Urban Edge Properties (UE) 10-K 19 Feb 16 2015 FY Annual report Financial data

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)