INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2015:



						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	48,547	$	4,901	$	11,801
Mervyns Add-On investments	2005/2008	7,547		9,272		1,252		2,017
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,110		3,358		222		672
Marsh and Add-On investments	2006/2008	2,667		2,941		533		588
Rex Stores	2007	2,701		4,927		535		986
Total		$	63,216	$	155,503	$	12,070	$	33,354

Schedule of Noncontrolling Interest In Individual Investee

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

The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.



(dollars in thousands)	December 31, 2015			December 31, 2014
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	302,976		$	387,739
Real estate under development	35,743			60,476
Investment in unconsolidated affiliates	6,853			11,154
Other assets	47,083			62,862
Total assets	$	392,655		$	522,231
Liabilities and partners’ equity:
Mortgage notes payable	$	192,684		$	315,897
Other liabilities	21,945			66,116
Partners’ equity	178,026			140,218
Total liabilities and partners’ equity	$	392,655		$	522,231
Company’s investment in and advances to unconsolidated affiliates	$	173,277		$	184,352
Company's share of distributions in excess of income and investments in unconsolidated affiliates	$	(13,244	)	$	(12,564	)

Schedule of Condensed Income Statement



	Years Ended December 31,
(dollars in thousands)	2015			2014			2013
Combined and Condensed Statements of Income
Total revenues	$	43,990		$	44,422		$	51,638
Operating and other expenses	(13,721		)	(17,069		)	(18,700		)
Interest expense	(9,178		)	(9,363		)	(8,943		)
Equity in earnings (losses) of unconsolidated affiliates	66,655			(328		)	13,651
Depreciation and amortization	(12,154		)	(10,967		)	(10,599		)
Loss on debt extinguishment	—			(187		)	—
Gain on disposition of properties	32,623			142,615			—
Net income	$	108,215		$	149,123		$	27,047

Company’s share of net income	$	37,722		$	111,970		$	12,774
Amortization of excess investment	(392		)	(392		)	(392		)
Company’s equity in earnings of unconsolidated affiliates	$	37,330		$	111,578		$	12,382