Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 29, 2016 | Jun. 30, 2015 | |
Document Information [Abstract] | |||
Entity Registrant Name | URBAN EDGE PROPERTIES | ||
Entity Central Index Key | 1,611,547 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 99,290,952 | ||
Entity Public Float | $ 2.2 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate, at cost: | ||
Land | $ 389,080 | $ 378,096 |
Buildings and improvements | 1,630,539 | 1,632,228 |
Construction in progress | 61,147 | 8,545 |
Furniture, fixtures and equipment | 3,876 | 3,935 |
Total | 2,084,642 | 2,022,804 |
Accumulated depreciation and amortization | (509,112) | (467,503) |
Real estate, net | 1,575,530 | 1,555,301 |
Cash and cash equivalents | 168,983 | 2,600 |
Cash held in escrow and restricted cash | 9,042 | 9,967 |
Tenant and other receivables, net of allowance for doubtful accounts of $1,926 and $2,432, respectively | 10,364 | 11,424 |
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $148 and $0, respectively | 88,778 | 89,199 |
Identified intangible assets, net of accumulated amortization of $22,090 and $20,672, respectively | 33,953 | 34,775 |
Deferred leasing costs, net of accumulated amortization of $12,987 and $12,121, respectively | 18,455 | 17,653 |
Deferred financing costs, net of accumulated amortization of $709 and $0, respectively | 2,838 | 0 |
Prepaid expenses and other assets | 10,988 | 10,257 |
Total assets | 1,918,931 | 1,731,176 |
Liabilities: | ||
Mortgages payable, net of unamortized debt issuance costs of $8,282 and $10,353, respectively | 1,233,983 | 1,278,182 |
Identified intangible liabilities, net of accumulated amortization of $65,220 and $62,395, respectively | 154,855 | 160,667 |
Accounts payable and accrued expenses | 45,331 | 26,924 |
Other liabilities | 13,308 | 6,540 |
Total liabilities | $ 1,447,477 | $ 1,472,313 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares: $0.01 par value; 500,000,000 shares authorized and 99,290,952 shares issued and outstanding | $ 993 | $ 0 |
Additional paid-in capital | 475,369 | 0 |
Accumulated earnings (deficit) | (38,442) | 0 |
Noncontrolling interests: | ||
Redeemable noncontrolling interests | 33,177 | 0 |
Noncontrolling interest in consolidated subsidiaries | 357 | 341 |
Vornado equity | 0 | 258,522 |
Total equity | 471,454 | 258,863 |
Total liabilities and equity | $ 1,918,931 | $ 1,731,176 |
Consolidated and Combined Bala3
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,926 | $ 2,432 |
Allowance for Doubtful Other Receivables, Current | 148 | 0 |
Accumulated amortization, identified intangible assets | 22,090 | 20,672 |
Accumulated amortization, deferred leasing costs | 12,987 | 12,121 |
Accumulated amortization, deferred financing costs | 709 | 0 |
Unamortized debt issuance costs | 8,282 | 10,353 |
Accumulated amortization, identified intangible liabilities | $ 65,220 | $ 62,395 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 500,000,000 | |
Common stock, shares, issued (in shares) | 99,290,952 | |
Common stock, shares, outstanding (in shares) | 99,290,952 |
Consolidated and Combined State
Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
REVENUE | ||||
Property rentals | $ 231,867 | $ 232,592 | $ 228,282 | |
Tenant expense reimbursements | 84,617 | 81,887 | 73,170 | |
Income from Stop & Shop settlement | 0 | 0 | 59,599 | |
Management and development fees | 2,261 | 535 | 606 | |
Other income | 4,200 | 662 | 1,338 | |
Total revenue | 322,945 | 315,676 | 362,995 | |
EXPENSES | ||||
Depreciation and amortization | 57,253 | 53,653 | 54,043 | |
Real estate taxes | 49,311 | 49,835 | 46,715 | |
Property operating | 50,595 | 51,988 | 45,845 | |
General and administrative | 32,044 | 17,820 | 19,376 | |
Real estate impairment loss | 0 | 0 | 19,000 | |
Ground rent | 10,129 | 10,304 | 10,137 | |
Transaction costs | 24,011 | 8,604 | 0 | |
Provision for doubtful accounts | 1,526 | 1,032 | 666 | |
Total expenses | 224,869 | 193,236 | 195,782 | |
Operating income | 98,076 | 122,440 | 167,213 | |
Interest income | 150 | 35 | 11 | |
Interest and debt expense | (55,584) | (54,960) | (55,789) | |
Income before income taxes | 42,642 | 67,515 | 111,435 | |
Income tax expense | (1,294) | (1,721) | (2,100) | |
Net income | 41,348 | 65,794 | 109,335 | |
Less net income attributable to noncontrolling interests in: | ||||
Operating partnership | (2,547) | 0 | 0 | |
Consolidated subsidiaries | (16) | (22) | (21) | |
Net income attributable to Vornado | $ 38,785 | [1] | $ 65,772 | $ 109,314 |
Earnings per common share - Basic (in dollars per share) | $ 0.39 | $ 0.66 | $ 1.10 | |
Earnings per common share - Diluted (in dollars per share) | $ 0.39 | $ 0.66 | $ 1.10 | |
Weighted average shares outstanding - Basic (in shares) | 99,252 | 99,248 | 99,248 | |
Weighted average shares outstanding - Diluted (in shares) | 99,278 | 99,248 | 99,248 | |
[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 Statements of Changes in Equity - USD ($) | Total | Commonwealth of Puerto Rico | Common Shares | Additional Paid-In Capital | Vornado Equity | Vornado EquityCommonwealth of Puerto Rico | Accumulated Earnings (Deficit) | Redeemable NCI | Redeemable NCIOPP Units | NCI in Consolidated Subsidiaries | |
Beginning balance (in shares) at Dec. 31, 2012 | 0 | ||||||||||
Beginning balance at Dec. 31, 2012 | $ 389,888,000 | $ 0 | $ 0 | $ 389,590,000 | $ 0 | $ 0 | $ 298,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to Vornado | 109,314,000 | 109,314,000 | |||||||||
Net income attributable to noncontrolling interests | 21,000 | 21,000 | |||||||||
Distributions to Vornado, net | $ (157,639,000) | (157,639,000) | |||||||||
Common shares issued: | |||||||||||
Under Omnibus share plan (in shares) | 0 | ||||||||||
Ending balance (in shares) at Dec. 31, 2013 | 0 | ||||||||||
Ending balance at Dec. 31, 2013 | $ 341,584,000 | $ 0 | 0 | 341,265,000 | 0 | 0 | 319,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to Vornado | 65,772,000 | 65,772,000 | |||||||||
Net income attributable to noncontrolling interests | 22,000 | 22,000 | |||||||||
Distributions to Vornado, net | $ (148,515,000) | (148,515,000) | |||||||||
Common shares issued: | |||||||||||
Under Omnibus share plan (in shares) | 0 | ||||||||||
Ending balance (in shares) at Dec. 31, 2014 | 0 | ||||||||||
Ending balance at Dec. 31, 2014 | $ 258,863,000 | $ 0 | 0 | 258,522,000 | 0 | 0 | 341,000 | ||||
Common shares issued: | |||||||||||
Deferred tax liability, net | 0 | $ 3,730,000 | $ 3,700,000 | ||||||||
Net income (loss) attributable to Vornado | [1] | 38,785,000 | (2,022,000) | 40,807,000 | |||||||
Net income attributable to noncontrolling interests | 2,563,000 | 2,547,000 | 16,000 | ||||||||
Limited partnership units issued to Vornado at separation | 0 | 27,649,000 | (27,649,000) | ||||||||
Contributions from Vornado | [2] | 245,067,000 | 245,067,000 | ||||||||
Issuance of shares in connection with separation (shares) | 99,247,806 | ||||||||||
Issuance of shares in connection with separation | $ 0 | $ 993,000 | 472,925,000 | (473,918,000) | |||||||
Under Omnibus share plan (in shares) | 2,302,762 | 31,739 | |||||||||
Under Omnibus share plan | $ 0 | 0 | |||||||||
Under dividend reinvestment plan (shares) | 11,407 | ||||||||||
Under dividend reinvestment plan | 0 | 258,000 | (258,000) | ||||||||
Dividends on common shares ($0.80 per share) | (79,167,000) | (79,167,000) | |||||||||
Share-based compensation expense | 10,261,000 | 2,186,000 | 176,000 | 7,899,000 | |||||||
Distributions to redeemable NCI ($0.80 per unit) | [3] | $ (4,918,000) | (4,918,000) | $ (6,400) | |||||||
Ending balance (in shares) at Dec. 31, 2015 | 99,290,952 | 99,290,952 | |||||||||
Ending balance at Dec. 31, 2015 | $ 471,454,000 | $ 993,000 | $ 475,369,000 | $ 0 | $ (38,442,000) | $ 33,177,000 | $ 357,000 | ||||
Common shares issued: | |||||||||||
Distribution to share-based awards, as a percent of dividends paid to common shares | [3] | 10.00% | |||||||||
Deferred tax liability, net | $ 3,607,000 | $ 3,607,000 | |||||||||
[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 | ||||||||||
[2] | Included in Contributions from Vornado is a $3.7 million deferred tax liability related to our properties in Puerto Rico. Refer to Note 8 - Income Taxes. | ||||||||||
[3] | Included in Distributions to redeemable NCI are distributions to Outperformance Plan Units(“OPP”) Units which are equivalent to 10% of dividends paid on common shares, or $6.4 thousand. |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Changes in Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends on common shares (in dollars per share) | $ 0.80 |
Distributions to redeemable NCI (in dollars per unit) | $ 0.80 |
Consolidated and Combined Stat7
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 41,348 | $ 65,794 | $ 109,335 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 58,299 | 54,897 | 55,404 |
Amortization of deferred financing costs | 2,738 | 1,660 | 1,882 |
Real estate impairment loss | 0 | 0 | 19,000 |
Amortization of below market leases, net | (7,907) | (8,762) | (8,159) |
Straight-lining of rent | 333 | (1,559) | (2,718) |
Share-based compensation expense | 10,261 | 3,878 | 2,732 |
Non-cash separation costs paid by Vornado | 17,403 | 0 | 0 |
Provision for doubtful accounts | 1,526 | 1,032 | 666 |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (4) | (5,914) | 46,952 |
Prepaid and other assets | (3,611) | (1,196) | 14,705 |
Accounts payable and accrued expenses | 11,300 | (4,929) | 934 |
Other liabilities | 6,392 | 787 | (206) |
Net cash provided by operating activities | 138,078 | 105,688 | 240,527 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Real estate additions | (36,290) | (39,509) | (24,926) |
Acquisition of real estate | (30,125) | (6,077) | 0 |
Decrease in cash held in escrow and restricted cash | 925 | 1,082 | (2,087) |
Net cash used in investing activities | (65,490) | (44,504) | (27,013) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Debt repayments | (44,654) | (42,481) | (367,704) |
Contributions from (distributions to) Vornado | (227,732) | 148,786 | 160,370 |
Dividends paid to shareholders | (79,167) | 0 | 0 |
Distributions to redeemable noncontrolling interests | (4,918) | 0 | 0 |
Debt issuance costs | (5,198) | (2,540) | (1,562) |
Proceeds from borrowings | 0 | 130,000 | 317,000 |
Net cash provided by financing activities | 93,795 | (63,807) | (212,636) |
Net increase in cash and cash equivalents | 166,383 | (2,623) | 878 |
Cash and cash equivalents at beginning of year | 2,600 | 5,223 | 4,345 |
Cash and cash equivalents at end of year | 168,983 | 2,600 | 5,223 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest (includes amounts capitalized of $1,856, $0 and $0, respectively) | 52,814 | 53,133 | 53,669 |
Cash payments for income taxes | 1,907 | 1,342 | 1,751 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures included in accounts payable and accrued expenses | 8,699 | 1,592 | 277 |
Write off of fully depreciated assets | $ 10,588 | $ 2,612 | $ 64,224 |
Consolidated and Combined Stat8
Consolidated and Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $ 1,856 | $ 0 | $ 0 |
QUARTERLY FINANCIAL DATA (unaud
QUARTERLY FINANCIAL DATA (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Total revenue | $ 80,622 | $ 79,825 | $ 78,715 | $ 83,783 | $ 79,808 | $ 76,416 | $ 76,820 | $ 82,632 | $ 322,945 | $ 315,676 | $ 362,995 | |
Operating income | 29,576 | 34,011 | 30,807 | 3,682 | 30,734 | 28,465 | 31,473 | 31,768 | 98,076 | 122,440 | 167,213 | |
Net income | 16,167 | 20,045 | 17,153 | (12,017) | 16,208 | 13,646 | 18,024 | 17,916 | 41,348 | 65,794 | 109,335 | |
Net income attributable to noncontrolling interests in operating partnership | (942) | (1,179) | (986) | 560 | 0 | 0 | 0 | 0 | ||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | 1 | (6) | (5) | (6) | (6) | (5) | (6) | (5) | (16) | (22) | (21) | |
Net income attributable to Vornado | $ 15,226 | $ 18,860 | $ 16,162 | $ (11,463) | $ 16,202 | $ 13,641 | $ 18,018 | $ 17,911 | $ 38,785 | [1] | $ 65,772 | $ 109,314 |
Earnings (loss) per common share - Basic (in dollars per share) | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.16 | $ 0.14 | $ 0.18 | $ 0.18 | $ 0.39 | $ 0.66 | $ 1.10 | |
Earnings (loss) per common share - Diluted (in dollars per shre) | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.16 | $ 0.14 | $ 0.18 | $ 0.18 | $ 0.39 | $ 0.66 | $ 1.10 | |
[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 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 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 December 31, 2015 our portfolio consisted of 80 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 VRLP common units and 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 will 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 | 12 Months Ended |
Dec. 31, 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 accounting principles generally accepted in the United States of America (“GAAP”). The consolidated balance sheet as of December 31, 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 consolidated and combined statement of income for the year ended December 31, 2015 includes the consolidated accounts of the Company and the combined accounts of UE Businesses. Accordingly, the results presented for the year ended December 31, 2015 reflect the 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 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. 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. Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. None of our tenants accounted for more than 10% of our revenue or property operating income. 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 year ended December 31, 2013 , $6.5 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 | 12 Months Ended |
Dec. 31, 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 impairment 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 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 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 include direct salaries, third-party fees and other costs incurred by us to originate a lease. Such costs are capitalized and amortized on a straight-line basis over the term of the related leases. Deferred Financing Costs — Deferred financing costs include fees associated with our revolving credit agreement. Such fees are amortized on a straight-line basis over the terms of the related revolving credit agreement as a component of interest expense, which approximates the effective interest rate method, in accordance with the terms of the agreement. No amounts have been drawn to date under the agreement. 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). • Expense Reimbursements - revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses, real estate taxes and capital improvements 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 interests 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, restricted stock awards and performance-based units 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. Fair value is determined, depending on the type of award, using either the Black-Scholes option-pricing model or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date. In 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. Income Taxes — 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. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which these temporary differences are expected to be recovered or settled. Earnings and profits, which determine the taxability of dividends to shareholders, differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives and cost bases of the shopping centers, as well as other timing differences. 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 year ended December 31, 2015 . As of December 31, 2015 , The Home Depot was our largest tenant with 7 stores which comprised an aggregate of 865,000 square-feet (unaudited) and accounted for approximately $14.2 million , or 6.3% of minimum rental income for the year ended December 31, 2015 . Recently Issued Accounting Literature In May 2014, the FASB issued an update (“2014-09”) Revenue from Contracts with Customers to ASC Topic 606, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued an update (“2015-09”) Revenue from Contracts with Customers to ASC Topic 606), which defers the effective date of ASU 2014-09 for all entities by one year. ASU 2015-09 is effective beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the impact this standard will have on our consolidated and combined financial statements. 