Shares issued under Employee Share Purchase Plan	100		100			100
Common Shares issued under Employee Share Purchase Plan (in Shares)		6,184
Issuance of Common Shares to trustees	266		266			266
Issuance of Common Shares to trustees (in Shares)		13,000
Employee Restricted Shares cancelled	(966)		(966)			(966)
Employee Restricted Shares cancelled (in Shares)		(57,000)
Noncontrolling interest distributions	(2,892)						(2,892)
Noncontrolling Interest contributions	33,556						33,556
Balance before adjustment toward comprehensive income	536,789	40	303,823	(2,994)	(12,851)	288,018	248,771
Balance before adjustment toward comprehensive income (in Shares)		40,254,000
Comprehensive income (loss):
Net income	50,667				30,057	30,057	20,610
Unrealized loss on valuation of swap agreements	(2,683)			(2,329)		(2,329)	(354)
Reclassification of realized interest on swap agreements	2,749			2,466		2,466	283
Total comprehensive income (loss)	50,733			137	30,057	30,194	20,539
Balance at Dec. 31, 2010	587,522	40	303,823	(2,857)	17,206	318,212	269,310
Balance (in Shares) at Dec. 31, 2010	40,254,525	40,254,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership			56			56	(56)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		11,000
Issuance of Common Shares, net of issuance costs	44,660	2	44,658			44,660
Issuance of Common Shares, net of issuance costs (in Shares)		2,250,000
Vesting of employee Restricted Share and LTIP awards	4,032	1	481			482	3,550
Vesting of employee Restricted Share and LTIP awards (in Shares)		96,000
Dividends declared	(30,428)				(29,444)	(29,444)	(984)
Exercise of options	16		16			16
Exercise of options (in Shares)		2,000
Common Shares issued under Employee Share Purchase Plan	93		93			93
Common Shares issued under Employee Share Purchase Plan (in Shares)		4,886
Issuance of LTIP Unit awards to employees	2,441						2,441
Issuance of Common Shares to trustees	264		264			264
Issuance of Common Shares to trustees (in Shares)		8,000
Employee Restricted Shares cancelled	(724)		(724)			(724)
Employee Restricted Shares cancelled (in Shares)		(40,000)
Noncontrolling interest distributions	(7,697)						(7,697)
Noncontrolling Interest contributions	117,945						117,945
Balance before adjustment toward comprehensive income	718,124	43	348,667	(2,857)	(12,238)	333,615	384,509
Balance before adjustment toward comprehensive income (in Shares)		42,586,000
Comprehensive income (loss):
Net income	53,715				51,555	51,555	2,160
Unrealized loss on valuation of swap agreements	(5,611)			(3,461)		(3,461)	(2,150)
Reclassification of realized interest on swap agreements	3,081			2,405		2,405	676
Total comprehensive income (loss)	51,185			(1,056)	51,555	50,499	686
Balance at Dec. 31, 2011	$ 769,309	$ 43	$ 348,667	$ (3,913)	$ 39,317	$ 384,114	$ 385,195
Balance (in Shares) at Dec. 31, 2011	42,586,376	42,586,000

XML

DEFERRED CHARGES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Deferred Costs [Abstract]
Deferred financing costs	$ 31,860	$ 29,692
Deferred leasing and other costs	32,103	30,485
Deferred costs, gross	63,963	60,177
Accumulated amortization	(38,109)	(36,463)
Total	$ 25,854	$ 23,714

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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2011

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Schedule of Purchase Price Allocation [Table Text Block]

The following table sets forth a summary of the finalized acquisition purchase price consideration of each major class of assets acquired and liabilities assumed in the 2011 acquisitions discussed above:

	Total Purchase Price Consideration
(dollars in thousands)
Land	$	24,993
Buildings and improvements	39,594
Acquisition-related intangible assets (in Acquired lease intangibles, net)	9,945
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net)	(627		)
Total consideration	$	73,905

Schedule Of Property Dispositions [Table Text Block]

During 2011 and 2009, the Company disposed of the following properties:

(dollars in thousands) Property	Owner	Year Sold	Sales Price		Gain (Loss)			GLA
Fifteen Kroger/Safeway locations	Fund I	2011	$	17,490	$	14,645		617,276
Granville Centre	Fund I	2011	2,250		(313		)	134,997
Ledgewood Mall	Core Portfolio	2011	37,000		28,576			517,151
Oakbrook	Fund II	2011	8,200		3,922			112,000
Blackman Plaza	Core Portfolio	2009	2,500		1,506			125,264
Six Kroger locations	Fund I	2009	9,481		5,637			277,700
Total			$	76,921	$	53,973		1,784,388

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The combined assets and liabilities as of December 31, 2010, and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2011, 2010 and 2009, are summarized as follows:

BALANCE SHEET
ASSETS	December 31, 2010
(dollars in thousands)
Net real estate	$	20,981
Rents receivable, net	649
Deferred charges, net of amortization	2,016
Prepaid expenses and other assets, net	155
Total assets of discontinued operations	$	23,801
LIABILITIES
Accounts payable and accrued expenses	$	233
Other liabilities	342
Total liabilities of discontinued operations	$	575

	Years ended December 31,
STATEMENTS OF OPERATIONS	2011			2010			2009
(dollars in thousands)
Total revenues	$	5,309		$	11,913		$	12,902
Total expenses	3,047			8,581			9,183
Operating income	2,262			3,332			3,719
Loss on impairment of asset	(6,925		)	—			—
Gain on sale of property	46,830			—			7,143
Income from discontinued operations	42,167			3,332			10,862
(Income) from discontinued operations attributable to noncontrolling interests	(10,674		)	(1,535		)	(6,303		)
Income from discontinued operations attributable to Common Shareholders	$	31,493		$	1,797		$	4,559

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ 3,900,000	$ 2,800,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	1,500,000
Asset Impairment Charges	6,925,000	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	3,518,000	2,800,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0
Cash Flow Hedging [Member] | Variable-Rate Derivatives, Maturing in October 2012 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Cap Interest Rate	3.00%
Cash Flow Hedging [Member] | Variable-Rate Derivatives, Maturing in April 2013 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Cap Interest Rate	6.00%
Cash Flow Hedging [Member] | Variable-Rate Derivatives, Maturing in August 2013 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Cap Interest Rate	3.50%
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Fixed-Rate Derivatives, Maturing between March 2012 and December 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	57,000,000
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Fixed-Rate Derivatives, Maturing between March 2012 and December 2022 [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fixed Interest Rate	2.70%
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Fixed-Rate Derivatives, Maturing between March 2012 and December 2022 [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fixed Interest Rate	5.10%
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Variable-Rate Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	75,000,000
Fund I [Member] | Granville Centre [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges	$ 6,900,000

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TENANT LEASES

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Tenant Leases

Tenant Leases

Space in the shopping centers and other retail properties is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume.

Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2011 are summarized as follows:

(dollars in thousands)
2012	$	87,873
2013	82,153
2014	75,099
2015	69,636
2016	65,245
Thereafter	574,137
Total	$	954,143

During the years ended December 31, 2011, 2010 and 2009, no single tenant collectively accounted for more than 10% of the Company’s total revenues.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block]

2011

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,994	$	55,888	$	23,189	$	11,429	$	25,782	$	(24,121	)	$	150,161
Property operating expenses and real estate taxes	17,087		18,952		14,435		—		—		(2,417		)	48,057
General and administrative expenses	24,226		16,678		—		—		—		(17,818		)	23,086
Income before depreciation and amortization	$	16,681	$	20,258	$	8,754	$	11,429	$	25,782	$	(3,886	)	$	79,018
Depreciation and amortization	$	14,206	$	15,454	$	4,221	$	—	$	—	$	(895	)	$	32,986
Interest and other finance expense	$	15,967	$	16,546	$	3,603	$	—	$	—	$	993		$	37,109
Real estate at cost	$	499,872	$	773,562	$	213,743	$	—	$	—	$	(15,432	)	$	1,471,745
Total assets	$	633,345	$	901,758	$	192,154	$	59,989	$	—	$	(133,927	)	$	1,653,319
Expenditures for real estate and improvements	$	72,571	$	107,231	$	3,779	$	—	$	—	$	(2,083	)	$	181,498
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	79,018
Other interest income														276
Depreciation and amortization														(32,986		)
Equity in earnings of unconsolidated affiliates														1,555
Interest and other finance expense														(37,109		)
Gain on debt extinguishment														1,268
Income tax provision														474
Impairment of asset														(6,925		)
Gain on sale of property														46,830
Income from discontinued operations														2,262
Net income														53,715
Net (income) attributable to noncontrolling interests														(2,160		)
Net income attributable to Common Shareholders														$	51,555

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2010

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,084	$	42,062	$	21,314	$	19,161	$	22,479	$	(21,055	)	$	141,045
Property operating expenses and real estate taxes	17,236		17,671		13,107		—		—		(1,536		)	46,478
General and administrative expenses	22,439		13,588		—		—		—		(15,807		)	20,220
Income before depreciation and amortization	$	17,409	$	10,803	$	8,207	$	19,161	$	22,479	$	(3,712	)	$	74,347
Depreciation and amortization	$	13,798	$	10,898	$	4,552	$	—	$	—	$	(440	)	$	28,808
Interest and other finance expense	$	18,036	$	18,244	$	4,660	$	—	$	—	$	(442	)	$	40,498
Real estate at cost	$	441,714	$	667,179	$	210,017	$	—	$	—	$	(13,349	)	$	1,305,561
Total assets	$	574,497	$	772,715	$	194,003	$	89,202	$	—	$	(105,611	)	$	1,524,806
Expenditures for real estate and improvements	$	4,137	$	77,309	$	1,376	$	—	$	—	$	(2,302	)	$	80,520
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	74,347
Other interest income														408
Depreciation and amortization														(28,808		)
Equity in earnings of unconsolidated affiliates														10,971
Interest and other finance expense														(40,498		)
Income tax provision														2,890
Gain from bargain purchase														33,805
Income from discontinued operations														3,332
Net income														50,667
Net (income) attributable to noncontrolling interests														(20,610		)
Net income attributable to Common Shareholders														$	30,057

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2009

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	64,249	$	37,375	$	11,166	$	19,698	$	23,265	$	(21,308	)	$	134,445
Property operating expenses and real estate taxes	19,282		14,874		10,985		—		—		(1,150		)	43,991
Reserve for notes receivable	—		—		—		1,734		—		—			1,734
Abandonment of project costs	12		2,475		—		—		—		—			2,487
General and administrative expenses	23,983		13,593		—		—		—		(15,570		)	22,006
Income before depreciation and amortization	$	20,972	$	6,433	$	181	$	17,964	$	23,265	$	(4,588	)	$	64,227
Depreciation and amortization	$	14,595	$	10,480	$	3,762	$	—	$	—	$	(1,225	)	$	27,612
Interest and other finance expense	$	19,539	$	10,657	$	5,681	$	—	$	—	$	(245	)	$	35,632
Real estate at cost	$	436,071	$	486,032	$	208,702	$	—	$	—	$	(11,047	)	$	1,119,758
Total assets	$	558,240	$	607,706	$	196,658	$	125,221	$	—	$	(105,361	)	$	1,382,464
Expenditures for real estate and improvements	$	3,161	$	116,734	$	10,996	$	—	$	—	$	(3,569	)	$	127,322
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	64,227
Other interest income														642
Depreciation and amortization														(27,612		)
Equity in (losses) of unconsolidated affiliates														(1,529		)
Impairment of investment in unconsolidated affiliate														(3,768		)
Interest and other finance expense														(35,632		)
Gain on debt extinguishment														7,057
Income tax provision														1,541
Gain on sale of property														7,143
Income from discontinued operations														3,719
Net income														12,706
Net loss attributable to noncontrolling interests														18,427
Net income attributable to Common Shareholders														$	31,133

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SHARE INCENTIVE PLAN

12 Months Ended

Dec. 31, 2011

Share Incentive Plan [Abstract]

Share Incentive Plan

Share Incentive Plan

During 2003, the Company adopted the 2003 Share Incentive Plan (the “2003 Plan”). The 2003 Plan authorizes the issuance of options, share appreciation rights, restricted shares (“Restricted Shares”), restricted OP Units (“LTIP Units”) and performance units (collectively, “Awards”) to officers, employees and trustees of the Company and consultants to the Company equal to up to four percent of the total Common Shares of the Company outstanding from time to time on a fully diluted basis. However, no participant may receive more than the equivalent of 1,000,000 Common Shares during the term of the 2003 Plan with respect to Awards. Options are granted by the Compensation Committee (the “Committee”), which currently consists of three non-employee Trustees, and will not have an exercise price less than 100% of the fair market value of the Common Shares and a term of greater than ten years at the grant date. Vesting of options is at the discretion of the Committee. Share appreciation rights provide for the participant to receive, upon exercise, cash and/or Common Shares, at the discretion of the Committee, equal to the excess of the market value of the Common Shares at the exercise date over the market value of the Common Shares at the grant date. The Committee determines the restrictions placed on Awards, including the dividends or distributions thereon and the term of such restrictions. The Committee also determines the award and vesting of performance units and performance shares based on the attainment of specified performance objectives of the Company within a specified performance period. Through December 31, 2011, no share appreciation rights or performance units/shares had been awarded. In connection with the Awards, to the extent that a portion of senior management’s cash bonus is converted into elective Awards, the number of shares issued are at a 25% discount and vest over time.

During 2006, the Company adopted the 2006 Share Incentive Plan (the “2006 Plan”). The 2006 Plan is substantially similar to the 2003 Plan, except that the maximum number of Common Share equivalents that the Company may issue pursuant to the 2006 Plan is 500,000.

On March 3, 2011 and March 22, 2011, the Company issued a combined total of 431,248 LTIP Units and 210 Restricted Shares to officers of the Company and 164 LTIP Units and 9,584 Restricted Shares to other employees of the Company. Vesting with respect to these awards is recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 11% of the awards issued to officers are also generally subject to achieving certain Company performance measures. LTIP Units are similar to Restricted Shares but provide for a quarterly partnership distribution in a like amount as paid to Common OP Units. This distribution is paid on both unvested and vested LTIP Units. The LTIP Units are convertible into Common OP Units and Common Shares upon vesting and a revaluation of the book capital accounts.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15. Share Incentive Plan, continued

These awards were measured at their fair value as if they were vested on the grant date. Fair value 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 Shares and LTIP Units as of the grant date was $8.4 million, of which $2.4 million was recognized in compensation expense during 2011 and $6.0 million will be recognized in compensation expense over the vesting period. The weighted average fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2011, 2010 and 2009 were $19.08, $16.73 and $10.31, respectively.

Total long-term incentive compensation expense, including the expense related to the above mentioned plans, was $4.0 million, $3.8 million and $3.7 million for the years ended December 31, 2011, 2010 and 2009, respectively.

On May 10, 2011, the Company issued 22,154 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 10,279 of the Restricted Shares will be on the first anniversary of the date of issuance and 11,875 of the Restricted Shares 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. Trustee fee expense of $0.2 million for the year ended December 31, 2011 has been recognized in the accompanying consolidated financial statements related to this issuance.

In 2009, the Company adopted the Long Term Investment Alignment Program (the “Program”) pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote when and if such Promote is ultimately realized. The Company has awarded units representing 71% of the Program, which were determined to have no value at issuance or as of December 31, 2011. In accordance with ASC Topic 718, “Compensation - Stock Compensation,” compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period.

As of December 31, 2011, the Company had 101,283 options outstanding to officers and employees and 49,000 options outstanding to non-employee Trustees of the Company of which all have vested. These options are for ten-year terms from the grant date and vested in three equal annual installments, which began on their respective grant dates.

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:

Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2009	159,283		$	18.04	5.5	$	—
Granted	—		—		—	—
Exercised	(7,000	)	14.46		—	26
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2010	152,283		18.20		4.5	6
Granted	—		—		—	—
Exercised	(2,000	)	8.21		—	—
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2011	150,283		$	18.33	3.5	$	272

The total intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was $0.02 million, $0.03 million and $2.8 million, respectively.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15. Share Incentive Plan, continued

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:

Unvested Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2009	272,512		$	20.76	362,833		$	16.35
Granted	24,473		17.32		266,928		16.73
Vested	(143,042	)	21.26		(67,022	)	15.69
Forfeited	(513	)	13.74		—		—
Unvested at December 31, 2010	153,430		19.75		562,739		16.61
Granted	32,970		19.13		431,412		19.08
Vested	(104,196	)	20.95		(153,895	)	16.78
Forfeited	(6,465	)	14.73		(1,358	)	16.86
Unvested at December 31, 2011	75,739		$	18.25	838,898		$	17.85

As of December 31, 2011, there was $9.4 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. That cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of Restricted Shares that vested during the years ended December 31, 2011, 2010 and 2009 was $2.2 million, $3.0 million and $5.0 million, respectively.

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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Noncontrolling Interest (Details) (USD $)	0 Months Ended	3 Months Ended								12 Months Ended					12 Months Ended			12 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	Dec. 31, 2011 LTIP Units [Member]	Dec. 31, 2010 LTIP Units [Member]	Dec. 31, 2010 Klaff [Member] Restricted Stock [Member]	Dec. 31, 2005 Klaff [Member] Restricted Stock [Member]	Dec. 31, 2011 Series A Preferred Stock [Member]	Dec. 31, 2011 Noncontrolling Interest [Member]	Dec. 31, 2010 Noncontrolling Interest [Member]	Dec. 31, 2009 Noncontrolling Interest [Member]	Dec. 31, 2011 Noncontrolling Interest [Member] Partially-Owned 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, 2011 Operating Partnership, as General Partner or Managing Member [Member] Series A Preferred Stock [Member]	Dec. 31, 2010 Operating Partnership, as General Partner or Managing Member [Member] Series A Preferred Stock [Member]	Dec. 31, 2011 Operating Partnership, as General Partner or Managing Member [Member] Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance					$ 269,310,000					$ 269,310,000											$ 264,901,000					$ 4,409,000
Distributions declared of $0.72 per Common OP Unit																					0					(984,000)
Distributions declared	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.72	$ 0.72	$ 0.75
Net income for the period January 1 through December 31, 2011										2,160,000	20,610,000	(18,427,000)									1,508,000					652,000
Conversion of 11,569 OP Units to Common Shares by limited partners of the Operating Partnership																		(56,000)	(3,240,000)	(90,000)	0					(56,000)
Issuance of LTIP Unit awards to employees										2,441,000								2,441,000			0					2,441,000
Other comprehensive income - unrealized loss on valuation of swap agreements										(5,611,000)	(2,683,000)	(1,052,000)						(2,150,000)	(354,000)	(140,000)	(2,102,000)					(48,000)
Reclassification of realized interest on swap agreements										3,081,000	2,749,000	2,745,000						676,000	283,000	319,000	648,000					28,000
Noncontrolling Interest contributions										117,945,000	33,556,000	25,653,000						117,945,000	33,556,000	25,653,000	117,945,000					0
Noncontrolling interest distributions and other reductions										(7,697,000)	(2,892,000)	(1,624,000)						(7,697,000)	(2,892,000)	(1,624,000)	(7,697,000)					0
Employee Long-term Incentive Plan Unit Awards										4,032,000	3,838,000	3,847,000						3,550,000	1,778,000	890,000	0					3,550,000
Balance		385,195,000				269,310,000				385,195,000	269,310,000										375,203,000					9,992,000
Share-based Compensation, Units Outstanding													1,061,564	641,534
Series A Preferred OP Units																						279,748	281,294	188	188
Limited Partners' Capital Account, Value Per Unit																								$ 1,000	$ 1,000
Per Unit Conversion Amount, Series A Preferred OP Units																	$ 22.50
Per Unit Conversion Annual Rate, Series A Preferred OP Units																	9.00%
Units issued for interest in contractual rights (in shares)																250,000
Units issued for interest in contractual rights, converted (in shares)															250,000
Limited Partners' Capital Account, Units Issued and Converted		11,569								11,569							1,392
Share-based Compensation, Units converted from Series A Preferred OP Units						185,600					185,600
Denominator for Series A Preferred OP Unit Conversion		$ 7.50								$ 7.50

XML

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (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
Common Stock, Dividends, Per Share, Declared	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.72	$ 0.72	$ 0.75

XML

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Unamortized discount on Convertible notes payable (in Dollars)	$ 0	$ 1,063
Common Shares, Par Value (in Dollars per share)	$ 0.001	$ 0.001
Common shares, authorized	100,000,000	100,000,000
Common shares, issued	42,586,376	40,254,525
Common shares, outstanding	42,586,376	40,254,525

XML

MORTGAGES PAYABLE

12 Months Ended

Dec. 31, 2011

Mortgage Loans on Real Estate [Abstract]

Mortgages Payable

Mortgages Payable

At December 31, 2011 and 2010, mortgage notes payable, excluding the net valuation premium on the assumption of debt, aggregated $787.9 million and $806.2 million, respectively, and were collateralized by 29 properties and related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.55% to 7.34% with maturities that ranged from September 2012 to November 2032. 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.

The following reflects mortgage loan activity for the year ended December 31, 2011:

During November 2011, the Company extended the maturity date of a $9.9 million loan to September 1, 2012. The extension required a payment of $0.5 million, reducing the balance of the loan to $9.4 million. The loan continues to bear interest at LIBOR plus 325 basis points.

During November 2011, the Company extended the maturity date of an $8.3 million loan that was maturing to October 30, 2012. The loan continues to bear interest at LIBOR plus 165 basis points.

During October 2011, the Company extended the maturity date of its $64.5 million revolving credit facility collateralized by six properties from December 1, 2011 to December 1, 2012.The loan continues to bear interest at LIBOR plus 125 basis points.

During October 2011, the Company amended and extended the maturity of a $13.7 million loan collateralized by a property that was scheduled to mature in December 2011. The amendment required a $0.9 million pay down of principal, reducing the balance of the loan to $12.8 million. The loan bears interest at LIBOR plus 225 basis points, matures on September 30, 2014, and has one three-year extension option.

During September 2011, the Company modified and extended the Fund III subscription line of credit. The modification provided a one year extension of the maturity date to October 10, 2012 and adjusted the interest rate to LIBOR plus 225 basis points. During

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgages Payable, continued

2011, the Company borrowed $71.6 million and repaid $107.0 million under this line of credit. As of December 31, 2011, the total outstanding amount on this line of credit was $136.1 million.

During September 2011, the Company closed on a $12.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 235 basis points and matures on September 30, 2014 with two one-year extension options.

During August 2011, the Company amended an existing $58.0 million loan collateralized by a property. The amendment provided for an additional $4.0 million of proceeds. The amended loan continues to bear interest at LIBOR plus 400 basis points, subject to a LIBOR floor of 250 basis points and matured on January 12, 2012 and was extended. Previously, during January 2011, the Company had amended this loan to provide for an additional $3.0 million supplemental loan and a $7.0 million subordinate loan. During 2011, the Company drew down an additional $16.2 million on this construction loan. As of December 31, 2011, the total outstanding amount on this loan was $56.5 million. Subsequent to December 31, 2011, the loan maturity date was extended to September 11, 2012. All other terms have remained the same.

During August 2011, the Company closed on a $42.0 million loan collateralized by six properties. The loan bears interest at LIBOR plus 415 basis points, with a LIBOR floor of 50 basis points and matures on August 31, 2013. The proceeds of this loan were used to repay a $41.5 million loan that matured July 31, 2011.

During June 2011, the Company modified an existing $85.3 million loan collateralized by a property. The modification extended the maturity date from October 4, 2011 to September 30, 2012. The loan continues to bear interest at LIBOR plus 350 basis points subject to a LIBOR floor of 150 basis points.

During June 2011, the Company modified an existing $9.4 million loan collateralized by a property. The modification extended the maturity date from June 29, 2012 to June 30, 2018. The loan continues to bear interest at LIBOR plus 140 basis points.

During January 2011, the Company purchased a $9.3 million mortgage loan collateralized by one of its properties for $7.6 million, resulting in a $1.7 million gain on extinguishment of debt.

During January 2011, the Company borrowed the remaining $2.4 million of a $34.0 million loan collateralized by a property.

The following table sets forth certain information pertaining to our secured credit facilities:

(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2010		Net borrowings (repayments) during the year ended December 31, 2011			Amount borrowed as of December 31, 2011		Letters of credit outstanding as of December 31, 2011		Amount available under credit facilities as of December 31, 2011
Acadia Realty, LP	$	64,498	$	1,000	$	—		$	1,000	$	4,561	$	58,937
Fund II	40,000		40,000		—			40,000		—		—
Fund III	150,286		171,450		(35,371		)	136,079		—		14,207
Total	$	254,784	$	212,450	$	(35,371	)	$	177,079	$	4,561	$	73,144

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgages Payable, continued

The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2011 and December 31, 2010:

(dollars in thousands)
Description of Debt and Collateral	12/31/2011			12/31/2010			Interest Rate at December 31, 2011	Maturity	Payment Terms
Mortgage notes payable – variable-rate
Canarsie Plaza	$	56,476		$	40,243		Greater of 6.50% or 4.30% (LIBOR+4.00%)	9/11/2012	Interest only monthly.
Liberty Avenue	9,395			10,000			3.55% (LIBOR+3.25%)	9/1/2012	Interest only monthly.
Fordham Place	84,277			85,910			Greater of 1.5%+3.5% or 5.00% (LIBOR+3.50%)	9/30/2012	Monthly principal and interest.
Tarrytown Shopping Center	8,260			8,427			1.95% (LIBOR+1.65%)	10/30/2012	Interest only monthly.
161st Street	28,900			28,900			5.80% (LIBOR+5.50%)	4/1/2013	Interest only monthly.
CityPoint	20,650			20,650			2.80% (LIBOR+2.50%)	8/12/2013	Interest only monthly.
Six self-storage properties	42,000			—			Greater of 4.65% or 4.45% (LIBOR+4.15%)	8/31/2013	Interest only monthly until 10/2012; monthly principal and interest thereafter.
Pelham Manor	34,000			31,554			3.05% (LIBOR+2.75%)	12/1/2013	Monthly principal and interest.
Branch Shopping Plaza	12,761			13,932			2.55% (LIBOR+2.25%)	9/30/2014	Monthly principal and interest.
125 Main Street, Westport	12,500			—			2.65% (LIBOR+2.35%)	9/30/2014	Interest only monthly.
Cortlandt Towne Center	50,000			50,000			2.20% (LIBOR+1.90%)	10/26/2015	Monthly principal and interest.
Village Commons Shopping Center	9,310			9,305			1.70% (LIBOR+1.40%)	6/30/2018	Monthly principal and interest.
Sub-total mortgage notes payable	368,529			298,921
Secured credit facilities – variable-rate:
Fund III revolving subscription line of credit (2)	136,079			171,450			2.55% (LIBOR+2.25%)	10/10/2012	Interest only monthly.
Six Core Portfolio properties	1,000			1,000			1.55% (LIBOR+1.25%)	12/1/2012	Annual principal and monthly interest.
Fund II term loan	40,000			40,000			3.20% (LIBOR+2.90%)	12/22/2014	Interest only monthly.
Sub-total secured credit facilities	177,079			212,450
Interest rate swaps (1)	(57,027		)	(71,535		)
Total variable-rate debt	488,581			439,836

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgages Payable, continued

(dollars in thousands)
Description of Debt and Collateral	12/31/2011		12/31/2010		Interest Rate at December 31, 2011	Maturity	Payment Terms
Mortgage notes payable – fixed-rate
Five Self-Storage properties	—		41,500
Chestnut Hill	—		9,338
Clark Diversey	4,491		4,625		6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	13,882		14,119		5.64%	9/6/2014	Monthly principal and interest.
CityPoint	20,000		20,000		7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	17,287		17,539		4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,941		12,132		5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	33,738		34,197		5.53%	1/1/2016	Monthly principal and interest.
The Gateway Shopping Center	20,308		20,500		5.44%	3/1/2016	Monthly principal and interest.
Walnut Hill Plaza	23,458		23,500		6.06%	10/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000		26,000		5.42%	2/11/2017	Interest only monthly.
Merrillville Plaza	26,250		26,250		5.88%	8/1/2017	Interest only monthly until 7/2012; monthly principal and interest thereafter.
216th Street	25,500		25,500		5.80%	10/1/2017	Interest only monthly.
Atlantic Avenue	11,540		11,540		7.34%	1/1/2020	Interest only upon drawdown on construction loan until 1/2015; monthly principal and interest thereafter.
A&P Shopping Plaza	7,874		8,033		6.40%	11/1/2032	Monthly principal and interest.
Interest rate swaps (1)	57,027		71,535		5.41%
Total fixed-rate debt	299,296		366,308
Unamortized premium	33		68
Total	$	787,910	$	806,212

(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 III revolving subscription line of credit is secured by unfunded investor capital commitments.

The scheduled principal repayments of all indebtedness including Convertible Notes (Note 9) as of December 31, 2011 are as follows (does not include $33,000 net valuation premium on assumption of debt):

(dollars in thousands)
2012	$	298,335
2013	128,059
2014	104,667
2015	79,710
2016	74,722
Thereafter	103,314
	$	788,807

XML

Document And Entity Information (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Feb. 28, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		42,763,289
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 818.7

XML

CONVERTIBLE NOTES PAYABLE

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Abstract]

Convertible Notes Payable

Convertible Notes Payable

In December 2006 and January 2007, the Company issued a total of $115.0 million of convertible notes with a fixed interest rate of 3.75% due 2026 (the “Convertible Notes”). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15 and December 15 of each year. The Convertible Notes are unsecured unsubordinated obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes have an effective interest rate of 6.03% giving effect to the accounting treatment required by ASC Topic 470-20, “Debt with Conversion and Other Options.” The Convertible Notes had an initial conversion price of $30.86 per share. The conversion rate may be adjusted under certain circumstances, including the payment of cash dividends in excess of the regular quarterly cash dividend in place at the time the Convertible Notes were issued. As of December 31, 2011, the adjusted conversion price is $29.26. Upon conversion of the Convertible Notes, the Company will deliver cash and, in some circumstances, Common Shares, as specified in the indenture relating to the Convertible Notes. In general, the Convertible Notes may only be converted prior to maturity during any calendar quarter beginning after December 31, 2006 if the Company’s Common Shares trade at 130% of the conversion price for at least 20 days within a consecutive 30 day trading period. Prior to December 20, 2011, the Company did not have the right to redeem Convertible Notes, except to preserve its status as a REIT. After December 20, 2011, the Company has the right to redeem the notes, in whole or in part, at any time and from time to time, for cash equal to 100% of the principal amount of the notes plus any accrued and unpaid interest to, but not including, the redemption date. The Holders of notes may require the Company to repurchase their notes, in whole or in part, on December 20, 2011, December 15, 2016, and December 15, 2021 for cash equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest to, but not including, the repurchase date (the "Repurchase Option").

In general, upon a conversion of notes, the Company will deliver cash and, at the Company’s election, its Common Shares, with an aggregate value, which the Company refers to as the “conversion value”, equal to the conversion rate multiplied by the average price of the Company’s Common Shares. The net amount may be paid, at the Company’s option, in cash, its Common Shares or a combination of cash and its Common Shares.

The Convertible Notes "if-converted" value does not exceed their principal amount as of December 31, 2011 and there are no derivative transactions that were entered into in connection with the issuance of the Convertible Notes.

Effective January 1, 2009, the Company adopted ASC Topic 470-20 which required it to retrospectively restate and reclassify previously disclosed consolidated financial statements to allocate the proceeds from the issuance of convertible debt between a debt component and an equity component. The resulting discount on the debt component was amortized over the period the convertible debt was expected to be outstanding, which was December 11, 2006 to December 20, 2011, as additional non-cash interest expense.The equity component recorded as additional paid-in capital was $11.3 million, which represented the difference between the proceeds from the issuance of the Convertible Notes and the fair value of the liability at the time of issuance. As the Company determined, in connection with the Repurchase Option, that the Convertible Notes matured on December 20, 2011, as of December 31, 2011, all loan costs associated with the issuance have been expensed and there is no remaining carrying amount of the equity component included in additional paid-in capital.

The carrying amount of the equity component included in additional paid-in capital totaled $1.1 million at December 31, 2010. Interest expense relating to the contractual interest coupon recognized in the Consolidated Statements of Income was $1.5 million, $1.9 million and $2.5 million for the years ended December 31, 2011, 2010, and 2009, respectively, The additional non-cash interest expense recognized in the Consolidated Statements of Income was $0.8 million, $1.0 million and $1.3 million for the years ended December 31, 2011, 2010, and 2009, respectively.

During 2011, the Company purchased $48.8 million of the Convertible Notes, including $24.0 million that were repurchased on December 20, 2011 pursuant to the Repurchase Option. As of December 31, 2011, the Company has purchased $114.1 million in principal amount of its convertible debt at an average discount of approximately 11%. The transactions resulted in a (loss) gain on debt extinguishment of ($0.4) million and $7.1 million for the years ended December 31, 2011 and 2009, respectively. The outstanding Convertible Notes principal amount as of December 31, 2011 and 2010 was $0.9 million and $49.8 million, respectively. The outstanding Convertible Notes net carrying amount as of December 31, 2011 and 2010 was $0.9 million and $48.7 million, respectively.

XML

FEDERAL INCOME TAXES Tax Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Tax Contingency [Line Items]
Federal provision at statutory tax rate	$ 128	$ 1,943	$ 908
TRS State and local taxes, net of federal benefit	20	358	193
Permanent differences, net	(279)	406	138
Restricted stock vesting	266	0	0
Other	146	0	78
REIT state and local income and franchise taxes	193	183	224
Total provision for income taxes	$ 474	$ 2,890	$ 1,541

XML

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues
Rental income	$ 112,223	$ 97,475	$ 86,021
Interest income	11,429	19,161	19,698
Expense reimbursements	22,388	20,499	19,435
Lease termination income	96	290	2,751
Management fee income	1,677	1,424	1,961
Other	2,348	2,196	4,579
Total revenues	150,161	141,045	134,445
Operating Expenses
Property operating	29,371	29,223	28,143
Real estate taxes	18,686	17,255	15,848
General and administrative	23,086	20,220	22,006
Depreciation and amortization	32,986	28,808	27,612
Abandonment of project costs	0	0	2,487
Reserve for notes receivable	0	0	1,734
Total operating expenses	104,129	95,506	97,830
Operating income	46,032	45,539	36,615
Equity in earnings (losses) of unconsolidated affiliates	1,555	10,971	(1,529)
Impairment of investment in unconsolidated affiliate	0	0	(3,768)
Other interest income	276	408	642
Gain from bargain purchase	0	33,805	0
Gain on debt extinguishment	1,268	0	7,057
Interest and other finance expense	(37,109)	(40,498)	(35,632)
Income from continuing operations before income taxes	12,022	50,225	3,385
Income tax provision	474	2,890	1,541
Income from continuing operations	11,548	47,335	1,844
Discontinued Operations
Operating income from discontinued operations	2,262	3,332	3,719
Loss on Impairment of asset	(6,925)	0	0
Gain on sale of property	46,830	0	7,143
Income from discontinued operations	42,167	3,332	10,862
Net income	53,715	50,667	12,706
Noncontrolling interests
Continuing operations	8,514	(19,075)	24,730
Discontinued operations	(10,674)	(1,535)	(6,303)
Net (income) loss attributable to noncontrolling interests	(2,160)	(20,610)	18,427
Net income attributable to Common Shareholders	$ 51,555	$ 30,057	$ 31,133
Basic Earnings per Share
Income from continuing operations	$ 0.50	$ 0.70	$ 0.70
Income from discontinued operations	$ 0.77	$ 0.05	$ 0.12
Basic earnings per share	$ 1.27	$ 0.75	$ 0.82
Diluted Earnings per Share
Income from continuing operations	$ 0.49	$ 0.70	$ 0.70
Income from discontinued operations	$ 0.77	$ 0.04	$ 0.12
Diluted earnings per share	$ 1.26	$ 0.74	$ 0.82

XML

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has five reportable segments: Core Portfolio, Opportunity Funds, Self-Storage Portfolio, Notes Receivable and Other. Notes Receivable consists of the Company’s notes receivable and preferred equity investment and related interest income. Other consists primarily of management fees and interest income. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Opportunity Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/member of the Opportunity Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2011, 2010, and 2009 (does not include unconsolidated affiliates):

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2011

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,994	$	55,888	$	23,189	$	11,429	$	25,782	$	(24,121	)	$	150,161
Property operating expenses and real estate taxes	17,087		18,952		14,435		—		—		(2,417		)	48,057
General and administrative expenses	24,226		16,678		—		—		—		(17,818		)	23,086
Income before depreciation and amortization	$	16,681	$	20,258	$	8,754	$	11,429	$	25,782	$	(3,886	)	$	79,018
Depreciation and amortization	$	14,206	$	15,454	$	4,221	$	—	$	—	$	(895	)	$	32,986
Interest and other finance expense	$	15,967	$	16,546	$	3,603	$	—	$	—	$	993		$	37,109
Real estate at cost	$	499,872	$	773,562	$	213,743	$	—	$	—	$	(15,432	)	$	1,471,745
Total assets	$	633,345	$	901,758	$	192,154	$	59,989	$	—	$	(133,927	)	$	1,653,319
Expenditures for real estate and improvements	$	72,571	$	107,231	$	3,779	$	—	$	—	$	(2,083	)	$	181,498
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	79,018
Other interest income														276
Depreciation and amortization														(32,986		)
Equity in earnings of unconsolidated affiliates														1,555
Interest and other finance expense														(37,109		)
Gain on debt extinguishment														1,268
Income tax provision														474
Impairment of asset														(6,925		)
Gain on sale of property														46,830
Income from discontinued operations														2,262
Net income														53,715
Net (income) attributable to noncontrolling interests														(2,160		)
Net income attributable to Common Shareholders														$	51,555

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2010

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,084	$	42,062	$	21,314	$	19,161	$	22,479	$	(21,055	)	$	141,045
Property operating expenses and real estate taxes	17,236		17,671		13,107		—		—		(1,536		)	46,478
General and administrative expenses	22,439		13,588		—		—		—		(15,807		)	20,220
Income before depreciation and amortization	$	17,409	$	10,803	$	8,207	$	19,161	$	22,479	$	(3,712	)	$	74,347
Depreciation and amortization	$	13,798	$	10,898	$	4,552	$	—	$	—	$	(440	)	$	28,808
Interest and other finance expense	$	18,036	$	18,244	$	4,660	$	—	$	—	$	(442	)	$	40,498
Real estate at cost	$	441,714	$	667,179	$	210,017	$	—	$	—	$	(13,349	)	$	1,305,561
Total assets	$	574,497	$	772,715	$	194,003	$	89,202	$	—	$	(105,611	)	$	1,524,806
Expenditures for real estate and improvements	$	4,137	$	77,309	$	1,376	$	—	$	—	$	(2,302	)	$	80,520
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	74,347
Other interest income														408
Depreciation and amortization														(28,808		)
Equity in earnings of unconsolidated affiliates														10,971
Interest and other finance expense														(40,498		)
Income tax provision														2,890
Gain from bargain purchase														33,805
Income from discontinued operations														3,332
Net income														50,667
Net (income) attributable to noncontrolling interests														(20,610		)
Net income attributable to Common Shareholders														$	30,057

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2009

(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	64,249	$	37,375	$	11,166	$	19,698	$	23,265	$	(21,308	)	$	134,445
Property operating expenses and real estate taxes	19,282		14,874		10,985		—		—		(1,150		)	43,991
Reserve for notes receivable	—		—		—		1,734		—		—			1,734
Abandonment of project costs	12		2,475		—		—		—		—			2,487
General and administrative expenses	23,983		13,593		—		—		—		(15,570		)	22,006
Income before depreciation and amortization	$	20,972	$	6,433	$	181	$	17,964	$	23,265	$	(4,588	)	$	64,227
Depreciation and amortization	$	14,595	$	10,480	$	3,762	$	—	$	—	$	(1,225	)	$	27,612
Interest and other finance expense	$	19,539	$	10,657	$	5,681	$	—	$	—	$	(245	)	$	35,632
Real estate at cost	$	436,071	$	486,032	$	208,702	$	—	$	—	$	(11,047	)	$	1,119,758
Total assets	$	558,240	$	607,706	$	196,658	$	125,221	$	—	$	(105,361	)	$	1,382,464
Expenditures for real estate and improvements	$	3,161	$	116,734	$	10,996	$	—	$	—	$	(3,569	)	$	127,322
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	64,227
Other interest income														642
Depreciation and amortization														(27,612		)
Equity in (losses) of unconsolidated affiliates														(1,529		)
Impairment of investment in unconsolidated affiliate														(3,768		)
Interest and other finance expense														(35,632		)
Gain on debt extinguishment														7,057
Income tax provision														1,541
Gain on sale of property														7,143
Income from discontinued operations														3,719
Net income														12,706
Net loss attributable to noncontrolling interests														18,427
Net income attributable to Common Shareholders														$	31,133

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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2011

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

Acquisitions And Disposition Of Properties And Discontinued Operations

Acquisition and Disposition of Properties and Discontinued Operations

A. Acquisition and Disposition of Properties

Acquisitions

The Company acquired the following properties through its Core Portfolio, Fund III and Fund II as follows:

Core Portfolio

During September 2011, acquired a 50% equity interest in an entity which owns a six property portfolio (the “Georgetown Portfolio”) located in Washington, D.C. for a purchase price of $13.4 million, which included the assumption of 50% of in-place debt of $9.2 million, inclusive of the Company's existing mezzanine loan to the entity (Note 5).

During August 2011, acquired a six property portfolio located in Chicago, Illinois for $18.0 million.

During August 2011, acquired a newly constructed 13,000 square foot property located in the Bronx, New York for $9.1 million.

During June 2011, acquired a 6,000 square foot single-tenant retail condominium located in New York, New York for $4.8 million.

During May 2011, acquired a 44,000 square foot retail property located in Chicago, Illinois, for $28.4 million.

The Company expensed $0.8 million of costs related to these 2011 Core Portfolio acquisitions.

Fund III

During December 2011, acquired New Hyde Park Shopping Center, a 31,500 square foot center, located in New Hyde Park, NY, for approximately $11.3 million.

During December 2011, in a venture with an unaffiliated partner, acquired Parkway Crossing, a 260,000 square foot center located in Baltimore, MD for approximately $21.6 million.

During December 2011, in a venture with an unaffiliated partner, acquired 654 Broadway, an 18,700 square foot property located in New York City for approximately $13.3 million.

During April 2011, acquired a 105,000 square foot property located in the East Loop section of downtown Chicago, Illinois for $31.6 million.

During February 2011, in a venture with an unaffiliated partner, acquired three retail properties (“Lincoln Road”), aggregating 61,400 square feet located in the Lincoln Road area of South Miami Beach, Florida for $51.9 million, which included the assumption of $20.6 million of in-place mortgage debt. Fund III has a 95% interest in these properties.

During February 2011, in a venture with an unaffiliated partner, acquired a 64,600 square foot single-tenant retail property (“White Oak”) located in Silver Spring, Maryland for $9.8 million. Fund III has a 90% interest in the property.

The Company expensed $0.6 million of costs related to these 2011 Fund III acquisitions.

During December 2010, in a joint venture with an unaffiliated partner, acquired White City Shopping Center, a 255,000 square foot center located in Shrewsbury, Massachusetts for $56.0 million.

During January 2009, acquired the 641,000 square foot Cortlandt Towne Center in Cortlandt, NY for $78.0 million and expensed $0.2 million of costs associated with this acquisition.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties and Discontinued Operations, continued

The following table sets forth a summary of the finalized acquisition purchase price consideration of each major class of assets acquired and liabilities assumed in the 2011 acquisitions discussed above:

	Total Purchase Price Consideration
(dollars in thousands)
Land	$	24,993
Buildings and improvements	39,594
Acquisition-related intangible assets (in Acquired lease intangibles, net)	9,945
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net)	(627		)
Total consideration	$	73,905

Fund II

Prior to June 30, 2010, the Company, through Fund II in a joint venture with an unaffiliated partner, California Urban Investment Partners, LLC (“CUIP”), owned a leasehold interest in CityPoint, a mixed-use, redevelopment project located in downtown Brooklyn, New York. Fund II owned a 75% interest in the retail component, a 50% interest in the office component and no interest in the residential component of CityPoint. CUIP owned the remaining interests in the retail and office components and 100% of the residential component of the project. Accordingly, Fund II’s investment represented 24.75% of the overall original acquisition cost and subsequent carry and pre-development costs and was accounted for using the equity method.

During June 2010, Fund II acquired all of CUIP’s interest in CityPoint for $9.2 million (the “Transaction”), consisting of a current payment of $2.0 million and deferred payments, potentially through 2020, aggregating $7.2 million. Fund II also assumed CUIP’s share of the first mortgage debt of $19.6 million.

The Transaction was a business combination achieved in stages and, as a result, Fund II was required to report its entire investment in CityPoint at fair market value. Based on a June 30, 2010 third-party appraisal, CityPoint was valued at $108.0 million which resulted in Fund II recording a non-cash gain from bargain purchase of approximately $33.8 million. A majority of the gain was attributable to the components of CityPoint that was acquired as the book value of the Company’s original investment approximated fair value. The Operating Partnership’s share of this gain, net of the noncontrolling interests’ share, totaled $6.3 million.As a result of the Transaction, the Company changed its method of accounting for CityPoint from the equity method and now consolidates CityPoint in its consolidated financial statements. As CityPoint is currently in the redevelopment stage, there are no revenues or earnings from CityPoint included in the Company’s consolidated statements of income for the years ended December 31, 2011, 2010 and 2009.

Dispositions

During 2011 and 2009, the Company disposed of the following properties:

(dollars in thousands) Property	Owner	Year Sold	Sales Price		Gain (Loss)			GLA
Fifteen Kroger/Safeway locations	Fund I	2011	$	17,490	$	14,645		617,276
Granville Centre	Fund I	2011	2,250		(313		)	134,997
Ledgewood Mall	Core Portfolio	2011	37,000		28,576			517,151
Oakbrook	Fund II	2011	8,200		3,922			112,000
Blackman Plaza	Core Portfolio	2009	2,500		1,506			125,264
Six Kroger locations	Fund I	2009	9,481		5,637			277,700
Total			$	76,921	$	53,973		1,784,388

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties and Discontinued Operations, continued

B. Discontinued Operations

The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented.

The combined assets and liabilities as of December 31, 2010, and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2011, 2010 and 2009, are summarized as follows:

BALANCE SHEET
ASSETS	December 31, 2010
(dollars in thousands)
Net real estate	$	20,981
Rents receivable, net	649
Deferred charges, net of amortization	2,016
Prepaid expenses and other assets, net	155
Total assets of discontinued operations	$	23,801
LIABILITIES
Accounts payable and accrued expenses	$	233
Other liabilities	342
Total liabilities of discontinued operations	$	575

	Years ended December 31,
STATEMENTS OF OPERATIONS	2011			2010			2009
(dollars in thousands)
Total revenues	$	5,309		$	11,913		$	12,902
Total expenses	3,047			8,581			9,183
Operating income	2,262			3,332			3,719
Loss on impairment of asset	(6,925		)	—			—
Gain on sale of property	46,830			—			7,143
Income from discontinued operations	42,167			3,332			10,862
(Income) from discontinued operations attributable to noncontrolling interests	(10,674		)	(1,535		)	(6,303		)
Income from discontinued operations attributable to Common Shareholders	$	31,493		$	1,797		$	4,559

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LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Lease Obligations

Lease Obligations

The Company leases land at nine of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $4.6 million, $3.7 million, and $2.5 million (including capitalized ground rent at properties under development of $1.5 million, $0.5 million and $0.6 million) for the years ended December 31, 2011, 2010 and 2009, respectively. The leases terminate at various dates between 2020 and 2078. These leases provide the Company with options to renew for additional terms aggregating from 20 to 71 years. The Company leases space for its White Plains corporate office for a term expiring in 2015. Office rent expense under this lease was $1.4 million, $1.5 million and $1.5 million for the years ended December 31, 2011, 2010 and 2009, respectively. Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:

(dollars in thousands)
2012	$	5,115
2013	5,162
2014	4,975
2015	5,093
2016	3,986
Thereafter	138,242
Total	$	162,573

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Financial Instruments and Fair Value Measurements

Derivative Financial Instruments

The FASB’s derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive (loss) income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value would be recognized in earnings.

As of December 31, 2011, the Company’s derivative financial instruments consisted of six interest rate LIBOR swaps with an aggregate notional value of $57.0 million which fix interest at rates from 2.7% to 5.1% and mature between March 2012 and December 2022. The Company also has three derivative financial instruments with a notional value of $75.0 million which cap interest at 3.0%, 6.0% and 3.5% and mature in October 2012, April 2013 and August 2013, respectively. The fair value of the derivative liability of these instruments, which is included in other liabilities in the consolidated balance sheets, totaled $3.5 million and $2.8 million at December 31, 2011 and 2010, respectively. The notional value does not represent exposure to credit, interest rate or market risks.

These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable rate mortgage debt. Such instruments are reported at the fair value reflected above. As of December 31, 2011 and 2010, unrealized losses totaling $3.9 million and $2.8 million, respectively, were reflected in accumulated other comprehensive loss. It is estimated that approximately $1.5 million included in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense in the 2012 results of operations.

As of December 31, 2011 and 2010, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. As of December 31, 2011, none of the Company’s hedges were ineffective.

The FASB’s fair value measurements and disclosure guidance requires the valuation of certain of the Company’s financial assets and liabilities, based on a three-level fair value hierarchy. Market participant assumptions obtained from sources independent of the Company are observable inputs that are classified within Levels 1 and 2 of the hierarchy, and the Company’s own assumptions about market participant assumptions are unobservable inputs classified within Level 3 of the hierarchy.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2011:

(dollars in thousands)	Level 1		Level 2		Level 3
Liabilities
Derivative financial instruments	$	—	$	3,518	$	—

During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired and recorded an impairment loss of $6.9 million (Note 1). The Company estimated the Granville Centre's fair value by using projected future cash flows, which it determined were not sufficient to recover the property's net book value. The inputs used to determine the fair value of the Granville Centre were classified as Level 3 under authoritative guidance for fair value measurements.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Financial Instruments and Fair Value Measurements, continued

Financial Instruments

Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximates their fair value due to the short-term nature of such accounts.

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:

	December 31, 2011				December 31, 2010
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	59,989	$	59,989	$	89,202	$	90,612
Mortgage Notes Payable and Convertible Notes Payable	$	788,840	$	792,737	$	854,924	$	863,639

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SUBSEQUENT EVENTS (Details) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended				1 Months Ended
	Feb. 28, 2012 Chief Executive Officer [Member] Issuance of Equity Related to Share-based Compensation Plan [Member]	Feb. 28, 2012 Chief Executive Officer [Member] Sale of Equity Shares by Executive Officer [Member]	Jan. 31, 2012 1520 North Milwaukee Avenue [Member] Chicago Illinois [Member] Acquisition [Member] sqft	Feb. 28, 2012 640 Broadway [Member] New York New York [Member] Fund III [Member] Acquisition [Member]	Feb. 28, 2012 Single Tenant Property [Member] Cambridge Massachusetts [Member] Acquisition [Member] sqft	Apr. 30, 2011 Opportunity Funds [Member] Chicago Illinois [Member] Fund III [Member] sqft	Feb. 28, 2012 Opportunity Funds [Member] 640 Broadway [Member] New York New York [Member] Fund III [Member] Acquisition [Member] sqft	Jan. 31, 2012 Common Stock [Member] Maximum [Member] Issuance of Equity [Member]
Subsequent Event [Line Items]
Common Stock, Reserved for Future Issuance, Value, At The Market Equity Program								$ 75.0
Square Footage of Real Estate Property (in feet)			3,100		40,000	105,000	45,700
Business Acquisition, Cost of Acquired Entity, Purchase Price			3.8	32.5	19.2	31.6
Business Acquisition, Debt Assumption					$ 7.0
Stock Issued During Period, Shares, Conversion of Units (in shares)	150,000
Number of Shares of Common Stock Sold by Executive (in shares)		75,000

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DEFERRED CHARGES

12 Months Ended

Dec. 31, 2011

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Charges

Deferred Charges

Deferred charges consist of the following as of December 31, 2011 and 2010:

	December 31,
(dollars in thousands)	2011			2010
Deferred financing costs	$	31,860		$	29,692
Deferred leasing and other costs	32,103			30,485
	63,963			60,177
Accumulated amortization	(38,109		)	(36,463		)
Total	$	25,854		$	23,714

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ACQUIRED LEASE INTANGIBLES (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Assets [Member]
Acquired Lease Intangibles [Abstract]
2012	$ 3,695
2013	3,083
2014	2,688
2015	2,550
2016	2,387
Thereafter	12,318
Total	26,721
Liabilities [Member]
Acquired Lease Intangibles [Abstract]
2012	1,112
2013	895
2014	587
2015	419
2016	395
Thereafter	2,054
Total	$ 5,462

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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2011

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

Investments In and Advances to Unconsolidated Affiliates

Core Portfolio

The Company owns a 22.2% interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio”) located in Wilmington, Delaware and a 49% interest in a 311,000 square foot shopping center located in White Plains, New York (“Crossroads”). These investments are accounted for under the equity method.

During September 2011, the Company acquired a 50% equity interest in the Georgetown Portfolio (Note 2). The unaffiliated venture partner for the Georgetown Portfolio maintains control over this investment and, as such, the Company accounts for this investment under the equity method. Due to this acquisition, the Company reclassified an existing $8.0 million mezzanine loan collateralized by five properties within the Georgetown Portfolio from Notes Receivable to Investments in and Advances to Unconsolidated Affiliates.

Opportunity Funds

RCP Venture

The Company, along with Klaff Realty, LP (“Klaff”) and Lubert-Adler Management, Inc. ("Lubert-Adler"), formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers. The RCP Venture is neither a single entity nor a specific investment. Any member of this group has the option of participating, or not, in any individual investment and each individual investment has been made on a stand-alone basis through a separate limited liability company (“LLC”). These investments have been made through different investment vehicles with different affiliated and unaffiliated investors and different economics to the Company. Investments under the RCP Venture are structured as separate joint ventures as there may be other investors participating in certain investments in addition to Klaff, Lubert-Adler and Acadia. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the “Acadia Investors”), all on a non-recourse basis. Through December 31, 2011, the Acadia Investors have made investments in Mervyns Department Stores (“Mervyns”) and Albertson’s, including additional investments in locations that are separate from these original investments (“Add-On Investments”). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively “Other RCP Investments”).

Mervyns Department Stores

Through Mervyns I and Mervyns II, the Company invested in a consortium to acquire Mervyns, consisting of 262 stores (“REALCO”) and its retail operations (“OPCO”), from Target Corporation. The Company’s share of this investment was $23.2 million. Subsequent to the initial acquisition, the Company, through Mervyns I and Mervyns II, made additional investments of $2.9 million. Through December 31, 2011, REALCO has disposed of a significant portion of the portfolio. In addition, in November 2007, the Company sold its interest in OPCO and, as a result, has no further investment in OPCO. Through December 31, 2011, the Company has received distributions from this investment totaling $46.0 million.

Through December 31, 2011, the Company, through Mervyns I and Mervyns II, made Add-On Investments in Mervyns totaling $6.5 million and have received distributions totaling $3.6 million, including $1.9 million received in 2011.

Albertson’s

The RCP Venture made its second investment as part of an investment consortium, acquiring Albertson’s and Cub Foods, of which the Company’s share was $20.7 million. Through December 31, 2011, the Company has received distributions from this investment totaling $81.6 million, including $4.5 million and $11.4 million received in 2011 and 2010, respectively.

Through December 31, 2011, the Company, through Mervyns II, made Add-On Investments in Albertson’s totaling $2.4 million and received distributions totaling $1.7 million, including $0.5 million received in 2011.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued

Other RCP Investments

Through December 31, 2011, the Company, through Fund II, made investments of $1.1 million in Shopko, $0.7 million in Marsh, and $2.0 million in Add-On Investments in Marsh. As of December 31, 2011, the Company has received distributions totaling $1.7 million from its Shopko investment and $2.6 million from its Marsh and Marsh Add-On Investments.

During July of 2007, the RCP Venture acquired a portfolio of 87 retail properties from Rex Stores Corporation, which the Company invested through Mervyns II. The Company’s share of this investment was $2.7 million. As of December 31, 2011, the Company has received distributions totaling $0.8 million.

The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2011:

						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	45,966	$	4,901	$	11,251
Mervyns Add-On investments	2005/2008	6,517		3,558		1,046		819
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		1,679		388		336
Shopko	2006	1,108		1,659		222		332
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		840		535		168
Total		$	62,184	$	137,935	$	11,864	$	29,752

The Company accounts for the original investments in Mervyns and Albertson’s under the equity method of accounting as the Company has the ability to exercise significant influence, but does not have financial or operating control.

The Company accounts for the Add-On Investments and Other RCP Investments under the cost method. Due to its minor ownership interest, based on the size of the investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of the Add-On Investments and Other RCP Investments. The Company has no rights with respect to the control and operation of these investment vehicles, nor with the formulation and execution of business and investment policies.

The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:

			Acadia Investors Ownership % in:
Investment	Investee LLC	Acadia Investors Entity	Investee LLC	Underlying entity(s)
Mervyns	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Mervyns Add-On Investments	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Albertsons	KLA A Markets, LLC	Mervyns II	18.9%	5.7%
Albertsons Add-On Investments	KLA A Markets, LLC	Mervyns II	20.0%	6.0%
Shopko	KA-Shopko, LLC	Fund II	20.0%	2.0%
Marsh and Add-On Investments	KA Marsh, LLC	Fund II	20.0%	3.3%
Rex Stores	KLAC Rex Venture, LLC	Mervyns II	13.3%	13.3%

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates continued

Other Opportunity Fund Investments

Fund I Investments

Fund I owned a 50% interest in the Sterling Heights Shopping Center, which was accounted for under the equity method of accounting. During the year ended December 31, 2009, Fund I recorded an impairment reserve of $3.8 million related to this investment. On March 25, 2010, the Sterling Heights Shopping Center was sold for $2.3 million. The proceeds from this sale together with the balance of Fund I’s recourse obligation of $0.6 million were used to fully liquidate the outstanding mortgage loan obligation.

Fund II Investments

Prior to June 30, 2010, Fund II had a 24.75% interest in CityPoint, a redevelopment project located in downtown Brooklyn, NY, which was accounted for under the equity method. On June 30, 2010, Fund II acquired the remaining interest in the project from its unaffiliated partner and, as a result, consolidates the CityPoint investment. (Note 2 -"Fund II").

Fund III Investments

The unaffiliated venture partners for the Lincoln Road (Note 2), White Oak (Note 2), Parkway Crossing (Note 2) and the White City Shopping Center (Note 2) investments maintain control over these entities and, as such, the Company accounts for these investments under the equity method.

During June 2010, Fund III, in a joint venture with an unaffiliated partner, invested in an entity for the purpose of providing management services to owners of self-storage properties, including the 14 locations currently owned through Fund II and Fund III. Fund III has a 50% interest in the entity. This entity was determined to be a variable interest entity for which the Company was determined not to be the primary beneficiary. As such, the Company accounts for this investment under the equity method.

Summary of Investments in Unconsolidated Affiliates

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.

(dollars in thousands)	December 31, 2011			December 31, 2010
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	280,470		$	186,802
Investment in unconsolidated affiliates	156,421			192,002
Other assets	29,587			27,841
Total assets	$	466,478		$	406,645
Liabilities and partners’ equity:
Mortgage notes payable	$	319,425		$	267,565
Other liabilities	16,902			13,815
Partners’ equity	130,151			125,265
Total liabilities and partners’ equity	$	466,478		$	406,645
Company’s investment in and advances to unconsolidated affiliates	$	84,568		$	31,036
Company's share of distributions in excess of share of income and investments in unconsolidated affiliates	$	(21,710	)	$	(20,884	)

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued

Summary of Investments in Unconsolidated Affiliates, continued

	Years Ended December 31,
(dollars in thousands)	2011			2010			2009
Combined and Condensed Statements of Operations
Total revenues	$	42,185		$	29,460		$	30,835
Operating and other expenses	15,924			10,617			9,851
Interest expense	17,099			13,525			13,786
Equity in earnings (losses) of unconsolidated affiliates	7,243			56,482			(30,568		)
Depreciation and amortization	8,837			4,839			5,152
Loss on sale of property, net	—			(2,957		)	(390		)
Net income (loss)	$	7,568		$	54,004		$	(28,912	)
Company’s share of net income (loss)	$	1,946		$	11,363		$	(1,141	)
Impairment loss	—			—			(3,768		)
Amortization of excess investment	(391		)	(392		)	(388		)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	1,555		$	10,971		$	(5,297	)

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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT

12 Months Ended

Dec. 31, 2011

Mortgage Loans on Real Estate [Abstract]

Notes Receivable and Preferred Equity Investment

Notes Receivable and Preferred Equity Investment

As of December 31, 2011, the Company’s notes receivable, net approximated $60.0 million and were collateralized by the underlying properties, the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee. Notes Receivable were as follows at December 31, 2011:

Description	Effective interest rate	Maturity date	Periodic payment terms	Prior liens		Face amount of mortgages		Carrying amount of mortgages
(dollars in thousands)
Zero Coupon Loan	24.00%	1/3/2016	(2)	$	166,200	$	5,644	$	3,563
Mezzanine Loan	10.00%	12/31/2013	(2)	85,835		9,089		9,089
Mezzanine Loan	15.00%	Capital Event	(2)	11,925		3,834		3,834
Mezzanine Loan	17.50%	1/1/2017	(2)	37,700		3,550		2,173
First Mortgage Loan	12.00%	12/5/2012	(1)	—		8,500		8,500
First Mortgage Loan	10.77%	Demand Note	(2)	—		10,000		10,000
First Mortgage Loan	7.00%	2/1/2012	(1)	—		4,000		4,000
Construction Loan	20.51%	4/1/2012	(2)	—		5,400		5,400
First Mortgage Loan	6.00%	12/1/2012	(1)	—		12,609		12,609
Individually less than 3%	10.00% to 12.00%	12/31/13 to Capital Event		—		8,399		821
Total						$	71,025	$	59,989

Notes:

(1) Payable upon maturity.

(2) Interest only payable monthly, principal due on maturity.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable and Preferred Equity Investment, continued

During December 2011, the Company made an $8.5 million loan, which is collateralized by three properties located in Chicago, IL. The loan matures in December 2012 and bears interest at 12.0%.

During December 2011, the Company made a $12.6 million loan in conjunction with the sale of 15 Kroger/Safeway locations. The loan, which is collateralized by 14 Kroger/Safeway properties, matures in December 2012 and bears interest at 6.0%. There are two six-month extension options, the first of which bears interest at 9% and the second bears interest at 12%.

During October 2011, the Company made a $5.4 million construction loan which is collateralized by an interest in a development property located in Haledon, NJ. The loan matures in April 2012 and has one six-month extension option and bears interest at 15.0%.

During September 2011, the Company reclassified an $8.0 million mezzanine loan from Notes Receivable to Investments in and Advances to Unconsolidated Affiliates related to the acquisition of the Georgetown Portfolio (Note 4).

During September 2011, the Company made a $4.0 million loan to two members of an entity which owns a shopping center in Washington D.C. The note accrues interest at 7% and matures in February 2012. In addition to the loan, the Company entered into and subsequently exercised an option to purchase the shopping center at a future date, pending the servicer's approval of the assignment of a first mortgage loan of $17.0 million. The loan will be offset against the purchase price when the Company acquires the property.

During May 2011, the Company received a final payment of $54.7 million on a mezzanine loan, representing $33.8 million of principal, $13.4 million of accrued interest, and a $7.5 million exit fee.

During February 2011, the Company made a mezzanine loan for $3.8 million which accrues interest at 15% and is payable upon a capital event. The Company also received a payment of $1.9 million on a mezzanine loan.

During September 2010, the Company received a payment of $49.4 million on a preferred equity investment, representing $40.0 million of invested capital and $9.4 million of accrued preferred return.

During April 2010, the Company received a payment of $2.1 million and during December 2009 received a payment of $4.7 million, both representing paydowns on its first mortgage loan secured by three retail properties, following the sale of two of the collateralized properties.

During December 2009, the Company made a loan for $8.6 million. The original term of this loan was for one year, with two six- month extension options, and bore interest at 14.5%. During December 2011, this investment was fully liquidated. The Company received $8.6 million of principal and $1.0 million of accrued interest.

During August 2009, the Company received a payment of $2.8 million representing the entire balance on its first mortgage loan secured by an interest in a property in Pennsylvania.

During August 2009, the Company received a payment of $5.1 million representing a paydown on its first mortgage loan secured by an interest in a single tenant property located in Long Island, New York.

During June 2009, the Company received a payment of $0.7 million representing a paydown on its loan secured by an interest in a property in South Carolina.

During March 2009, the Company received a payment of $0.3 million representing the entire balance on a loan secured by an interest in a property in South Carolina.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable and Preferred Equity Investment, continued

The following table reconciles notes receivable and preferred equity investments from January 1, 2009 to December 31, 2011:

	For the years ended December 31,
(dollars in thousands)	2011			2010			2009
Balance at beginning of period	$	89,202		$	125,221		$	125,587
Additions during period:
New mortgage loans	34,758			—			10,839
Deductions during period:
Collections of principal	(56,517		)	(42,010		)	(13,614		)
Reclass to investments in unconsolidated affiliates	(8,000		)	—			—
Non-cash accretion of notes receivable	786			6,164			5,352
Reserves	(240		)	(93		)	(2,943		)
Other	—			(80		)	—
Balance at close of period	$	59,989		$	89,202		$	125,221

The following table reconciles the allowance for notes receivable from December 31, 2009 to December 31, 2011:

	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2009	$	5,943
Reserves	93
Write off of notes receivable	(3,000		)
Balance at December 31, 2010	3,036
Reserves	240
Balance at December 31, 2011	$	3,276

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ACQUIRED LEASE INTANGIBLES

12 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

Acquired Lease Intangibles

Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above and below market leases, acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805. The intangibles are amortized over the remaining non-cancelable terms of the respective leases.

The scheduled amortization of acquired lease intangible assets and liabilities as of December 31, 2011 is as follows:

(dollars in thousands)	Acquired lease intangible
	Assets		Liabilities
2012	$	3,695	$	1,112
2013	3,083		895
2014	2,688		587
2015	2,550		419
2016	2,387		395
Thereafter	12,318		2,054
Total	$	26,721	$	5,462

XML

CONVERTIBLE NOTES PAYABLE (Details) (USD $)	0 Months Ended		12 Months Ended			60 Months Ended	61 Months Ended
	Dec. 31, 2011	Dec. 20, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 20, 2011	Dec. 31, 2011	Jan. 31, 2007
Convertible Notes Payable [Abstract]
Redemption of convertible notes payable			$ (48,997,000)	$ (240,000)	$ (46,736,000)
Gains (Losses) on Extinguishment of Debt			1,268,000	0	7,057,000
Convertible Notes Payable	930,000		930,000	48,712,000			930,000
Convertible Notes Payable [Member]
Convertible Notes Payable [Abstract]
Debt Instrument, Face Amount								115,000,000
Debt Instrument, Interest Rate, Stated Percentage								3.75%
Debt Instrument, Convertible, Effective Interest Rate			6.03%
Debt Instrument, Convertible, Conversion Price	$ 29.26		$ 29.26				$ 29.26	$ 30.86
Common Shares Trading Price, Percentage of Conversion Price For Prior to Maturity Conversion			130.00%
Measurement Period, Conversion Prior to Maturity			20 days
Consecutive Trading Period			30 days
Redemption Price, Percentage of Principal Amount Plus Accrued and Unpaid Interest	100.00%
Required Repurchase Price, Percentage of Principal Amount Plus Accrued and Unpaid Interest		100.00%				100.00%
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments						11,300,000
Debt Instrument, Convertible, Carrying Amount of Equity Component				1,100,000
Interest expense relating to contractual interest coupon			1,500,000	1,900,000	2,500,000
Additional non-cash interest expense			800,000	1,000,000	1,300,000
Redemption of convertible notes payable		24,000,000	48,800,000				114,100,000
Purchase of Convertible Notes Payable, Average Discount Rate	11.00%		11.00%				11.00%
Gains (Losses) on Extinguishment of Debt			(400,000)		7,100,000
Long-term Debt, Gross	$ 900,000		$ 900,000	$ 49,800,000			$ 900,000

XML

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Schedule of Real Estate and Accumulated Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2011
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 787,877,000
Initial Cost to Company of Land	324,836,000
Initial Cost to Company of Buildings and Improvements	559,416,000
Costs Capitalized Subsequent to Acquisition	580,010,000
Carrying Amount of Land	331,280,000
Carrying Amount of Buildings and Improvements	1,140,465,000
Total Carrying Amount	1,471,745,000
Accumulated Depreciation	180,796,000
Real Estate, Federal Income Tax Basis	1,345,000,000
Core Portfolio [Member] | Crescent Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,287,000
Initial Cost to Company of Land	1,147,000
Initial Cost to Company of Buildings and Improvements	7,425,000
Costs Capitalized Subsequent to Acquisition	1,219,000
Carrying Amount of Land	1,147,000
Carrying Amount of Buildings and Improvements	8,644,000
Total Carrying Amount	9,791,000
Accumulated Depreciation	6,116,000
Real Estate and Accumulated Depreciation, Date Acquired	1984
Core Portfolio [Member] | New Louden Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,882,000
Initial Cost to Company of Land	505,000
Initial Cost to Company of Buildings and Improvements	4,161,000
Costs Capitalized Subsequent to Acquisition	11,469,000
Carrying Amount of Land	505,000
Carrying Amount of Buildings and Improvements	15,630,000
Total Carrying Amount	16,135,000
Accumulated Depreciation	11,770,000
Real Estate and Accumulated Depreciation, Date Acquired	1982
Core Portfolio [Member] | Mark Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	4,268,000
Costs Capitalized Subsequent to Acquisition	(872,000)
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	3,396,000
Total Carrying Amount	3,396,000
Accumulated Depreciation	2,596,000
Real Estate and Accumulated Depreciation, Date of Construction	1968
Core Portfolio [Member] | Plaza 422 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	190,000
Initial Cost to Company of Buildings and Improvements	3,004,000
Costs Capitalized Subsequent to Acquisition	2,199,000
Carrying Amount of Land	190,000
Carrying Amount of Buildings and Improvements	5,203,000
Total Carrying Amount	5,393,000
Accumulated Depreciation	4,010,000
Real Estate and Accumulated Depreciation, Date of Construction	1972
Core Portfolio [Member] | Route 6 Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,664,000
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	11,185,000
Carrying Amount of Land	1,664,000
Carrying Amount of Buildings and Improvements	11,185,000
Total Carrying Amount	12,849,000
Accumulated Depreciation	6,381,000
Real Estate and Accumulated Depreciation, Date of Construction	1994
Core Portfolio [Member] | Bartow Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,691,000
Initial Cost to Company of Buildings and Improvements	5,803,000
Costs Capitalized Subsequent to Acquisition	560,000
Carrying Amount of Land	1,691,000
Carrying Amount of Buildings and Improvements	6,363,000
Total Carrying Amount	8,054,000
Accumulated Depreciation	1,686,000
Real Estate and Accumulated Depreciation, Date of Construction	2005
Core Portfolio [Member] | Amboy Rd. Shopping Ctr. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	11,909,000
Costs Capitalized Subsequent to Acquisition	1,519,000
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	13,428,000
Total Carrying Amount	13,428,000
Accumulated Depreciation	2,184,000
Real Estate and Accumulated Depreciation, Date Acquired	2005
Core Portfolio [Member] | Abington Towne Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	799,000	[1]
Initial Cost to Company of Buildings and Improvements	3,197,000	[1]
Costs Capitalized Subsequent to Acquisition	2,007,000	[1]
Carrying Amount of Land	799,000	[1]
Carrying Amount of Buildings and Improvements	5,204,000	[1]
Total Carrying Amount	6,003,000	[1]
Accumulated Depreciation	2,504,000	[1]
Real Estate and Accumulated Depreciation, Date Acquired	1998	[1]
Core Portfolio [Member] | Bloomfield Town Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	3,207,000	[1]
Initial Cost to Company of Buildings and Improvements	13,774,000	[1]
Costs Capitalized Subsequent to Acquisition	13,647,000	[1]
Carrying Amount of Land	3,207,000	[1]
Carrying Amount of Buildings and Improvements	27,421,000	[1]
Total Carrying Amount	30,628,000	[1]
Accumulated Depreciation	10,260,000	[1]
Real Estate and Accumulated Depreciation, Date Acquired	1998	[1]
Core Portfolio [Member] | Walnut Hill Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,458,000
Initial Cost to Company of Land	3,122,000
Initial Cost to Company of Buildings and Improvements	12,488,000
Costs Capitalized Subsequent to Acquisition	1,941,000
Carrying Amount of Land	3,122,000
Carrying Amount of Buildings and Improvements	14,429,000
Total Carrying Amount	17,551,000
Accumulated Depreciation	5,378,000
Real Estate and Accumulated Depreciation, Date Acquired	1998
Core Portfolio [Member] | Elmwood Park Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,738,000
Initial Cost to Company of Land	3,248,000
Initial Cost to Company of Buildings and Improvements	12,992,000
Costs Capitalized Subsequent to Acquisition	14,789,000
Carrying Amount of Land	3,798,000
Carrying Amount of Buildings and Improvements	27,231,000
Total Carrying Amount	31,029,000
Accumulated Depreciation	12,081,000
Real Estate and Accumulated Depreciation, Date Acquired	1998
Core Portfolio [Member] | Merrillville Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,250,000
Initial Cost to Company of Land	4,288,000
Initial Cost to Company of Buildings and Improvements	17,152,000
Costs Capitalized Subsequent to Acquisition	2,702,000
Carrying Amount of Land	4,288,000
Carrying Amount of Buildings and Improvements	19,854,000
Total Carrying Amount	24,142,000
Accumulated Depreciation	7,203,000
Real Estate and Accumulated Depreciation, Date Acquired	1998
Core Portfolio [Member] | Marketplace of Absecon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	2,573,000	[1]
Initial Cost to Company of Buildings and Improvements	10,294,000	[1]
Costs Capitalized Subsequent to Acquisition	3,798,000	[1]
Carrying Amount of Land	2,577,000	[1]
Carrying Amount of Buildings and Improvements	14,088,000	[1]
Total Carrying Amount	16,665,000	[1]
Accumulated Depreciation	5,090,000	[1]
Real Estate and Accumulated Depreciation, Date Acquired	1998	[1]
Core Portfolio [Member] | Clark Diversey [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,491,000
Initial Cost to Company of Land	10,061,000
Initial Cost to Company of Buildings and Improvements	2,773,000
Costs Capitalized Subsequent to Acquisition	187,000
Carrying Amount of Land	10,061,000
Carrying Amount of Buildings and Improvements	2,960,000
Total Carrying Amount	13,021,000
Accumulated Depreciation	452,000
Real Estate and Accumulated Depreciation, Date Acquired	2006
Core Portfolio [Member] | Boonton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,874,000
Initial Cost to Company of Land	1,328,000
Initial Cost to Company of Buildings and Improvements	7,188,000
Costs Capitalized Subsequent to Acquisition	196,000
Carrying Amount of Land	1,328,000
Carrying Amount of Buildings and Improvements	7,384,000
Total Carrying Amount	8,712,000
Accumulated Depreciation	1,076,000
Real Estate and Accumulated Depreciation, Date Acquired	2006
Core Portfolio [Member] | Chestnut Hill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	8,289,000
Initial Cost to Company of Buildings and Improvements	5,691,000
Costs Capitalized Subsequent to Acquisition	44,000
Carrying Amount of Land	8,289,000
Carrying Amount of Buildings and Improvements	5,735,000
Total Carrying Amount	14,024,000
Accumulated Depreciation	794,000
Real Estate and Accumulated Depreciation, Date Acquired	2006
Core Portfolio [Member] | Third Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	11,108,000
Initial Cost to Company of Buildings and Improvements	8,038,000
Costs Capitalized Subsequent to Acquisition	3,943,000
Carrying Amount of Land	11,855,000
Carrying Amount of Buildings and Improvements	11,234,000
Total Carrying Amount	23,089,000
Accumulated Depreciation	965,000
Real Estate and Accumulated Depreciation, Date Acquired	2006
Core Portfolio [Member] | Hobson West Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	1,793,000	[1]
Initial Cost to Company of Buildings and Improvements	7,172,000	[1]
Costs Capitalized Subsequent to Acquisition	1,763,000	[1]
Carrying Amount of Land	1,793,000	[1]
Carrying Amount of Buildings and Improvements	8,935,000	[1]
Total Carrying Amount	10,728,000	[1]
Accumulated Depreciation	3,286,000	[1]
Real Estate and Accumulated Depreciation, Date Acquired	1998	[1]
Core Portfolio [Member] | Village Commons Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,310,000
Initial Cost to Company of Land	3,229,000
Initial Cost to Company of Buildings and Improvements	12,917,000
Costs Capitalized Subsequent to Acquisition	3,358,000
Carrying Amount of Land	3,229,000
Carrying Amount of Buildings and Improvements	16,275,000
Total Carrying Amount	19,504,000
Accumulated Depreciation	6,168,000
Real Estate and Accumulated Depreciation, Date Acquired	1998
Core Portfolio [Member] | Town Line Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	878,000	[1]
Initial Cost to Company of Buildings and Improvements	3,510,000	[1]
Costs Capitalized Subsequent to Acquisition	7,502,000	[1]
Carrying Amount of Land	907,000	[1]
Carrying Amount of Buildings and Improvements	10,983,000	[1]
Total Carrying Amount	11,890,000	[1]
Accumulated Depreciation	7,935,000	[1]
Real Estate and Accumulated Depreciation, Date Acquired	1998	[1]
Core Portfolio [Member] | Branch Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,761,000
Initial Cost to Company of Land	3,156,000
Initial Cost to Company of Buildings and Improvements	12,545,000
Costs Capitalized Subsequent to Acquisition	1,021,000
Carrying Amount of Land	3,156,000
Carrying Amount of Buildings and Improvements	13,566,000
Total Carrying Amount	16,722,000
Accumulated Depreciation	4,816,000
Real Estate and Accumulated Depreciation, Date Acquired	1998
Core Portfolio [Member] | The Methuen Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	956,000	[1]
Initial Cost to Company of Buildings and Improvements	3,826,000	[1]
Costs Capitalized Subsequent to Acquisition	594,000	[1]
Carrying Amount of Land	961,000	[1]
Carrying Amount of Buildings and Improvements	4,415,000	[1]
Total Carrying Amount	5,376,000	[1]
Accumulated Depreciation	1,681,000	[1]
Real Estate and Accumulated Depreciation, Date Acquired	1998	[1]
Core Portfolio [Member] | The Gateway Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,308,000
Initial Cost to Company of Land	1,273,000
Initial Cost to Company of Buildings and Improvements	5,091,000
Costs Capitalized Subsequent to Acquisition	12,009,000
Carrying Amount of Land	1,273,000
Carrying Amount of Buildings and Improvements	17,100,000
Total Carrying Amount	18,373,000
Accumulated Depreciation	5,607,000
Real Estate and Accumulated Depreciation, Date Acquired	1999
Core Portfolio [Member] | Mad River Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,350,000
Initial Cost to Company of Buildings and Improvements	9,404,000
Costs Capitalized Subsequent to Acquisition	1,058,000
Carrying Amount of Land	2,350,000
Carrying Amount of Buildings and Improvements	10,462,000
Total Carrying Amount	12,812,000
Accumulated Depreciation	3,573,000
Real Estate and Accumulated Depreciation, Date Acquired	1999
Core Portfolio [Member] | Pacesetter Park Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,941,000
Initial Cost to Company of Land	1,475,000
Initial Cost to Company of Buildings and Improvements	5,899,000
Costs Capitalized Subsequent to Acquisition	1,121,000
Carrying Amount of Land	1,475,000
Carrying Amount of Buildings and Improvements	7,020,000
Total Carrying Amount	8,495,000
Accumulated Depreciation	2,720,000
Real Estate and Accumulated Depreciation, Date Acquired	1999
Core Portfolio [Member] | 239 Greenwich Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,000,000
Initial Cost to Company of Land	1,817,000
Initial Cost to Company of Buildings and Improvements	15,846,000
Costs Capitalized Subsequent to Acquisition	549,000
Carrying Amount of Land	1,817,000
Carrying Amount of Buildings and Improvements	16,395,000
Total Carrying Amount	18,212,000
Accumulated Depreciation	5,276,000
Real Estate and Accumulated Depreciation, Date Acquired	1998
Core Portfolio [Member] | West Shore Expressway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,380,000
Initial Cost to Company of Buildings and Improvements	13,554,000
Costs Capitalized Subsequent to Acquisition	10,000
Carrying Amount of Land	3,380,000
Carrying Amount of Buildings and Improvements	13,564,000
Total Carrying Amount	16,944,000
Accumulated Depreciation	1,818,000
Real Estate and Accumulated Depreciation, Date Acquired	2007
Core Portfolio [Member] | West 54th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	16,699,000
Initial Cost to Company of Buildings and Improvements	18,704,000
Costs Capitalized Subsequent to Acquisition	28,000
Carrying Amount of Land	16,699,000
Carrying Amount of Buildings and Improvements	18,732,000
Total Carrying Amount	35,431,000
Accumulated Depreciation	2,221,000
Real Estate and Accumulated Depreciation, Date Acquired	2007
Core Portfolio [Member] | Acadia 5-7 East 17th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,048,000
Initial Cost to Company of Buildings and Improvements	7,281,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,048,000
Carrying Amount of Buildings and Improvements	7,281,000
Total Carrying Amount	10,329,000
Accumulated Depreciation	743,000
Real Estate and Accumulated Depreciation, Date Acquired	2008
Core Portfolio [Member] | West Diversey 651-671 W Diversey [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	8,576,000
Initial Cost to Company of Buildings and Improvements	17,256,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	8,576,000
Carrying Amount of Buildings and Improvements	17,256,000
Total Carrying Amount	25,832,000
Accumulated Depreciation	252,000
Real Estate and Accumulated Depreciation, Date Acquired	2011
Core Portfolio [Member] | Mercer Street 15 Mercer Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,887,000
Initial Cost to Company of Buildings and Improvements	2,483,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,887,000
Carrying Amount of Buildings and Improvements	2,483,000
Total Carrying Amount	4,370,000
Accumulated Depreciation	31,000
Real Estate and Accumulated Depreciation, Date Acquired	2011
Core Portfolio [Member] | 4401 White Plains [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,581,000
Initial Cost to Company of Buildings and Improvements	5,054,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,581,000
Carrying Amount of Buildings and Improvements	5,054,000
Total Carrying Amount	6,635,000
Accumulated Depreciation	42,000
Real Estate and Accumulated Depreciation, Date Acquired	2011
Core Portfolio [Member] | Chicago Street Retail Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,319,000
Initial Cost to Company of Buildings and Improvements	13,187,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,319,000
Carrying Amount of Buildings and Improvements	13,187,000
Total Carrying Amount	16,506,000
Accumulated Depreciation	137,000
Real Estate and Accumulated Depreciation, Date Acquired	2011
Core Portfolio [Member] | Undeveloped Land [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	251,000
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	251,000
Carrying Amount of Buildings and Improvements	0
Total Carrying Amount	251,000
Accumulated Depreciation	0
Fund I [Member] | Tarrytown Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,260,000
Initial Cost to Company of Land	2,323,000
Initial Cost to Company of Buildings and Improvements	7,396,000
Costs Capitalized Subsequent to Acquisition	619,000
Carrying Amount of Land	2,323,000
Carrying Amount of Buildings and Improvements	8,015,000
Total Carrying Amount	10,338,000
Accumulated Depreciation	1,641,000
Real Estate and Accumulated Depreciation, Date Acquired	2004
Fund I [Member] | Kroger/Safeway Various [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	4,265,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	4,265,000
Total Carrying Amount	4,265,000
Accumulated Depreciation	4,067,000
Real Estate and Accumulated Depreciation, Date Acquired	2003
Fund II [Member] | Liberty Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,395,000
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	12,627,000
Costs Capitalized Subsequent to Acquisition	721,000
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	13,348,000
Total Carrying Amount	13,348,000
Accumulated Depreciation	1,717,000
Real Estate and Accumulated Depreciation, Date Acquired	2005
Fund II [Member] | Pelham Manor [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,000,000
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	65,399,000
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	65,399,000
Total Carrying Amount	65,399,000
Accumulated Depreciation	5,544,000
Real Estate and Accumulated Depreciation, Date Acquired	2004
Fund II [Member] | 400 E Fordham Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	84,277,000
Initial Cost to Company of Land	11,144,000
Initial Cost to Company of Buildings and Improvements	18,010,000
Costs Capitalized Subsequent to Acquisition	95,318,000
Carrying Amount of Land	16,253,000
Carrying Amount of Buildings and Improvements	108,219,000
Total Carrying Amount	124,472,000
Accumulated Depreciation	9,090,000
Real Estate and Accumulated Depreciation, Date Acquired	2004
Fund II [Member] | 216th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,500,000
Initial Cost to Company of Land	7,261,000
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	19,146,000
Carrying Amount of Land	7,261,000
Carrying Amount of Buildings and Improvements	19,146,000
Total Carrying Amount	26,407,000
Accumulated Depreciation	2,467,000
Real Estate and Accumulated Depreciation, Date Acquired	2005
Fund II [Member] | 161st Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,900,000
Initial Cost to Company of Land	16,679,000
Initial Cost to Company of Buildings and Improvements	28,410,000
Costs Capitalized Subsequent to Acquisition	261,000
Carrying Amount of Land	16,679,000
Carrying Amount of Buildings and Improvements	28,671,000
Total Carrying Amount	45,350,000
Accumulated Depreciation	4,642,000
Real Estate and Accumulated Depreciation, Date Acquired	2005
Fund II [Member] | Atlantic Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,540,000
Initial Cost to Company of Land	5,322,000
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	15,350,000
Carrying Amount of Land	5,322,000
Carrying Amount of Buildings and Improvements	15,350,000
Total Carrying Amount	20,672,000
Accumulated Depreciation	945,000
Real Estate and Accumulated Depreciation, Date Acquired	2007
Fund II [Member] | Canarsie Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	56,476,000
Initial Cost to Company of Land	32,543,000
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	82,915,000
Carrying Amount of Land	32,543,000
Carrying Amount of Buildings and Improvements	82,915,000
Total Carrying Amount	115,458,000
Accumulated Depreciation	2,368,000
Real Estate and Accumulated Depreciation, Date Acquired	2007
Fund II [Member] | ASOF II, LLC [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,000,000
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	0
Total Carrying Amount	0
Accumulated Depreciation	0
Fund III [Member] | 125 Main Street Association [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,500,000
Initial Cost to Company of Land	12,993,000
Initial Cost to Company of Buildings and Improvements	4,316,000
Costs Capitalized Subsequent to Acquisition	8,012,000
Carrying Amount of Land	12,993,000
Carrying Amount of Buildings and Improvements	12,328,000
Total Carrying Amount	25,321,000
Accumulated Depreciation	364,000
Real Estate and Accumulated Depreciation, Date Acquired	2007
Fund III [Member] | Suffern Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,561,000
Initial Cost to Company of Buildings and Improvements	7,484,000
Costs Capitalized Subsequent to Acquisition	208,000
Carrying Amount of Land	4,561,000
Carrying Amount of Buildings and Improvements	7,692,000
Total Carrying Amount	12,253,000
Accumulated Depreciation	815,000
Real Estate and Accumulated Depreciation, Date Acquired	2008
Fund III [Member] | Linden Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	3,515,000	[2]
Initial Cost to Company of Buildings and Improvements	6,139,000	[2]
Costs Capitalized Subsequent to Acquisition	385,000	[2]
Carrying Amount of Land	3,515,000	[2]
Carrying Amount of Buildings and Improvements	6,524,000	[2]
Total Carrying Amount	10,039,000	[2]
Accumulated Depreciation	726,000	[2]
Real Estate and Accumulated Depreciation, Date Acquired	2008	[2]
Fund III [Member] | Webster Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	959,000	[2]
Initial Cost to Company of Buildings and Improvements	5,506,000	[2]
Costs Capitalized Subsequent to Acquisition	157,000	[2]
Carrying Amount of Land	959,000	[2]
Carrying Amount of Buildings and Improvements	5,663,000	[2]
Total Carrying Amount	6,622,000	[2]
Accumulated Depreciation	592,000	[2]
Real Estate and Accumulated Depreciation, Date Acquired	2008	[2]
Fund III [Member] | Jersey City Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	2,377,000	[2]
Initial Cost to Company of Buildings and Improvements	9,654,000	[2]
Costs Capitalized Subsequent to Acquisition	91,000	[2]
Carrying Amount of Land	2,377,000	[2]
Carrying Amount of Buildings and Improvements	9,745,000	[2]
Total Carrying Amount	12,122,000	[2]
Accumulated Depreciation	1,059,000	[2]
Real Estate and Accumulated Depreciation, Date Acquired	2008	[2]
Fund III [Member] | Bronx Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	10,835,000	[2]
Initial Cost to Company of Buildings and Improvements	5,936,000	[2]
Costs Capitalized Subsequent to Acquisition	153,000	[2]
Carrying Amount of Land	10,835,000	[2]
Carrying Amount of Buildings and Improvements	6,089,000	[2]
Total Carrying Amount	16,924,000	[2]
Accumulated Depreciation	688,000	[2]
Real Estate and Accumulated Depreciation, Date Acquired	2008	[2]
Fund III [Member] | Lawrence Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	6,977,000	[2]
Initial Cost to Company of Buildings and Improvements	12,688,000	[2]
Costs Capitalized Subsequent to Acquisition	86,000	[2]
Carrying Amount of Land	6,977,000	[2]
Carrying Amount of Buildings and Improvements	12,774,000	[2]
Total Carrying Amount	19,751,000	[2]
Accumulated Depreciation	1,272,000	[2]
Real Estate and Accumulated Depreciation, Date Acquired	2008	[2]
Fund III [Member] | Starr Avenue Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	7,597,000
Initial Cost to Company of Buildings and Improvements	22,391,000
Costs Capitalized Subsequent to Acquisition	512,000
Carrying Amount of Land	7,597,000
Carrying Amount of Buildings and Improvements	22,903,000
Total Carrying Amount	30,500,000
Accumulated Depreciation	2,420,000
Real Estate and Accumulated Depreciation, Date Acquired	2008
Fund III [Member] | New Rochelle Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,977,000
Initial Cost to Company of Buildings and Improvements	4,769,000
Costs Capitalized Subsequent to Acquisition	443,000
Carrying Amount of Land	1,977,000
Carrying Amount of Buildings and Improvements	5,212,000
Total Carrying Amount	7,189,000
Accumulated Depreciation	544,000
Real Estate and Accumulated Depreciation, Date Acquired	2008
Fund III [Member] | Yonkers Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,121,000
Initial Cost to Company of Buildings and Improvements	17,457,000
Costs Capitalized Subsequent to Acquisition	283,000
Carrying Amount of Land	3,121,000
Carrying Amount of Buildings and Improvements	17,740,000
Total Carrying Amount	20,861,000
Accumulated Depreciation	1,765,000
Real Estate and Accumulated Depreciation, Date Acquired	2008
Fund III [Member] | Bruckner Blvd Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	6,244,000
Initial Cost to Company of Buildings and Improvements	10,551,000
Costs Capitalized Subsequent to Acquisition	245,000
Carrying Amount of Land	6,244,000
Carrying Amount of Buildings and Improvements	10,796,000
Total Carrying Amount	17,040,000
Accumulated Depreciation	1,105,000
Real Estate and Accumulated Depreciation, Date Acquired	2008
Fund III [Member] | Ridgewood Self Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company of Land	8,000,000	[2]
Initial Cost to Company of Buildings and Improvements	0	[2]
Costs Capitalized Subsequent to Acquisition	13,942,000	[2]
Carrying Amount of Land	8,000,000	[2]
Carrying Amount of Buildings and Improvements	13,942,000	[2]
Total Carrying Amount	21,942,000	[2]
Accumulated Depreciation	979,000	[2]
Real Estate and Accumulated Depreciation, Date of Construction	2008	[2]
Fund III [Member] | Document Storage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	1,083,000
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	1,083,000
Total Carrying Amount	1,083,000
Accumulated Depreciation	208,000
Real Estate and Accumulated Depreciation, Date Acquired	2008
Fund III [Member] | Cortlandt Towne Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	50,000,000
Initial Cost to Company of Land	7,293,000
Initial Cost to Company of Buildings and Improvements	61,395,000
Costs Capitalized Subsequent to Acquisition	3,712,000
Carrying Amount of Land	7,293,000
Carrying Amount of Buildings and Improvements	65,107,000
Total Carrying Amount	72,400,000
Accumulated Depreciation	8,512,000
Real Estate and Accumulated Depreciation, Date Acquired	2009
Fund III [Member] | Heritage Shops [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	13,131,000
Initial Cost to Company of Buildings and Improvements	15,409,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	13,131,000
Carrying Amount of Buildings and Improvements	15,409,000
Total Carrying Amount	28,540,000
Accumulated Depreciation	394,000
Real Estate and Accumulated Depreciation, Date Acquired	2011
Fund III [Member] | 654 Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,188,000
Initial Cost to Company of Buildings and Improvements	9,563,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,188,000
Carrying Amount of Buildings and Improvements	9,563,000
Total Carrying Amount	12,751,000
Accumulated Depreciation	20,000
Real Estate and Accumulated Depreciation, Date Acquired	2011
Fund III [Member] | Marcus Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,250,000
Initial Cost to Company of Buildings and Improvements	9,000,000
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,250,000
Carrying Amount of Buildings and Improvements	9,000,000
Total Carrying Amount	11,250,000
Accumulated Depreciation	0
Real Estate and Accumulated Depreciation, Date Acquired	2011
Fund III [Member] | ASOF III, LLC [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	136,079,000
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	0
Total Carrying Amount	0
Accumulated Depreciation	0
Fund III [Member] | Real Estate Under Development [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,650,000
Initial Cost to Company of Land	45,658,000
Initial Cost to Company of Buildings and Improvements	2,564,000
Costs Capitalized Subsequent to Acquisition	171,423,000
Carrying Amount of Land	45,658,000
Carrying Amount of Buildings and Improvements	181,470,000
Total Carrying Amount	227,128,000
Accumulated Depreciation	0
Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Life Used for Depreciation	30
Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40
Bank of America, N.A. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Collateral	1,000,000
GEMSA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Collateral	$ 42,000,000

[1] These properties serve as collateral for the financing with Bank of America, N.A. in the amount of $1,000.

[2] These properties serve as collateral for the financing with GEMSA, in the amount of $42,000.

XML

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable and Preferred Equity Investments	$ 59,989	$ 89,202
Mortgage Notes Payable and Convertible Notes Payable	788,840	854,924
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable and Preferred Equity Investments	59,989	90,612
Mortgage Notes Payable and Convertible Notes Payable	$ 792,737	$ 863,639

XML

MORTGAGES PAYABLE Scheduled Principal Repayments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Mortgage Loans on Real Estate [Abstract]
2012	$ 298,335
2013	128,059
2014	104,667
2015	79,710
2016	74,722
Thereafter	103,314
Long-term debt and convertible notes payable	$ 788,807

XML

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation and Presentation of Financial Statements (Policies)

12 Months Ended

Dec. 31, 2011

Organization, Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance 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.

Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting.

Investments in and Advances to Unconsolidated Joint Ventures, Policy [Policy Text Block]

Investments in and Advances to Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above. The Company does have significant influence over the investments which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, “Investments – Equity Method and Joint Ventures.”

The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the years ended December 31, 2011 and 2010, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures. During the year ended December 31, 2009, the Company recorded an impairment charge of $3.8 million related to its investment in unconsolidated joint ventures.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Accounting principles generally accepted in the United States of America (“GAAP”) require 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.

Real Estate, Policy [Policy Text Block]

Real Estate

Real estate assets are stated at cost less accumulated depreciation. Expenditures for acquisition, development, construction and improvement of properties, as well as significant renovations are capitalized. Interest costs are capitalized until construction is substantially complete and the real estate is ready for its intended use. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Real Estate, continued

Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property.

The Company reviews its long-lived assets used in operations for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired. Accordingly, an impairment loss of $6.9 million was recorded, of which the Operating Partnership's share was $1.5 million. During the years ended December 31, 2010, and 2009, no impairment losses were recognized. Management does not believe that the values of its properties within the portfolio are impaired as of December 31, 2011.

Sale of Real Estate, Policy [Policy Text Block]

Sale of Real Estate

The Company recognizes property sales in accordance with ASC Topic 970 “Real Estate.” The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods.

Real Estate Held for Development and Sale, Policy [Policy Text Block]

Real Estate Held for Sale

The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. The results of operations of these real estate properties are reflected as discontinued operations in all periods presented.

On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance.

Involuntary Conversion of Asset, Policy [Policy Text Block]

Involuntary Conversion of Asset

The Company experienced significant flooding that resulted in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment are insured to a limit sufficient that the Company believes will allow for full restoration of the property. Loss of rents during the redevelopment are covered by business interruption insurance subject to a $0.1 million deductible. The Company plans to restore the improvements that were damaged by the flooding and expects that the costs of such restoration and rebuilding will be recoverable from insurance proceeds. In accordance with ASC Topic 360 “Property, Plant and Equipment” and as a result of the above-described property damage, the Company has recorded a write-down of the asset's carrying value in the accompanying 2011 consolidated balance sheets of approximately $1.4 million as of December 31, 2011. In addition, the Company has recorded an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying 2011 consolidated balance sheets. The Company has also provided a $0.1 million provision in the 2011 consolidated statement of income for its exposure to the insurance deductible attributable to the loss of rents. As of December 31, 2011, the Company has received initial insurance proceeds of approximately $6.9 million.

Deferred Costs, Policy [Policy Text Block]

Deferred Costs

Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation.

Management Contracts, Policy [Policy Text Block]

Management Contracts

Income from management contracts is recognized on an accrual basis as such fees are earned. The initial acquisition cost of any management contracts are amortized over the estimated lives of the contracts acquired.

Revenue Recognition and Accounts Receivable, Policy [Policy Text Block]

Revenue Recognition and Accounts Receivable

Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2011 and 2010, included in Rents Receivable, Net on the accompanying consolidated balance sheets, are unbilled rents receivable relating to straight-lining of rents of $22.8 million and $16.9 million, respectively. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred.

The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2011 and 2010 are shown net of an allowance for doubtful accounts of $5.3 million and $7.2 million, respectively.

Notes Receivable and Preferred Equity Investments, Policy [Policy Text Block]

Notes Receivable and Preferred Equity Investments

Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees to be collected at the origination of the loan or the payoff of the loan are recognized over the term of the loan as an adjustment to yield.

Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed.

During 2009, the Company provided a $1.7 million reserve on a note receivable as a result of the loss of an anchor tenant at the underlying collateral property.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances.

Restricted Cash and Cash in Escrow, Policy [Policy Text Block]

Restricted Cash and Cash in Escrow

Restricted cash and cash in escrow consist principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company has made an election to be taxed, and believes it qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year.

Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries (“TRS”) is fully subject to Federal, state and local income taxes.

The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between GAAP basis and the tax basis of the TRS income, assets and liabilities.

In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-based Compensation

The Company accounts for stock-based compensation pursuant to ASC Topic 718, “Compensation – Stock Compensation.” As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant.

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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)		12 Months Ended	0 Months Ended		1 Months Ended				12 Months Ended		1 Months Ended	3 Months Ended		1 Months Ended	3 Months Ended	1 Months Ended		3 Months Ended	1 Months Ended								1 Months Ended
	Dec. 31, 2011 properties	Dec. 31, 2011 Core Portfolio [Member]	May 10, 2011 Chicago Illinois [Member] Core Portfolio [Member] sqft	Aug. 31, 2011 Chicago Illinois [Member] Core Portfolio [Member] properties	Aug. 31, 2011 Bronx New York [Member] Core Portfolio [Member] sqft	Jun. 30, 2011 New York New York [Member] Core Portfolio [Member] sqft	Sep. 30, 2011 Georgetown Portfolio [Member] Core Portfolio [Member]	Sep. 30, 2011 Georgetown Portfolio [Member] Washington, D.C. [Member] Core Portfolio [Member]	Dec. 31, 2011 Fund III [Member] Opportunity Funds [Member]	Jun. 30, 2010 Fund III [Member] Opportunity Funds [Member]	Apr. 30, 2011 Fund III [Member] Chicago Illinois [Member] Opportunity Funds [Member] sqft	Dec. 31, 2011 Fund III [Member] New Hyde Park Shopping Center [Member] New Hyde Park New York [Member] Opportunity Funds [Member] sqft	Dec. 31, 2011 Fund III [Member] 654 Broadway [Member] New York New York [Member] Opportunity Funds [Member] sqft	Jan. 31, 2009 Fund III [Member] Cortlandt Towne Center [Member] Cortlandt New York [Member] Opportunity Funds [Member] sqft	Dec. 31, 2011 Fund III [Member] Parkway Crossing [Member] Baltimore Maryland [Member] Opportunity Funds [Member] sqft	Feb. 28, 2011 Fund III [Member] Lincoln Road [Member] South Miami Beach Florida [Member] Opportunity Funds [Member] sqft	Feb. 28, 2011 Fund III [Member] White Oak [Member] Silver Spring Maryland [Member] Opportunity Funds [Member] sqft	Dec. 31, 2010 Fund III [Member] White City Shopping Center [Member] Shrewsbury Massachusetts [Member] Opportunity Funds [Member] sqft	Jun. 30, 2010 Fund II [Member] CityPoint [Member] Opportunity Funds [Member]	Jun. 29, 2010 Fund II [Member] CityPoint [Member] Brooklyn, New York [Member] Opportunity Funds [Member]	Jun. 29, 2010 Fund II [Member] CityPoint [Member] Brooklyn, New York [Member] Opportunity Funds [Member] Retail [Member]	Jun. 29, 2010 Fund II [Member] CityPoint [Member] Brooklyn, New York [Member] Opportunity Funds [Member] Office [Member]	Jun. 29, 2010 Fund II [Member] CityPoint [Member] Brooklyn, New York [Member] Opportunity Funds [Member] Residential [Member]	Jun. 29, 2010 California Urban Investment Partners, LLC [Member] Fund II [Member] CityPoint [Member] Brooklyn, New York [Member] Opportunity Funds [Member] Residential [Member]	Dec. 31, 2011 Land [Member]	Dec. 31, 2011 Building and Building Improvements [Member]	Jun. 30, 2010 Operating Partnership, as General Partner or Managing Member [Member] Fund II [Member] CityPoint [Member] Opportunity Funds [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage							50.00%	50.00%		50.00%										24.75%	75.00%	50.00%	0.00%	100.00%
Equity Method Investments								$ 13,400,000
Business Acquisition, Cost of Acquired Entity, Purchase Price			28,400,000	18,000,000	9,100,000	4,800,000					31,600,000	11,300,000	13,300,000	78,000,000	21,600,000	51,900,000	9,800,000	56,000,000	9,200,000
In-Place Debt Assumption Percentage								50.00%
Equity Method Investment, Debt Assumed								9,200,000
Number of Retail Properties	82			6
Square Footage of Real Estate Property (in feet)			44,000		13,000	6,000					105,000	31,500	18,700	641,000	260,000	61,400	64,600	255,000
In-Place Mortgage Debt Assumption																20,600,000			19,600,000
Ownership Percentage																95.00%	90.00%
Business Combination, Acquisition Related Costs		800,000							600,000					200,000
Business Acquisition, Purchase Price Allocation [Abstract]
Land, Buildings and improvements																									24,993,000	39,594,000
Acquisition-related intangible assets (in Acquired lease intangibles, net)	9,945,000
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net)	(627,000)
Total consideration	73,905,000
Business Acquisition, Cost of Acquired Entity, Cash Paid																			2,000,000
Business Acquisition, Cost of Acquired Entity, Deferred Payments																			7,200,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value																			108,000,000
Business Combination, Bargain Purchase, Gain Recognized, Amount																			$ 33,800,000								$ 6,300,000

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2011

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

During February 2010, Klaff converted all 250,000 of its Restricted Common OP Units into 250,000 Common Shares.

In 2009, the Company earned asset management, leasing, disposition, development and construction fees for providing services to an existing portfolio of retail properties and/or leasehold interests in which Klaff had an interest. Fees earned by the Company in connection with this portfolio were $0.4 million for the year ended December 31, 2009.

The Company earns fees from one of its investments in unconsolidated partnerships (Note 4). The Company earned property management, construction, legal and leasing fees from the Brandywine Portfolio totaling $1.0 million, $0.8 million and $0.7 million for the years ended December 31, 2011, 2010 and 2009, respectively.

Related party receivables due from unconsolidated affiliates totaled $1.4 million and $2.4 million at December 31, 2011 and 2010, respectively.

Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $0.1 million for each of the years ended December 31, 2011, 2010, and 2009.

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EMPLOYEE 401(K) PLAN

12 Months Ended

Dec. 31, 2011

Compensation and Retirement Disclosure [Abstract]

Employee 401(k) Plan

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 $16,500 for the year ended December 31, 2011. The Company contributed $0.2 million for each of the years ended December 31, 2011, 2010 and 2009.

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SUMMARY OF QUARTERLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

The quarterly results of operations of the Company for the years ended December 31, 2011 and 2010 are as follows:

(dollars in thousands, except per share amounts)	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Revenue	$	37,447	$	37,845	$	36,656	$	38,213
Income from continuing operations attributable to Common Shareholders	$	8,185	$	4,245	$	3,843	$	3,789
Income from discontinued operations attributable to Common Shareholders	$	1,238	$	25,989	$	168	$	4,098
Net income attributable to Common Shareholders	$	9,423	$	30,234	$	4,011	$	7,887
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.20	$	0.11	$	0.10	$	0.09
Income from discontinued operations	$	0.03	$	0.64	$	—	$	0.10
Net income per share	$	0.23	$	0.75	$	0.10	$	0.19
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.20	$	0.10	$	0.10	$	0.09
Income from discontinued operations	$	0.03	$	0.64	$	—	$	0.10
Net income per share	$	0.23	$	0.74	$	0.10	$	0.19
Cash dividends declared per Common Share	$	0.18	$	0.18	$	0.18	$	0.18
Weighted average Common Shares outstanding:
Basic	40,317,603		40,333,575		40,339,958		41,785,261
Diluted	40,580,173		40,633,317		40,628,781		42,066,390

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21. Summary of Quarterly Financial Information (unaudited) (continued)

(dollars in thousands, except per share amounts)	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010
Revenue	$	34,702	$	33,997	$	36,302	$	36,044
Income from continuing operations attributable to Common Shareholders	$	4,829	$	12,250	$	4,592	$	6,589
Income from discontinued operations attributable to Common Shareholders	$	301	$	548	$	525	$	423
Net income attributable to Common Shareholders	$	5,130	$	12,798	$	5,117	$	7,012
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.12	$	0.30	$	0.12	$	0.16
Income from discontinued operations	$	0.01	$	0.02	$	0.01	$	0.01
Net income per share	$	0.13	$	0.32	$	0.13	$	0.17
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.12	$	0.30	$	0.12	$	0.16
Income from discontinued operations	$	0.01	$	0.01	$	0.01	$	0.01
Net income per share	$	0.13	$	0.31	$	0.13	$	0.17
Cash dividends declared per Common Share	$	0.18	$	0.18	$	0.18	$	0.18
Weighted average Common Shares outstanding:
Basic	39,980,646		40,134,706		40,169,141		40,257,378
Diluted	40,149,931		40,371,812		40,430,998		40,594,009

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MORTGAGES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2011

Mortgage Loans on Real Estate [Abstract]

Schedule of Line of Credit Facilities [Table Text Block]

The following table sets forth certain information pertaining to our secured credit facilities:

(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2010		Net borrowings (repayments) during the year ended December 31, 2011			Amount borrowed as of December 31, 2011		Letters of credit outstanding as of December 31, 2011		Amount available under credit facilities as of December 31, 2011
Acadia Realty, LP	$	64,498	$	1,000	$	—		$	1,000	$	4,561	$	58,937
Fund II	40,000		40,000		—			40,000		—		—
Fund III	150,286		171,450		(35,371		)	136,079		—		14,207
Total	$	254,784	$	212,450	$	(35,371	)	$	177,079	$	4,561	$	73,144

Schedule of Debt [Table Text Block]

The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2011 and December 31, 2010:

(dollars in thousands)
Description of Debt and Collateral	12/31/2011			12/31/2010			Interest Rate at December 31, 2011	Maturity	Payment Terms
Mortgage notes payable – variable-rate
Canarsie Plaza	$	56,476		$	40,243		Greater of 6.50% or 4.30% (LIBOR+4.00%)	9/11/2012	Interest only monthly.
Liberty Avenue	9,395			10,000			3.55% (LIBOR+3.25%)	9/1/2012	Interest only monthly.
Fordham Place	84,277			85,910			Greater of 1.5%+3.5% or 5.00% (LIBOR+3.50%)	9/30/2012	Monthly principal and interest.
Tarrytown Shopping Center	8,260			8,427			1.95% (LIBOR+1.65%)	10/30/2012	Interest only monthly.
161st Street	28,900			28,900			5.80% (LIBOR+5.50%)	4/1/2013	Interest only monthly.
CityPoint	20,650			20,650			2.80% (LIBOR+2.50%)	8/12/2013	Interest only monthly.
Six self-storage properties	42,000			—			Greater of 4.65% or 4.45% (LIBOR+4.15%)	8/31/2013	Interest only monthly until 10/2012; monthly principal and interest thereafter.
Pelham Manor	34,000			31,554			3.05% (LIBOR+2.75%)	12/1/2013	Monthly principal and interest.
Branch Shopping Plaza	12,761			13,932			2.55% (LIBOR+2.25%)	9/30/2014	Monthly principal and interest.
125 Main Street, Westport	12,500			—			2.65% (LIBOR+2.35%)	9/30/2014	Interest only monthly.
Cortlandt Towne Center	50,000			50,000			2.20% (LIBOR+1.90%)	10/26/2015	Monthly principal and interest.
Village Commons Shopping Center	9,310			9,305			1.70% (LIBOR+1.40%)	6/30/2018	Monthly principal and interest.
Sub-total mortgage notes payable	368,529			298,921
Secured credit facilities – variable-rate:
Fund III revolving subscription line of credit (2)	136,079			171,450			2.55% (LIBOR+2.25%)	10/10/2012	Interest only monthly.
Six Core Portfolio properties	1,000			1,000			1.55% (LIBOR+1.25%)	12/1/2012	Annual principal and monthly interest.
Fund II term loan	40,000			40,000			3.20% (LIBOR+2.90%)	12/22/2014	Interest only monthly.
Sub-total secured credit facilities	177,079			212,450
Interest rate swaps (1)	(57,027		)	(71,535		)
Total variable-rate debt	488,581			439,836

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgages Payable, continued

(dollars in thousands)
Description of Debt and Collateral	12/31/2011		12/31/2010		Interest Rate at December 31, 2011	Maturity	Payment Terms
Mortgage notes payable – fixed-rate
Five Self-Storage properties	—		41,500
Chestnut Hill	—		9,338
Clark Diversey	4,491		4,625		6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	13,882		14,119		5.64%	9/6/2014	Monthly principal and interest.
CityPoint	20,000		20,000		7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	17,287		17,539		4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,941		12,132		5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	33,738		34,197		5.53%	1/1/2016	Monthly principal and interest.
The Gateway Shopping Center	20,308		20,500		5.44%	3/1/2016	Monthly principal and interest.
Walnut Hill Plaza	23,458		23,500		6.06%	10/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000		26,000		5.42%	2/11/2017	Interest only monthly.
Merrillville Plaza	26,250		26,250		5.88%	8/1/2017	Interest only monthly until 7/2012; monthly principal and interest thereafter.
216th Street	25,500		25,500		5.80%	10/1/2017	Interest only monthly.
Atlantic Avenue	11,540		11,540		7.34%	1/1/2020	Interest only upon drawdown on construction loan until 1/2015; monthly principal and interest thereafter.
A&P Shopping Plaza	7,874		8,033		6.40%	11/1/2032	Monthly principal and interest.
Interest rate swaps (1)	57,027		71,535		5.41%
Total fixed-rate debt	299,296		366,308
Unamortized premium	33		68
Total	$	787,910	$	806,212

(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 III revolving subscription line of credit is secured by unfunded investor capital commitments.

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, 2011 are as follows (does not include $33,000 net valuation premium on assumption of debt):

(dollars in thousands)
2012	$	298,335
2013	128,059
2014	104,667
2015	79,710
2016	74,722
Thereafter	103,314
	$	788,807

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Net income	$ 53,715	$ 50,667	$ 12,706
Other Comprehensive (loss) income:
Unrealized loss on valuation of swap agreements	(5,611)	(2,683)	(1,052)
Reclassification of realized interest on swap agreements	3,081	2,749	2,745
Other comprehensive (loss) income	(2,530)	66	1,693
Comprehensive income	51,185	50,733	14,399
Comprehensive (income) loss attributable to noncontrolling interests	(686)	(20,539)	18,248
Comprehensive income attributable to Common Shareholders	$ 50,499	$ 30,194	$ 32,647

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2011

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

Acadia Realty Trust (the “Trust”) and subsidiaries (collectively, the “Company”), is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, management and redevelopment of retail properties and urban/infill mixed-use properties with a retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas in the United States along the East Coast and in Chicago.

As of December 31, 2011, the Company operated 82 properties, which it owns or has an ownership interest in, within its Core Portfolio or within the three opportunity funds (Fund I, Fund II and Fund III (defined below), which the Company refers to as the "Opportunity Funds"). The Company defines its Core Portfolio as those properties either 100% owned by, or partially owned through joint venture interests by, the Operating Partnership (defined below), or subsidiaries thereof, not including those properties owned through its Opportunity Funds.

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 a controlling interest. As of December 31, 2011, the Trust controlled 99% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation (Note 15). Limited partners holding Common OP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.”

The Company formed Acadia Strategic Opportunity Fund I, LP (“Fund I”), and formed Acadia Mervyn Investors I, LLC (“Mervyns I”), with four institutional investors. The Operating Partnership committed a total of $20.0 million to Fund I and Mervyns I, and the four institutional shareholders committed a total of $70.0 million for the purpose of acquiring real estate investments. As of December 31, 2011, Fund I was fully invested, with the Operating Partnership having contributed $16.5 million to Fund I and $2.7 million to Mervyns I.

The Operating Partnership is the general partner of Fund I and sole managing member of Mervyns I, with a 22.2% interest in both Fund I and Mervyns I and is also entitled to a profit participation in excess of its invested capital based on certain investment return thresholds (“Promote”). Cash flow is distributed pro-rata to the partners and members (including the Operating Partnership) until they receive a 9% cumulative return (“Preferred Return”), and the return of all capital contributions. Thereafter, remaining cash flow (which is net of distributions and fees to the Operating Partnership for management, asset management, leasing, construction and legal services) is distributed 20% to the Operating Partnership as a Promote and 80% to the partners (including the Operating Partnership). As all contributed capital and accumulated preferred return has been distributed to investors, the Operating Partnership is currently entitled to a Promote on all earnings and distributions.

The Company formed Acadia Strategic Opportunity Fund II, LLC (“Fund II”) and formed Acadia Mervyn Investors II, LLC (“Mervyns II”) with the investors from Fund I, as well as two additional institutional investors, with a total of $300.0 million of committed discretionary capital. The Operating Partnership’s share of committed capital is $60.0 million. The Operating Partnership is the managing member with a 20% interest in both Fund II and Mervyns II. The terms and structure of Fund II and Mervyns II are substantially the same as Fund I and Mervyns I, including the Promote structure, with the exception that the Preferred Return is 8%. As of December 31, 2011, the Operating Partnership had contributed $48.8 million to Fund II and $7.6 million to Mervyns II.

The Company formed Acadia Strategic Opportunity Fund III LLC (“Fund III”) with fourteen institutional investors, including a majority of the investors from Fund I and Fund II, with a total of $502.5 million of committed discretionary capital. The Operating Partnership’s share of the invested capital is $100.0 million and it is the managing member with a 19.9% interest in Fund III. The terms and structure of Fund III are substantially the same as the previous Funds I and II, including the Promote structure, with the exception that the Preferred Return is 6%. As of December 31, 2011, the Operating Partnership had contributed $45.1 million to Fund III.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Principles of Consolidation

The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance 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.

Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting.

Investments in and Advances to Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above. The Company does have significant influence over the investments which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, “Investments – Equity Method and Joint Ventures.”

The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the years ended December 31, 2011 and 2010, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures. During the year ended December 31, 2009, the Company recorded an impairment charge of $3.8 million related to its investment in unconsolidated joint ventures.

Use of Estimates

Accounting principles generally accepted in the United States of America (“GAAP”) require 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.

Real Estate

Real estate assets are stated at cost less accumulated depreciation. Expenditures for acquisition, development, construction and improvement of properties, as well as significant renovations are capitalized. Interest costs are capitalized until construction is substantially complete and the real estate is ready for its intended use. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Real Estate, continued

Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property.

The Company reviews its long-lived assets used in operations for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired. Accordingly, an impairment loss of $6.9 million was recorded, of which the Operating Partnership's share was $1.5 million. During the years ended December 31, 2010, and 2009, no impairment losses were recognized. Management does not believe that the values of its properties within the portfolio are impaired as of December 31, 2011.

Sale of Real Estate

The Company recognizes property sales in accordance with ASC Topic 970 “Real Estate.” The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods.

Real Estate Held for Sale

The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. The results of operations of these real estate properties are reflected as discontinued operations in all periods presented.

On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance.

Involuntary Conversion of Asset

The Company experienced significant flooding that resulted in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment are insured to a limit sufficient that the Company believes will allow for full restoration of the property. Loss of rents during the redevelopment are covered by business interruption insurance subject to a $0.1 million deductible. The Company plans to restore the improvements that were damaged by the flooding and expects that the costs of such restoration and rebuilding will be recoverable from insurance proceeds. In accordance with ASC Topic 360 “Property, Plant and Equipment” and as a result of the above-described property damage, the Company has recorded a write-down of the asset's carrying value in the accompanying 2011 consolidated balance sheets of approximately $1.4 million as of December 31, 2011. In addition, the Company has recorded an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying 2011 consolidated balance sheets. The Company has also provided a $0.1 million provision in the 2011 consolidated statement of income for its exposure to the insurance deductible attributable to the loss of rents. As of December 31, 2011, the Company has received initial insurance proceeds of approximately $6.9 million.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Deferred Costs

Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation.

Management Contracts

Income from management contracts is recognized on an accrual basis as such fees are earned. The initial acquisition cost of any management contracts are amortized over the estimated lives of the contracts acquired.

Revenue Recognition and Accounts Receivable

Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2011 and 2010, included in Rents Receivable, Net on the accompanying consolidated balance sheets, are unbilled rents receivable relating to straight-lining of rents of $22.8 million and $16.9 million, respectively. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred.

The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2011 and 2010 are shown net of an allowance for doubtful accounts of $5.3 million and $7.2 million, respectively.

Notes Receivable and Preferred Equity Investments

Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees to be collected at the origination of the loan or the payoff of the loan are recognized over the term of the loan as an adjustment to yield.

Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed.

During 2009, the Company provided a $1.7 million reserve on a note receivable as a result of the loss of an anchor tenant at the underlying collateral property.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances.

Restricted Cash and Cash in Escrow

Restricted cash and cash in escrow consist principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Income Taxes

The Company has made an election to be taxed, and believes it qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year.

Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries (“TRS”) is fully subject to Federal, state and local income taxes.

The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between GAAP basis and the tax basis of the TRS income, assets and liabilities.

In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes.

Stock-based Compensation

The Company accounts for stock-based compensation pursuant to ASC Topic 718, “Compensation – Stock Compensation.” As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant.

Recent Accounting Pronouncements

During April 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-02, “A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring.” ASU 2011-02 requires a creditor to evaluate whether a restructuring constitutes a troubled debt restructuring by concluding that the restructuring constitutes a concession and that the debtor is experiencing financial difficulties and was effective for the first interim or annual period beginning on or after June 15, 2011. The adoption of ASU 2011-02 did not have a material impact on the Company's financial condition or results of operations.

During May 2011, the FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to converge the fair value measurement guidance in GAAP and International Financial Reporting Standards (“IFRS”). The amendments, which primarily require additional fair value disclosure, are to be applied prospectively. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 is not expected to have a material impact on the Company's financial condition or results of operations.

During June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income,” which revises the manner in which companies present comprehensive income. Under ASU No. 2011-05, companies may present comprehensive income, which is net income adjusted for the components of other comprehensive income, either in a single continuous statement of comprehensive income or by using two separate but consecutive statements. Regardless of the alternative chosen, companies must display adjustments for items reclassified from other comprehensive income into net income within the presentation of both net income and other comprehensive income. ASU 2011-05 is effective for interim and annual periods beginning after December 15, 2011, on a retrospective basis. The Company adopted ASU 2011-05 as of December 31, 2011 and the adoption did not have a material impact on the Company's financial condition or results of operations.

During December 2011, the FASB issued ASU No. 2011-10, “Property, Plant and Equipment (Topic 360): Derecognition of In substance Real Estate - a Scope Clarification" which clarifies current guidance found in ASC Topic 810 as to how to account when a reporting entity ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's nonrecourse debt. ASU No. 2011-10 is effective for fiscal years, and interim periods within those years,

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Recent Accounting Pronouncements, continued

beginning on or after June 15, 2012. The adoption of ASU No. 2011-10 is not expected to have a material impact on the Company's financial condition or results of operations.

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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT Schedule of Allowance for Credit Losses on Notes Receivable (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 3,036	$ 5,943
Reserves	240	93	2,943
Write off of notes receivable		(3,000)
Balance at end of period	$ 3,276	$ 3,036	$ 5,943

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SUMMARY OF QUARTERLY FINANCIAL INFORMATION Quarterly Financial Information Disclosure (Details) (USD $) In Thousands, except Share data, unless otherwise specified	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
Quarterly Financial Information Disclosure [Abstract]
Revenue		$ 38,213	$ 36,656	$ 37,845	$ 37,447	$ 36,044	$ 36,302	$ 33,997	$ 34,702	$ 150,161	$ 141,045	$ 134,445
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
Income from discontinued operations attributable to Common Shareholders		4,098	168	25,989	1,238	423	525	548	301	31,493	1,797	4,559
Net income attributable to Common Shareholders		$ 7,887	$ 4,011	$ 30,234	$ 9,423	$ 7,012	$ 5,117	$ 12,798	$ 5,130	$ 51,555	$ 30,057	$ 31,133
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations		$ 0.09	$ 0.10	$ 0.11	$ 0.20	$ 0.16	$ 0.12	$ 0.30	$ 0.12	$ 0.50	$ 0.70	$ 0.70
Income from discontinued operations		$ 0.10	$ 0.00	$ 0.64	$ 0.03	$ 0.01	$ 0.01	$ 0.02	$ 0.01	$ 0.77	$ 0.05	$ 0.12
Net income per share		$ 0.19	$ 0.10	$ 0.75	$ 0.23	$ 0.17	$ 0.13	$ 0.32	$ 0.13	$ 1.27	$ 0.75	$ 0.82
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations		$ 0.09	$ 0.10	$ 0.10	$ 0.20	$ 0.16	$ 0.12	$ 0.30	$ 0.12	$ 0.49	$ 0.70	$ 0.70
Income from discontinued operations		$ 0.10	$ 0.00	$ 0.64	$ 0.03	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.77	$ 0.04	$ 0.12
Net income per share		$ 0.19	$ 0.10	$ 0.74	$ 0.23	$ 0.17	$ 0.13	$ 0.31	$ 0.13	$ 1.26	$ 0.74	$ 0.82
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
Weighted average Common Shares outstanding:
Basic		41,785,261	40,339,958	40,333,575	40,317,603	40,257,378	40,169,141	40,134,706	39,980,646
Diluted		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

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RELATED PARTY TRANSACTIONS (Details) (USD $)			12 Months Ended						12 Months Ended			1 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009 Klaff [Member]	Dec. 31, 2011 Lead Trustee [Member]	Dec. 31, 2010 Lead Trustee [Member]	Dec. 31, 2009 Lead Trustee [Member]	Dec. 31, 2011 Unconsolidated Affiliates [Member]	Dec. 31, 2010 Unconsolidated Affiliates [Member]	Dec. 31, 2011 Core Portfolio [Member] Brandywine Portfolio [Member]	Dec. 31, 2010 Core Portfolio [Member] Brandywine Portfolio [Member]	Dec. 31, 2009 Core Portfolio [Member] Brandywine Portfolio [Member]	Feb. 28, 2010 Restricted Stock [Member] Klaff [Member]	Dec. 31, 2005 Restricted Stock [Member] Klaff [Member]
Related Party Transaction [Line Items]
Units issued for interest in contractual rights (in shares)													250,000
Units issued for interest in contractual rights, converted (in shares)												250,000
Related party revenue			$ 400,000						$ 1,000,000	$ 800,000	$ 700,000
Receivable from related parties	1,375,000	2,409,000					1,375,000	2,409,000
Related party transaction expense				$ 100,000	$ 100,000	$ 100,000

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DIVIDENDS AND DISTRIBUTIONS PAYABLE

12 Months Ended

Dec. 31, 2011

Equity [Abstract]

Dividends and Distributions Payable

Dividends and Distributions Payable

On November 29, 2011, the Board of Trustees declared a cash dividend for the quarter ended December 31, 2011, of $0.18 per Common Share, which was paid on February 1, 2012 to holders of record as of December 31, 2011.

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SHARE INCENTIVE PLAN Schedule of Unvested Shares and LTIP Units (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 9.4
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1.9
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares unvested, Beginning of period	153,430	272,512
Shares granted	32,970	24,473
Shares vested	(104,196)	(143,042)
Shares forfeited	(6,465)	(513)
Shares unvested, End of period	75,739	153,430	272,512
Shares unvested, Weighted average grant date fair value, Beginning of period	$ 19.75	$ 20.76
Shares granted, Weighted average grant date fair value	$ 19.13	$ 17.32
Shares vested, Weighted average grant date fair value	$ 20.95	$ 21.26
Shares forfeited, Weighted average grant date fair value	$ 14.73	$ 13.74
Shares unvested, Weighted average grant date fair value, End of period	$ 18.25	$ 19.75	$ 20.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value	$ 2.2	$ 3.0	$ 5.0
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares unvested, Beginning of period	562,739	362,833
Shares granted	431,412	266,928
Shares vested	(153,895)	(67,022)
Shares forfeited	(1,358)	0
Shares unvested, End of period	838,898	562,739
Shares unvested, Weighted average grant date fair value, Beginning of period	$ 16.61	$ 16.35
Shares granted, Weighted average grant date fair value	$ 19.08	$ 16.73
Shares vested, Weighted average grant date fair value	$ 16.78	$ 15.69
Shares forfeited, Weighted average grant date fair value	$ 16.86	$ 0.00
Shares unvested, Weighted average grant date fair value, End of period	$ 17.85	$ 16.61

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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT (Tables)

12 Months Ended

Dec. 31, 2011

Mortgage Loans on Real Estate [Abstract]

Schedule of Notes Receivable

Notes Receivable were as follows at December 31, 2011:

Description	Effective interest rate	Maturity date	Periodic payment terms	Prior liens		Face amount of mortgages		Carrying amount of mortgages
(dollars in thousands)
Zero Coupon Loan	24.00%	1/3/2016	(2)	$	166,200	$	5,644	$	3,563
Mezzanine Loan	10.00%	12/31/2013	(2)	85,835		9,089		9,089
Mezzanine Loan	15.00%	Capital Event	(2)	11,925		3,834		3,834
Mezzanine Loan	17.50%	1/1/2017	(2)	37,700		3,550		2,173
First Mortgage Loan	12.00%	12/5/2012	(1)	—		8,500		8,500
First Mortgage Loan	10.77%	Demand Note	(2)	—		10,000		10,000
First Mortgage Loan	7.00%	2/1/2012	(1)	—		4,000		4,000
Construction Loan	20.51%	4/1/2012	(2)	—		5,400		5,400
First Mortgage Loan	6.00%	12/1/2012	(1)	—		12,609		12,609
Individually less than 3%	10.00% to 12.00%	12/31/13 to Capital Event		—		8,399		821
Total						$	71,025	$	59,989

Notes:

(1) Payable upon maturity.

(2) Interest only payable monthly, principal due on maturity.

Schedule of Notes Receivable and Preferred Equity Investments Reconciliation

The following table reconciles notes receivable and preferred equity investments from January 1, 2009 to December 31, 2011:

	For the years ended December 31,
(dollars in thousands)	2011			2010			2009
Balance at beginning of period	$	89,202		$	125,221		$	125,587
Additions during period:
New mortgage loans	34,758			—			10,839
Deductions during period:
Collections of principal	(56,517		)	(42,010		)	(13,614		)
Reclass to investments in unconsolidated affiliates	(8,000		)	—			—
Non-cash accretion of notes receivable	786			6,164			5,352
Reserves	(240		)	(93		)	(2,943		)
Other	—			(80		)	—
Balance at close of period	$	59,989		$	89,202		$	125,221

Schedule of Allowance for Credit Losses on Notes Receivable

The following table reconciles the allowance for notes receivable from December 31, 2009 to December 31, 2011:

	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2009	$	5,943
Reserves	93
Write off of notes receivable	(3,000		)
Balance at December 31, 2010	3,036
Reserves	240
Balance at December 31, 2011	$	3,276

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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2011

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Shareholders' Equity and Noncontrolling Interests

Shareholders’ Equity and Noncontrolling Interests

Common Shares

During the first quarter of 2011, 40,254 employee Restricted Shares were canceled to pay the employees’ income taxes due on the value of the portion of their Restricted Shares that vested. During the year ended December 31, 2011, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $4.0 million in connection with the vesting of Restricted Shares and Units (Note 15).

During November 2011, the Company issued 2.25 million Common Shares generating net proceeds of approximately $45.0 million.

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests since December 31, 2010:

	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2010	$	4,409		$	264,901
Distributions declared of $0.72 per Common OP Unit	(984		)	—
Net income for the period January 1 through December 31, 2011	652			1,508
Conversion of 11,569 OP Units to Common Shares by limited partners of the Operating Partnership	(56		)	—
Issuance of LTIP Unit Awards to employees	2,441			—
Other comprehensive income - unrealized loss on valuation of swap agreements	(48		)	(2,102		)
Reclassification of realized interest expense on swap agreements	28			648
Noncontrolling interest contributions	—			117,945
Noncontrolling interest distributions and other reductions	—			(7,697		)
Employee Long-term Incentive Plan Unit Awards	3,550			—
Balance at December 31, 2011	$	9,992		$	375,203

Noncontrolling interests in the Operating Partnership represents (i) the limited partners’ 279,748 and 281,294 Common OP Units at December 31, 2011 and 2010, (ii) 188 Series A Preferred OP Units at December 31, 2011 and 2010, with a stated value of $1,000 per unit, which are entitled to a preferred quarterly distribution of the greater of (a) $22.50 (9% annually) per Series A Preferred

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Shareholders’ Equity and Noncontrolling Interests, continued

OP Unit or (b) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit were converted into a Common OP Unit, and (iii) 1,061,564 and 641,534 LTIP units as of December 31, 2011 and December 31, 2010 respectively, as discussed in Share Incentive Plan (Note 15).

Noncontrolling interests in partially-owned affiliates include third-party interests in Fund I, II and III, Mervyns I and II, and ten other entities.

In 2005, the Company issued 250,000 Restricted Common OP Units to Klaff in consideration for an interest in certain management contract rights. During 2010, Klaff converted the 250,000 Restricted Common OP Units into Common Shares.

The Series A Preferred OP Units were issued in 1999 in connection with the acquisition of a property. Through December 31, 2011, 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.