Urban Edge Properties (UE) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Abstract]
Entity Registrant Name	URBAN EDGE PROPERTIES
Entity Central Index Key	1,611,547
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		99,285,160

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - Equity Component [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate, at cost:
Land	$ 374,543	$ 378,096
Buildings and improvements	1,612,112	1,632,228
Construction in progress	49,349	8,545
Furniture, fixtures and equipment	3,930	3,935
Total	2,039,934	2,022,804
Accumulated depreciation and amortization	(489,256)	(467,503)
Real estate, net	1,550,678	1,555,301
Cash and cash equivalents	193,355	2,600
Cash held in escrow and restricted cash	10,792	9,967
Tenant and other receivables, net of allowance for doubtful accounts of $2,197 and $2,432, respectively	15,201	11,424
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $121 and $0, respectively	88,966	89,199
Identified intangible assets, net of accumulated amortization of $21,775 and $20,672, respectively	33,416	34,775
Deferred leasing costs, net of accumulated amortization of $12,632 and $12,121, respectively	17,205	17,653
Deferred financing costs, net of accumulated amortization of $6,812 and $6,813, respectively	12,284	10,353
Prepaid expenses and other assets	7,525	10,257
Total assets	1,929,422	1,741,529
Liabilities:
Mortgages payable	1,250,031	1,288,535
Identified intangible liabilities, net of accumulated amortization of $66,168 and $62,395, respectively	156,536	160,667
Accounts payable and accrued expenses	31,968	26,924
Other liabilities	11,889	6,540
Total liabilities	$ 1,450,424	$ 1,482,666
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 99,285,160 shares issued and outstanding	$ 993	$ 0
Additional paid-in capital	477,596	0
Accumulated earnings (deficit)	(32,897)	0
Noncontrolling Interest in Operating Partnerships	32,954	0
Other Noncontrolling Interests	352	341
Vornado equity	0	258,522
Total equity	478,998	258,863
Total liabilities and equity	$ 1,929,422	$ 1,741,529

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,197	$ 2,432
Allowance for Doubtful Other Receivables, Current	121	0
Accumulated amortization, identified intangible assets	21,775	20,672
Accumulated amortization, deferred leasing costs	12,632	12,121
Accumulated amortization, deferred financing costs	6,812	6,813
Accumulated amortization, identified intangible liabilities	$ 66,168	$ 62,395
Common stock, par value (in usd per share)	$ 0.01
Common stock, shares authorized	500,000,000
Common stock, shares, issued	99,285,160

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
REVENUE
Property rentals	$ 57,380	$ 57,626	$ 114,966		$ 115,050
Tenant expense reimbursements	20,451	18,902	44,754		43,699
Management Fees Revenue	693	134	1,228		265
Other income	191	158	1,550		438
Total revenue	78,715	76,820	162,498		159,452
EXPENSES
Depreciation and amortization	14,233	13,698	27,965		27,296
Real estate taxes	12,517	12,744	25,341		25,410
Property operating	10,985	11,333	27,508		27,899
General and administrative	6,792	4,560	19,118		9,669
Ground rent	2,565	2,654	5,079		5,210
Transaction costs	427	0	22,286		0
Provision for doubtful accounts	389	358	712		727
Total expenses	47,908	45,347	128,009		96,211
Operating income	30,807	31,473	34,489		63,241
Interest income	51	8	62		17
Interest and debt expense	(13,241)	(13,138)	(28,410)		(26,268)
Income before income taxes	17,617	18,343	6,141		36,990
Income tax expense	(464)	(319)	(1,005)		(1,050)
Net income	17,153	18,024	5,136		35,940
Less net income attributable to noncontrolling interests in:
Operating partnership	(986)	0	(426)		0
Consolidated subsidiaries	(5)	(6)	(11)		(11)
Net income attributable to common shareholders	$ 16,162	$ 18,018	$ 4,699	[1]	$ 35,929
Earnings (loss) per common share - Basic (in usd per share)	$ 0.16	$ 0.18	$ 0.05		$ 0.36
Earnings (loss) per common share - Diluted (in usd per share)	$ 0.16	$ 0.18	$ 0.05		$ 0.36
Weighted average common shares outstanding - basic	99,250	99,248	99,249		99,248
Weighted Average Number of Shares Outstanding, Diluted	99,274	99,248	99,265		99,248
[1]	(1) Net loss earned from January 1, 2015 through January 15, 2015 is attributable to Vornado as it was the sole shareholder prior to January 15, 2015. Refer to Note 1 - Organization

Consolidated and Combined Stat5

Consolidated and Combined Statement of Changes in Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands		Total	Common Shares	Additional Paid-In Capital(2)	Vornado Equity	Accumulated Earnings (Deficit)	NCI in Consolidated Subsidiaries
Balance, January 1, 2015 (shares) at Dec. 31, 2014			0
Balance, January 1, 2015 at Dec. 31, 2014		$ 258,863	$ 0	$ 0	$ 258,522	$ 0	$ 341
Noncontrolling Interest in Limited Partnerships at Dec. 31, 2014							0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders(1)	[1]	4,699			(2,022)	6,721
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable							426
Net income attributable to noncontrolling interests		11					11
Net Income (Loss) Attributable to Noncontrolling Interest							437
Limited interests issued to Vornado at separation		0			(27,651)
Noncontrolling Interest, Increase from Sale of Parent Equity Interest					27,651
Contributions from Vornado		248,799			248,799
Issuance of shares in connection with separation (shares)			99,247,806
Issuance of shares in connection with separation		0	$ (993)	(476,655)	(477,648)
Share-based compensation expense		8,269		849		91	7,329
Dividends on common shares ($0.40 per share)		(39,617)				(39,617)
Distributions to redeemable NCI ($0.40 per unit)				0
Common shares issued:
Payments of Ordinary Dividends, Noncontrolling Interest		$ (2,452)					(2,452)
Under Omnibus share plan (shares)		2,296,590	33,270
Under Omnibus share plan		$ 0		0
Under dividend reinvestment plan (shares)			4,084
Under dividend reinvestment plan		0		92		(92)
Noncontrolling Interest in Operating Partnerships at Jun. 30, 2015		32,954					32,954
Other Noncontrolling Interests at Jun. 30, 2015		352					$ 352
Stockholders' Equity Attributable to Parent at Jun. 30, 2015		0			$ 0
Balance, June 30, 2015 (shares) at Jun. 30, 2015			99,285,160
Balance, June 30, 2015 at Jun. 30, 2015		$ 478,998	$ 993	$ 477,596		$ (32,897)
[1]	(1) Net loss earned from January 1, 2015 through January 15, 2015 is attributable to Vornado as it was the sole shareholder prior to January 15, 2015. Refer to Note 1 - Organization

Consolidated and Combined Stat6

Consolidated and Combined Statement of Changes in Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends per share (in usd per share)	$ 0.40
Distribution Made to Limited Partner, Distributions Declared, Per Unit	$ 0.40

Consolidated and Combined Stat7

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 5,136	$ 35,940
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,965	27,296
Amortization of deferred financing costs	1,420	780
Amortization of below market leases, net	(4,051)	(3,882)
Straight-lining of rental income	(27)	(800)
Share-based compensation expense	8,269	2,229
Separation Transactions, Costs Contingent Upon Completion	17,403
Non-cash separation costs paid by Vornado	4,500	0
Bad debt expense	712	727
Other non-cash adjustments	746	844
Change in operating assets and liabilities:
Tenant and other receivables	(4,229)	(4,161)
Prepaid and other assets	2,085	(1,602)
Accounts payable and accrued expenses	1,906	(6,831)
Other liabilities	5,137	939
Net cash provided by operating activities	62,472	51,479
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate additions	(15,257)	(7,614)
Payments to Acquire and Develop Real Estate	(3,125)	0
(Increase) decrease in cash held in escrow and restricted cash	(826)	1,558
Net cash (used in) investing activities	(19,208)	(6,056)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(38,704)	(15,576)
Contributions from (distributions to) Vornado	231,462	(30,861)
Dividends paid to shareholders	(39,617)	0
Distributions to redeemable noncontrolling interests	(2,452)	0
Debt issuance costs	(3,198)	(150)
Net cash provided by (used in) financing activities	147,491	(46,587)
Net increase (decrease) in cash and cash equivalents	190,755	(1,164)
Cash and cash equivalents at beginning of period	2,600	5,223
Cash and cash equivalents at end of period	193,355	4,059
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (net of amounts capitalized of $857 and $0, respectively)	27,387	25,543
Cash payments for income taxes	1,853	1,336
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	2,942	1,659
Write off of fully depreciated assets	$ 3,341	$ 2,072

