XML 38 R42.htm IDEA: XBRL DOCUMENT
v2.4.0.8

MORTGAGES AND OTHER NOTES PAYABLE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract] |
Mortgage Loan Activity [Table Text Block] | The following table reflects mortgage loan activity for the year ended December 31, 2013:
(dollars in thousands) |  |  |  |  |  |
Collateral | Activity | Month | Amount Borrowed or Assumed | Amount Repaid | Interest Rate | Maturity Date
28 Jericho Turnpike | New Loan | January | $ | 16,500 |  | $ | — |  | LIBOR + 1.90% | 1/23/2023
Nostrand Ave | New Loan | February | 13,000 |  | — |  | LIBOR + 2.65% | 2/1/2016
161st St | Refinance | March | 29,500 |  | 28,900 |  | LIBOR + 2.50% | 4/1/2018
City Point (1) | Amendment | March | 20,000 |  | — |  | LIBOR + 5.00% | 8/23/2015
60 Orange St | New Loan | April | 8,600 |  | — |  | LIBOR + 1.75% | 4/3/2023
210 Bowery | New Loan | June | 4,600 |  | — |  | LIBOR + 1.95% | 6/1/2014
Cortlandt Towne Center (2) | Amendment | August | 12,033 |  | — |  | LIBOR + 1.65% | 10/26/2015
Village Commons Shopping Center | Repayment | November | — |  | 9,084 |  |  |
Branch Plaza | Repayment | November | — |  | 12,311 |  |  |
West Diversey | Repayment | November | — |  | 14,905 |  |  |
Fordham Place (3) | Repayment | December |  |  | 81,422 |  |  |
Pelham Manor (3) | Repayment | December | — |  | 33,555 |  |  |
Lincoln Park Center | Refinance | December | 23,000 |  | 19,026 |  | LIBOR + 1.45% | 12/3/2016
A&P Shopping Plaza (3) | Repayment | December | — |  | 8,000 |  |  |
City Point | New Loan | December | 197,000 |  | — |  | 4.75% | 2019 (4)
Total |  |  | $ | 324,233 |  | $ | 207,203 |  |  |
Notes: (1) Loan was amended from $50.0 million to $20.0 million. (2) Loan was amended from $73.0 million to $85.0 million. (3) Loan was paid off in connection with the sale of the property. (4) The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.
Schedule of Line of Credit Facilities [Table Text Block] | The following table sets forth certain information pertaining to our credit facilities as of December 31, 2013:
(dollars in thousands) Borrower |  | Total amount of credit facility |  | Amount borrowed as of December 31, 2012 |  | Net borrowings (repayments) during the year ended December 31, 2013 |  | Amount borrowed as of December 31, 2013 |  | Letters of credit outstanding as of December 31, 2013 |  | Amount available under credit facilities as of December 31, 2013
Acadia Realty, LP |  | $ | 150,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,500 |  |  | $ | 137,500 |
Fund IV |  | 150,000 |  |  | 93,050 |  |  | (24,300 | ) |  | 68,750 |  |  | — |  |  | 81,250 |
Total |  | $ | 300,000 |  |  | $ | 93,050 |  |  | $ | (24,300 | ) |  | $ | 68,750 |  |  | $ | 12,500 |  |  | $ | 218,750 |
Schedule of Debt [Table Text Block] | ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2013 and December 31, 2012:
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2013 |  | 12/31/2012 |  | Interest Rate at December 31, 2013 |  | Maturity |  | Payment Terms
Mortgage notes payable – variable-rate |  |  |  |  |  |  |  |  |
161st Street |  | $ | — |  |  | $ | 28,900 |  |  | 5.67% (LIBOR+5.50%) |  | 4/1/2013 |  | Interest only monthly.
Liberty Avenue |  | 9,090 |  |  | 9,208 |  |  | 3.42% (LIBOR+3.25%) |  | 4/30/2014 |  | Monthly principal and interest.