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. This ASU is effective for the Company beginning in the first quarter of the year ended December 31, 2016. We have evaluated the impact of the adoption of ASU 2015-02 on our consolidated and combined financial statements and have determined under ASU 2015-02 the Company’s operating partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. As such, this standard will not have a material impact 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 with early adoption permitted. The Company elected to early adopt ASU 2015-03 effective as of December 31, 2015 with a retrospective application to the December 31, 2014 combined balance sheet. The effect of ASU 2015-03 was to reclassify the net unamortized balance of debt issuance costs of $10.4 million as of December 31, 2014 from deferred financing costs to a contra liability deduction of mortgages payable. Mortgages payable as of December 31, 2015 are presented net of $8.3 million of unamortized deferred financing costs. The adoption of ASU 2015-03 did not impact our results of operations or cash flows. In August 2015, the FASB issued an update (“ASU 2015-15”) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-Of-Credit Arrangements. ASU 2015-15 is derived from SEC paragraphs pursuant to the SEC staff announcement at the June 2015 Emerging Issues Task Force meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. The SEC paragraphs state that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are outstanding borrowings under that line-of-credit arrangement. ASU 2015-15 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company elected to early adopt ASU 2015-15 as of December 31, 2015. The adoption did not have an impact on our consolidated and combined financial position, results of operations or cash flows. In September 2015, the FASB issued an update (“ASU 2015-16”) Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and sets forth new disclosures requirements related to the adjustments. ASU 2016-15 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard is not expected to have an impact on our consolidated and combined financial position, results of operations or cash flows. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises an entity’s accounting related to: (i) the classification and measurement of investments in equity securities; (ii) the presentation of certain fair value changes for financial liabilities measured at fair value; and (iii) amends certain disclosure requirements associated with the fair value of financial instruments, including eliminating the requirement for public business entities to disclose the method and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. ASU 2016-01 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated and combined financial position, results of operations or cash flows. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS During the year ended December 31, 2015 the Company acquired three properties with existing leases. All 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. During the year ended December 31, 2014 the Company purchased land for $6.1 million , accounted for as an asset acquisition. The following table provides a summary of acquisition activity during the year ended December 31, 2015 : Date Purchased Property Name City State Square Feet/Acres Purchase Price (unaudited) (in thousands) April 29, 2015 Bergen Town Center - outparcel Paramus NJ 0.8 (1) $ 2,750 June 29, 2015 Lawnside - outparcel Lawnside NJ 2,000 375 December 23, 2015 Pan Bay Center Queens NY 46,000 (2) 27,000 Total $ 30,125 (1) In acres. (2) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. The aggregate purchase price of the above property acquisitions have been allocated as follows: Amount (in thousands) Land $ 17,145 Buildings and improvements 12,821 Identified intangible assets 1,760 Deferred leasing costs 594 Identified intangible liabilities (2,195 ) $ 30,125 During the year ended December 31, 2015 , we did not recognize any material measurement period adjustments related to prior or current year acquisitions. We expensed approximately $1.3 million of transaction-related costs in connection with completed or pending property acquisitions which are included in Transaction costs in the consolidated and combined statements of operations. In conjunction with the acquisition of Pan Bay Center, we entered into reverse Section 1031 like-kind exchange agreements with third party intermediaries, which, for a maximum of 180 days, allow us to defer for tax purposes, gains on the sale of other properties identified and sold within the period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition dates, the third party intermediaries are the legal owner of the properties; however, we control the activities that most significantly impact each property and retain all of the economic benefits and risks associated with each property. Therefore, at the date of acquisition, we determined that we were the primary beneficiary of this variable interest entity and consolidated the properties and their operations as of the acquisition date. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 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 $12.7 million and $11.9 million is included as a component of general and administrative expenses in the combined statements of income for the years ended December 31, 2014 and 2013 , respectively. The allocated amounts do not necessarily reflect what actual costs would have been if the UE Businesses were a separate stand-alone public company and actual costs may be materially different. Vornado has agreed to provide transition services to the Company for up to two years from the date of separation pursuant to a transition services agreement between the Company and Vornado including human resources, information technology, risk management, tax services and office space. The fees charged to us by Vornado for these transition services approximate the actual cost incurred by Vornado in providing such services. As of December 31, 2015 there were no amounts due to Vornado related to such services. For the year ended December 31, 2015 , there were $2.4 million of costs paid to Vornado included in general and administrative expenses, which consisted of $2.0 million of transition services fees and $0.4 million of rent expense for one of our office locations. 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 7.1% of the common shares of beneficial interest of Vornado. As of, and for the twelve months ended December 31, 2015 , Vornado owned 32.4% of Alexander’s, Inc. We recognized management and development fee income of $2.3 million , $0.5 million and $0.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and December 31, 2014 , there were $0.7 million and $0.2 million of fees, respectively, due from Vornado included in tenant and other receivables in our consolidated and combined balance sheets. |
IDENTIFIED INTANGIBLE ASSETS AN
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets 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 $34.0 million and $154.9 million as of December 31, 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 $7.9 million , $8.8 million and $8.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 $ 7,500 2017 7,448 2018 7,227 2019 7,204 2020 7,211 Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $1.5 million , $1.6 million and $1.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 $ 1,598 2017 1,523 2018 1,341 2019 1,220 2020 1,177 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 $1.0 million , $1.0 million and $1.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
MORTGAGES PAYABLE | MORTGAGES PAYABLE The following is a summary of mortgages payable as of December 31, 2015 and December 31, 2014 . Interest Rate at December 31 December 31, (Amounts in thousands) Maturity December 31, 2015 2015 2014 Cross collateralized mortgage on 40 properties: Fixed Rate 9/10/2020 4.33% $ 533,459 $ 547,231 Variable Rate (1) 9/10/2020 2.36% 60,000 60,000 Total cross collateralized 593,459 607,231 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% 86,984 120,000 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% 15,285 15,657 Total mortgages payable 1,242,265 1,288,535 Unamortized debt issuance costs (8,282 ) (10,353 ) Total mortgages payable, net unamortized debt issuance costs $ 1,233,983 $ 1,278,182 (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 December 31, 2015 we are in default and 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 $1.1 million and $1.2 million of unamortized debt discount as of December 31, 2015 and December 31, 2014 , respectively. The effective interest rate including amortization of the debt discount is 7.40% . The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $863.9 million as of December 31, 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 December 31, 2015 , we were in compliance with all debt covenants. As of December 31, 2015 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 16,119 2017 16,784 2018 99,708 2019 17,320 2020 535,114 Thereafter 557,220 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. Deferred financing fees associated with the Agreement are included in deferred financing fees in the consolidated and combined balance sheets until amounts are drawn under the Agreement. Once there is a balance outstanding on the Agreement, deferred financing fees will be reclassified and shown as a deduction of the outstanding debt balance on 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 3.0% . 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 $9.4 million has been funded as of December 31, 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 year ended December 31, 2015 , amortization of the lender fees included within interest and debt expense totaled $0.3 million , for a net $1.7 million unamortized lender fees as of December 31, 2015 . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 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 for federal income taxes has been made in the accompanying consolidated and combined financial statements. We intend to continue to adhere to these requirements and maintain our REIT status in future periods. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. The following summarizes the tax status of dividends paid: Year Ended December 31, 2015 Dividend paid per share $ 0.80 Ordinary income 100 % Return of capital — % Capital gains — % 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 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. Both properties are held in a special partnership for Puerto Rico tax reporting (the general partner being a qualified REIT subsidiary “QRS”). Income taxes have been provided for on the asset and liability method as required by the Income Taxes Topic of the FASB ASC. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting bases and the tax bases of the assets and liabilities. A deferred tax asset valuation allowance is recorded when it has been determined that it is more-likely-than-not that the deferred tax asset will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. There is no valuation allowance as of December 31, 2015 and 2014 . 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 tax expense recorded was $1.3 million , $1.7 million and $2.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Income tax expense consists of the following: Year Ended December 31, (in thousands) 2015 2014 2013 Income tax expense: Current $ 1,417 $ 1,721 $ 2,100 Deferred (1) (123 ) — — Total income tax expense $ 1,294 $ 1,721 $ 2,100 (1) The deferred portion of income tax expense related to temporary differences for periods prior to the separation date are reflected as contributions from Vornado in the consolidated and combined statement of changes in equity. A net deferred tax liability of $3.6 million is included in our consolidated balance sheet within Other Liabilities as of December 31, 2015 , consisting of temporary differences related to our two Puerto Rico properties consisting of a deferred tax liability of $4.5 million offset by a deferred tax asset of $0.9 million . The deferred tax liability of $4.5 million is comprised of $2.2 million of tax depreciation in excess of GAAP depreciation, $2.0 million straight-line rents and $0.3 million of amortization of acquired leases not recorded for tax purposes. The deferred tax asset of $0.9 million is comprised of $0.4 million of GAAP to tax depreciation adjustment, $0.3 million of amortization of deferred financing fees not recorded for tax purposes and $0.2 million excess of bad debt expense for tax purposes. The temporary differences related to our two Puerto Rico properties were reflected in the historical results of operations and carrying amounts of our assets and liabilities transferred to UE Businesses. However, the deferred tax liability was not recorded prior to the separation date and therefore was not presented on the carved-out and combined financial statements of UE Businesses. The adjustment to account for the temporary differences between UE Businesses net income and taxable income for periods prior to the separation date was recorded in the quarter ended December 31, 2015 . This resulted in a $3.6 million increase to deferred tax liability on the consolidated and combined balance sheets and a corresponding $3.6 million decrease to contributions from Vornado on the consolidated and combined statement of changes in equity. The temporary differences resulting from activity during the year ended December 31, 2015 is recorded within Income Tax Expense on the consolidated and combined statements of income. Below is a table summarizing the net deferred income tax liability balance: (in thousands) Balance at January 1, 2015 $ (3,730 ) Change in deferred tax assets: Depreciation (123 ) Amortization of deferred financing costs 254 Provision for doubtful accounts (72 ) Change in deferred tax liabilities: Depreciation (2 ) Straight-line rent 51 Amortization of acquired leases 15 Balance at December 31, 2015 $ (3,607 ) The Company accounts for uncertainties in income tax law in accordance with FASB ASC, under which tax positions shall initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. Federal and state tax returns are open from 2011 and forward for the Company. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 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 Basis There were no financial assets or liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 . Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis During the year ended December 31, 2013 , the Company recognized impairment charges of $19.0 million to write down Bruckner Boulevard to fair value. The fair value of this asset was determined using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. The discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include forecasted revenues and expenses based upon market conditions and expectations for growth. The fair value of Bruckner Boulevard as of December 31, 2013 determined using the discounted cash flow model analysis, was $142.0 million , and classified as Level 3 in the fair value hierarchy. 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 and cash equivalents and mortgages payable. Cash and 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 rates used range from 2.0% to 2.3% and 1.5% to 3.7% as of December 31, 2015 and 2014 , respectively. The fair value of cash and 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 December 31, 2015 and December 31, 2014 . As of December 31, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 168,983 $ 168,983 $ 2,600 $ 2,600 Liabilities: Mortgages payable $ 1,242,265 $ 1,262,483 $ 1,288,535 $ 1,327,000 The following interest rates were used by the Company to estimate the fair value of mortgages payable: December 31, 2015 2014 Low High Low High Mortgages payable 2.0% 2.3% 1.5% 3.7% |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 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 $ 224,435 2017 219,072 2018 204,979 2019 185,650 2020 160,453 Thereafter 1,003,440 These future minimum amounts do not include additional rents based on a percentage of tenants’ sales or reimbursements. For the years ended December 31, 2015 , 2014 and 2013 , these additional rents were $1.2 million , $1.5 million , and $1.2 million , respectively. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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. Letters of Credit: As of December 31, 2015, $0.1 million letters of credit were outstanding. Loan Commitments: In January 2015 we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra. As part of the planned redevelopment of the property, we committed to fund $20.0 million for leasing and building capital expenditures of which $9.4 million has been funded as of December 31, 2015 . Master Leases: 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 December 31, 2015 , the aggregate amount of these master leases was approximately $9.2 million. Redevelopment: As of December 31, 2015 , we have approximately $122.8 million of active development, redevelopment and anchor repositioning projects underway of which $91.0 million remains to be funded as of December 31, 2015 . Based on current plans and estimates we anticipate the remaining amounts will be expended over the next three years. 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 year ended December 31, 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. |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 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) December 31, 2015 December 31, 2014 Other assets $ 2,467 $ 2,983 Prepaid expenses: Real estate taxes 5,646 4,298 Insurance 1,934 2,121 Rent, licenses/fees 941 855 Total Prepaid expenses and other assets $ 10,988 $ 10,257 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 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) December 31, 2015 December 31, 2014 Deferred ground rent expense $ 6,038 $ 5,662 Deferred tax liability, net 3,607 — Deferred tenant revenue 2,284 878 Environmental remediation costs 1,379 — Total Other liabilities $ 13,308 $ 6,540 |