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Urban Edge Properties (“UE” or the “Company”) (NYSE: UE) is a Maryland real estate investment trust that owns, manages, acquires, develops, redevelops and operates retail real estate in high barrier-to-entry markets. Urban Edge Properties LP (“UELP” or the “Operating Partnership”) is a Delaware limited partnership formed to serve as the Company’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. Prior to its separation on January 15, 2015 , UE was a wholly owned subsidiary of Vornado Realty Trust (“Vornado”) (NYSE: VNO). UE and UELP were created to own the majority of Vornado’s former shopping center business. As of June 30, 2015 our portfolio consisted of 79 shopping centers, three malls and a warehouse park totaling 14.8 million square feet, prior to the separation, the portfolio is referred to as “UE Businesses”. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties after giving effect to the transfer of assets and liabilities from Vornado as well as to the UE Businesses prior to the date of the separation. Pursuant to a separation and distribution agreement between UE and Vornado (the “Separation Agreement”), the interests in certain properties held by Vornado’s operating partnership, Vornado Realty L.P. (“VRLP”), were contributed or otherwise transferred to UE in exchange for 100% of our outstanding common shares. Following that contribution, VRLP distributed 100% of our outstanding common shares to Vornado and the other common limited partners of VRLP, pro rata with respect to their ownership of common limited partnership units in VRLP. Vornado then distributed all of the UE common shares it had received from VRLP to Vornado common shareholders on a pro rata basis. As a result, VRLP common limited partners and Vornado common shareholders all received common shares of UE in the spin-off at a ratio of one common share of UE to every two common shares of Vornado. Substantially concurrently with such distribution, the interests in certain properties held by VRLP, including interests in entities holding properties, were contributed or otherwise transferred to UELP in exchange for 5.4% of UELP’s outstanding units of interest in the Operating Partnership (“OP Units”). As part of the separation, Vornado capitalized UE with $225 million of cash. Vornado also paid $21.9 million of the transaction costs incurred in connection with the separation, which is reflected within Contributions from Vornado on the statement of changes in equity. Of the $21.9 million transaction costs, $17.4 million were contingent on the completion of the separation. The remaining $4.5 million of transaction costs were allocated to net loss attributable to Vornado in the statement of changes in equity. We plan to elect to be treated as a real estate investment trust (“REIT”) in connection with the filing of our federal income tax return for the period ending December 31, 2015 , subject to our ability to meet the requirements to be treated as a REIT at the time of election, and we intend to maintain this status in future periods.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION The accompanying consolidated and combined financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting. The consolidated balance sheet as of June 30, 2015 reflects the consolidation of properties that are wholly-owned and properties in which we own less than 100% interest in which we have a controlling interest. The accompanying consolidated and combined statements of income for the three and six months ended June 30, 2015 include the consolidated accounts of the Company and the combined accounts of UE Businesses. Accordingly, the results presented for the three and six months ended June 30, 2015 reflect the aggregate operations, changes in cash flows and equity on a carved-out and combined basis for the period from January 1, 2015 through the date of separation and on a consolidated basis subsequent to the date of separation. The accompanying financial statements for the periods prior to the separation date are prepared on a carved-out and combined basis from the consolidated financial statements of Vornado as UE Businesses were under common control of Vornado prior to January 15, 2015 . Such carved-out and combined amounts were determined using the historical results of operations and carrying amounts of the assets and liabilities transferred to the UE Businesses. All intercompany transactions have been eliminated in consolidation and combination. Additionally, the financial statements reflect the common shares as of the date of the separation as outstanding for all periods prior to the separation. In the opinion of management, the accompanying consolidated and combined financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. These consolidated and combined financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 , filed with the Securities and Exchange Commission (the “SEC’) on March 23, 2015 . Certain information and note disclosures in the consolidated and combined financial statements required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. For periods presented prior to the date of the separation, our historical combined financial results for UE Businesses reflect charges for certain corporate costs which we believe are reasonable. These charges were based on either actual costs incurred by Vornado or a proportion of costs estimated to be applicable to the UE Businesses based on an analysis of key metrics including total revenues, real estate assets, leasable square feet and operating income. Such costs do not necessarily reflect what the actual costs would have been if the Company were operating as a separate stand-alone public company. These charges are discussed further in Note 5 — Related Party Transactions. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We aggregate all of our properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants and operations. For the six months ended June 30, 2014 , $3.3 million has been reclassified from general and administrative expenses to property operating expenses to conform to current period presentation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Real Estate — Real estate is carried at cost, net of accumulated depreciation and amortization. Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when completed. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to expense. We capitalize all property operating expenses directly associated with and attributable to the development of a project, including interest expense. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation is recognized on a straight-line basis over estimated useful lives which range from 3 to 40 years . Tenant related intangibles and improvements are amortized on a straight-line basis over the lease term, including any bargain renewal options. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections utilizing appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below-market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated and combined financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Based on our impairment analysis performed for the three and six months ended June 30, 2015 and 2014 , we have determined there are no impairment losses. Cash and Cash Equivalents — Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). To date we have not experienced any losses on our invested cash. Cash Held in Escrow and Restricted Cash — Cash held in escrow and restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, leasing commissions and capital expenditures. Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable includes unpaid amounts billed to tenants and accrued revenues for future billings to tenants for property expenses. We periodically evaluate the collectibility of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection. Deferred Leasing Costs — Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. Deferred Financing Costs — Deferred financing costs are amortized on a straight-line basis over the terms of the related debt agreements as a component of interest expense, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. Revenue Recognition — We have the following revenue sources and revenue recognition policies: • Base Rent - income arising from minimum lease payments from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a lease incentive to tenants, we recognize the incentive as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent - income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved) and can be estimated by the Company. • Expense Reimbursements - revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. • Management, Leasing and Other Fees - income arising from contractual agreements with third parties. This revenue is recognized as the related services are performed under the respective agreements. Noncontrolling Interests — Noncontrolling interests represent the portion of equity that we do not own in those entities that we consolidate. We identify our noncontrolling interests separately within the equity section on the consolidated and combined balance sheets. Redeemable Noncontrolling Interests — Redeemable noncontrolling interests include OP units and limited partnership units in the Operating Partnership in the form of long-term incentive plan (“LTIP”) unit awards held by third parties. Earnings Per Share — Basic earnings per common share is computed by dividing net income attributable to common shareholders by the weighted average common shares outstanding during the period. Unvested share-based payment awards that entitle holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” Because the awards are considered participating securities, we are required to apply the two-class method of computing basic and diluted earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and other shareholders, based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings per common share reflects the potential dilution of the assumed exercises of shares including stock options and unvested restricted shares to the extent they are dilutive. Share-Based Compensation — We grant stock options, LTIP units, OP units and restricted stock awards to our officers, trustees and employees. The term of each award is determined by the compensation committee of our Board of Trustees (the “Compensation Committee”), but in no event can such term be longer than ten years from the date of grant. The vesting schedule of each award is determined by the Compensation Committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of non-vested restricted stock, which makes the restricted stock a participating security. The fair value of each stock option awarded is based on the date of grant using the Black-Scholes option-pricing model. Expected volatilities, dividend yields and employee forfeitures are primarily based on available implied data and peer group companies historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense for restricted stock awards is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule or a cliff vesting schedule, we have elected to recognize compensation expense on a straight-line basis. Also included in Share-based compensation expense is the unrecognized compensation expense of awards issued under Vornado’s outperformance plan (“OPP”) for the Company’s employees who were previously Vornado employees. The OPP unrecognized compensation expense is recognized on a straight-line basis over the remaining life of the OPP awards issued. Share-based compensation expense is included in general and administrative expenses on the consolidated and combined statements of income. Concentration of Credit Risk — A concentration of credit risk arises in our business when a national or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our national or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. None of our tenants accounted for more than 10% of total revenues in the six months ended June 30, 2015 . As of June 30, 2015 , The Home Depot was our largest tenant with 7 stores at an aggregate of 865,353 square-feet and accounted for approximately $7.1 million for the six months ended June 30, 2015 , or 6.4% , of our annual minimum rent. Recently Issued Accounting Literature In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810 Consolidation. Under amendments in this update, all reporting entities are within the scope of Subtopic 810-10 Consolidation - Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. Overall the amendments in this update are to simplify the codification and reduce the number of consolidation models and place more emphasis on risk of loss when determining controlling financial interests. ASU 2015-02 is effective for public businesses for interim and annual periods beginning after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2015-02 on our consolidated and combined financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835-30 Interest - Imputation of Interest. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015. We expect the adoption of the standard will result in the presentation of debt issuance costs, which are currently included in deferred financing costs in our consolidated and combined balance sheets, as a direct reduction from the carrying amount of the related debt instrument.