210 Bowery |  | 4,600 |  |  | — |  |  | 2.12% (LIBOR+1.95%) |  | 6/1/2014 |  | Interest only monthly.
Branch Shopping Plaza |  | — |  |  | 12,526 |  |  | 2.42% (LIBOR+2.25%) |  | 9/30/2014 |  | Monthly principal and interest.
640 Broadway |  | 22,750 |  |  | 22,750 |  |  | 3.12% (LIBOR+2.95%) |  | 7/1/2015 |  | Interest only monthly.
Heritage Shops |  | 20,871 |  |  | 21,000 |  |  | 2.42% (LIBOR+2.25%) |  | 8/10/2015 |  | Interest only monthly.
CityPoint |  | 20,650 |  |  | 20,650 |  |  | 3.67% (LIBOR+3.50%) |  | 8/12/2015 |  | Interest only monthly.
CityPoint |  | 20,000 |  |  | — |  |  | 5.17% (LIBOR+5.00%) |  | 8/23/2015 |  | Interest only monthly.
Cortlandt Towne Center |  | 84,745 |  |  | 73,499 |  |  | 1.82% (LIBOR+1.65%) |  | 10/26/2015 |  | Monthly principal and interest.
New Hyde Park Shopping Center |  | 6,294 |  |  | 6,484 |  |  | 2.42% (LIBOR+2.25%) |  | 11/10/2015 |  | Monthly principal and interest.
Nostrand Ave |  | 12,567 |  |  | — |  |  | 2.82% (LIBOR+2.65%) |  | 2/1/2016 |  | Monthly principal and interest.
Village Commons Shopping Center |  | — |  |  | 9,192 |  |  | 1.57% (LIBOR+1.40%) |  | 6/30/2018 |  | Monthly principal and interest.
Lincoln Park Centre |  | 23,000 |  |  | — |  |  | 1.62% (LIBOR+1.45%) |  | 12/3/2016 |  | Interest only monthly.
Term Loan |  | 50,000 |  |  | — |  |  | 1.57% (LIBOR+140%) |  | 11/25/2018 |  | Interest only monthly.
161st Street |  | 29,500 |  |  | — |  |  | 2.67% (LIBOR+2.50%) |  | 4/1/2018 |  | Interest only monthly.
West Diversey |  | — |  |  | 15,273 |  |  | 2.07% (LIBOR+1.90%) |  | 4/27/2019 |  | Monthly principal and interest.
4401 N White Plains Road |  | 6,263 |  |  | 6,381 |  |  | 2.07% (LIBOR+1.90%) |  | 9/1/2022 |  | Monthly principal and interest.
28 Jericho Turnpike |  | 16,164 |  |  | — |  |  | 2.07% (LIBOR+1.90%) |  | 1/23/2023 |  | Monthly principal and interest.
60 Orange Street |  | 8,457 |  |  | — |  |  | 1.92% (LIBOR+1.75%) |  | 4/3/2023 |  | Monthly principal and interest.
Sub-total mortgage notes payable |  | 334,951 |  |  | 225,863 |  |  |  |  |  |  |
Credit facilities – variable-rate: |  |  |  |  |  |  |  |  |
Fund IV revolving subscription line of credit (2) |  | 68,750 |  |  | 93,050 |  |  | 1.82% (LIBOR+1.65%) |  | 11/20/2015 |  | Interest only monthly.
Interest rate swaps (1) |  | (179,660 | ) |  | (132,857 | ) |  |  |  |  |  |
Total variable-rate debt |  | 224,041 |  |  | 186,056 |  |  |  |  |  |  |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2013 |  | 12/31/2012 |  | Interest Rate at December 31, 2013 |  | Maturity |  | Payment Terms
Mortgage notes payable – fixed-rate |  |  |  |  |  |  |  |  |  |  |  |
Lincoln Park Centre |  | $ | — |  |  | $ | 19,478 |  |  | 5.85% |  | 12/1/2013 |  | Monthly principal and interest.