INTEREST AND DEBT EXPENSE
INTEREST AND DEBT EXPENSE | 12 Months Ended |
Dec. 31, 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. Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Interest expense $ 52,846 $ 53,300 $ 53,907 Amortization of deferred financing costs 2,738 1,660 1,882 Total Interest and debt expense $ 55,584 $ 54,960 $ 55,789 |
NONCONTROLLING INTEREST
NONCONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 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 twelve months ended December 31, 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% weighted-average interest in the Operating Partnership for the year ended December 31, 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. 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 | 12 Months Ended |
Dec. 31, 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 , April 20, 2015 , May 11, 2015 , August 17, 2015 , and November 6, 2015 . We have a Dividend Reinvestment Plan (the “DRIP”), whereby shareholders may use their dividends to purchase shares. During the year ended December 31, 2015 , 11,407 shares were issued under the DRIP. Outperformance Plan Units (“OPP Units”) are multi-year, performance-based equity compensation plans under which participants, including our Chairman and Chief Executive Officer, have the opportunity to earn compensation payable in the form of equity awards if, and only if, we outperform a predetermined total shareholder return (“TSR”) and/or outperform the market with respect to a relative TSR in any year during the requisite performance periods as described below. The aggregate notional amount of the 2015 OPP is $9.5 million . Awards under the 2015 OPP may be earned if we (i) achieve a TSR level greater than 7% per annum, or 21% over the three -year performance measurement period (the “Absolute Component”), and/or (ii) achieve a TSR equal to or above, that of the 50th percentile of a retail REIT peer group (“Peer Group”) comprised of 16 of our peer companies, over a three -year performance measurement period (the “Relative Component”). To the extent awards would be earned under the Absolute Component but we underperformed our Peer Group, such awards earned under the Absolute Component would be reduced (and potentially fully negated) based on the degree to which we underperformed our Peer Group. In certain circumstances, in the event we outperform our Peer Group but awards would not otherwise be earned under the Absolute Component, awards may be increased under the Relative Component. Dividends on awards accrue during the measurement period. If the designated performance objectives are achieved, OPP Units are also subject to time-based vesting requirements. Awards earned under the 2015 OPP vest 50% in year three, 25% in year four and 25% in year five. Our executive officers are required to hold earned 2015 OPP awards for one year following vesting. The fair value of the 2015 OPP on the date of grant was $3.6 million using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payment, discounted to the valuation date over a three year performance period. Assumptions include historic volatility ( 25.0% ), risk-free interest rates ( 1.2% ), and historic daily return as compared to our Peer Group (which ranged from 19.0% to 27.0% ). Such amount is being amortized into expense over a five -year period from the date of grant, using a graded vesting attribution model. In the year ended December 31, 2015 , we recognized $0.2 million of compensation expense related to OPPs. As of December 31, 2015 , there was $3.4 million of total unrecognized compensation cost related to the OPPs, which will be recognized over a weighted-average period of 3.6 years. All stock options granted have ten -year contractual lives, containing vesting terms of three to five years. As of December 31, 2015 , the weighted average contractual term of shares under option outstanding at the end of the period is 9.1 years. The following table presents stock option activity during the year ended December 31, 2015 : Shares Under Options Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2015 — — — Granted 2,302,762 $ 23.89 6.15 Exercised — — — Forfeited or expired (13,623 ) 24.46 — Outstanding at December 31, 2015 2,289,139 $ 23.89 6.15 Exercisable at December 31, 2015 6,812 24.46 — During the year ended December 31, 2015 , the fair value of the options granted was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: February 17, 2015 March 12, 2015 April 20, 2015 August 17, 2015 Risk-free interest rate 1.76% 1.91% 1.60% 1.95% Expected option life 6 6.5 6.25 6.25 Expected volatility 24.00% 25.00% 26.00% 27.00% The options were granted with an exercise price equivalent to the average of the high and low stock price on the grant date. No options were granted during the years ended December 31, 2014 and 2013 . The following table presents information regarding restricted share activity during the year ended December 31, 2015 : Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2015 — — Granted 35,460 $ 22.84 Vested (1,022 ) 24.46 Forfeited (3,721 ) 24.18 Unvested at December 31, 2015 30,717 $ 22.62 During the year ended December 31, 2015 , we granted 35,460 restricted shares, respectively, that are subject to forfeiture and vest over periods ranging from one to five years. The total grant date value of the 1,022 restricted shares vested during the year ended December 31, 2015 was $25.0 thousand . In connection with the separation transaction, there were 433,040 LTIP units issued to executives during the year ended December 31, 2015 , 343,232 of which were immediately vested. The remaining 89,808 units vest over a weighted average period of 2.5 years. Share-based compensation expense, which is included in general and administrative (“G&A”) expenses in our consolidated statements of income, is summarized as follows: Year Ended December 31, (Amounts in thousands) 2015 Share-based compensation expense components included in G&A (2) : Restricted share expense $ 282 Stock option expense 1,901 LTIP expense 7,748 2015 OPP expense 153 OPP expense (1) 177 Total Share-based compensation expense $ 10,261 (1) OPP Expense for the year ended December 31, 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. Share-based compensation expense amounts of $3.9 million and $2.7 million included in general and administrative expenses in our combined statements of income for the years ended December 31, 2014 and 2013 , respectively, are related to Vornado equity awards issued prior to the separation for Vornado employees. As of December 31, 2015 , we had a total of $12.4 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 3.2 years . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2015 , there were options outstanding for 2,289,139 shares that potentially could be exercised for common shares. These options, with exercise prices ranging from $22.83 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. In addition, there were 30,717 unvested restricted shares outstanding that potentially could become unrestricted common shares. The computation of diluted EPS for the year ended December 31, 2015 included the 25,829 weighted average unvested restricted shares outstanding, 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 since they would be anti-dilutive. 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: Year Ended December 31, (Amounts in thousands, except per share data) 2015 2014 2013 Numerator: Net income $ 41,348 $ 65,794 $ 109,335 Less: Net income attributable to participating securities (2,563 ) (22 ) (21 ) Net income available for common shareholders $ 38,785 $ 65,772 $ 109,314 Denominator: Weighted average common shares outstanding - basic 99,252 99,248 99,248 Effect of dilutive securities: Restricted stock 26 — — Weighted average common shares outstanding - diluted 99,278 99,248 99,248 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.39 $ 0.66 $ 1.10 Earnings per common share - Diluted $ 0.39 $ 0.66 $ 1.10 |
QUARTERLY FINANCIAL DATA (una27
QUARTERLY FINANCIAL DATA (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (unaudited) | QUARTERLY FINANCIAL DATA (unaudited) Three Months Ended, (Amounts in thousands, except per share amounts) December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total revenue $ 80,622 $ 79,825 $ 78,715 $ 83,783 Operating income $ 29,576 $ 34,011 $ 30,807 $ 3,682 Net income $ 16,167 $ 20,045 $ 17,153 $ (12,017 ) Net income attributable to noncontrolling interests in operating partnership $ (942 ) $ (1,179 ) $ (986 ) $ 560 Net income attributable to noncontrolling interests in consolidated subsidiaries $ 1 $ (6 ) $ (5 ) $ (6 ) Net income attributable to common shareholders $ 15,226 $ 18,860 $ 16,162 $ (11,463 ) Earnings (loss) per common share - Basic $ 0.15 $ 0.19 $ 0.16 $ (0.12 ) Earnings (loss) per common share - Diluted $ 0.15 $ 0.19 $ 0.16 $ (0.12 ) Three Months Ended, December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Total revenue $ 79,808 $ 76,416 $ 76,820 $ 82,632 Operating income $ 30,734 $ 28,465 $ 31,473 $ 31,768 Net income $ 16,208 $ 13,646 $ 18,024 $ 17,916 Net income attributable to noncontrolling interests in operating partnership $ — $ — $ — $ — Net income attributable to noncontrolling interests in consolidated subsidiaries $ (6 ) $ (5 ) $ (6 ) $ (5 ) Net income attributable to Vornado $ 16,202 $ 13,641 $ 18,018 $ 17,911 Earnings per common share - Basic (1) $ 0.16 $ 0.14 $ 0.18 $ 0.18 Earnings per common share - Diluted (1) $ 0.16 $ 0.14 $ 0.18 $ 0.18 (1) 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. |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our December 31, 2015 consolidated and combined balance sheet date for potential recognition or disclosure in our consolidated and combined financial statements. On February 18, 2016 , the Board of Trustees declared a quarterly dividend of $0.20 per common share, payable on March 31, 2016 to stockholders of record on March 15, 2016 . |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Amounts in thousands) Column A Column B Column C Column D Column E Description Balance at Beginning of Year Additions (Reversals) Expensed Uncollectible Accounts Written-Off Balance at End of Year Year Ended December 31, 2015: Allowance for doubtful accounts $ 2,432 $ 1,526 $ (2,032 ) $ 1,926 Year Ended December 31, 2014: Allowance for doubtful accounts 2,398 1,032 (998 ) 2,432 Year Ended December 31, 2013: Allowance for doubtful accounts 4,133 666 (2,401 ) 2,398 |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in thousands) Initial cost to company Gross amount at which carried at close of period Description Encumbrances Land Building and improvements Costs capitalized subsequent to acquisition Land Building and improvements Total (2) Accumulated depreciation and amortization (1) Date of construction Date acquired SHOPPING CENTERS AND MALLS: Allentown, PA 28,602 187 15,580 1,926 187 17,506 17,693 13,229 1957 1957 Baltimore (Towson), MD 14,902 581 3,227 10,820 581 14,047 14,628 6,228 1968 1968 Bensalem, PA 14,197 2,727 6,698 2,014 2,728 8,712 11,440 3,826 1972/ 1999 1972 Bergen Town Center - East, Paramus, NJ — 6,305 — 32,387 6,305 32,387 38,692 5,287 1957/ 2009 2003 Bergen Town Center - West, 300,000 15,812 82,240 333,425 33,563 397,914 431,477 88,449 1957/ 2009 2003/ 2015 Bethlehem, PA 5,334 827 5,200 1,355 839 6,543 7,382 5,671 1966 1966 Brick, NJ 30,485 1,391 11,179 6,846 1,391 18,025 19,416 13,015 1968 1968 Bronx (Bruckner Boulevard), NY — 66,100 259,503 (60,215) 55,456 209,932 265,388 10,749 N/A 2007 Bronx (1750-1780 Gun Hill Road), NY — 6,427 11,885 20,066 6,428 31,950 38,378 6,009 2009 2005 Broomall, PA 10,196 850 2,171 1,399 850 3,570 4,420 2,635 1966 1966 Buffalo (Amherst), NY — 5,743 4,056 12,752 5,107 17,444 22,551 6,975 1968 1968 Cambridge (ground and building leased through 2033), MA — — — 260 — 260 260 203 Carlstadt (ground leased through 2050), NJ — — 16,458 — — 16,458 16,458 3,372 N/A 2007 Charleston (ground leased through 2063), SC — — 3,634 1 — 3,635 3,635 841 N/A 2006 Cherry Hill, NJ 13,229 5,864 2,694 4,306 4,864 7,999 12,863 4,240 1964 1964 Chicopee, MA 7,922 895 — — 895 — 895 — 1969 1969 Commack (ground and building leased through 2021), NY — — 43 184 — 227 227 159 N/A 2006 Dewitt (ground leased through 2041), NY — — 7,116 — — 7,116 7,116 1,629 N/A 2006 Dover, NJ 12,549 559 6,363 3,388 559 9,752 10,311 5,620 1964 1964 East Brunswick, NJ 34,982 2,417 17,169 6,014 2,417 23,183 25,600 16,455 1957/ 1972 1957/ 1972 East Hanover (200 - 240 Route 10 West), NJ 36,498 2,232 18,241 7,161 2,671 24,963 27,634 14,881 1962 1962/ 1998 East Hanover (280 Route 10 West), NJ 4,340 — — 7,000 — 7,000 7,000 1,670 East Rutherford, NJ 12,968 — 36,727 60 — 36,787 36,787 5,986 2007 2007 Eatontown, NJ — 4,653 4,999 326 4,653 5,325 9,978 1,532 N/A 2005 Englewood, NJ 11,537 2,300 17,245 (8,390) 1,495 9,660 11,155 848 N/A 2007 Initial cost to company Gross amount at which carried at close of period Description Encumbrances Land Building and improvements Costs capitalized subsequent to acquisition Land Building and improvements Total (2) Accumulated depreciation and amortization (1) Date of construction Date acquired Freeport (240 West Sunrise Highway) (ground and building leased through 2040), NY — — — — 260 — 260 260 173 N/A 2005 Freeport (437 East Sunrise Highway), NY 20,393 1,231 4,747 3,484 1,231 8,231 9,462 5,610 1981 1981 Garfield, NJ — 45 8,068 27,088 45 35,156 35,201 8,515 2009 1998 Glen Burnie, MD — 462 2,571 1,932 462 4,503 4,965 3,222 1958 1958 Glenolden, PA 6,536 850 1,820 612 850 2,433 3,283 2,182 1975 1975 Hackensack, NJ 38,694 692 10,219 4,183 692 14,403 15,095 9,986 1963 1963 Hazlet, NJ — 7,400 9,413 (2,168) 7,400 7,245 14,645 1,555 N/A 2007 Queens, NY — 14,537 12,304 — 14,537 12,305 26,842 8 N/A 2015 Huntington, NY 15,896 21,200 33,667 1,975 21,200 35,642 56,842 7,150 N/A 2007 Inwood, NY — 12,419 19,097 1,214 12,419 20,311 32,730 5,586 N/A 2004 Jersey City, NJ 19,347 652 7,495 719 652 8,214 8,866 2,969 1965 1965 Kearny, NJ — 309 3,376 6,014 309 9,390 9,699 3,072 1938 1959 Lancaster, PA 5,151 3,140 63 1,259 3,140 1,323 4,463 569 1966 1966 Las Catalinas, Puerto Rico 130,000 15,280 64,370 11,652 15,280 76,022 91,302 32,438 1996 2002 Lawnside, NJ 10,196 1,226 3,164 1,204 1,226 4,368 5,594 4,270 1969 1969/ 2015 Lodi (Route 17 North), NJ 10,824 238 9,446 (1) 238 9,446 9,684 3,836 1999 1975 Lodi (Washington Street), NJ — 7,606 13,125 2,644 7,606 15,769 23,375 3,944 N/A 2004 Manalapan, NJ 20,079 725 7,189 6,150 1,046 13,018 14,064 8,602 1971 1971 Marlton, NJ 16,471 1,611 3,464 10,695 1,454 14,316 15,770 9,147 1973 1973 Middletown, NJ 16,576 283 5,248 2,893 283 8,141 8,424 6,028 1963 1963 Milford (ground and building leased through 2019), MA — — — — — — — — N/A 1976 Montclair, NJ 2,510 66 419 419 67 837 904 704 1972 1972 Montehiedra, Puerto Rico 116,984 9,182 66,751 12,223 9,267 78,889 88,156 33,166 1996/ 2015 1997 Morris Plains, NJ 20,393 1,104 6,411 1,723 1,104 8,134 9,238 7,081 1961 1985 Mount Kisco, NY 15,285 22,700 26,700 790 23,297 26,893 50,190 5,396 N/A 2007 New Hyde Park (ground and building leased through 2029), NY — — 4 — — 4 4 126 1970 1976 Newington, CT 10,719 2,421 1,200 1,356 2,421 2,556 4,977 942 1965 1965 Norfolk (ground and building leased through 2069), VA — — 3,927 15 — 3,942 3,942 3,085 N/A 2005 North Bergen (Kennedy Boulevard), NJ 4,863 2,308 636 13 2,308 649 2,957 471 1993 1959 North Bergen (Tonnelle Avenue), NJ 75,000 24,493 — 63,748 31,806 56,435 88,241 11,151 2009 2006 North Plainfield, NJ — 6,577 13,983 (5,526) 6,577 8,457 15,034 2,749 1955 1989 Oceanside, NY — 2,710 2,306 — — 2,710 2,306 5,016 495 N/A 2007 Initial cost to company Gross amount at which carried at close of period Description Encumbrances Land Building and improvements Costs capitalized subsequent to acquisition Land Building and improvements Total (2) Accumulated depreciation and amortization (1) Date of construction Date acquired Paramus (ground leased through 2033), NJ — — 12,569 — 12,569 12,569 2,469 1957/ 2009 2003 Rochester, NY 4,183 2,172 — 1 2,173 — 2,173 — 1966 1966 Rochester (Henrietta) (ground leased through 2056), NY — 2,647 1,228 — 3,875 3,875 3,403 1971 1971 Rockville, MD 3,470 20,599 1,532 3,470 22,132 25,602 5,708 N/A 2005 Salem (ground leased through 2102), NH 6,083 — — 6,083 — 6,083 — N/A 2006 Signal Hill, CA 9,652 2,940 1 9,652 2,941 12,593 680 N/A 2006 South Plainfield (ground leased through 2039), NJ 4,889 — 10,044 1,532 — 11,576 11,576 2,578 N/A 2007 Springfield, MA 5,464 2,797 2,471 728 2,797 3,198 5,995 1,216 1993 1966 Springfield, PA — — 80 — 80 80 80 N/A 2005 Staten Island, NY 11,446 21,262 2,855 11,446 24,117 35,563 6,839 N/A 2004 Totowa, NJ 23,635 120 11,994 4,868 92 16,890 16,982 13,253 1957/ 1999 1957 Turnersville, NJ 900 1,342 1,144 900 2,485 3,385 2,211 1974 1974 Tyson’s Corner (ground and building leased through 2035), VA — — — — — — — N/A 2006 Union (2445 Springfield Avenue), NJ 27,190 19,700 45,090 — 19,700 45,090 64,790 9,675 N/A 2007 Union (Route 22 and Morris Avenue), NJ 30,851 3,025 7,470 3,634 3,025 11,104 14,129 5,624 1962 1962 Vallejo (ground leased through 2043), CA — 2,945 221 — 3,166 3,166 759 N/A 2006 Walnut Creek (1149 South Main Street), CA 2,699 19,930 259 2,699 20,189 22,888 5,110 N/A 2006 Walnut Creek (Mt. Diablo), CA 5,909 — 1,480 5,908 1,481 7,389 187 N/A 2007 Watchung, NJ 14,380 4,178 5,463 2,059 4,441 7,259 11,700 4,567 1994 1959 Waterbury, CT 13,334 667 4,504 4,572 667 9,076 9,743 6,303 1969 1969 West Babylon, NY 6,720 13,786 (844) 6,720 12,942 19,662 2,785 N/A 2007 Wheaton (ground leased through 2060), MD — 5,367 — — 5,367 5,367 1,241 N/A 2006 Wilkes-Barre (461 - 499 Mundy Street), PA 6,053 26,646 996 6,053 27,643 33,696 5,705 N/A 2007 Woodbridge, NJ 19,713 1,509 2,675 2,551 1,539 5,196 6,735 2,612 1959 1959 Wyomissing (ground and building leased through 2065), PA — 2,646 1,675 — 4,321 4,321 3,085 N/A 2005 York, PA 4,968 409 2,568 1,362 409 3,930 4,339 3,646 1970 1970 — WAREHOUSES: — East Hanover - Five Buildings, NJ — 576 7,752 27,435 691 35,072 35,763 15,104 1972 1972 Initial cost to company Gross amount at which carried at close of period Description Encumbrances Land Building and improvements Costs capitalized subsequent to acquisition Land Building and improvements Total (2) Accumulated depreciation and amortization (1) Date of construction Date acquired TOTAL UE PROPERTIES 1,242,265 375,422 1,093,752 611,593 389,080 1,691,686 2,080,766 508,568 Leasehold Improvements, Equipment and Other — — — 3,876 — 3,876 3,876 544 TOTAL 1,242,265 375,422 1,093,752 615,469 389,080 1,695,562 2,084,642 509,112 (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (2) Aggregate cost for federal income tax purposes was $1.8 billion as of December 31, 2015. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in Thousands) The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2015 2014 2013 Real Estate Balance at beginning of period $ 2,022,804 $ 1,984,172 $ 2,045,258 Additions during the period: Land 10,984 6,077 — Buildings & improvements 8,840 31,998 24,907 Construction in progress 52,602 3,169 (2,677 ) 2,095,230 2,025,416 2,067,488 Less: Impairments and assets written-off (10,588 ) (2,612 ) (83,316 ) Balance at end of period $ 2,084,642 $ 2,022,804 $ 1,984,172 Accumulated Depreciation Balance at beginning of period $ 467,503 $ 421,756 $ 436,137 Additions charged to operating expenses 52,197 48,359 49,842 519,700 470,115 485,979 Less: Accumulated depreciation on assets written-off (10,588 ) (2,612 ) (64,223 ) Balance at end of period $ 509,112 $ 467,503 $ 421,756 |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying consolidated and combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Consolidation and Noncontrolling Interests | The consolidated balance sheet as of December 31, 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 consolidated and combined statement of income for the year ended December 31, 2015 includes the consolidated accounts of the Company and the combined accounts of UE Businesses. Accordingly, the results presented for the year ended December 31, 2015 reflect the 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 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. Redeemable noncontrolling interests include OP units and limited partnership interests in the Operating Partnership in the form of long-term incentive plan (“LTIP”) unit awards held by third parties. 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. |
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 impairment 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 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 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 Costs | Deferred financing costs include fees associated with our revolving credit agreement. Such fees are amortized on a straight-line basis over the terms of the related revolving credit agreement as a component of interest expense, which approximates the effective interest rate method, in accordance with the terms of the agreement. No amounts have been drawn to date under the agreement. Deferred leasing costs include direct salaries, third-party fees and other costs incurred by us to originate a lease. Such costs are capitalized and amortized on a straight-line basis over the term of the related leases. |
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). • Expense Reimbursements - revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses, real estate taxes and capital improvements 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. |
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, restricted stock awards and performance-based units 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. Fair value is determined, depending on the type of award, using either the Black-Scholes option-pricing model or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date. In 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. |
Income Taxes | Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which these temporary differences are expected to be recovered or settled. Earnings and profits, which determine the taxability of dividends to shareholders, differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives and cost bases of the shopping centers, as well as other timing differences. |
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 | In May 2014, the FASB issued an update (“2014-09”) Revenue from Contracts with Customers to ASC Topic 606, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued an update (“2015-09”) Revenue from Contracts with Customers to ASC Topic 606), which defers the effective date of ASU 2014-09 for all entities by one year. ASU 2015-09 is effective beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the impact this standard will have on our consolidated and combined financial statements. 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. This ASU is effective for the Company beginning in the first quarter of the year ended December 31, 2016. We have evaluated the impact of the adoption of ASU 2015-02 on our consolidated and combined financial statements and have determined under ASU 2015-02 the Company’s operating partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. As such, this standard will not have a material impact 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 with early adoption permitted. The Company elected to early adopt ASU 2015-03 effective as of December 31, 2015 with a retrospective application to the December 31, 2014 combined balance sheet. The effect of ASU 2015-03 was to reclassify the net unamortized balance of debt issuance costs of $10.4 million as of December 31, 2014 from deferred financing costs to a contra liability deduction of mortgages payable. Mortgages payable as of December 31, 2015 are presented net of $8.3 million of unamortized deferred financing costs. The adoption of ASU 2015-03 did not impact our results of operations or cash flows. In August 2015, the FASB issued an update (“ASU 2015-15”) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-Of-Credit Arrangements. ASU 2015-15 is derived from SEC paragraphs pursuant to the SEC staff announcement at the June 2015 Emerging Issues Task Force meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. The SEC paragraphs state that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are outstanding borrowings under that line-of-credit arrangement. ASU 2015-15 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company elected to early adopt ASU 2015-15 as of December 31, 2015. The adoption did not have an impact on our consolidated and combined financial position, results of operations or cash flows. In September 2015, the FASB issued an update (“ASU 2015-16”) Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and sets forth new disclosures requirements related to the adjustments. ASU 2016-15 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard is not expected to have an impact on our consolidated and combined financial position, results of operations or cash flows. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises an entity’s accounting related to: (i) the classification and measurement of investments in equity securities; (ii) the presentation of certain fair value changes for financial liabilities measured at fair value; and (iii) amends certain disclosure requirements associated with the fair value of financial instruments, including eliminating the requirement for public business entities to disclose the method and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. ASU 2016-01 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated and combined financial position, results of operations or cash flows. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of acquisition activity during the year | The following table provides a summary of acquisition activity during the year ended December 31, 2015 : Date Purchased Property Name City State Square Feet/Acres Purchase Price (unaudited) (in thousands) April 29, 2015 Bergen Town Center - outparcel Paramus NJ 0.8 (1) $ 2,750 June 29, 2015 Lawnside - outparcel Lawnside NJ 2,000 375 December 23, 2015 Pan Bay Center Queens NY 46,000 (2) 27,000 Total $ 30,125 (1) In acres. (2) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. |
Schedule of aggregate purchase price allocation | The aggregate purchase price of the above property acquisitions have been allocated as follows: Amount (in thousands) Land $ 17,145 Buildings and improvements 12,821 Identified intangible assets 1,760 Deferred leasing costs 594 Identified intangible liabilities (2,195 ) $ 30,125 |
IDENTIFIED INTANGIBLE ASSETS 33
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets 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 $ 7,500 2017 7,448 2018 7,227 2019 7,204 2020 7,211 |
Schedule of estimated 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 $ 1,598 2017 1,523 2018 1,341 2019 1,220 2020 1,177 |
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) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of mortgages payable | The following is a summary of mortgages payable as of December 31, 2015 and December 31, 2014 . Interest Rate at December 31 December 31, (Amounts in thousands) Maturity December 31, 2015 2015 2014 Cross collateralized mortgage on 40 properties: Fixed Rate 9/10/2020 4.33% $ 533,459 $ 547,231 Variable Rate (1) 9/10/2020 2.36% 60,000 60,000 Total cross collateralized 593,459 607,231 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% 86,984 120,000 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% 15,285 15,657 Total mortgages payable 1,242,265 1,288,535 Unamortized debt issuance costs (8,282 ) (10,353 ) Total mortgages payable, net unamortized debt issuance costs $ 1,233,983 $ 1,278,182 (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 December 31, 2015 we are in default and 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 $1.1 million and $1.2 million of unamortized debt discount as of December 31, 2015 and December 31, 2014 , respectively. The effective interest rate including amortization of the debt discount is 7.40% . |
Schedule of principal repayments | As of December 31, 2015 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 $ 16,119 2017 16,784 2018 99,708 2019 17,320 2020 535,114 Thereafter 557,220 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of tax status of dividends paid | The following summarizes the tax status of dividends paid: Year Ended December 31, 2015 Dividend paid per share $ 0.80 Ordinary income 100 % Return of capital — % Capital gains — % |
Schedule of income tax expense | Income tax expense consists of the following: Year Ended December 31, (in thousands) 2015 2014 2013 Income tax expense: Current $ 1,417 $ 1,721 $ 2,100 Deferred (1) (123 ) — — Total income tax expense $ 1,294 $ 1,721 $ 2,100 (1) The deferred portion of income tax expense related to temporary differences for periods prior to the separation date are reflected as contributions from Vornado in the consolidated and combined statement of changes in equity |
Schedule of deferred income tax liability | Below is a table summarizing the net deferred income tax liability balance: (in thousands) Balance at January 1, 2015 $ (3,730 ) Change in deferred tax assets: Depreciation (123 ) Amortization of deferred financing costs 254 Provision for doubtful accounts (72 ) Change in deferred tax liabilities: Depreciation (2 ) Straight-line rent 51 Amortization of acquired leases 15 Balance at December 31, 2015 $ (3,607 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and December 31, 2014 . As of December 31, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 168,983 $ 168,983 $ 2,600 $ 2,600 Liabilities: Mortgages payable $ 1,242,265 $ 1,262,483 $ 1,288,535 $ 1,327,000 |
Schedule of interest rates used for fair value of mortgages payable | The following interest rates were used by the Company to estimate the fair value of mortgages payable: December 31, 2015 2014 Low High Low High Mortgages payable 2.0% 2.3% 1.5% 3.7% |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 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 $ 224,435 2017 219,072 2018 204,979 2019 185,650 2020 160,453 Thereafter 1,003,440 |
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 AS38
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of the composition 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) December 31, 2015 December 31, 2014 Other assets $ 2,467 $ 2,983 Prepaid expenses: Real estate taxes 5,646 4,298 Insurance 1,934 2,121 Rent, licenses/fees 941 855 Total Prepaid expenses and other assets $ 10,988 $ 10,257 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of the composition of 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) December 31, 2015 December 31, 2014 Deferred ground rent expense $ 6,038 $ 5,662 Deferred tax liability, net 3,607 — Deferred tenant revenue 2,284 878 Environmental remediation costs 1,379 — Total Other liabilities $ 13,308 $ 6,540 |
INTEREST AND DEBT EXPENSE (Tabl
INTEREST AND DEBT EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of interest and debt expense | The following table sets forth the details of interest and debt expense. Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Interest expense $ 52,846 $ 53,300 $ 53,907 Amortization of deferred financing costs 2,738 1,660 1,882 Total Interest and debt expense $ 55,584 $ 54,960 $ 55,789 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock options activity | All stock options granted have ten -year contractual lives, containing vesting terms of three to five years. As of December 31, 2015 , the weighted average contractual term of shares under option outstanding at the end of the period is 9.1 years. The following table presents stock option activity during the year ended December 31, 2015 : Shares Under Options Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2015 — — — Granted 2,302,762 $ 23.89 6.15 Exercised — — — Forfeited or expired (13,623 ) 24.46 — Outstanding at December 31, 2015 2,289,139 $ 23.89 6.15 Exercisable at December 31, 2015 6,812 24.46 — |
Schedule of fair value assumptions | During the year ended December 31, 2015 , the fair value of the options granted was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: February 17, 2015 March 12, 2015 April 20, 2015 August 17, 2015 Risk-free interest rate 1.76% 1.91% 1.60% 1.95% Expected option life 6 6.5 6.25 6.25 Expected volatility 24.00% 25.00% 26.00% 27.00% |
Schedule of restricted stock activity | The following table presents information regarding restricted share activity during the year ended December 31, 2015 : Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2015 — — Granted 35,460 $ 22.84 Vested (1,022 ) 24.46 Forfeited (3,721 ) 24.18 Unvested at December 31, 2015 30,717 $ 22.62 |
Summary of share-based compensation expense | Share-based compensation expense, which is included in general and administrative (“G&A”) expenses in our consolidated statements of income, is summarized as follows: Year Ended December 31, (Amounts in thousands) 2015 Share-based compensation expense components included in G&A (2) : Restricted share expense $ 282 Stock option expense 1,901 LTIP expense 7,748 2015 OPP expense 153 OPP expense (1) 177 Total Share-based compensation expense $ 10,261 (1) OPP Expense for the year ended December 31, 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. Share-based compensation expense amounts of $3.9 million and $2.7 million included in general and administrative expenses in our combined statements of income for the years ended December 31, 2014 and 2013 , respectively, are related to Vornado equity awards issued prior to the separation for Vornado employees. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of our basic and diluted earnings per share: Year Ended December 31, (Amounts in thousands, except per share data) 2015 2014 2013 Numerator: Net income $ 41,348 $ 65,794 $ 109,335 Less: Net income attributable to participating securities (2,563 ) (22 ) (21 ) Net income available for common shareholders $ 38,785 $ 65,772 $ 109,314 Denominator: Weighted average common shares outstanding - basic 99,252 99,248 99,248 Effect of dilutive securities: Restricted stock 26 — — Weighted average common shares outstanding - diluted 99,278 99,248 99,248 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.39 $ 0.66 $ 1.10 Earnings per common share - Diluted $ 0.39 $ 0.66 $ 1.10 |
QUARTERLY FINANCIAL DATA (una43
QUARTERLY FINANCIAL DATA (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Three Months Ended, (Amounts in thousands, except per share amounts) December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total revenue $ 80,622 $ 79,825 $ 78,715 $ 83,783 Operating income $ 29,576 $ 34,011 $ 30,807 $ 3,682 Net income $ 16,167 $ 20,045 $ 17,153 $ (12,017 ) Net income attributable to noncontrolling interests in operating partnership $ (942 ) $ (1,179 ) $ (986 ) $ 560 Net income attributable to noncontrolling interests in consolidated subsidiaries $ 1 $ (6 ) $ (5 ) $ (6 ) Net income attributable to common shareholders $ 15,226 $ 18,860 $ 16,162 $ (11,463 ) Earnings (loss) per common share - Basic $ 0.15 $ 0.19 $ 0.16 $ (0.12 ) Earnings (loss) per common share - Diluted $ 0.15 $ 0.19 $ 0.16 $ (0.12 ) Three Months Ended, December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Total revenue $ 79,808 $ 76,416 $ 76,820 $ 82,632 Operating income $ 30,734 $ 28,465 $ 31,473 $ 31,768 Net income $ 16,208 $ 13,646 $ 18,024 $ 17,916 Net income attributable to noncontrolling interests in operating partnership $ — $ — $ — $ — Net income attributable to noncontrolling interests in consolidated subsidiaries $ (6 ) $ (5 ) $ (6 ) $ (5 ) Net income attributable to Vornado $ 16,202 $ 13,641 $ 18,018 $ 17,911 Earnings per common share - Basic (1) $ 0.16 $ 0.14 $ 0.18 $ 0.18 Earnings per common share - Diluted (1) $ 0.16 $ 0.14 $ 0.18 $ 0.18 (1) 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. |
ORGANIZATION (Details)
ORGANIZATION (Details) $ in Thousands, ft² in Millions | Jan. 15, 2015USD ($) | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Real Estate Properties [Line Items] | ||||
Area of real estate property (in sq ft) | ft² | 14.8 | |||
Noncontrolling interest percentage | 5.80% | |||
Capital investment, in cash | $ 225,000 | |||
Transaction costs | 21,900 | $ 24,011 | $ 8,604 | $ 0 |
Costs contingent upon completion of separation | 17,400 | $ 17,403 | $ 0 | $ 0 |
Transaction costs contingent upon completion of the separation | $ 4,500 | |||
Vornado | ||||
Real Estate Properties [Line Items] | ||||
Noncontrolling interest percentage | 5.40% | |||
Affiliated entity | Vornado | ||||
Real Estate Properties [Line Items] | ||||
Spinoff ratio | 0.50 | |||
Affiliated entity | VRLP | ||||
Real Estate Properties [Line Items] | ||||
Percentage of common shares distributed | 100.00% | |||
Spinoff ratio | 0.5 | |||
Warehouses | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 | |||
Wholly owned properties | Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 80 | |||
Wholly owned properties | Mall | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 3 |
BASIS OF PRESENTATION AND PRI45
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015segment | Dec. 31, 2013USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of reportable segments | segment | 1 | |
Property Operating Expenses | ||
Basis of Presentation and Principles of Consolidation and Combination [Line Items] | ||
Prior period reclassification adjustment | $ 6.5 | |
General and Administrative Expense | ||
Basis of Presentation and Principles of Consolidation and Combination [Line Items] | ||
Prior period reclassification adjustment | $ (6.5) |
SUMMARY OF SIGNIFICANT ACCOUN46
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate (Details) | 3 Months Ended |
Dec. 31, 2015 | |
Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Accumulated depreciation, estimated useful life of real estate | 3 years |
Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Accumulated depreciation, estimated useful life of real estate | 40 years |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation, Income Taxes, and Concentration of Credit Risk (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)ft²mallproperty | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)ft²mallproperty | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies [Abstract] | |||||||||||
Term of share-based compensation awards | 10 years | ||||||||||
Concentration Risk [Line Items] | |||||||||||
Area of property (in sq ft) | ft² | 14,800,000 | 14,800,000 | |||||||||
Total revenue | $ | $ 80,622 | $ 79,825 | $ 78,715 | $ 83,783 | $ 79,808 | $ 76,416 | $ 76,820 | $ 82,632 | $ 322,945 | $ 315,676 | $ 362,995 |
The Home Depot | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of real estate properties | property | 7 | 7 | |||||||||
Area of property (in sq ft) | ft² | 865,000 | 865,000 | |||||||||
Revenues | Customer Concentration Risk | The Home Depot | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Total revenue | $ | $ 14,200 | ||||||||||
Concentration risk, percentage | 6.30% | ||||||||||
Puerto Rico | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of real estate properties | mall | 2 | 2 |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Literature (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | $ 2,838 | $ 0 |
Deferred Finance Costs | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | (8,300) | (10,400) |
Mortgages Payable | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | $ 8,300 | $ 10,400 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Combinations [Abstract] | |||
Number of properties acquired with existing leases | property | 3 | ||
Transaction related costs of acquisitions | $ 1,300 | ||
Business Acquisition [Line Items] | |||
Acquisition of real estate | $ (30,125) | $ (6,077) | $ 0 |
Pan Bay Center | |||
Business Acquisition [Line Items] | |||
Deferral period of gains from sale of other properties, for tax purposes | 180 years |
ACQUISITIONS - Summary of Acqui
ACQUISITIONS - Summary of Acquisition Activity (Details) $ in Thousands | Dec. 17, 2015USD ($)ft² | Jun. 29, 2015USD ($)ft² | Apr. 29, 2015USD ($)a | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||
Purchase Price | $ 30,125 | |||
Bergen Town Center - outparcel | ||||
Business Acquisition [Line Items] | ||||
Square Feet/Acres | a | 0.8 | |||
Purchase Price | $ 2,750 | |||
Lawnside - outparcel | ||||
Business Acquisition [Line Items] | ||||
Square Feet/Acres | ft² | 2,000 | |||
Purchase Price | $ 375 | |||
Pan Bay Center | ||||
Business Acquisition [Line Items] | ||||
Square Feet/Acres | ft² | 46,000 | |||
Purchase Price | $ 27,000 |
ACQUISITIONS - Purchase Price A
ACQUISITIONS - Purchase Price Allocation (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Amount | |
Land | $ 17,145 |
Buildings and improvements | 12,821 |
Identified intangible assets | 1,760 |
Deferred leasing costs | 594 |
Identified intangible liabilities | (2,195) |
Assets acquired and liabilities assumed, net | $ 30,125 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 32,044,000 | $ 17,820,000 | $ 19,376,000 |
Management and development fee income | 0 | 0 | 59,599,000 |
Affiliated Entity | Vornado | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 2,400,000 | ||
Affiliated Entity | Separate Allocation | Vornado | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | 12,700,000 | 11,900,000 | |
Affiliated Entity | Separation Transaction | Vornado | |||
Related Party Transaction [Line Items] | |||
Transition services, initial period (up to) | 2 years | ||
Payables to related party | $ 0 | ||
Affiliated Entity | Management Agreement | Vornado | |||
Related Party Transaction [Line Items] | |||
Management and development fee income | 2,300,000 | 500,000 | $ 600,000 |
Affiliated Entity | Management Agreement | Vornado | Accounts Receivable | |||
Related Party Transaction [Line Items] | |||
Management fees receivable | $ 700,000 | $ 200,000 | |
Affiliated Entity | Management Agreement | Vornado | Interstate | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest percentage | 7.10% | ||
Affiliated Entity | Management Agreement | Alexander's, Inc. | Vornado | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest percentage | 32.40% | ||
Affiliated Entity | Transition Services | Vornado | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 2,000,000 | ||
Affiliated Entity | Rent Expense | Vornado | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 400,000 |
IDENTIFIED INTANGIBLE ASSETS 53
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Identified intangible assets, net of accumulated amortization | $ 33,953 | $ 34,775 | |
Identified intangible liabilities, net of accumulated amortization | 154,855 | 160,667 | |
Amortization of acquired below market leases, net of acquired above market leases | 7,900 | 8,800 | $ 8,200 |
Amortization expense of intangible assets | 1,500 | 1,600 | 1,600 |
Amortization of below market lease | $ 1,000 | $ 1,000 | $ 1,000 |
IDENTIFIED INTANGIBLE ASSETS 54
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Amortization For Below-Market Leases, Net of Above-Market Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 7,500 |
2,017 | 7,448 |
2,018 | 7,227 |
2,019 | 7,204 |
2,020 | $ 7,211 |
IDENTIFIED INTANGIBLE ASSETS 55
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Identified Intangible Asset Amortization (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 1,598 |
2,017 | 1,523 |
2,018 | 1,341 |
2,019 | 1,220 |
2,020 | $ 1,177 |
IDENTIFIED INTANGIBLE ASSETS 56
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Below-Market Lease Amortization (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 972 |
2,017 | 972 |
2,018 | 972 |
2,019 | 972 |
2,020 | $ 972 |
MORTGAGES PAYABLE - Summary of
MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)property | Jan. 31, 2015USD ($) | Jan. 06, 2015USD ($) | Dec. 31, 2014USD ($)property | |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ (8,282,000) | $ (10,353,000) | ||
Total mortgages payable, net unamortized debt issuance costs | 1,233,983,000 | 1,278,182,000 | ||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Total mortgages payable | 1,242,265,000 | 1,288,535,000 | ||
Unamortized debt issuance costs | (8,282,000) | (10,353,000) | ||
Total mortgages payable, net unamortized debt issuance costs | $ 1,233,983,000 | $ 1,278,182,000 | ||
Mortgages | Cross Collateralized | ||||
Debt Instrument [Line Items] | ||||
Number of real estate properties | property | 40 | 40 | ||
Total mortgages payable | $ 593,459,000 | $ 607,231,000 | ||
Mortgages | First Mortgage | Mount Kisco (A&P) | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.32% | |||
Total mortgages payable | $ 0 | 12,076,000 | ||
Mortgages | First Mortgage | North Bergen (Tonnelle Avenue) | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.59% | |||
Total mortgages payable | $ 75,000,000 | 75,000,000 | ||
Mortgages | First Mortgage | Staten Island (Forest Plaza) | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.47% | |||
Total mortgages payable | $ 0 | 17,000,000 | ||
Mortgages | First Mortgage | Englewood | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.22% | |||
Total mortgages payable | $ 11,537,000 | 11,571,000 | ||
Mortgages | First Mortgage | Montehiedra Town Center | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.04% | 6.04% | ||
Unamortized debt issuance costs | $ (1,700,000) | |||
Face amount of debt instrument | $ 120,000,000 | $ 120,000,000 | ||
Mortgages | First Mortgage | Montehiedra Town Center | Senior Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.33% | 5.33% | ||
Total mortgages payable | $ 86,984,000 | 120,000,000 | ||
Face amount of debt instrument | $ 90,000,000 | |||
Mortgages | First Mortgage | Montehiedra Town Center | Junior Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.00% | 3.00% | ||
Total mortgages payable | $ 30,000,000 | 0 | ||
Face amount of debt instrument | $ 30,000,000 | |||
Mortgages | First Mortgage | Bergen Town Center | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.56% | |||
Total mortgages payable | $ 300,000,000 | 300,000,000 | ||
Mortgages | First Mortgage | Las Catalinas | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.43% | |||
Total mortgages payable | $ 130,000,000 | 130,000,000 | ||
Mortgages | First Mortgage | Mount Kisco (Target) | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.40% | |||
Total mortgages payable | $ 15,285,000 | 15,657,000 | ||
Unamortized debt discount | $ 1,100,000 | 1,200,000 | ||
Effective interest rate | 7.40% | |||
Mortgages | Fixed Rate | Cross Collateralized | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.33% | |||
Total mortgages payable | $ 533,459,000 | 547,231,000 | ||
Mortgages | Variable Rate | Cross Collateralized | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.36% | |||
Total mortgages payable | $ 60,000,000 | $ 60,000,000 | ||
Mortgages | Variable Rate | Cross Collateralized | LIBOR | ||||
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 | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 16,119 |
2,017 | 16,784 |
2,018 | 99,708 |
2,019 | 17,320 |
2,020 | 535,114 |
Thereafter | $ 557,220 |
MORTGAGES PAYABLE - Additional
MORTGAGES PAYABLE - Additional Information (Details) | Jan. 15, 2015USD ($)extension_option | Jan. 31, 2015USD ($)debt_tranche | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 06, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Net carrying amount of real estate collateralizing indebtedness | $ 863,900,000 | |||||
Mortgages payable, net of unamortized debt issuance costs of $8,282 and $10,353, respectively | 1,233,983,000 | $ 1,278,182,000 | ||||
Amortization of lender fees | 2,738,000 | 1,660,000 | $ 1,882,000 | |||
Unamortized debt issuance costs | 8,282,000 | 10,353,000 | ||||
Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgages payable, net of unamortized debt issuance costs of $8,282 and $10,353, respectively | 1,233,983,000 | 1,278,182,000 | ||||
Unamortized debt issuance costs | 8,282,000 | $ 10,353,000 | ||||
Mortgages | First Mortgage | Montehiedra Town Center | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt instrument | $ 120,000,000 | $ 120,000,000 | ||||
Interest rate | 6.04% | 6.04% | ||||
Number of debt tranches | debt_tranche | 2 | |||||
Lender fees | $ 2,000,000 | |||||
Amortization of lender fees | 300,000 | |||||
Unamortized debt issuance costs | 1,700,000 | |||||
Intercompany Loans | Montehiedra Town Center | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt instrument | $ 20,000,000 | 20,000,000 | ||||
Interest rate | 10.00% | |||||
Mortgages payable, net of unamortized debt issuance costs of $8,282 and $10,353, respectively | $ 9,400,000 | |||||
Revolving Credit Agreement | Revolving Credit Facility | ||||||
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 (in percent) | 20.00% | |||||
Revolving Credit Agreement | Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Financial covenants, maximum leverage ratio | 0.6 | |||||
Revolving Credit Agreement | Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Financial covenants, minimum fixed charge coverage ratio | 1.5 | |||||
Revolving Credit Agreement | Revolving Credit Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 1.15% | |||||
Senior Loan | Mortgages | First Mortgage | Montehiedra Town Center | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt instrument | $ 90,000,000 | |||||
Interest rate | 5.33% | 5.33% | ||||
Junior Loan | Mortgages | First Mortgage | Montehiedra Town Center | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt instrument | $ 30,000,000 | |||||
Interest rate | 3.00% | 3.00% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)mall | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Income Tax Contingency [Line Items] | |||
Income tax expense | $ 1,294 | $ 1,721 | $ 2,100 |
Deferred tax liability | $ (3,607) | 0 | |
Puerto Rico | |||
Income Tax Contingency [Line Items] | |||
Number of malls | mall | 2 | ||
Vornado | |||
Income Tax Contingency [Line Items] | |||
Percentage of taxable income distributed as dividends to stockholders | 100.00% | ||
Commonwealth of Puerto Rico | |||
Income Tax Contingency [Line Items] | |||
Non-resident withholding tax percentage | 29.00% | ||
Gross receipts tax percentage | 0.50% | ||
Income tax expense | $ 1,300 | 1,700 | $ 2,100 |
Deferred tax liability | (3,607) | $ (3,730) | |
Deferred tax liabilities, gross | (4,500) | ||
Deferred tax assets, gross | 900 | ||
Deferred tax liability, tax depreciation in excess of GAAP depreciation | (2,200) | ||
Deferred tax liability, straight-line rents | (2,000) | ||
Deferred tax liability, amortization of acquired leases not recorded for tax purposes | (300) | ||
Deferred tax assets, GAAP to tax depreciation adjustment | 400 | ||
Deferred tax asset, amortization of deferred financing fees not recorded for tax purposes | 300 | ||
Deferred tax asset, excess of bad debt expenses for tax purposes | $ 200 |
INCOME TAXES - Tax Status of Di
INCOME TAXES - Tax Status of Dividends Paid (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Income Tax Disclosure [Abstract] | |
Dividend paid per share (in dollars per share) | $ 0.80 |
Ordinary income (as a percent) | 100.00% |
Return of capital (as a percent) | 0.00% |
Capital gains (as a percent) | 0.00% |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax expense: | |||
Current | $ 1,417 | $ 1,721 | $ 2,100 |
Deferred | (123) | 0 | 0 |
Total income tax expense | $ 1,294 | $ 1,721 | $ 2,100 |
INCOME TAXES - Deferred Tax Lia
INCOME TAXES - Deferred Tax Liability (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Deferred Tax Liabilities, Net [Rollforward] | |
Deferred tax liability, beginning balance | $ 0 |
Change in deferred tax liabilities: | |
Deferred tax liability, ending balance | (3,607) |
Commonwealth of Puerto Rico | |
Deferred Tax Liabilities, Net [Rollforward] | |
Deferred tax liability, beginning balance | (3,730) |
Change in deferred tax assets: | |
Depreciation | (123) |
Provision for doubtful accounts | 254 |
Amortization of deferred financing costs | (72) |
Change in deferred tax liabilities: | |
Depreciation | (2) |
Straight-line rent | 51 |
Amortization of acquired leases | 15 |
Deferred tax liability, ending balance | $ (3,607) |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets measured at fair value on a recurring basis | $ 0 | $ 0 | |
Financial liabilities measured at fair value on a recurring basis | 0 | 0 | |
Real estate impairment loss | $ 0 | $ 0 | $ 19,000,000 |
Minimum | Mortgages | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value input, interest rate | 2.00% | 1.50% | |
Maximum | Mortgages | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value input, interest rate | 2.30% | 3.70% | |
Bruckner Boulevard | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Real estate impairment loss | 19,000,000 | ||
Bruckner Boulevard | Level 3 | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of real estate | $ 142,000,000 |
FAIR VALUE MEASUREMENTS - Balan
FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 168,983 | $ 2,600 |
Liabilities: | ||
Mortgages payable | 1,242,265 | 1,288,535 |
Fair Value | ||
Assets: | ||
Cash and cash equivalents | 168,983 | 2,600 |
Liabilities: | ||
Mortgages payable | $ 1,262,483 | $ 1,327,000 |
FAIR VALUE MEASUREMENTS - Inter
FAIR VALUE MEASUREMENTS - Interest Rates Used for Fair Value of Mortgages Payable (Details) - Mortgages | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Low | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, interest rate | 2.00% | 1.50% |
High | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, interest rate | 2.30% | 3.70% |
LEASES - Future Rental Revenues
LEASES - Future Rental Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
2,016 | $ 224,435 | ||
2,017 | 219,072 | ||
2,018 | 204,979 | ||
2,019 | 185,650 | ||
2,020 | 160,453 | ||
Thereafter | 1,003,440 | ||
Additional rent based on percentage of tenants' sales or reimbursements | $ 1,200 | $ 1,500 | $ 1,200 |
LEASES - Future Lease Payments
LEASES - Future Lease Payments (Details) $ in Thousands | Dec. 31, 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) | 12 Months Ended | |||
Dec. 31, 2015USD ($)property | Jan. 31, 2015USD ($) | Jan. 06, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | ||||
Insurance coverage, general liability insurance, limit per occurrence | $ 200,000,000 | |||
Insurance coverage, rental value insurance, limit per occurrence | 500,000,000 | |||
Insurance coverage, terrorism acts insurance, limit per occurrence | 500,000,000 | |||
Environmental remediation expense | $ 1,400,000 | |||
Number of properties with environmental contamination | property | 2 | |||
Letters of credit outstanding | $ 100,000 | |||
Mortgages payable, net of unamortized debt issuance costs of $8,282 and $10,353, respectively | 1,233,983,000 | $ 1,278,182,000 | ||
Aggregate amount of master leases | 9,200,000 | |||
Real estate redevelopment in process | 122,800,000 | |||
Estimated cost to complete development and redevelopment projects | $ 91,000,000 | |||
Estimated duration to complete development and redevelopment projects | 3 years | |||
Mortgages | ||||
Loss Contingencies [Line Items] | ||||
Mortgages payable, net of unamortized debt issuance costs of $8,282 and $10,353, respectively | $ 1,233,983,000 | $ 1,278,182,000 | ||
Montehiedra Town Center | Mortgages | First Mortgage | ||||
Loss Contingencies [Line Items] | ||||
Face amount of debt instrument | $ 120,000,000 | $ 120,000,000 | ||
Interest rate | 6.04% | 6.04% | ||
Montehiedra Town Center | Intercompany Loans | ||||
Loss Contingencies [Line Items] | ||||
Face amount of debt instrument | 20,000,000 | $ 20,000,000 | ||
Interest rate | 10.00% | |||
Mortgages payable, net of unamortized debt issuance costs of $8,282 and $10,353, respectively | $ 9,400,000 |
PREPAID EXPENSES AND OTHER AS70
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other assets | $ 2,467 | $ 2,983 |
Prepaid expenses: | ||
Real estate taxes | 5,646 | 4,298 |
Insurance | 1,934 | 2,121 |
Rent, licenses/fees | 941 | 855 |
Total Prepaid expenses and other assets | $ 10,988 | $ 10,257 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Deferred ground rent expense | $ 6,038 | $ 5,662 |
Deferred tax liability, net | 3,607 | 0 |
Deferred tenant revenue | 2,284 | 878 |
Environmental remediation costs | 1,379 | 0 |
Total Other liabilities | $ 13,308 | $ 6,540 |
INTEREST AND DEBT EXPENSE (Deta
INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Interest expense | $ 52,846 | $ 53,300 | $ 53,907 |
Amortization of deferred financing costs | 2,738 | 1,660 | 1,882 |
Total Interest and debt expense | $ 55,584 | $ 54,960 | $ 55,789 |
NONCONTROLLING INTEREST (Detail
NONCONTROLLING INTEREST (Details) | Jan. 15, 2015 | Dec. 31, 2015shares |
Noncontrolling Interest [Line Items] | ||
Common limited partnership units issued (in shares) | 5,700,000 | |
Noncontrolling interest percentage | 5.80% | |
Conversion rate to common shares | 1 | |
Noncontrolling interest, ownership percentage | 95.00% | |
LTIP Units | ||
Noncontrolling Interest [Line Items] | ||
Number of shares issued (in shares) | 433,040 | |
Award vesting period | 2 years | |
Vornado | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest percentage | 5.40% |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) | Aug. 17, 2015 | Apr. 20, 2015 | Mar. 12, 2015 | Feb. 17, 2015 | Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)companyshares | Dec. 31, 2014shares | Dec. 31, 2013shares | Jan. 07, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost not yet recognized | $ | $ 12,400,000 | $ 12,400,000 | |||||||
Compensation cost not yet recognized, period for recognition | 3 years 2 months 30 days | ||||||||
Term of share-based compensation awards | 10 years | ||||||||
Weighted average remaining contractual term of options outstanding | 9 years 1 month 15 days | ||||||||
Options granted (in shares) | 2,302,762 | 0 | 0 | ||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expected option life | 6 years 3 months | 6 years 3 months | 6 years 6 months | 6 years | |||||
Expected volatility | 27.00% | 26.00% | 25.00% | 24.00% | |||||
Risk-free interest rate | 1.95% | 1.60% | 1.91% | 1.76% | |||||
Term of share-based compensation awards | 10 years | ||||||||
Stock Options | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 3 years | ||||||||
Stock Options | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Awards granted (in shares) | 35,460 | ||||||||
Number of shares vested (in shares) | (1,022) | ||||||||
Total grant date value of shares vested during the period | $ | $ 25,000 | ||||||||
Number of shares remaining to vest (in shares) | 30,717 | 30,717 | 0 | ||||||
Restricted Stock | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 1 year | ||||||||
Restricted Stock | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares issued (in shares) | 433,040 | ||||||||
Award vesting period | 2 years | ||||||||
Number of shares vested (in shares) | (343,232) | ||||||||
Number of shares remaining to vest (in shares) | 89,808 | 89,808 | |||||||
Weighted average contractual term of awards outstanding | 2 years 5 months 25 days | ||||||||
2015 Omnibus Share Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | 15,000,000 | ||||||||
DRIP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares issued (in shares) | 11,407 | ||||||||
2015 OPP | OPP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate notional amount | $ | $ 9,500,000 | $ 9,500,000 | |||||||
OPP award threshold, TSR level required | 7.00% | ||||||||
OPP award threshold, TSR level required for multi-year period | 21.00% | ||||||||
OPP award threshold, TSR multi-year duration | 3 years | ||||||||
OPP award threshold, percentile required when compared to real estate investment trust (REIT) peer groups | 50.00% | ||||||||
OPP award threshold, number of companies compared on metric | company | 16 | ||||||||
Fair value on date of grant | $ | 3,600,000 | $ 3,600,000 | |||||||
Expected option life | 3 years | ||||||||
Expected volatility | 25.00% | ||||||||
Risk-free interest rate | 1.20% | ||||||||
Fair value on date of grant, amortization period | 5 years | ||||||||
Total Share-based compensation expense | $ | $ 200,000 | ||||||||
Compensation cost not yet recognized | $ | $ 3,400,000 | $ 3,400,000 | |||||||
Compensation cost not yet recognized, period for recognition | 3 years 7 months 2 days | ||||||||
2015 OPP | OPP Units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
hare-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Daily Return Compared to Peer Group | 19.00% | ||||||||
2015 OPP | OPP Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
hare-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Daily Return Compared to Peer Group | 27.00% | ||||||||
2015 OPP | OPP Units | Year Three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percent | 50.00% | ||||||||
2015 OPP | OPP Units | Year Four | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percent | 25.00% | ||||||||
2015 OPP | OPP Units | Year Five | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percent | 25.00% |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares Under Options | |||
Outstanding beginning balance (in shares) | 0 | ||
Options granted (in shares) | 2,302,762 | 0 | 0 |
Exercised (in shares) | 0 | ||
Forfeited or expired (in shares) | (13,623) | ||
Outstanding ending balance (in shares) | 2,289,139 | 0 | |
Exercisable balance (in shares) | 6,812 | ||
Weighted Average Exercise Price per Share | |||
Outstanding beginning balance (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 23.89 | ||
Exercised (in dollars per share) | 0 | ||
Forfeited or expired (in dollars per share) | 24.46 | ||
Outstanding ending balance (in dollars per share) | 23.89 | $ 0 | |
Exercisable balance (in dollars per share) | $ 24.46 | ||
Weighted Average Remaining Expected Term | |||
Granted | 6 years 1 month 25 days | ||
Outstanding balance | 6 years 1 month 25 days | ||
Exercisable balance | 0 years |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions (Details) - Stock Options | Aug. 17, 2015 | Apr. 20, 2015 | Mar. 12, 2015 | Feb. 17, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.95% | 1.60% | 1.91% | 1.76% |
Expected option life | 6 years 3 months | 6 years 3 months | 6 years 6 months | 6 years |
Expected volatility | 27.00% | 26.00% | 25.00% | 24.00% |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Share Activity (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Shares | |
Unvested, Beginning Balance (in shares) | shares | 0 |
Granted (in shares) | shares | 35,460 |
Vested (in shares) | shares | (1,022) |
Forfeited (in shares) | shares | (3,721) |
Unvested, Ending Balance (in shares) | shares | 30,717 |
Weighted Average Grant Date Fair Value per Share | |
Unvested, Beginning Balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 22.84 |
Vested (in dollars per share) | $ / shares | 24.46 |
Forfeited (in dollars per share) | $ / shares | 24.18 |
Unvested, Ending Balance (in dollars per share) | $ / shares | $ 22.62 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2015 OPP | OPP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | $ 200 | ||
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 10,261 | $ 3,900 | $ 2,700 |
General and Administrative Expense | 2015 Omnibus Share Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 282 | ||
General and Administrative Expense | 2015 Omnibus Share Plan | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 1,901 | ||
General and Administrative Expense | 2015 Omnibus Share Plan | LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 7,748 | ||
General and Administrative Expense | 2015 OPP | OPP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 153 | ||
General and Administrative Expense | Vornado's OPP Plan | OPP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | $ 177 |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2015$ / sharesshares | Dec. 31, 2014shares | Dec. 31, 2013shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average unvested restrictive shares outstanding (in shares) | 26,000 | 0 | 0 |
Conversion ratio to common shares | 1 | ||
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from the diluted EPS calculation (in shares) | 2,289,139 | ||
Option exercise price, lower range (in dollars per share) | $ / shares | $ 22.83 | ||
Option exercise price, higher range (in dollars per share) | $ / shares | $ 24.46 | ||
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Unvested restrictive shares outstanding (in shares) | 30,717 | ||
Weighted average unvested restrictive shares outstanding (in shares) | 25,829 |
EARNINGS PER SHARE - Computatio
EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income | $ 16,167 | $ 20,045 | $ 17,153 | $ (12,017) | $ 16,208 | $ 13,646 | $ 18,024 | $ 17,916 | $ 41,348 | $ 65,794 | $ 109,335 |
Less: Net income attributable to participating securities | (2,563) | (22) | (21) | ||||||||
Net income available for common shareholders | $ 38,785 | $ 65,772 | $ 109,314 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 99,252 | 99,248 | 99,248 | ||||||||
Effect of dilutive securities: | |||||||||||
Restricted stock (in shares) | 26 | 0 | 0 | ||||||||
Weighted average common shares outstanding - diluted (in dollars per share) | 99,278 | 99,248 | 99,248 | ||||||||
Earnings per share available to common shareholders: | |||||||||||
Earnings per common share - Basic (in dollars per share) | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.16 | $ 0.14 | $ 0.18 | $ 0.18 | $ 0.39 | $ 0.66 | $ 1.10 |
Earnings per common share - Diluted (in dollars per share) | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.16 | $ 0.14 | $ 0.18 | $ 0.18 | $ 0.39 | $ 0.66 | $ 1.10 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | Feb. 18, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Dividends (in dollars per share) | $ 0.80 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Dividends (in dollars per share) | $ 0.20 |
SCHEDULE II VALUATION AND QUA82
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 2,432 | $ 2,398 | $ 4,133 |
Additions (Reversals) Expensed | 1,526 | 1,032 | 666 |
Uncollectible Accounts Written-Off | (2,032) | (998) | (2,401) |
Balance at End of Year | $ 1,926 | $ 2,432 | $ 2,398 |
SCHEDULE III REAL ESTATE AND 83
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,242,265 | |||
Initial cost to company | ||||
Land | 375,422 | |||
Building and improvements | 1,093,752 | |||
Costs capitalized subsequent to acquisition | 615,469 | |||
Gross amount at which carried at close of period | ||||
Land | 389,080 | |||
Building and improvements | 1,695,562 | |||
Total | 2,084,642 | $ 2,022,804 | $ 1,984,172 | $ 2,045,258 |
Accumulated depreciation and amortization | 509,112 | $ 467,503 | $ 421,756 | $ 436,137 |
Aggregate cost for federal income tax purposes | 1,800,000 | |||
Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,242,265 | |||
Initial cost to company | ||||
Land | 375,422 | |||
Building and improvements | 1,093,752 | |||
Costs capitalized subsequent to acquisition | 611,593 | |||
Gross amount at which carried at close of period | ||||
Land | 389,080 | |||
Building and improvements | 1,691,686 | |||
Total | 2,080,766 | |||
Accumulated depreciation and amortization | 508,568 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Allentown, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 28,602 | |||
Initial cost to company | ||||
Land | 187 | |||
Building and improvements | 15,580 | |||
Costs capitalized subsequent to acquisition | 1,926 | |||
Gross amount at which carried at close of period | ||||
Land | 187 | |||
Building and improvements | 17,506 | |||
Total | 17,693 | |||
Accumulated depreciation and amortization | 13,229 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Baltimore (Towson), MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,902 | |||
Initial cost to company | ||||
Land | 581 | |||
Building and improvements | 3,227 | |||
Costs capitalized subsequent to acquisition | 10,820 | |||
Gross amount at which carried at close of period | ||||
Land | 581 | |||
Building and improvements | 14,047 | |||
Total | 14,628 | |||
Accumulated depreciation and amortization | 6,228 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Bensalem, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,197 | |||
Initial cost to company | ||||
Land | 2,727 | |||
Building and improvements | 6,698 | |||
Costs capitalized subsequent to acquisition | 2,014 | |||
Gross amount at which carried at close of period | ||||
Land | 2,728 | |||
Building and improvements | 8,712 | |||
Total | 11,440 | |||
Accumulated depreciation and amortization | 3,826 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Bergen Town Center - East, Paramus, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,305 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 32,387 | |||
Gross amount at which carried at close of period | ||||
Land | 6,305 | |||
Building and improvements | 32,387 | |||
Total | 38,692 | |||
Accumulated depreciation and amortization | 5,287 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Bergen Town Center - West, Paramus, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 300,000 | |||
Initial cost to company | ||||
Land | 15,812 | |||
Building and improvements | 82,240 | |||
Costs capitalized subsequent to acquisition | 333,425 | |||
Gross amount at which carried at close of period | ||||
Land | 33,563 | |||
Building and improvements | 397,914 | |||
Total | 431,477 | |||
Accumulated depreciation and amortization | 88,449 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Bethlehem, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,334 | |||
Initial cost to company | ||||
Land | 827 | |||
Building and improvements | 5,200 | |||
Costs capitalized subsequent to acquisition | 1,355 | |||
Gross amount at which carried at close of period | ||||
Land | 839 | |||
Building and improvements | 6,543 | |||
Total | 7,382 | |||
Accumulated depreciation and amortization | 5,671 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Brick, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,485 | |||
Initial cost to company | ||||
Land | 1,391 | |||
Building and improvements | 11,179 | |||
Costs capitalized subsequent to acquisition | 6,846 | |||
Gross amount at which carried at close of period | ||||
Land | 1,391 | |||
Building and improvements | 18,025 | |||
Total | 19,416 | |||
Accumulated depreciation and amortization | 13,015 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Bronx (Bruckner Boulevard), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 66,100 | |||
Building and improvements | 259,503 | |||
Costs capitalized subsequent to acquisition | (60,215) | |||
Gross amount at which carried at close of period | ||||
Land | 55,456 | |||
Building and improvements | 209,932 | |||
Total | 265,388 | |||
Accumulated depreciation and amortization | 10,749 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Bronx (1750-1780 Gun Hill Road), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,427 | |||
Building and improvements | 11,885 | |||
Costs capitalized subsequent to acquisition | 20,066 | |||
Gross amount at which carried at close of period | ||||
Land | 6,428 | |||
Building and improvements | 31,950 | |||
Total | 38,378 | |||
Accumulated depreciation and amortization | 6,009 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Broomall, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,196 | |||
Initial cost to company | ||||
Land | 850 | |||
Building and improvements | 2,171 | |||
Costs capitalized subsequent to acquisition | 1,399 | |||
Gross amount at which carried at close of period | ||||
Land | 850 | |||
Building and improvements | 3,570 | |||
Total | 4,420 | |||
Accumulated depreciation and amortization | 2,635 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Buffalo (Amherst), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 5,743 | |||
Building and improvements | 4,056 | |||
Costs capitalized subsequent to acquisition | 12,752 | |||
Gross amount at which carried at close of period | ||||
Land | 5,107 | |||
Building and improvements | 17,444 | |||
Total | 22,551 | |||
Accumulated depreciation and amortization | 6,975 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Cambridge (ground and building leased through 2033), MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 260 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 260 | |||
Total | 260 | |||
Accumulated depreciation and amortization | 203 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Carlstadt (ground leased through 2050), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 16,458 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 16,458 | |||
Total | 16,458 | |||
Accumulated depreciation and amortization | 3,372 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Charleston (ground leased through 2063), SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 3,634 | |||
Costs capitalized subsequent to acquisition | 1 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,635 | |||
Total | 3,635 | |||
Accumulated depreciation and amortization | 841 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Cherry Hill, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,229 | |||
Initial cost to company | ||||
Land | 5,864 | |||
Building and improvements | 2,694 | |||
Costs capitalized subsequent to acquisition | 4,306 | |||
Gross amount at which carried at close of period | ||||
Land | 4,864 | |||
Building and improvements | 7,999 | |||
Total | 12,863 | |||
Accumulated depreciation and amortization | 4,240 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Chicopee, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,922 | |||
Initial cost to company | ||||
Land | 895 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 895 | |||
Building and improvements | 0 | |||
Total | 895 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Commack (ground and building leased through 2021), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 43 | |||
Costs capitalized subsequent to acquisition | 184 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 227 | |||
Total | 227 | |||
Accumulated depreciation and amortization | 159 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Dewitt (ground leased through 2041), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 7,116 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 7,116 | |||
Total | 7,116 | |||
Accumulated depreciation and amortization | 1,629 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Dover, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,549 | |||
Initial cost to company | ||||
Land | 559 | |||
Building and improvements | 6,363 | |||
Costs capitalized subsequent to acquisition | 3,388 | |||
Gross amount at which carried at close of period | ||||
Land | 559 | |||
Building and improvements | 9,752 | |||
Total | 10,311 | |||
Accumulated depreciation and amortization | 5,620 | |||
Real Estate | SHOPPING CENTERS AND MALLS | East Brunswick, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,982 | |||
Initial cost to company | ||||
Land | 2,417 | |||
Building and improvements | 17,169 | |||
Costs capitalized subsequent to acquisition | 6,014 | |||
Gross amount at which carried at close of period | ||||
Land | 2,417 | |||
Building and improvements | 23,183 | |||
Total | 25,600 | |||
Accumulated depreciation and amortization | 16,455 | |||
Real Estate | SHOPPING CENTERS AND MALLS | East Hanover (200 - 240 Route 10 West), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,498 | |||
Initial cost to company | ||||
Land | 2,232 | |||
Building and improvements | 18,241 | |||
Costs capitalized subsequent to acquisition | 7,161 | |||
Gross amount at which carried at close of period | ||||
Land | 2,671 | |||
Building and improvements | 24,963 | |||
Total | 27,634 | |||
Accumulated depreciation and amortization | 14,881 | |||
Real Estate | SHOPPING CENTERS AND MALLS | East Hanover (280 Route 10 West), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,340 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 7,000 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 7,000 | |||
Total | 7,000 | |||
Accumulated depreciation and amortization | 1,670 | |||
Real Estate | SHOPPING CENTERS AND MALLS | East Rutherford, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,968 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 36,727 | |||
Costs capitalized subsequent to acquisition | 60 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 36,787 | |||
Total | 36,787 | |||
Accumulated depreciation and amortization | 5,986 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Eatontown, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 4,653 | |||
Building and improvements | 4,999 | |||
Costs capitalized subsequent to acquisition | 326 | |||
Gross amount at which carried at close of period | ||||
Land | 4,653 | |||
Building and improvements | 5,325 | |||
Total | 9,978 | |||
Accumulated depreciation and amortization | 1,532 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Englewood, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,537 | |||
Initial cost to company | ||||
Land | 2,300 | |||
Building and improvements | 17,245 | |||
Costs capitalized subsequent to acquisition | (8,390) | |||
Gross amount at which carried at close of period | ||||
Land | 1,495 | |||
Building and improvements | 9,660 | |||
Total | 11,155 | |||
Accumulated depreciation and amortization | 848 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Freeport (240 West Sunrise Highway) (ground and building leased through 2040), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 260 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 260 | |||
Total | 260 | |||
Accumulated depreciation and amortization | 173 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Freeport (437 East Sunrise Highway), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,393 | |||
Initial cost to company | ||||
Land | 1,231 | |||
Building and improvements | 4,747 | |||
Costs capitalized subsequent to acquisition | 3,484 | |||
Gross amount at which carried at close of period | ||||
Land | 1,231 | |||
Building and improvements | 8,231 | |||
Total | 9,462 | |||
Accumulated depreciation and amortization | 5,610 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Garfield, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 45 | |||
Building and improvements | 8,068 | |||
Costs capitalized subsequent to acquisition | 27,088 | |||
Gross amount at which carried at close of period | ||||
Land | 45 | |||
Building and improvements | 35,156 | |||
Total | 35,201 | |||
Accumulated depreciation and amortization | 8,515 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Glen Burnie, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 462 | |||
Building and improvements | 2,571 | |||
Costs capitalized subsequent to acquisition | 1,932 | |||
Gross amount at which carried at close of period | ||||
Land | 462 | |||
Building and improvements | 4,503 | |||
Total | 4,965 | |||
Accumulated depreciation and amortization | 3,222 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Glenolden, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,536 | |||
Initial cost to company | ||||
Land | 850 | |||
Building and improvements | 1,820 | |||
Costs capitalized subsequent to acquisition | 612 | |||
Gross amount at which carried at close of period | ||||
Land | 850 | |||
Building and improvements | 2,433 | |||
Total | 3,283 | |||
Accumulated depreciation and amortization | 2,182 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Hackensack, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,694 | |||
Initial cost to company | ||||
Land | 692 | |||
Building and improvements | 10,219 | |||
Costs capitalized subsequent to acquisition | 4,183 | |||
Gross amount at which carried at close of period | ||||
Land | 692 | |||
Building and improvements | 14,403 | |||
Total | 15,095 | |||
Accumulated depreciation and amortization | 9,986 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Hazlet, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 7,400 | |||
Building and improvements | 9,413 | |||
Costs capitalized subsequent to acquisition | (2,168) | |||
Gross amount at which carried at close of period | ||||
Land | 7,400 | |||
Building and improvements | 7,245 | |||
Total | 14,645 | |||
Accumulated depreciation and amortization | 1,555 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Queens, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 14,537 | |||
Building and improvements | 12,304 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 14,537 | |||
Building and improvements | 12,305 | |||
Total | 26,842 | |||
Accumulated depreciation and amortization | 8 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Huntington, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,896 | |||
Initial cost to company | ||||
Land | 21,200 | |||
Building and improvements | 33,667 | |||
Costs capitalized subsequent to acquisition | 1,975 | |||
Gross amount at which carried at close of period | ||||
Land | 21,200 | |||
Building and improvements | 35,642 | |||
Total | 56,842 | |||
Accumulated depreciation and amortization | 7,150 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Inwood, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 12,419 | |||
Building and improvements | 19,097 | |||
Costs capitalized subsequent to acquisition | 1,214 | |||
Gross amount at which carried at close of period | ||||
Land | 12,419 | |||
Building and improvements | 20,311 | |||
Total | 32,730 | |||
Accumulated depreciation and amortization | 5,586 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Jersey City, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,347 | |||
Initial cost to company | ||||
Land | 652 | |||
Building and improvements | 7,495 | |||
Costs capitalized subsequent to acquisition | 719 | |||
Gross amount at which carried at close of period | ||||
Land | 652 | |||
Building and improvements | 8,214 | |||
Total | 8,866 | |||
Accumulated depreciation and amortization | 2,969 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Kearny, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 309 | |||
Building and improvements | 3,376 | |||
Costs capitalized subsequent to acquisition | 6,014 | |||
Gross amount at which carried at close of period | ||||
Land | 309 | |||
Building and improvements | 9,390 | |||
Total | 9,699 | |||
Accumulated depreciation and amortization | 3,072 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Lancaster, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,151 | |||
Initial cost to company | ||||
Land | 3,140 | |||
Building and improvements | 63 | |||
Costs capitalized subsequent to acquisition | 1,259 | |||
Gross amount at which carried at close of period | ||||
Land | 3,140 | |||
Building and improvements | 1,323 | |||
Total | 4,463 | |||
Accumulated depreciation and amortization | 569 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Las Catalinas, Puerto Rico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 130,000 | |||
Initial cost to company | ||||
Land | 15,280 | |||
Building and improvements | 64,370 | |||
Costs capitalized subsequent to acquisition | 11,652 | |||
Gross amount at which carried at close of period | ||||
Land | 15,280 | |||
Building and improvements | 76,022 | |||
Total | 91,302 | |||
Accumulated depreciation and amortization | 32,438 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Lawnside, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,196 | |||
Initial cost to company | ||||
Land | 1,226 | |||
Building and improvements | 3,164 | |||
Costs capitalized subsequent to acquisition | 1,204 | |||
Gross amount at which carried at close of period | ||||
Land | 1,226 | |||
Building and improvements | 4,368 | |||
Total | 5,594 | |||
Accumulated depreciation and amortization | 4,270 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Lodi (Route 17 North), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,824 | |||
Initial cost to company | ||||
Land | 238 | |||
Building and improvements | 9,446 | |||
Costs capitalized subsequent to acquisition | (1) | |||
Gross amount at which carried at close of period | ||||
Land | 238 | |||
Building and improvements | 9,446 | |||
Total | 9,684 | |||
Accumulated depreciation and amortization | 3,836 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Lodi (Washington Street), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 7,606 | |||
Building and improvements | 13,125 | |||
Costs capitalized subsequent to acquisition | 2,644 | |||
Gross amount at which carried at close of period | ||||
Land | 7,606 | |||
Building and improvements | 15,769 | |||
Total | 23,375 | |||
Accumulated depreciation and amortization | 3,944 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Manalapan, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,079 | |||
Initial cost to company | ||||
Land | 725 | |||
Building and improvements | 7,189 | |||
Costs capitalized subsequent to acquisition | 6,150 | |||
Gross amount at which carried at close of period | ||||
Land | 1,046 | |||
Building and improvements | 13,018 | |||
Total | 14,064 | |||
Accumulated depreciation and amortization | 8,602 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Marlton, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,471 | |||
Initial cost to company | ||||
Land | 1,611 | |||
Building and improvements | 3,464 | |||
Costs capitalized subsequent to acquisition | 10,695 | |||
Gross amount at which carried at close of period | ||||
Land | 1,454 | |||
Building and improvements | 14,316 | |||
Total | 15,770 | |||
Accumulated depreciation and amortization | 9,147 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Middletown, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,576 | |||
Initial cost to company | ||||
Land | 283 | |||
Building and improvements | 5,248 | |||
Costs capitalized subsequent to acquisition | 2,893 | |||
Gross amount at which carried at close of period | ||||
Land | 283 | |||
Building and improvements | 8,141 | |||
Total | 8,424 | |||
Accumulated depreciation and amortization | 6,028 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Milford (ground and building leased through 2019), MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Montclair, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,510 | |||
Initial cost to company | ||||
Land | 66 | |||
Building and improvements | 419 | |||
Costs capitalized subsequent to acquisition | 419 | |||
Gross amount at which carried at close of period | ||||
Land | 67 | |||
Building and improvements | 837 | |||
Total | 904 | |||
Accumulated depreciation and amortization | 704 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Montehiedra, Puerto Rico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 116,984 | |||
Initial cost to company | ||||
Land | 9,182 | |||
Building and improvements | 66,751 | |||
Costs capitalized subsequent to acquisition | 12,223 | |||
Gross amount at which carried at close of period | ||||
Land | 9,267 | |||
Building and improvements | 78,889 | |||
Total | 88,156 | |||
Accumulated depreciation and amortization | 33,166 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Morris Plains, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,393 | |||
Initial cost to company | ||||
Land | 1,104 | |||
Building and improvements | 6,411 | |||
Costs capitalized subsequent to acquisition | 1,723 | |||
Gross amount at which carried at close of period | ||||
Land | 1,104 | |||
Building and improvements | 8,134 | |||
Total | 9,238 | |||
Accumulated depreciation and amortization | 7,081 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Mount Kisco, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,285 | |||
Initial cost to company | ||||
Land | 22,700 | |||
Building and improvements | 26,700 | |||
Costs capitalized subsequent to acquisition | 790 | |||
Gross amount at which carried at close of period | ||||
Land | 23,297 | |||
Building and improvements | 26,893 | |||
Total | 50,190 | |||
Accumulated depreciation and amortization | 5,396 | |||
Real Estate | SHOPPING CENTERS AND MALLS | New Hyde Park (ground and building leased through 2029), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 4 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 4 | |||
Total | 4 | |||
Accumulated depreciation and amortization | 126 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Newington, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,719 | |||
Initial cost to company | ||||
Land | 2,421 | |||
Building and improvements | 1,200 | |||
Costs capitalized subsequent to acquisition | 1,356 | |||
Gross amount at which carried at close of period | ||||
Land | 2,421 | |||
Building and improvements | 2,556 | |||
Total | 4,977 | |||
Accumulated depreciation and amortization | 942 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Norfolk (ground and building leased through 2069), VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 3,927 | |||
Costs capitalized subsequent to acquisition | 15 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,942 | |||
Total | 3,942 | |||
Accumulated depreciation and amortization | 3,085 | |||
Real Estate | SHOPPING CENTERS AND MALLS | North Bergen (Kennedy Boulevard), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,863 | |||
Initial cost to company | ||||
Land | 2,308 | |||
Building and improvements | 636 | |||
Costs capitalized subsequent to acquisition | 13 | |||
Gross amount at which carried at close of period | ||||
Land | 2,308 | |||
Building and improvements | 649 | |||
Total | 2,957 | |||
Accumulated depreciation and amortization | 471 | |||
Real Estate | SHOPPING CENTERS AND MALLS | North Bergen (Tonnelle Avenue), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 75,000 | |||
Initial cost to company | ||||
Land | 24,493 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 63,748 | |||
Gross amount at which carried at close of period | ||||
Land | 31,806 | |||
Building and improvements | 56,435 | |||
Total | 88,241 | |||
Accumulated depreciation and amortization | 11,151 | |||
Real Estate | SHOPPING CENTERS AND MALLS | North Plainfield, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,577 | |||
Building and improvements | 13,983 | |||
Costs capitalized subsequent to acquisition | (5,526) | |||
Gross amount at which carried at close of period | ||||
Land | 6,577 | |||
Building and improvements | 8,457 | |||
Total | 15,034 | |||
Accumulated depreciation and amortization | 2,749 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Oceanside, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 2,710 | |||
Building and improvements | 2,306 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 2,710 | |||
Building and improvements | 2,306 | |||
Total | 5,016 | |||
Accumulated depreciation and amortization | $ 495 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Paramus (ground leased through 2033), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 12,569 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 12,569 | |||
Total | 12,569 | |||
Accumulated depreciation and amortization | 2,469 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Rochester, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,183 | |||
Initial cost to company | ||||
Land | 2,172 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 1 | |||
Gross amount at which carried at close of period | ||||
Land | 2,173 | |||
Building and improvements | 0 | |||
Total | 2,173 | |||
Accumulated depreciation and amortization | $ 0 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Rochester (Henrietta) (ground leased through 2056), NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 0 | |||
Building and improvements | 2,647 | |||
Costs capitalized subsequent to acquisition | 1,228 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,875 | |||
Total | 3,875 | |||
Accumulated depreciation and amortization | $ 3,403 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Rockville, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 3,470 | |||
Building and improvements | 20,599 | |||
Costs capitalized subsequent to acquisition | 1,532 | |||
Gross amount at which carried at close of period | ||||
Land | 3,470 | |||
Building and improvements | 22,132 | |||
Total | 25,602 | |||
Accumulated depreciation and amortization | $ 5,708 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Salem (ground leased through 2102), NH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 6,083 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 6,083 | |||
Building and improvements | 0 | |||
Total | 6,083 | |||
Accumulated depreciation and amortization | $ 0 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Signal Hill, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 9,652 | |||
Building and improvements | 2,940 | |||
Costs capitalized subsequent to acquisition | 1 | |||
Gross amount at which carried at close of period | ||||
Land | 9,652 | |||
Building and improvements | 2,941 | |||
Total | 12,593 | |||
Accumulated depreciation and amortization | 680 | |||
Real Estate | SHOPPING CENTERS AND MALLS | South Plainfield (ground leased through 2039), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,889 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 10,044 | |||
Costs capitalized subsequent to acquisition | 1,532 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 11,576 | |||
Total | 11,576 | |||
Accumulated depreciation and amortization | 2,578 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Springfield, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,464 | |||
Initial cost to company | ||||
Land | 2,797 | |||
Building and improvements | 2,471 | |||
Costs capitalized subsequent to acquisition | 728 | |||
Gross amount at which carried at close of period | ||||
Land | 2,797 | |||
Building and improvements | 3,198 | |||
Total | 5,995 | |||
Accumulated depreciation and amortization | $ 1,216 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Springfield, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 80 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 80 | |||
Total | 80 | |||
Accumulated depreciation and amortization | $ 80 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Staten Island, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 11,446 | |||
Building and improvements | 21,262 | |||
Costs capitalized subsequent to acquisition | 2,855 | |||
Gross amount at which carried at close of period | ||||
Land | 11,446 | |||
Building and improvements | 24,117 | |||
Total | 35,563 | |||
Accumulated depreciation and amortization | 6,839 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Totowa, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,635 | |||
Initial cost to company | ||||
Land | 120 | |||
Building and improvements | 11,994 | |||
Costs capitalized subsequent to acquisition | 4,868 | |||
Gross amount at which carried at close of period | ||||
Land | 92 | |||
Building and improvements | 16,890 | |||
Total | 16,982 | |||
Accumulated depreciation and amortization | $ 13,253 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Turnersville, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 900 | |||
Building and improvements | 1,342 | |||
Costs capitalized subsequent to acquisition | 1,144 | |||
Gross amount at which carried at close of period | ||||
Land | 900 | |||
Building and improvements | 2,485 | |||
Total | 3,385 | |||
Accumulated depreciation and amortization | $ 2,211 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Tyson’s Corner (ground and building leased through 2035), VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Union (2445 Springfield Avenue), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,190 | |||
Initial cost to company | ||||
Land | 19,700 | |||
Building and improvements | 45,090 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 19,700 | |||
Building and improvements | 45,090 | |||
Total | 64,790 | |||
Accumulated depreciation and amortization | 9,675 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Union (Route 22 and Morris Avenue), NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,851 | |||
Initial cost to company | ||||
Land | 3,025 | |||
Building and improvements | 7,470 | |||
Costs capitalized subsequent to acquisition | 3,634 | |||
Gross amount at which carried at close of period | ||||
Land | 3,025 | |||
Building and improvements | 11,104 | |||
Total | 14,129 | |||
Accumulated depreciation and amortization | $ 5,624 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Vallejo (ground leased through 2043), CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 0 | |||
Building and improvements | 2,945 | |||
Costs capitalized subsequent to acquisition | 221 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,166 | |||
Total | 3,166 | |||
Accumulated depreciation and amortization | $ 759 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Walnut Creek (1149 South Main Street), CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 2,699 | |||
Building and improvements | 19,930 | |||
Costs capitalized subsequent to acquisition | 259 | |||
Gross amount at which carried at close of period | ||||
Land | 2,699 | |||
Building and improvements | 20,189 | |||
Total | 22,888 | |||
Accumulated depreciation and amortization | $ 5,110 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Walnut Creek (Mt. Diablo), CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 5,909 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 1,480 | |||
Gross amount at which carried at close of period | ||||
Land | 5,908 | |||
Building and improvements | 1,481 | |||
Total | 7,389 | |||
Accumulated depreciation and amortization | 187 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Watchung, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,380 | |||
Initial cost to company | ||||
Land | 4,178 | |||
Building and improvements | 5,463 | |||
Costs capitalized subsequent to acquisition | 2,059 | |||
Gross amount at which carried at close of period | ||||
Land | 4,441 | |||
Building and improvements | 7,259 | |||
Total | 11,700 | |||
Accumulated depreciation and amortization | 4,567 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Waterbury, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,334 | |||
Initial cost to company | ||||
Land | 667 | |||
Building and improvements | 4,504 | |||
Costs capitalized subsequent to acquisition | 4,572 | |||
Gross amount at which carried at close of period | ||||
Land | 667 | |||
Building and improvements | 9,076 | |||
Total | 9,743 | |||
Accumulated depreciation and amortization | $ 6,303 | |||
Real Estate | SHOPPING CENTERS AND MALLS | West Babylon, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 6,720 | |||
Building and improvements | 13,786 | |||
Costs capitalized subsequent to acquisition | (844) | |||
Gross amount at which carried at close of period | ||||
Land | 6,720 | |||
Building and improvements | 12,942 | |||
Total | 19,662 | |||
Accumulated depreciation and amortization | $ 2,785 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Wheaton (ground leased through 2060), MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 0 | |||
Building and improvements | 5,367 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 5,367 | |||
Total | 5,367 | |||
Accumulated depreciation and amortization | $ 1,241 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Wilkes-Barre (461 - 499 Mundy Street), PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 6,053 | |||
Building and improvements | 26,646 | |||
Costs capitalized subsequent to acquisition | 996 | |||
Gross amount at which carried at close of period | ||||
Land | 6,053 | |||
Building and improvements | 27,643 | |||
Total | 33,696 | |||
Accumulated depreciation and amortization | 5,705 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Woodbridge, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,713 | |||
Initial cost to company | ||||
Land | 1,509 | |||
Building and improvements | 2,675 | |||
Costs capitalized subsequent to acquisition | 2,551 | |||
Gross amount at which carried at close of period | ||||
Land | 1,539 | |||
Building and improvements | 5,196 | |||
Total | 6,735 | |||
Accumulated depreciation and amortization | $ 2,612 | |||
Real Estate | SHOPPING CENTERS AND MALLS | Wyomissing (ground and building leased through 2065), PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Initial cost to company | ||||
Land | $ 0 | |||
Building and improvements | 2,646 | |||
Costs capitalized subsequent to acquisition | 1,675 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 4,321 | |||
Total | 4,321 | |||
Accumulated depreciation and amortization | 3,085 | |||
Real Estate | SHOPPING CENTERS AND MALLS | York, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,968 | |||
Initial cost to company | ||||
Land | 409 | |||
Building and improvements | 2,568 | |||
Costs capitalized subsequent to acquisition | 1,362 | |||
Gross amount at which carried at close of period | ||||
Land | 409 | |||
Building and improvements | 3,930 | |||
Total | 4,339 | |||
Accumulated depreciation and amortization | 3,646 | |||
Real Estate | WAREHOUSES | East Hanover - Five Buildings, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 576 | |||
Building and improvements | 7,752 | |||
Costs capitalized subsequent to acquisition | 27,435 | |||
Gross amount at which carried at close of period | ||||
Land | 691 | |||
Building and improvements | 35,072 | |||
Total | 35,763 | |||
Accumulated depreciation and amortization | 15,104 | |||
Leasehold Improvements, Equipment and Other | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 3,876 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,876 | |||
Total | 3,876 | |||
Accumulated depreciation and amortization | $ 544 |
SCHEDULE III REAL ESTATE AND 84
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate | |||
Balance at beginning of period | $ 2,022,804 | $ 1,984,172 | $ 2,045,258 |
Real estate before impairments and assets written-off | 2,095,230 | 2,025,416 | 2,067,488 |
Less: Impairments and assets written-off | (10,588) | (2,612) | (83,316) |
Balance at end of period | 2,084,642 | 2,022,804 | 1,984,172 |
Accumulated Depreciation | |||
Balance at beginning of period | 467,503 | 421,756 | 436,137 |
Additions charged to operating expenses | 52,197 | 48,359 | 49,842 |
Balance before accumulated depreciation on assets written-off | 519,700 | 470,115 | 485,979 |
Less: Accumulated depreciation on assets written-off | (10,588) | (2,612) | (64,223) |
Balance at end of period | 509,112 | 467,503 | 421,756 |
Land | |||
Real Estate | |||
Additions during the period | 10,984 | 6,077 | 0 |
Buildings & improvements | |||
Real Estate | |||
Additions during the period | 8,840 | 31,998 | 24,907 |
Construction in progress | |||
Real Estate | |||
Additions during the period | $ 52,602 | $ 3,169 | $ (2,677) |