ACQUISITIONS (Notes)

ACQUISITIONS (Notes)	6 Months Ended
	Jun. 30, 2015
Acquisitions [Abstract]
Real Estate Disclosure [Text Block]	During the quarter ended June 30, 2015 the company acquired two properties, a 0.8 acre outparcel adjacent to Bergen Town Center with 7,700 square-feet of retail space for $2.8 million on April 29, 2015 and a 0.4 acre outparcel adjacent to the existing Lawnside shopping center with 2,000 square-feet of retail space for $0.4 million on June 29, 2015 . Both acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets based on their estimated fair values at date of acquisition. The preliminary measurements of fair value are subject to change. The Company expects to finalize the valuations and complete the purchase price allocation within one year from the dates of acquisition.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS For periods prior to the separation, certain corporate costs borne by Vornado for management and other services including, but not limited to, reporting, legal, tax, information technology and human resources have been allocated to the properties in the combined financial statements using a reasonable allocation methodology as described in Note 2. An allocation of $ 2.2 million and $4.4 million is included as a component of general and administrative expenses in the combined statements of income for the three and six months ended June 30, 2014 , respectively. Vornado provides transition services to the Company for up to two years from the date of separation pursuant to a transition services agreement between UE and Vornado including human resources, information technology, risk management and tax services. The fees charged to us by Vornado for these transition services approximate the actual cost incurred by Vornado in providing such services. As of June 30, 2015 there were no amounts due to Vornado related to such services. For the three and six months ended June 30, 2015 , there were $0.5 million and $1.1 million , respectively, of costs paid to Vornado included in general and administrative expenses related to such services. Management and Development Fees In connection with the separation, the Company and Vornado entered into a property management agreement under which the Company provides management, development, leasing and other services to certain properties owned by Vornado and its affiliates, including Interstate Properties (“Interstate”) and Alexander’s, Inc. (NYSE:ALX). Interstate is a general partnership that owns retail properties in which Steven Roth, Chairman of Vornado’s Board and Chief Executive Officer of Vornado, and a member of our Board of Trustees, is the managing general partner. Interstate and its partners beneficially owned an aggregate of approximately 6.6% of the common shares of beneficial interest of Vornado. As of, and for the three and six months ended June 30, 2015 , Vornado owned 32.4% of Alexander’s, Inc. During the three and six months ended June 30, 2015 , we recognized management and development fee income of $0.7 million and $1.2 million , respectively, and $0.1 million and $0.3 million , for the same periods in 2014 . As of June 30, 2015 and December 31, 2014 , there were $0.6 million and $0.2 million of fees, respectively, due from Vornado included in Accounts receivable.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2015
Intangible Assets and Intangible Liabilities Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES Our identified intangible assets (acquired in-place and above and below-market leases) and liabilities (acquired below-market leases), net of accumulated amortization were $33.4 million and $156.5 million as of June 30, 2015 , respectively, and $34.8 million and $160.7 million as of December 31, 2014 , respectively. Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $2.1 million and $4.1 million for the three and six months ended June 30, 2015 , respectively, and $2.0 million and $3.9 million for the same periods in 2014 . Estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding years commencing January 1, 2016 is as follows: (Amounts in thousands) 2016 $ 7,348 2017 7,296 2018 7,079 2019 7,022 2020 7,012 Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $0.4 million and $0.8 million for the three and six months ended June 30, 2015 , respectively, and $0.4 million and $0.8 million for the same periods in 2014 . Estimated annual amortization of these identified intangible assets for each of the five succeeding years commencing January 1, 2016 is as follows: (Amounts in thousands) 2016 $ 1,297 2017 1,222 2018 1,115 2019 1,082 2020 1,081 Certain of the shopping centers were acquired subject to ground leases or ground and building leases. Amortization of these acquired below-market leases resulted in additional rent expense of $0.2 million and $0.5 million in the three and six months ended June 30, 2015 , respectively, and $0.2 million and $0.5 million for the same periods in 2014 . Estimated annual amortization of these below-market leases for each of the five succeeding years commencing January 1, 2016 is as follows: (Amounts in thousands) 2016 $ 972 2017 972 2018 972 2019 972 2020 972

MORTGAGES PAYABLE

MORTGAGES PAYABLE	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of June 30, 2015 and December 31, 2014 . Interest Rate at June 30, December 31, (Amounts in thousands) Maturity June 30, 2015 2015 2014 Cross collateralized mortgage on 40 properties: Fixed Rate 9/10/2020 4.31% $ 540,414 $ 547,231 Variable Rate (1) 9/10/2020 2.36% 60,000 60,000 Total cross collateralized 600,414 607,231 First mortgages secured by: Mount Kisco (A&P) (4) 2/11/2015 5.32% — 12,076 North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 75,000 75,000 Staten Island (Forest Plaza) (3) 7/6/2018 1.47% — 17,000 Englewood (5) 10/1/2018 6.22% 11,537 11,571 Montehiedra Town Center, Senior Loan (2)(6) 7/6/2021 5.33% 87,607 120,000 Montehiedra Town Center, Junior Loan (2) 7/6/2021 3.00% 30,000 — Bergen Town Center 4/8/2023 3.56% 300,000 300,000 Las Catalinas 8/6/2024 4.43% 130,000 130,000 Mount Kisco (Target) (7) 11/15/2034 6.40% 15,473 15,657 $ 1,250,031 $ 1,288,535 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps. (2) On January 6, 2015, we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra Town Center. Refer to “Troubled Debt Restructuring” disclosure below. (3) The loan secured by Staten Island (Forest Plaza) was repaid on March 10, 2015. (4) The loan secured by Mount Kisco (A&P) was repaid on February 11, 2015. (5) On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow will be insufficient to pay the debt service; accordingly, at our request, the mortgage loan was transferred to the special servicer. As of June 30, 2015 we remain in discussions with the special servicer to restructure the terms of the loan including the possibility that the lender will take possession of the property. (6) The carrying value of the senior loan secured by Montehiedra is presented net of unamortized fees. Refer to “Troubled Debt Restructuring” disclosure below. (7) The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.2 million and $1.2 million of unamortized debt discount as of June 30, 2015 and December 31, 2014 , respectively. The effective interest rate including amortization of the debt discount is 7.30% . The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $867.6 million as of June 30, 2015 . Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of June 30, 2015 , we are in compliance with all debt covenants. As of June 30, 2015 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 16,041 2017 16,845 2018 99,769 2019 17,381 2020 535,175 Thereafter 558,686 On January 15, 2015 , we entered into a $500 million Revolving Credit Agreement (the “Agreement”) with certain financial institutions. The Agreement has a four -year term with two six -month extension options. Borrowings under the Agreement currently bear interest at LIBOR plus 1.15% and we are required to pay an annual facility fee of 20 basis points which is expensed as incurred. Both the spread over LIBOR and the facility fee are based on our current leverage ratio and are subject to increase if our leverage ratio increases above predefined thresholds. The Agreement contains customary financial covenants including a maximum leverage ratio of 60% and a minimum fixed charge coverage ratio of 1.5 . No amounts have been drawn to date under the Agreement. Troubled Debt Restructuring During the year ended December 31, 2013 , Montehiedra Town Center (“Montehiedra”), our property in the San Juan area of Puerto Rico, was experiencing financial difficulties which resulted in a substantial decline in its net operating cash flows. As such, we transferred the mortgage loan secured by Montehiedra to the special servicer and discussed restructuring the terms of the mortgage loan. In January 2015 we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra. The loan has been extended from July 2016 to July 2021 and separated into two tranches, a senior $90.0 million position with interest at 5.33% to be paid currently and a junior $30.0 million position with interest accruing at 3% . As part of the planned redevelopment of the property, we committed to fund $20.0 million through an intercompany loan for leasing and building capital expenditures of which $8.0 million has been funded as of June 30, 2015 . This $20.0 million intercompany loan is senior to the $30.0 million position noted above and accrues interest at 10% . Both the intercompany loan and related interest are eliminated in our consolidated financial statements. We incurred $2.0 million of lender fees in connection with the loan modification which are treated as a reduction of the mortgage payable balance and amortized over the term of the loan in accordance with the provisions under the Troubled Debt Restructuring Topic of the FASB ASC. During the three and six months ended June 30, 2015 , amortization of the lender fees included within interest and debt expense totaled $0.1 million and $0.2 million , respectively, for a net $1.8 million unamortized lender fees as of June 30, 2015 .

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We will elect to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended, commencing with the filing of our tax return for the 2015 fiscal year. Under those sections, a REIT, which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions, will not be taxed on that portion of its taxable income which is distributed to its shareholders. Prior to the separation from Vornado, UE Businesses historically operated under Vornado’s REIT structure. As Vornado operates as a REIT and distributes 100% of taxable income, no provision has been made in the accompanying consolidated and combined financial statements for the periods prior to the separation. We intend to continue to adhere to these requirements and maintain our REIT status in future periods. Our two Puerto Rico malls are subject to income taxes which are based on estimated taxable income and are included in income tax expense in the consolidated and combined statements of income. We are also subject to certain other taxes, including state and local taxes and franchise taxes which are included in general and administrative expenses in the consolidated and combined statements of income. Our Puerto Rico properties are subject to a 29% non-resident withholding tax and a 0.5% Puerto Rico gross receipts tax. The Puerto Rico taxes were $0.5 million , $1.0 million , $0.3 million , and $1.1 million for the three and six months ended June 30, 2015 and 2014 , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis There were no financial assets or liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2015 and December 31, 2014 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated and combined balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The fair value of cash equivalents is classified as Level 1 and the fair value of mortgages payable is classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2015 and December 31, 2014 . As of June 30, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 193,355 $ 193,355 $ 2,600 $ 2,600 Liabilities: Mortgages payable $ 1,250,031 $ 1,291,250 $ 1,288,535 $ 1,327,000

LEASES

LEASES	6 Months Ended
	Jun. 30, 2015
Leases [Abstract]
LEASES	LEASES As Lessor We lease space to tenants under operating leases which expire from 2015 to 2072 . The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. Future base rental revenue under these non-cancelable operating leases excluding extension options is as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 215,062 2017 207,523 2018 193,800 2019 174,598 2020 149,721 Thereafter 970,589 These future minimum amounts do not include additional rents based on a percentage of tenants’ sales or reimbursements. For the three and six months ended June 30, 2015 , these additional rents were $0.1 million and $0.5 million , respectively, and $0.5 million and $0.9 million for the same periods in 2014 . As Lessee We are a tenant under long-term ground leases or ground and building leases for certain of our properties. Lease expirations range from 2017 to 2102 . Future lease payments under these agreements, excluding extension options, are as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 8,847 2017 8,515 2018 7,186 2019 6,863 2020 4,619 Thereafter 39,158

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Insurance We maintain general liability insurance with limits of $200 million per occurrence and all-risk property and rental value insurance coverage with limits of $500 million per occurrence, with sub-limits for certain perils such as floods and earthquakes on each of our properties. We also maintain coverage for terrorism acts with limits of $500 million per occurrence and in the aggregate (excluding coverage for nuclear, biological, chemical or radiological terrorism events) as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. Insurance premiums are charged directly to each of the retail properties as well as warehouses. We will be responsible for deductibles and losses in excess of insurance coverage, which could be material. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. Our mortgage loans are non-recourse and contain customary covenants requiring adequate insurance coverage. Although we believe that we currently have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance our properties and expand our portfolio. Environmental Matters Each of our properties has been subjected to varying degrees of environmental assessment at various times. Based on these assessments and the projected remediation costs, we accrued expenses of $1.4 million during the six months ended June 30, 2015 for potential remediation costs for environmental contamination at two properties. While this accrual reflects our best estimates of the potential costs of remediation at these properties, no amounts have currently been expended and there can be no assurance that the actual costs will not exceed this amount. With respect to our other properties, the environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. Other A tenant has filed an arbitration claim against the Company concerning its lease at one of our properties. The tenant claims it is owed the costs of its maintenance and repair, for an amount of approximately $3.0 million , under the terms of its lease. We believe the tenant’s assertion is unfounded under the terms of the lease and have not verified or investigated the tenant’s estimate of repair costs. We intend to defend this claim fully in the arbitration. Arbitration has been filed with JAMS (formerly Judicial Arbitration and Mediation Services) on this matter and is currently ongoing. Because we believe the claim is unfounded and any loss is not probable or estimable, we have not accrued a loss associated with this claim. The costs of arbitration will be expensed as incurred. In addition to the matter discussed above, there are various legal actions against us in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. Our mortgage loans are non-recourse to us. However, in certain cases we have provided master leased tenant space. These master leases terminate either upon the satisfaction of certain circumstances or the repayment of the underlying mortgage loans. As of June 30, 2015 , the aggregate amount of these master leases was approximately $9.9 million. As of June 30, 2015 , we have approximately $79.5 million of redevelopment projects at various stages of completion and anticipate that these projects will require an additional $57.3 million to complete, based on our current plans and estimates, which we anticipate will be expended over the next three years.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS The following is a summary of the composition of the prepaid expenses and other assets in the consolidated and combined balance sheets: Balance at (Amounts in thousands) June 30, 2015 December 31, 2014 Other assets $ 2,336 $ 2,983 Prepaid expenses: Real estate taxes 2,992 4,298 Insurance 1,171 2,121 Rent 709 692 Licenses/Fees 317 163 Total Prepaid expenses and other assets $ 7,525 $ 10,257

OTHER LIABILITIES

OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES The following is a summary of the composition of other liabilities in the consolidated and combined balance sheets: Balance at (Amounts in thousands) June 30, 2015 December 31, 2014 Straight line ground rent expense $ 5,858 $ 5,662 Deferred tenant revenue 4,652 878 Environmental remediation costs 1,379 — Total Other liabilities $ 11,889 $ 6,540

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
INTEREST AND DEBT EXPENSE	14. INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense. Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2015 2014 2015 2014 Interest expense $ 12,505 $ 12,748 $ 26,990 $ 25,488 Amortization of deferred financing costs 736 390 1,420 780 Total Interest and debt expense $ 13,241 $ 13,138 $ 28,410 $ 26,268

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
NONCONTROLLING INTEREST	NONCONTROLLING INTEREST Redeemable Noncontrolling Interests Redeemable noncontrolling interests include OP units and limited partnership interests in the Operating Partnership in the form of LTIP unit awards. In connection with the separation, the Company issued 5.7 million OP units, representing a 5.4% interest in the Operating Partnership to VRLP in exchange for interests in VRLP properties contributed. During the six months ended June 30, 2015 , 433,040 LTIP units were granted to certain executives pursuant to our 2015 Omnibus Share Plan (the “Omnibus Share Plan”). The total of the OP units and LTIP units represent a 5.8% and 5.7% weighted-average interest in the Operating Partnership for the three and six months ended June 30, 2015 . Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for the Company’s common shares on a one -for-one basis, or, for cash, solely at our election. Holders of outstanding OP units may, at a determinable date, redeem their units for the Company’s common shares on a one -for-one basis, or, for cash, solely at our election. During the second quarter of 2015, we identified a classification error of these redeemable noncontrolling interests. As the general partner of the Operating Partnership, the Company effectively controls the ability to issue common shares of UE upon a limited partner’s redemption and therefore these securities should have been classified in permanent equity as opposed to temporary equity. In our first quarter 2015 financial statements, both OP units and LTIP units were recorded at the redemption value with changes in value charged to additional paid-in capital in our consolidated balance sheet. The adjustment to correct the classification of redeemable noncontrolling interests and related adjustments to carrying value was recorded in the quarter ended June 30, 2015. This resulted in a $110.7 million decrease of redeemable noncontrolling interests to adjust the balance to the carrying value as of June 30, 2015 of $33.0 million , an increase in additional paid-in capital of $110.7 million , and an increase to total equity of $143.7 million . The classification adjustment had no impact on net income, cash flow, earnings per share, or any other operating metric. We evaluated the reclassification based on qualitative and quantitative factors and concluded the impact was not material to the prior nor current quarterly period presented. Noncontrolling Interests The noncontrolling interests relate to portions of consolidated subsidiaries held by noncontrolling interest holders. We own a 95% interest in our property in Walnut Creek, CA (Mt. Diablo). The net income attributable to noncontrolling interest is presented separately in our consolidated and combined statements of income.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION On January 7, 2015 our board and initial shareholder approved the Urban Edge Properties 2015 Omnibus Share Plan, under which awards may be granted up to a maximum of 15,000,000 of our common shares or share equivalents. Pursuant to the Omnibus Share Plan, stock options, LTIP units, operating partnership units and restricted shares were granted on February 17, 2015 , March 12, 2015 , and April 20, 2015 . We have a Dividend Reinvestment Plan (the “DRIP”), whereby shareholders may use their dividends to purchase shares. During the three and six months ended June 30, 2015 1,819 and 4,084 shares, respectively, were issued under the DRIP. All stock options granted have ten-year lives, containing vesting terms of three to five years. The following table presents stock option activity during the six months ended June 30, 2015 : Shares Under Option Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2015 — — — Granted 2,296,590 $ 23.89 6.67 Exercised — — — Forfeited or expired — — — Outstanding at June 30, 2015 2,296,590 $ 23.89 6.67 Exercisable at June 30, 2015 — — — The following table presents information regarding restricted share activity during the six months ended June 30, 2015 : Unvested Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2015 — — Granted 33,270 $ 22.84 Vested — — Forfeited — — Unvested at June 30, 2015 33,270 $ 22.84 During the three and six months ended June 30, 2015 , we granted 20,928 and 33,270 restricted shares, respectively, that are subject to forfeiture and vest over periods ranging from 1 to 5 years. No restricted shares vested during the six months ended June 30, 2015 . There were 433,040 LTIP units issued to executives during the six months ended June 30, 2015 , 343,220 of which were immediately vested. The remaining 89,820 units vest over a weighted average period of 3.0 years. Share-based compensation expense, which is included in general and administrative (“G&A”) expenses in our consolidated and combined statements of income, is summarized as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Amounts in thousands) Share-based compensation expense components included in G&A (2) : Restricted share expense $ 54 $ 63 Stock option expense 545 786 LTIP expense 186 7,329 OPP expense (1) 43 91 Total Share-based compensation expense $ 828 $ 8,269 (1) OPP Expense for the three and six months ended June 30, 2015 is the unrecognized compensation expense of awards issued under Vornado’s OPP for UE employees who were previously Vornado employees. The remaining OPP unrecognized compensation expense was transferred from Vornado to UE as of the separation date and is amortized on a straight-line basis over the remaining life of the OPP awards issued. (2) We did not have any equity awards issued prior to the date of the separation. As of June 30, 2015 , we had a total of $10.8 million of unrecognized compensation expense related to unvested and restricted share-based payment arrangements including unvested stock options, LTIP units, and restricted share awards which were granted under our Omnibus Share Plan as well as OPP awards issued by Vornado. This expense is expected to be recognized over a weighted-average period of 3.6 years .

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such have non-forfeitable rights to receive dividends. The computation of diluted EPS reflects potential dilution of securities by adding potential common shares, including stock options and unvested restricted shares, to the weighted average number of common shares outstanding for the period. For the three and six months ended June 30, 2015 , there were options outstanding for 2,296,590 shares that potentially could be exercised for common shares. In addition, there were 33,270 unvested restricted shares outstanding that potentially could become unrestricted common shares. These options, with exercise prices ranging from $23.52 to $24.46 , have been excluded from the diluted EPS calculation, as their effect is anti-dilutive to the Company’s net income because the option prices were greater than the average market prices of our common shares during the periods presented below. The computation of diluted EPS for the three and six months ended June 30, 2015 included the 24,071 and 15,861 weighted average unvested restricted shares outstanding, respectively, as their effect is dilutive. The effect of the redemption of OP and LTIP units is not reflected in the computation of basic and diluted earnings per share, as they are redeemable 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 interests in the accompanying consolidated and combined financial statements. As such, the assumed redemption of these units would have no net impact on the determination of diluted earnings per share. As described in Note 2, the common shares outstanding at the date of the separation are reflected as outstanding for all periods prior to the separation. The following table sets forth the computation of our basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per share data) 2015 2014 2015 2014 Numerator: Net income $ 17,153 $ 18,024 $ 5,136 $ 35,940 Less: Net income attributable to participating securities (1,026 ) (6 ) (571 ) (11 ) Net income available for common shareholders $ 16,127 $ 18,018 $ 4,565 $ 35,929 Denominator: Weighted average common shares outstanding - basic 99,250 99,248 99,249 99,248 Effect of dilutive securities: Restricted stock 24 — 16 — Weighted average common shares outstanding - diluted 99,274 99,248 99,265 99,248 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.16 $ 0.18 $ 0.05 $ 0.36 Earnings per common share - Diluted $ 0.16 $ 0.18 $ 0.05 $ 0.36

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate	Real Estate — Real estate is carried at cost, net of accumulated depreciation and amortization. Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when completed. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to expense. We capitalize all property operating expenses directly associated with and attributable to the development of a project, including interest expense. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation is recognized on a straight-line basis over estimated useful lives which range from 3 to 40 years . Tenant related intangibles and improvements are amortized on a straight-line basis over the lease term, including any bargain renewal options. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections utilizing appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below-market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated and combined financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
Cash and Cash Equivalents	Cash and Cash Equivalents — Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). To date we have not experienced any losses on our invested cash.
Cash Held in Escrow and Restricted Cash	Cash Held in Escrow and Restricted Cash — Cash held in escrow and restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, leasing commissions and capital expenditures.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable includes unpaid amounts billed to tenants and accrued revenues for future billings to tenants for property expenses. We periodically evaluate the collectibility of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection.
Deferred Costs	Deferred Leasing Costs — Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. Deferred Financing Costs — Deferred financing costs are amortized on a straight-line basis over the terms of the related debt agreements as a component of interest expense, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.
Revenue Recognition	Revenue Recognition — We have the following revenue sources and revenue recognition policies: • Base Rent - income arising from minimum lease payments from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a lease incentive to tenants, we recognize the incentive as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent - income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved) and can be estimated by the Company. • Expense Reimbursements - revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. • Management, Leasing and Other Fees - income arising from contractual agreements with third parties. This revenue is recognized as the related services are performed under the respective agreements.
Noncontrolling Interests	Noncontrolling Interests — Noncontrolling interests represent the portion of equity that we do not own in those entities that we consolidate. We identify our noncontrolling interests separately within the equity section on the consolidated and combined balance sheets. Redeemable Noncontrolling Interests — Redeemable noncontrolling interests include OP units and limited partnership units in the Operating Partnership in the form of long-term incentive plan (“LTIP”) unit awards held by third parties
Earnings Per Share	Earnings Per Share — Basic earnings per common share is computed by dividing net income attributable to common shareholders by the weighted average common shares outstanding during the period. Unvested share-based payment awards that entitle holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” Because the awards are considered participating securities, we are required to apply the two-class method of computing basic and diluted earnings that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and other shareholders, based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings per common share reflects the potential dilution of the assumed exercises of shares including stock options and unvested restricted shares to the extent they are dilutive.
Share-Based Compensation	Share-Based Compensation — We grant stock options, LTIP units, OP units and restricted stock awards to our officers, trustees and employees. The term of each award is determined by the compensation committee of our Board of Trustees (the “Compensation Committee”), but in no event can such term be longer than ten years from the date of grant. The vesting schedule of each award is determined by the Compensation Committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of non-vested restricted stock, which makes the restricted stock a participating security. The fair value of each stock option awarded is based on the date of grant using the Black-Scholes option-pricing model. Expected volatilities, dividend yields and employee forfeitures are primarily based on available implied data and peer group companies historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense for restricted stock awards is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule or a cliff vesting schedule, we have elected to recognize compensation expense on a straight-line basis. Also included in Share-based compensation expense is the unrecognized compensation expense of awards issued under Vornado’s outperformance plan (“OPP”) for the Company’s employees who were previously Vornado employees. The OPP unrecognized compensation expense is recognized on a straight-line basis over the remaining life of the OPP awards issued. Share-based compensation expense is included in general and administrative expenses on the consolidated and combined statements of income.
Concentration of Credit Risk	Concentration of Credit Risk — A concentration of credit risk arises in our business when a national or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our national or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk.
Recently Issued Accounting Literature	Recently Issued Accounting Literature In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810 Consolidation. Under amendments in this update, all reporting entities are within the scope of Subtopic 810-10 Consolidation - Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. Overall the amendments in this update are to simplify the codification and reduce the number of consolidation models and place more emphasis on risk of loss when determining controlling financial interests. ASU 2015-02 is effective for public businesses for interim and annual periods beginning after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2015-02 on our consolidated and combined financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835-30 Interest - Imputation of Interest. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015. We expect the adoption of the standard will result in the presentation of debt issuance costs, which are currently included in deferred financing costs in our consolidated and combined balance sheets, as a direct reduction from the carrying amount of the related debt instrument.

IDENTIFIED INTANGIBLE ASSETS 26

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Intangible Assets and Intangible Liabilities Disclosure [Abstract]
Schedule of estimated annual amortization of acquired below-market leases, net of acquired above-market leases	Estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding years commencing January 1, 2016 is as follows: (Amounts in thousands) 2016 $ 7,348 2017 7,296 2018 7,079 2019 7,022 2020 7,012
Schedule of annual amortization of identified intangible assets	Estimated annual amortization of these identified intangible assets for each of the five succeeding years commencing January 1, 2016 is as follows: (Amounts in thousands) 2016 $ 1,297 2017 1,222 2018 1,115 2019 1,082 2020 1,081
Schedule of estimated annual amortization of below-market leases,	Estimated annual amortization of these below-market leases for each of the five succeeding years commencing January 1, 2016 is as follows: (Amounts in thousands) 2016 $ 972 2017 972 2018 972 2019 972 2020 972

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of mortgages payable as of June 30, 2015 and December 31, 2014 . Interest Rate at June 30, December 31, (Amounts in thousands) Maturity June 30, 2015 2015 2014 Cross collateralized mortgage on 40 properties: Fixed Rate 9/10/2020 4.31% $ 540,414 $ 547,231 Variable Rate (1) 9/10/2020 2.36% 60,000 60,000 Total cross collateralized 600,414 607,231 First mortgages secured by: Mount Kisco (A&P) (4) 2/11/2015 5.32% — 12,076 North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 75,000 75,000 Staten Island (Forest Plaza) (3) 7/6/2018 1.47% — 17,000 Englewood (5) 10/1/2018 6.22% 11,537 11,571 Montehiedra Town Center, Senior Loan (2)(6) 7/6/2021 5.33% 87,607 120,000 Montehiedra Town Center, Junior Loan (2) 7/6/2021 3.00% 30,000 — Bergen Town Center 4/8/2023 3.56% 300,000 300,000 Las Catalinas 8/6/2024 4.43% 130,000 130,000 Mount Kisco (Target) (7) 11/15/2034 6.40% 15,473 15,657 $ 1,250,031 $ 1,288,535 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps. (2) On January 6, 2015, we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra Town Center. Refer to “Troubled Debt Restructuring” disclosure below. (3) The loan secured by Staten Island (Forest Plaza) was repaid on March 10, 2015. (4) The loan secured by Mount Kisco (A&P) was repaid on February 11, 2015. (5) On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow will be insufficient to pay the debt service; accordingly, at our request, the mortgage loan was transferred to the special servicer. As of June 30, 2015 we remain in discussions with the special servicer to restructure the terms of the loan including the possibility that the lender will take possession of the property. (6) The carrying value of the senior loan secured by Montehiedra is presented net of unamortized fees. Refer to “Troubled Debt Restructuring” disclosure below. (7) The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.2 million and $1.2 million of unamortized debt discount as of June 30, 2015 and December 31, 2014 , respectively. The effective interest rate including amortization of the debt discount is 7.30% .
Schedule of Maturities of Long-term Debt	As of June 30, 2015 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 16,041 2017 16,845 2018 99,769 2019 17,381 2020 535,175 Thereafter 558,686

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of financial instrument carrying amounts and fair values	The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2015 and December 31, 2014 . As of June 30, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 193,355 $ 193,355 $ 2,600 $ 2,600 Liabilities: Mortgages payable $ 1,250,031 $ 1,291,250 $ 1,288,535 $ 1,327,000

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2015
Leases [Abstract]
Schedule of Future Minimum Rental Receivable	Future base rental revenue under these non-cancelable operating leases excluding extension options is as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 215,062 2017 207,523 2018 193,800 2019 174,598 2020 149,721 Thereafter 970,589
Schedule of Future Minimum Lease Payments	Future lease payments under these agreements, excluding extension options, are as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 8,847 2017 8,515 2018 7,186 2019 6,863 2020 4,619 Thereafter 39,158

PREPAID EXPENSES AND OTHER AS30

PREPAID EXPENSES AND OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Assets	The following is a summary of the composition of the prepaid expenses and other assets in the consolidated and combined balance sheets: Balance at (Amounts in thousands) June 30, 2015 December 31, 2014 Other assets $ 2,336 $ 2,983 Prepaid expenses: Real estate taxes 2,992 4,298 Insurance 1,171 2,121 Rent 709 692 Licenses/Fees 317 163 Total Prepaid expenses and other assets $ 7,525 $ 10,257

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Other Liabilities	The following is a summary of the composition of other liabilities in the consolidated and combined balance sheets: Balance at (Amounts in thousands) June 30, 2015 December 31, 2014 Straight line ground rent expense $ 5,858 $ 5,662 Deferred tenant revenue 4,652 878 Environmental remediation costs 1,379 — Total Other liabilities $ 11,889 $ 6,540

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Schedule of Interest and Debt Expense	The following table sets forth the details of interest and debt expense. Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2015 2014 2015 2014 Interest expense $ 12,505 $ 12,748 $ 26,990 $ 25,488 Amortization of deferred financing costs 736 390 1,420 780 Total Interest and debt expense $ 13,241 $ 13,138 $ 28,410 $ 26,268

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Options, Activity	The following table presents stock option activity during the six months ended June 30, 2015 : Shares Under Option Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2015 — — — Granted 2,296,590 $ 23.89 6.67 Exercised — — — Forfeited or expired — — — Outstanding at June 30, 2015 2,296,590 $ 23.89 6.67 Exercisable at June 30, 2015 — — —
Schedule of Restricted Stock Activity	The following table presents information regarding restricted share activity during the six months ended June 30, 2015 : Unvested Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2015 — — Granted 33,270 $ 22.84 Vested — — Forfeited — — Unvested at June 30, 2015 33,270 $ 22.84
Summary of Share-based Compensation Expense	Share-based compensation expense, which is included in general and administrative (“G&A”) expenses in our consolidated and combined statements of income, is summarized as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Amounts in thousands) Share-based compensation expense components included in G&A (2) : Restricted share expense $ 54 $ 63 Stock option expense 545 786 LTIP expense 186 7,329 OPP expense (1) 43 91 Total Share-based compensation expense $ 828 $ 8,269

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of our basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per share data) 2015 2014 2015 2014 Numerator: Net income $ 17,153 $ 18,024 $ 5,136 $ 35,940 Less: Net income attributable to participating securities (1,026 ) (6 ) (571 ) (11 ) Net income available for common shareholders $ 16,127 $ 18,018 $ 4,565 $ 35,929 Denominator: Weighted average common shares outstanding - basic 99,250 99,248 99,249 99,248 Effect of dilutive securities: Restricted stock 24 — 16 — Weighted average common shares outstanding - diluted 99,274 99,248 99,265 99,248 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.16 $ 0.18 $ 0.05 $ 0.36 Earnings per common share - Diluted $ 0.16 $ 0.18 $ 0.05 $ 0.36

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands	Jan. 15, 2015USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest		5.80%		5.70%
Capital investment, in cash	$ 225,000
Transaction costs	$ 21,900	$ 427	$ 0	$ 22,286	$ 0
Separation Transactions, Costs Contingent Upon Completion				17,403
Transaction costs contingent upon completion of the separation				$ 4,500	$ 0
Vornado [Member]
Real Estate Properties [Line Items]
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest		5.40%
Affiliated Entity [Member] | Vornado [Member]
Real Estate Properties [Line Items]
Percentage of common shares distributed	100.00%
Spinoff ratio	0.50
Retail Site, Shopping Center [Member] | Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property		79		79
Retail Site, Mall [Member] | Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property		3		3
Warehouse [Member]
Real Estate Properties [Line Items]
Number of real estate properties | property		1		1
Separation Transaction [Member] | Affiliated Entity [Member] | Vornado [Member]
Real Estate Properties [Line Items]
Transition services, initial period		2 years

BASIS OF PRESENTATION AND PRI36

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015segment	Jun. 30, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1
Prior Period Reclassification Adjustment | $		$ 3.3

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate (Details)	3 Months Ended
	Jun. 30, 2015
Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Accumulated depreciation, estimated useful life of real estate	3 years
Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Accumulated depreciation, estimated useful life of real estate	40 years

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation and Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)
Accounting Policies [Abstract]
Term of share-based compensation awards	10 years
Concentration Risk [Line Items]
Area of property (in sq ft)	14,800,000		14,800,000
Revenues | $	$ 78,715	$ 76,820	$ 162,498	$ 159,452
The Home Depot [Member]
Concentration Risk [Line Items]
Number of real estate properties | property	7		7
Area of property (in sq ft)	865,353		865,353
Revenues [Member] | Customer Concentration Risk [Member] | The Home Depot [Member]
Concentration Risk [Line Items]
Revenues | $			$ 7,100
Concentration risk, percentage			6.40%

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions	Jun. 29, 2015USD ($)ft²a	Apr. 29, 2015USD ($)ft²	Jun. 30, 2015ft²a
Real Estate Properties [Line Items]
Area of Real Estate Property			14,800,000
Plot Adjacent To Bergen Town Center [Member]
Real Estate Properties [Line Items]
Payments to Acquire Real Estate | $		$ 2.8
Plot Adjacent To Bergen Town Center [Member] | Real Estate Investment [Member]
Real Estate Properties [Line Items]
Area of Land | a			0.8
Plot Adjacent To Bergen Town Center [Member] | Real Estate [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property		7,700
Plot Adjacent To existing Lawnside property [Member]
Real Estate Properties [Line Items]
Payments to Acquire Real Estate | $	$ 0.4
Plot Adjacent To existing Lawnside property [Member] | Real Estate Investment [Member]
Real Estate Properties [Line Items]
Area of Land | a	0.4
Plot Adjacent To existing Lawnside property [Member] | Real Estate [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property	2,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
General and administrative expense	$ 6,792,000	$ 4,560,000	$ 19,118,000	$ 9,669,000
Vornado [Member] | Separate Allocation [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
General and administrative expense	2,200,000		4,400,000
Vornado [Member] | Separation Transaction [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
General and administrative expense	$ 500,000		1,100,000
Transition services, initial period	2 years
Vornado [Member] | Separation Transaction [Member] | Affiliated Entity [Member] | Accounts Payable and Accrued Expenses [Member]
Related Party Transaction [Line Items]
Payables to related party	$ 0		0
Vornado [Member] | Management Agreement [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Management fee income	$ 700,000	$ 100,000	$ 1,200,000	$ 300,000
Vornado [Member] | Management Agreement [Member] | Affiliated Entity [Member] | Interstate [Member]
Related Party Transaction [Line Items]
Noncontrolling interest percentage	6.60%		6.60%
Vornado [Member] | Management Agreement [Member] | Affiliated Entity [Member] | Accounts Receivable [Member]
Related Party Transaction [Line Items]
Management fees receivable	$ 600,000		$ 600,000
Alexander's, Inc. [Member] | Management Agreement [Member] | Affiliated Entity [Member] | Vornado [Member]
Related Party Transaction [Line Items]
Noncontrolling interest percentage	32.40%		32.40%

IDENTIFIED INTANGIBLE ASSETS 41

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Intangible Assets and Intangible Liabilities Disclosure [Abstract]
Identified intangible assets, net of accumulated amortization	$ 33,416		$ 33,416		$ 34,775
Identified intangible liabilities, net of accumulated amortization	156,536		156,536		$ 160,667
Amortization of below market leases, net	(2,100)	$ (2,000)	(4,051)	$ (3,882)
Amortization expense of intangible assets	400	400	800	800
Amortization of Below Market Lease	$ 200	$ 200	$ 500	$ 500

IDENTIFIED INTANGIBLE ASSETS 42

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Amortization For Below-Market Leases, Net of Above Market Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets and Intangible Liabilities Disclosure [Abstract]
Amortization of below market leases, net	$ (2,100)	$ (2,000)	$ (4,051)	$ (3,882)
2,016	7,348		7,348
2,017	7,296		7,296
2,018	7,079		7,079
2,019	7,022		7,022
2,020	$ 7,012		$ 7,012

IDENTIFIED INTANGIBLE ASSETS 43

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Identified Intangible Asset Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets and Intangible Liabilities Disclosure [Abstract]
Amortization of Intangible Assets	$ 400	$ 400	$ 800	$ 800
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016	1,297		1,297
2,017	1,222		1,222
2,018	1,115		1,115
2,019	1,082		1,082
2,020	$ 1,081		$ 1,081

IDENTIFIED INTANGIBLE ASSETS 44

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Below-Market Lease Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets and Intangible Liabilities Disclosure [Abstract]
Amortization of Below Market Lease	$ 200	$ 200	$ 500	$ 500
Amortization of acquired below-market leases
2,016	972		972
2,017	972		972
2,018	972		972
2,019	972		972
2,020	$ 972		$ 972

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details)	3 Months Ended
	Jun. 30, 2015USD ($)property	Jan. 06, 2015USD ($)	Dec. 31, 2014USD ($)property
Debt Instrument [Line Items]
Mortgages payable	$ 1,250,031,000		$ 1,288,535,000
Mortgages [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,250,031,000		$ 1,288,535,000
Mortgages [Member] | Cross Collateralized [Member]
Debt Instrument [Line Items]
Number of real estate properties | property	40		40
Mortgages payable	$ 600,414,000		$ 607,231,000
Mortgages [Member] | First Mortgage [Member] | Bergen Town Center [Member]
Debt Instrument [Line Items]
Interest rate	3.56%
Mortgages payable	$ 300,000,000		300,000,000
Mortgages [Member] | First Mortgage [Member] | Las Catalinas [Member]
Debt Instrument [Line Items]
Interest rate	4.43%
Mortgages payable	$ 130,000,000		130,000,000
Mortgages [Member] | First Mortgage [Member] | Montehiedra Town Center [Member]
Debt Instrument [Line Items]
Interest rate		6.04%
Face amount of debt instrument		$ 120,000,000
Mortgages [Member] | First Mortgage [Member] | Montehiedra Town Center [Member] | Senior Loan [Member]
Debt Instrument [Line Items]
Interest rate	5.33%	5.33%
Mortgages payable	$ 87,607,000		120,000,000
Face amount of debt instrument		$ 90,000,000
Mortgages [Member] | First Mortgage [Member] | Montehiedra Town Center [Member] | Junior Loan [Member]
Debt Instrument [Line Items]
Interest rate	3.00%	3.00%
Mortgages payable	$ 30,000,000		0
Face amount of debt instrument		$ 30,000,000
Mortgages [Member] | First Mortgage [Member] | North Bergen (Tonnelle Avenue) [Member]
Debt Instrument [Line Items]
Interest rate	4.59%
Mortgages payable	$ 75,000,000		75,000,000
Mortgages [Member] | First Mortgage [Member] | Mount Kisco (Target) [Member]
Debt Instrument [Line Items]
Interest rate	6.40%
Mortgages payable	$ 15,473,000		15,657,000
Debt instrument, unamortized discount	$ 1,200,000		1,200,000
Effective interest rate	7.30%
Mortgages [Member] | First Mortgage [Member] | Englewood [Member]
Debt Instrument [Line Items]
Interest rate	6.22%
Mortgages payable	$ 11,537,000		11,571,000
Mortgages [Member] | First Mortgage [Member] | Moubt Kisco (A&P) [Member]
Debt Instrument [Line Items]
Interest rate	5.32%
Mortgages payable	$ 0		12,076,000
Mortgages [Member] | First Mortgage [Member] | Staten Island (Forest Plaza) [Member]
Debt Instrument [Line Items]
Interest rate	1.47%
Mortgages payable	$ 0		17,000,000
Mortgages [Member] | Fixed Rate [Member] | Cross Collateralized [Member]
Debt Instrument [Line Items]
Interest rate	4.31%
Mortgages payable	$ 540,414,000		547,231,000
Mortgages [Member] | Variable Rate [Member] | Cross Collateralized [Member]
Debt Instrument [Line Items]
Interest rate	2.36%
Mortgages payable	$ 60,000,000		$ 60,000,000
Mortgages [Member] | Variable Rate [Member] | Cross Collateralized [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Floor	1.00%
Interest rate spread on variable rate	136.00%

MORTGAGES PAYABLE - Schedule of

MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands	Jun. 30, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 16,041
2,017	16,845
2,018	99,769
2,019	17,381
2,020	535,175
Thereafter	$ 558,686

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details)	Jan. 15, 2015USD ($)extension_option	Jan. 06, 2015USD ($)debt_tranche	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness			$ 867,600,000	$ 867,600,000
Mortgages payable			1,250,031,000	1,250,031,000		$ 1,288,535,000
Amortization of lender fees				1,420,000	$ 780,000
Mortgages [Member]
Debt Instrument [Line Items]
Mortgages payable			1,250,031,000	1,250,031,000		1,288,535,000
Mortgages [Member] | First Mortgage [Member] | Montehiedra Town Center [Member]
Debt Instrument [Line Items]
Face amount of debt instrument		$ 120,000,000
Interest rate		6.04%
Number of debt tranches | debt_tranche		2
Lender fees			2,000,000
Amortization of lender fees			100,000
Unamortized lender fees			$ 1,800,000	$ 1,800,000
Mortgages [Member] | Senior Loan [Member] | First Mortgage [Member] | Montehiedra Town Center [Member]
Debt Instrument [Line Items]
Face amount of debt instrument		$ 90,000,000
Interest rate		5.33%	5.33%	5.33%
Mortgages payable			$ 87,607,000	$ 87,607,000		120,000,000
Mortgages [Member] | Junior Loan [Member] | First Mortgage [Member] | Montehiedra Town Center [Member]
Debt Instrument [Line Items]
Face amount of debt instrument		$ 30,000,000
Interest rate		3.00%	3.00%	3.00%
Mortgages payable			$ 30,000,000	$ 30,000,000		$ 0
Intercompany Loans [Member] | Montehiedra Town Center [Member]
Debt Instrument [Line Items]
Face amount of debt instrument		$ 20,000,000
Interest rate		10.00%
Mortgages payable			$ 8,000,000	$ 8,000,000
Revolving Credit Facility [Member] | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000
Term of debt instrument	4 years
Number of extension options | extension_option	2
Term of each extension option	6 months
Annual facility fee	20.00%
Financial covenants, maximum leverage ratio	0.6
Financial covenants, minimum fixed charge coverage ratio	1.5
Revolving Credit Facility [Member] | Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate spread on variable rate	1.15%

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)mall	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)mall	Jun. 30, 2014USD ($)
Income Tax Contingency [Line Items]
Income tax expense	$ 464	$ 319	$ 1,005	$ 1,050
Vornado [Member]
Income Tax Contingency [Line Items]
Percentage of taxable income distributed as dividends to stockholders	100.00%
Puerto Rico [Member]
Income Tax Contingency [Line Items]
Number of malls | mall	2		2
Non-resident withholding tax percentage	29.00%
Gross receipts tax percentage	0.50%
Income tax expense	$ 500	$ 300	$ 1,000	$ 1,100

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurement [Domain]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 193,355,000
Financial assets measured at fair value on a recurring basis	0	$ 0
Financial liabilities measured at fair value on a recurring basis	0	0
Financial assets measured at fair value on a nonrecurring basis, asset measured on non-recurring basis	0	0
Financial liabilities measured at fair value on a nonrecurring basis	$ 0	0
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure		$ 2,600,000

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurement [Domain]
Assets:
Cash and cash equivalents	$ 193,355
Liabilities:
Mortgages payable	1,291,250
Carrying Amount
Assets:
Cash and cash equivalents	193,355	$ 2,600
Liabilities:
Mortgages payable	$ 1,250,031	1,288,535
Fair Value
Assets:
Cash and cash equivalents		2,600
Liabilities:
Mortgages payable		$ 1,327,000

LEASES - Future Lease Revenues

LEASES - Future Lease Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Leases [Abstract]
2,016	$ 215,062		$ 215,062
2,017	207,523		207,523
2,018	193,800		193,800
2,019	174,598		174,598
2,020	149,721		149,721
Thereafter	970,589		970,589
Additional rent based on percentage of tenants' sales or reimbursements	$ 100	$ 500	$ 500	$ 900

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2015USD ($)
Leases [Abstract]
2,016	$ 8,847
2,017	8,515
2,018	7,186
2,019	6,863
2,020	4,619
Thereafter	$ 39,158

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Jun. 30, 2015 $ in Millions	USD ($)property
Commitments and Contingencies Disclosure [Abstract]
Insurance coverage, general liability insurance, limit per occurrence	$ 200
Insurance coverage, rental value insurance, limit per occurrence	500
Insurance coverage, terrorism acts insurance, limit per occurrence	500
Environmental remediation expense	$ 1.4
Number of properties with environmental contamination | property	2
Loss Contingencies [Line Items]
Guaranty Liabilities	$ 9.9
Real estate redevelopment in process	79.5
Estimated cost to complete development and redevelopment projects	$ 57.3
Estimated duration to complete development and redevelopment projects	3 years
Tenant Arbitration Claim [Member] | Pending Litigation [Member] | Unasserted Claim [Member]
Loss Contingencies [Line Items]
Loss contingency, value of damages sought	$ 3

PREPAID EXPENSES AND OTHER AS54

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Prepaid Expense and Other Assets
Other assets	$ 2,336	$ 2,983
Prepaid expenses:
Real estate taxes	2,992	4,298
Insurance	1,171	2,121
Rent	709	692
Licenses/Fees	317	163
Total Prepaid expenses and other assets	$ 7,525	$ 10,257

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Liabilities Disclosure [Abstract]
Straight line ground rent expense	$ 5,858	$ 5,662
Deferred tenant revenue	4,652	878
Environmental remediation costs	1,379	0
Total Other liabilities	$ 11,889	$ 6,540

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Income and Expenses [Abstract]
Interest expense	$ 12,505	$ 12,748	$ 26,990	$ 25,488
Amortization of deferred financing costs	736	390	1,420	780
Total Interest and debt expense	$ 13,241	$ 13,138	$ 28,410	$ 26,268

NONCONTROLLING INTEREST (Detail

NONCONTROLLING INTEREST (Details) - Plan Name [Domain] $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)shares	Jun. 30, 2015USD ($)shares	Dec. 31, 2014USD ($)
Noncontrolling Interest [Line Items]
Noncontrolling Interest in Operating Partnerships | $	$ 32,954	$ 32,954	$ 0
Common Limited Partnership units issued (shares)	5,700,000	5,700,000
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest	5.80%	5.70%
Conversion rate to common shares	1
Noncontrolling interest, ownership percentage	95.00%	95.00%
Vornado [Member]
Noncontrolling Interest [Line Items]
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest	5.40%
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest in Operating Partnerships | $	$ 32,954	$ 32,954
LTIP Unit [Member]
Noncontrolling Interest [Line Items]
Number of shares issued	433,040
Award vesting period	2 years

NONCONTROLLING INTEREST - Sched

NONCONTROLLING INTEREST - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Reclassifications of Temporary to Permanent Equity	$ 143,700
Noncontrolling Interest, Explanation of Increase (Decrease)	110,721
Noncontrolling Interest in Operating Partnerships	$ 32,954	$ 32,954	$ 0
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest	5.80%	5.70%

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jan. 07, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)		33,270
Compensation cost not yet recognized, period for recognition	3 years 7 months 2 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	20,928	33,270
Number of shares vested	0
Number of shares remaining to vest	33,270	33,270		0
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
LTIP Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	433,040
Award vesting period	2 years
Omnibus Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			15,000,000
Compensation cost not yet recognized	$ 10.8	$ 10.8
Omnibus Share Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years 11 months 19 days
Number of shares vested	343,220
Number of shares remaining to vest	89,820	89,820
Dividend Reinvestment Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	1,819	4,084

SHARE-BASED COMPENSATION - Opti

SHARE-BASED COMPENSATION - Option Activity (Details) - Jun. 30, 2015 - $ / shares	Total
Shares Under Option
Outstanding, Beginning Balance (shares)	0
Granted (shares)	2,296,590
Exercised (shares)	0
Forfeited or expired (shares)	0
Outstanding, Ending Balance (shares)	2,296,590
Exercisable at March 31, 2015 (shares)	0
Weighted Average Exercise Price per Share
Outstanding, Beginning Balance (usd per share)	$ 0
Granted (usd per share)	23.89
Exercised (usd per share)	0
Forfeited or expired (usd per share)	0
Outstanding, Ending Balance (usd per share)	23.89
Exercisable at March 31, 2015 (usd per share)	$ 0
Weighted Average Remaining Contractual Term / Aggregate Intrinsic Value per Share
Weighted Average Remaining Contractual Term, Granted	6 years 8 months 1 day
Weighted Average Remaining Contractual Term, Outstanding	6 years 8 months 1 day

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Share Activity (Details) - Jun. 30, 2015 - $ / shares	Total	Total
Unvested Shares
Granted (shares)		33,270
Restricted Stock [Member]
Unvested Shares
Unvested, Beginning Balance (shares)		0
Granted (shares)	20,928	33,270
Vested (shares)	0
Forfeited (shares)	0
Unvested, Ending Balance (shares)	33,270	33,270
Weighted Average Grant Date Fair Value per Share
Unvested, Beginning Balance (usd per share)		$ 0
Granted (usd per share)	$ 22.84
Vested (usd per share)	0
Forfeited (usd per share)	0
Unvested, Ending Balance (usd per share)	$ 22.84	$ 22.84

SHARE-BASED COMPENSATION - Allo

SHARE-BASED COMPENSATION - Allocated Share-based Compensation Expense (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 7 months 2 days
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	$ 828	$ 8,269
General and Administrative Expense [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	54	63
General and Administrative Expense [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	545	786
General and Administrative Expense [Member] | Performance Shares [Member] | Omnibus Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	186	7,329
General and Administrative Expense [Member] | Performance Shares [Member] | Outperformance Plan (OPP) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	$ 43	$ 91

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - 3 months ended Jun. 30, 2015 - $ / shares	Total
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 23.52
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 24.46
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the diluted EPS calculation	2,296,590

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			33,270
Numerator:
Net income	$ 17,153	$ 18,024	$ 5,136	$ 35,940
Earnings (Loss) Allocated to Participating Securities	(1,026)	(6)	(571)	(11)
Net Income (Loss) Available to Common Stockholders, Basic	$ 16,127	$ 18,018	$ 4,565	$ 35,929
Denominator:
Weighted average common shares outstanding - basic	99,250,000	99,248,000	99,249,000	99,248,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	24,000	0	16,000	0
Effect of dilutive securities:
Weighted average common shares outstanding - diluted	99,274,000	99,248,000	99,265,000	99,248,000
Earnings per share available to common shareholders:
Earnings (loss) per common share - Basic (in usd per share)	$ 0.16	$ 0.18	$ 0.05	$ 0.36
Earnings (loss) per common share - Diluted (in usd per share)	$ 0.16	$ 0.18	$ 0.05	$ 0.36