Clark Diversey |  | 4,192 |  |  | 4,345 |  |  | 6.35% |  | 7/1/2014 |  | Monthly principal and interest.
New Loudon Center |  | 13,369 |  |  | 13,634 |  |  | 5.64% |  | 9/6/2014 |  | Monthly principal and interest.
CityPoint |  | 20,000 |  |  | 20,000 |  |  | 7.25% |  | 11/1/2014 |  | Interest only quarterly.
Crescent Plaza |  | 16,747 |  |  | 17,025 |  |  | 4.98% |  | 9/6/2015 |  | Monthly principal and interest.
Pacesetter Park Shopping Center |  | 11,530 |  |  | 11,742 |  |  | 5.12% |  | 11/6/2015 |  | Monthly principal and interest.
Elmwood Park Shopping Center |  | 32,744 |  |  | 33,258 |  |  | 5.53% |  | 1/1/2016 |  | Monthly principal and interest.
Chicago Street Retail Portfolio |  | 15,558 |  |  | 15,835 |  |  | 5.61% |  | 2/1/2016 |  | Monthly principal and interest.
The Gateway Shopping Center |  | 19,746 |  |  | 20,036 |  |  | 5.44% |  | 3/1/2016 |  | Monthly principal and interest.
330-340 River Street |  | 10,904 |  |  | 11,128 |  |  | 5.29% |  | 5/1/2016 |  | Monthly principal and interest.
Brandywine Town Center |  | 166,200 |  |  | — |  |  | 5.99% |  | 7/1/2016 |  | Interest only monthly.
Walnut Hill Plaza |  | 22,910 |  |  | 23,194 |  |  | 6.06% |  | 10/1/2016 |  | Monthly principal and interest.
Rhode Island Place Shopping Center |  | 16,208 |  |  | 16,426 |  |  | 6.35% |  | 12/1/2016 |  | Monthly principal and interest.
239 Greenwich Avenue |  | 26,000 |  |  | 26,000 |  |  | 5.42% |  | 2/11/2017 |  | Interest only monthly.
639 West Diversey |  | 4,341 |  |  | 4,431 |  |  | 6.65% |  | 3/1/2017 |  | Monthly principal and interest.
Merrillville Plaza |  | 25,837 |  |  | 26,151 |  |  | 5.88% |  | 8/1/2017 |  | Monthly principal and interest.
216th Street |  | 25,500 |  |  | 25,500 |  |  | 5.80% |  | 10/1/2017 |  | Interest only monthly.
CityPoint |  | 5,262 |  |  | 5,262 |  |  | 1.00% |  | 8/23/2019 |  | Interest only monthly.
CityPoint |  | 197,000 |  |  | — |  |  | 4.75% |  | 2019 (3) |  | Interest only monthly.
Interest rate swaps (1) |  | 179,660 |  |  | 132,857 |  |  | 2.15% |  |  |  |
Total fixed-rate debt |  | 813,708 |  |  | 426,302 |  |  |  |  |  |  |
Unamortized premium (discount) |  | 1,868 |  |  | (107 | ) |  |  |  |  |  |
Total |  | $ | 1,039,617 |  |  | $ | 612,251 |  |  |  |  |  |  |
Notes:
(1) | Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).
(2) | The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.
(3) | The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.
Schedule of Maturities of Long-term Debt [Table Text Block] | The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2013 are as follows (does not include $1,868 net valuation discount on assumption of debt):
(dollars in thousands)
2014 | $ | 57,083 |
2015 | 273,909 |
2016 | 316,540 |
2017 | 81,161 |
2018 | 80,382 |
Thereafter | 229,054 |
| $ | 1,038,129 |

X
- Definition Mortgage Loan Activity [Table Text Block] + References No definition available. + Details
Name: | akr_MortgageLoanActivityTableTextBlock
Namespace Prefix: | akr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_MortgageLoansOnRealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration