Urban Edge Properties (UE) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document Information [Abstract]
Entity Registrant Name	URBAN EDGE PROPERTIES
Entity Central Index Key	1,611,547
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		99,380,395

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate, at cost:
Land	$ 382,513	$ 389,080
Buildings and improvements	1,613,510	1,630,539
Construction in progress	94,506	61,147
Furniture, fixtures and equipment	3,891	3,876
Total	2,094,420	2,084,642
Accumulated depreciation and amortization	(519,775)	(509,112)
Real estate, net	1,574,645	1,575,530
Cash and cash equivalents	162,354	168,983
Cash held in escrow and restricted cash	8,081	9,042
Tenant and other receivables, net of allowance for doubtful accounts of $2,061 and $1,926, respectively	9,306	10,364
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $181 and $148, respectively	89,046	88,778
Identified intangible assets, net of accumulated amortization of $22,781 and $22,090, respectively	33,262	33,953
Deferred leasing costs, net of accumulated amortization of $13,503 and $12,987, respectively	18,479	18,455
Deferred financing costs, net of accumulated amortization of $887 and $709, respectively	2,661	2,838
Prepaid expenses and other assets	10,160	10,988
Total assets	1,907,994	1,918,931
Liabilities:
Mortgages payable, net	1,230,349	1,233,983
Identified intangible liabilities, net of accumulated amortization of $67,117 and $65,220, respectively	152,958	154,855
Accounts payable and accrued expenses	39,508	45,331
Other liabilities	13,702	13,308
Total liabilities	$ 1,436,517	$ 1,447,477
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 99,381,500 and 99,290,952 shares issued and outstanding, respectively	$ 994	$ 993
Additional paid-in capital	476,227	475,369
Accumulated deficit	(39,638)	(38,442)
Noncontrolling interests:
Redeemable noncontrolling interests	33,541	33,177
Noncontrolling interest in consolidated subsidiaries	353	357
Total equity	471,477	471,454
Total liabilities and equity	$ 1,907,994	$ 1,918,931

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,061	$ 1,926
Allowance for Doubtful Other Receivables, Current	181	148
Accumulated amortization, identified intangible assets	22,781	22,090
Accumulated amortization, deferred leasing costs	13,503	12,987
Accumulated amortization, deferred financing costs	887	709
Accumulated amortization, identified intangible liabilities	$ 67,117	$ 65,220
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	99,381,500	99,290,952
Common stock, shares, outstanding (in shares)	99,381,500	99,290,952

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
REVENUE
Property rentals	$ 58,929		$ 57,586
Tenant expense reimbursements	22,507		24,303
Management and development fees	455		535
Other income	1,177		1,359
Total revenue	83,068		83,783
EXPENSES
Depreciation and amortization	13,915		13,732
Real estate taxes	13,249		12,824
Property operating	12,859		16,523
General and administrative	6,720		12,326
Ground rent	2,538		2,514
Transaction costs	50		21,859
Provision for doubtful accounts	351		323
Total expenses	49,682		80,101
Operating income	33,386		3,682
Interest income	167		11
Interest and debt expense	(13,429)		(15,169)
Income before income taxes	20,124		(11,476)
Income tax expense	(336)		(541)
Net income (loss)	19,788		(12,017)
Less (net income) loss attributable to noncontrolling interests in:
Operating partnership	(1,154)		560
Consolidated subsidiaries	4		(6)
Net income (loss) attributable to common shareholders	$ 18,638	[1]	$ (11,463)
Earnings per common share - Basic (in dollars per share)	$ 0.19		$ (0.12)
Earnings per common share - Diluted (in dollars per share)	$ 0.19		$ (0.12)
Weighted average shares outstanding - Basic (in shares)	99,265		99,248
Weighted average shares outstanding - Diluted (in shares)	99,363		99,248
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Consolidated and Combined Stat5

Consolidated and Combined Statements of Changes in Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands		Total	Common Shares	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Redeemable NCI	NCI in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2015		99,290,952	99,290,952
Beginning balance at Dec. 31, 2015		$ 471,454	$ 993	$ 475,369	$ (38,442)	$ 33,177	$ 357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders	[1]	18,638			18,638
Net income attributable to noncontrolling interests		$ 1,150				1,154	(4)
Shares Paid for Tax Withholding for Share Based Compensation		(1,408)
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net		$ (33)
Common shares issued:
Under Omnibus share plan (in shares)			88,722
Stock Issued During Period, Value, Share-based Compensation, Gross			$ 1
Under Omnibus share plan		0		(1)
Under dividend reinvestment plan (shares)			3,234
Under dividend reinvestment plan		0		84	(84)
Dividends on common shares ($0.20 per share)		(19,792)			(19,792)
Share-based compensation expense		1,297		808	42	447
Distributions to redeemable NCI ($0.80 per unit)	[2]	$ (1,237)				(1,237)
Ending balance (in shares) at Mar. 31, 2016		99,381,500	99,381,500
Ending balance at Mar. 31, 2016		$ 471,477	$ 994	$ 476,227	$ (39,638)	$ 33,541	$ 353
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Consolidated and Combined Stat6

Consolidated and Combined Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends on common shares (in dollars per share)	$ 0.20
Distributions to redeemable NCI (in dollars per unit)	$ 0.20

Consolidated and Combined Stat7

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 19,788	$ (12,017)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,173	14,006
Amortization of deferred financing costs	659	684
Amortization of below market leases, net	(1,875)	(1,986)
Straight-lining of rent	(213)	(83)
Share-based compensation expense	1,297	7,441
Non-cash separation costs paid by Vornado	0	17,403
Provision for doubtful accounts	351	323
Change in operating assets and liabilities:
Tenant and other receivables	741	(1,384)
Prepaid and other assets	71	(268)
Accounts payable and accrued expenses	(2,852)	3,815
Other liabilities	305	2,647
Net cash provided by operating activities	32,445	30,581
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate additions	(14,843)	(3,702)
Decrease (increase) in cash held in escrow and restricted cash	962	(2,968)
Net cash used in investing activities	(13,881)	(6,670)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(4,131)	(34,754)
Contributions from Vornado	0	(231,462)
Dividends paid to shareholders	(19,792)	(19,852)
Distributions to redeemable noncontrolling interests	(1,237)	(1,212)
Debt issuance costs	0	(3,198)
Payments Related to Tax Withholding for Share-based Compensation	(33)	0
Proceeds from Issuance of Common Stock	0	(54)
Net cash provided by (used in) financing activities	(25,193)	172,500
Net (decrease) increase in cash and cash equivalents	(6,629)	196,411
Cash and cash equivalents at beginning of period	168,983	2,600
Cash and cash equivalents at end of period	162,354	199,011
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (includes amounts capitalized of $518 and $0, respectively)	12,870	13,918
Cash payments for income taxes	17	16
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	5,727	3,453
Write off of fully depreciated assets	$ 279	$ 933

Consolidated and Combined Stat8

Consolidated and Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Capitalized interest	$ 518	$ 0	$ 0

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 our portfolio consisted of 80 shopping centers, three malls and a warehouse park totaling 14.9 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 Non-cash separation costs paid by Vornado within the statement of cash flows. 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 Vornado on the separation date.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	3 Months Ended
	Mar. 31, 2016
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”) for interim financial information and with the instructions of Form 10-Q. Certain information and footnote disclosures included in our annual financial statements have been condensed or omitted. Accordingly, these consolidated and combined financial statements should be read in conjunction with the consolidated and combined financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC. The consolidated balance sheet as of March 31, 2016 reflects the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. The consolidated statement of income for the quarter ended March 31, 2016 includes the consolidated accounts of the Company. The results presented for the quarter ended March 31, 2015 reflect the operations and changes in cash flows 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. In the opinion of management, the consolidated and combined financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
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. Recently Issued Accounting Literature In March 2016, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting. ASU 2016-02 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. This standard is effective for annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact this standard will have on our consolidated and combined financial statements. In February 2016, the FASB issued an update (“ASU 2016-02”) Leases, which revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases with terms greater than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The provisions of ASU 2016-02 are effective for fiscal years beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact this standard will have on our consolidated and combined financial statements. 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. We are currently evaluating the impact this standard will have on our consolidated and combined financial statements. 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 Company adopted this standard as of January 1, 2016. The adoption of this standard did not have an impact on our consolidated financial position, 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 and continues to present debt issuance costs associated with our line-of-credit arrangement as an asset. The adoption did not have an impact on our consolidated financial position, results of operations or cash flows. 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. The effect of ASU 2015-03 was to reclassify the net unamortized balance of debt issuance costs of $10.0 million as of December 31, 2015 from deferred financing costs to a contra liability deduction of mortgages payable. Mortgages payable as of March 31, 2016 are presented net of $9.5 million of unamortized debt issuance costs. The adoption of ASU 2015-03 did not impact our results of operations or cash flows. 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. The Company adopted ASU 2015-02 as of March 31, 2016. Under ASU 2015-02 the Company’s Operating Partnership is considered a variable interest entity (“VIE”). The Company is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. The Operating Partnership was 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. In addition, the entity used to acquire Pan Bay Center to facilitate a potential Section 1031 like-kind exchange was determined to be a VIE (refer to Note 4 - Acquisitions and Dispositions). The Company consolidates the Operating Partnership and Pan Bay Center as it is the primary beneficiary of these VIEs. In May 2014, the FASB issued an update (“ASU 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 (“ASU 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.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS AND DISPOSITIONS In conjunction with the acquisition of Pan Bay Center in December 2015, we entered into a like-kind exchange agreement under Section 1031 of the Internal Revenue Code with a third party intermediary, which, subject to certain conditions, allow us to defer for tax purposes gains on the sale of other like-kind properties identified and sold within 180 days of the acquisition date of Pan Bay Center. Until the earlier of the termination of the exchange agreements or 180 days after the acquisition date, the third party intermediary is the legal owner of the property; however, we control the activities that most significantly impact the property and retain all of the economic benefits and risks associated with it. Therefore, at the date of acquisition, we determined we were the primary beneficiary of the related variable interest entity and consolidated the properties and their operations. The consolidated balance sheets included total assets and liabilities of Pan Bay Center of $29.5 million and $2.5 million , respectively as of March 31, 2016 and December 31, 2015. In February 2016, we executed a contract for the sale of land next to our property in Cherry Hill, NJ for $3.5 million . The sale is expected to be completed in the second quarter of 2017. In March 2016, we executed a contract for the sale of a shopping center located in Waterbury, CT for $21.6 million . As of March 31, 2016 the contract was in due diligence, subject to significant contingencies and the property did not meet the criteria to be classified as held for sale. Subsequent to quarter end, due diligence was completed and contingencies were resolved. The sale is expected to be completed in the second quarter of 2016.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In connection with the separation, the Company and Vornado entered into a transition services agreement under which Vornado provides transition services to the Company 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 March 31, 2016 there were no amounts due to Vornado related to such services. For the quarter ended March 31, 2016 there were $0.4 million of costs paid to Vornado included in general and administrative expenses, which consisted of $0.2 million of transition services fees and $0.2 million of rent expense for two of our office locations. For the quarter ended March 31, 2015 , there were $0.6 million of costs paid to Vornado included in general and administrative expenses, which consisted of $0.5 million of transition services fees and $0.1 million of rent expense for two 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 three months ended March 31, 2016 , Vornado owned 32.4% of Alexander’s, Inc. We recognized management and development fee income of $0.5 million for each of the quarters ended March 31, 2016 and 2015 . As of March 31, 2016 and December 31, 2015 , there were $0.3 million and $0.7 million of fees, respectively, due from Vornado included in tenant and other receivables in our consolidated balance sheets.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2016
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 $33.3 million and $153.0 million as of March 31, 2016 , respectively, and $34.0 million and $154.9 million as of December 31, 2015 , respectively. Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $1.9 million and $2.0 million for the quarters ended March 31, 2016 and 2015 , 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, 2017 is as follows: (Amounts in thousands) 2017 $ 7,448 2018 7,227 2019 7,204 2020 7,211 2021 7,182 Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $0.4 million for each of the quarters ended March 31, 2016 and 2015 . Estimated annual amortization of these identified intangible assets for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 1,523 2018 1,341 2019 1,220 2020 1,177 2021 1,078 Certain of the shopping centers were acquired subject to ground leases or ground and building leases. Amortization of these acquired below-market leases resulted in additional rent expense of $0.2 million for each of the quarters ended March 31, 2016 and 2015 . Estimated annual amortization of these below-market leases for each of the five succeeding years commencing January 1, 2017 is as follows: (Amounts in thousands) 2017 $ 972 2018 972 2019 972 2020 972 2021 622

MORTGAGES PAYABLE

MORTGAGES PAYABLE	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of March 31, 2016 and December 31, 2015 . Interest Rate at March 31, December 31, (Amounts in thousands) Maturity March 31, 2016 2016 2015 Cross collateralized mortgage on 40 properties: Fixed Rate 9/10/2020 4.34% $ 529,929 $ 533,459 Variable Rate (1) 9/10/2020 2.36% 60,000 60,000 Total cross collateralized 589,929 593,459 First mortgages secured by: North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 74,814 75,000 Englewood (3) 10/1/2018 6.22% 11,537 11,537 Montehiedra Town Center, Senior Loan (2)(4) 7/6/2021 5.33% 88,375 88,676 Montehiedra Town Center, Junior Loan (2) 7/6/2021 3.00% 30,000 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) (5) 11/15/2034 6.40% 15,187 15,285 Total mortgages payable 1,239,842 1,243,957 Unamortized debt issuance costs (9,493 ) (9,974 ) Total mortgages payable, net unamortized debt issuance costs $ 1,230,349 $ 1,233,983 (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) 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 March 31, 2016 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. (4) Montehiedra was presented net of unamortized fees of $1.7 million as of December 31, 2015. The net unamortized fees of $1.7 million were revised to be presented with the unamortized debt issuance costs. (5) The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.1 million of unamortized debt discount as of March 31, 2016 and December 31, 2015 . The effective interest rate including amortization of the debt discount is 7.25% as of March 31, 2016 . The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $860.3 million as of March 31, 2016 . 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 March 31, 2016 , we were in compliance with all debt covenants. As of March 31, 2016 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 (1) $ 12,307 2017 16,784 2018 99,708 2019 17,320 2020 535,113 2021 121,115 Thereafter 437,495 (1) Remainder of 2016. 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 1.5x . No amounts have been drawn to date under the Agreement. Deferred financing fees associated with the Agreement of $2.7 million and $2.8 million as of March 31, 2016 and December 31, 2015, respectively, are included in deferred financing fees in the consolidated balance sheets. Troubled Debt Restructuring During the year ended December 31, 2014 , 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 $10.1 million has been funded as of March 31, 2016 . 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 and combined financial statements. We incurred $2.0 million of debt issuance costs 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.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
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. Our two Puerto Rico malls are subject to income taxes which are based on estimated taxable income and are included in income tax expense in the consolidated and combined statements of income. We are also subject to certain other taxes, including state and local taxes and franchise taxes which are included in general and administrative expenses in the consolidated and combined statements of income. Both properties are held in a special partnership for Puerto Rico tax reporting (the general partner being a qualified REIT subsidiary “QRS”). 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 $0.3 million and $0.5 million for the quarters ended March 31, 2016 and 2015 , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis There were no financial assets or liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2016 and December 31, 2015 . 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 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 March 31, 2016 and December 31, 2015 . As of March 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 162,354 $ 162,354 $ 168,983 $ 168,983 Liabilities: Mortgages payable (1) $ 1,239,842 $ 1,280,025 $ 1,242,265 $ 1,262,483 (1) Excludes unamortized debt issuance costs. The following interest rates were used by the Company to estimate the fair value of mortgages payable: March 31, 2016 December 31, 2015 Low High Low High Mortgages payable 2.1% 2.5% 2.0% 2.3%

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
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. 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 $10.1 million has been funded as of March 31, 2016 . 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 March 31, 2016 , the aggregate amount of these master leases was approximately $2.8 million. Redevelopment: As of March 31, 2016 , we have approximately $131.0 million of active development, redevelopment and anchor repositioning projects underway of which $92.8 million remains to be funded as of March 31, 2016 . 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 ( $150 million for properties in Puerto Rico) 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 ( $150 million for properties in Puerto Rico) 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 quarter ended March 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	3 Months Ended
	Mar. 31, 2016
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 balance sheets: Balance at (Amounts in thousands) March 31, 2016 December 31, 2015 Other assets $ 2,437 $ 2,467 Prepaid expenses: Real estate taxes 4,137 5,646 Insurance 2,441 1,934 Rent, licenses/fees 1,145 941 Total Prepaid expenses and other assets $ 10,160 $ 10,988

OTHER LIABILITIES

OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2016
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES The following is a summary of the composition of other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2016 December 31, 2015 Deferred ground rent expense $ 6,126 $ 6,038 Deferred tax liability, net 3,620 3,607 Deferred tenant revenue 2,577 2,284 Environmental remediation costs 1,379 1,379 Total Other liabilities $ 13,702 $ 13,308

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
INTEREST AND DEBT EXPENSE	13. INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense. Three Months Ended March 31, (Amounts in thousands) 2016 2015 Interest expense $ 12,770 $ 14,485 Amortization of deferred financing costs 659 684 Total Interest and debt expense $ 13,429 $ 15,169

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2016
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 Long Term Incentive Plan (“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 by VRLP. LTIP unit awards were granted to certain executives pursuant to our 2015 Omnibus Share Plan (the “Omnibus Share Plan”). As of March 31, 2016 there were 433,040 LTIP units outstanding. The total of the OP units and LTIP units represent a 5.8% weighted-average interest in the Operating Partnership for the quarter ended March 31, 2016 . 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 the 5% interest held by others 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	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Share-based compensation expense, which is included in general and administrative (“G&A”) expenses in our consolidated and combined statements of income, is summarized as follows: Quarter Ended March 31, (Amounts in thousands) 2016 2015 Share-based compensation expense components included in G&A: Restricted share expense $ 233 $ 9 Stock option expense 576 241 LTIP expense 183 7,143 Outperformance Plan (“OPP”) expense (1) 305 48 Total Share-based compensation expense $ 1,297 $ 7,441 (1) OPP Expense for the quarter ended March 31, 2016 and March 31, 2015 includes $42,000 and $48,000 , respectively, of 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2016
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 following table sets forth the computation of our basic and diluted earnings per share: Quarter Ended March 31, (Amounts in thousands, except per share data) 2016 2015 Numerator: Net income (loss) attributable to common shareholders $ 18,638 $ (11,463 ) Less: Earnings allocated to unvested participating securities (22 ) — Net income (loss) available for common shareholders $ 18,616 $ (11,463 ) Denominator: Weighted average common shares outstanding - basic 99,265 99,248 Effect of dilutive securities (1) : Stock options using the treasury stock method 23 — Restricted stock 75 — Weighted average common shares outstanding - diluted 99,363 99,248 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.19 $ (0.12 ) Earnings (loss) per common share - Diluted $ 0.19 $ (0.12 ) (1) For the three months ended March 31, 2016 and 2015 , the effect of the redemption of OP and LTIP units would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such conversion has not been included in the determination of diluted EPS. Additionally there were stock options and unvested restricted stock outstanding that were excluded from the computation of diluted EPS for the three months ended March 31, 2015 as their inclusion would be anti-dilutive.

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
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”) for interim financial information and with the instructions of Form 10-Q. Certain information and footnote disclosures included in our annual financial statements have been condensed or omitted. Accordingly, these consolidated and combined financial statements should be read in conjunction with the consolidated and combined financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC.
Consolidation and Noncontrolling Interests	The consolidated balance sheet as of March 31, 2016 reflects the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. The consolidated statement of income for the quarter ended March 31, 2016 includes the consolidated accounts of the Company. The results presented for the quarter ended March 31, 2015 reflect the operations and changes in cash flows 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.
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.
Recently Issued Accounting Literature	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 and continues to present debt issuance costs associated with our line-of-credit arrangement as an asset. The adoption did not have an impact on our consolidated financial position, results of operations or cash flows. 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. The effect of ASU 2015-03 was to reclassify the net unamortized balance of debt issuance costs of $10.0 million as of December 31, 2015 from deferred financing costs to a contra liability deduction of mortgages payable. Mortgages payable as of March 31, 2016 are presented net of $9.5 million of unamortized debt issuance costs. The adoption of ASU 2015-03 did not impact our results of operations or cash flows. 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. The Company adopted ASU 2015-02 as of March 31, 2016. Under ASU 2015-02 the Company’s Operating Partnership is considered a variable interest entity (“VIE”). The Company is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. The Operating Partnership was 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. In addition, the entity used to acquire Pan Bay Center to facilitate a potential Section 1031 like-kind exchange was determined to be a VIE (refer to Note 4 - Acquisitions and Dispositions). The Company consolidates the Operating Partnership and Pan Bay Center as it is the primary beneficiary of these VIEs. In May 2014, the FASB issued an update (“ASU 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 (“ASU 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.

IDENTIFIED INTANGIBLE ASSETS 26

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2017 is as follows: (Amounts in thousands) 2017 $ 7,448 2018 7,227 2019 7,204 2020 7,211 2021 7,182
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, 2017 is as follows: (Amounts in thousands) 2017 $ 1,523 2018 1,341 2019 1,220 2020 1,177 2021 1,078
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, 2017 is as follows: (Amounts in thousands) 2017 $ 972 2018 972 2019 972 2020 972 2021 622

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of mortgages payable	The following is a summary of mortgages payable as of March 31, 2016 and December 31, 2015 . Interest Rate at March 31, December 31, (Amounts in thousands) Maturity March 31, 2016 2016 2015 Cross collateralized mortgage on 40 properties: Fixed Rate 9/10/2020 4.34% $ 529,929 $ 533,459 Variable Rate (1) 9/10/2020 2.36% 60,000 60,000 Total cross collateralized 589,929 593,459 First mortgages secured by: North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 74,814 75,000 Englewood (3) 10/1/2018 6.22% 11,537 11,537 Montehiedra Town Center, Senior Loan (2)(4) 7/6/2021 5.33% 88,375 88,676 Montehiedra Town Center, Junior Loan (2) 7/6/2021 3.00% 30,000 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) (5) 11/15/2034 6.40% 15,187 15,285 Total mortgages payable 1,239,842 1,243,957 Unamortized debt issuance costs (9,493 ) (9,974 ) Total mortgages payable, net unamortized debt issuance costs $ 1,230,349 $ 1,233,983 (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) 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 March 31, 2016 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. (4) Montehiedra was presented net of unamortized fees of $1.7 million as of December 31, 2015. The net unamortized fees of $1.7 million were revised to be presented with the unamortized debt issuance costs. (5) The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.1 million of unamortized debt discount as of March 31, 2016 and December 31, 2015 . The effective interest rate including amortization of the debt discount is 7.25% as of March 31, 2016 .
Schedule of principal repayments	As of March 31, 2016 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 (1) $ 12,307 2017 16,784 2018 99,708 2019 17,320 2020 535,113 2021 121,115 Thereafter 437,495

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . As of March 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 162,354 $ 162,354 $ 168,983 $ 168,983 Liabilities: Mortgages payable (1) $ 1,239,842 $ 1,280,025 $ 1,242,265 $ 1,262,483
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: March 31, 2016 December 31, 2015 Low High Low High Mortgages payable 2.1% 2.5% 2.0% 2.3%

PREPAID EXPENSES AND OTHER AS29

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
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 balance sheets: Balance at (Amounts in thousands) March 31, 2016 December 31, 2015 Other assets $ 2,437 $ 2,467 Prepaid expenses: Real estate taxes 4,137 5,646 Insurance 2,441 1,934 Rent, licenses/fees 1,145 941 Total Prepaid expenses and other assets $ 10,160 $ 10,988

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
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 balance sheets: Balance at (Amounts in thousands) March 31, 2016 December 31, 2015 Deferred ground rent expense $ 6,126 $ 6,038 Deferred tax liability, net 3,620 3,607 Deferred tenant revenue 2,577 2,284 Environmental remediation costs 1,379 1,379 Total Other liabilities $ 13,702 $ 13,308

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Schedule of interest and debt expense	The following table sets forth the details of interest and debt expense. Three Months Ended March 31, (Amounts in thousands) 2016 2015 Interest expense $ 12,770 $ 14,485 Amortization of deferred financing costs 659 684 Total Interest and debt expense $ 13,429 $ 15,169

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of share-based compensation expense	Share-based compensation expense, which is included in general and administrative (“G&A”) expenses in our consolidated and combined statements of income, is summarized as follows: Quarter Ended March 31, (Amounts in thousands) 2016 2015 Share-based compensation expense components included in G&A: Restricted share expense $ 233 $ 9 Stock option expense 576 241 LTIP expense 183 7,143 Outperformance Plan (“OPP”) expense (1) 305 48 Total Share-based compensation expense $ 1,297 $ 7,441 (1) OPP Expense for the quarter ended March 31, 2016 and March 31, 2015 includes $42,000 and $48,000 , respectively, of 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.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	Quarter Ended March 31, (Amounts in thousands, except per share data) 2016 2015 Numerator: Net income (loss) attributable to common shareholders $ 18,638 $ (11,463 ) Less: Earnings allocated to unvested participating securities (22 ) — Net income (loss) available for common shareholders $ 18,616 $ (11,463 ) Denominator: Weighted average common shares outstanding - basic 99,265 99,248 Effect of dilutive securities (1) : Stock options using the treasury stock method 23 — Restricted stock 75 — Weighted average common shares outstanding - diluted 99,363 99,248 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.19 $ (0.12 ) Earnings (loss) per common share - Diluted $ 0.19 $ (0.12 ) (1) For the three months ended March 31, 2016 and 2015 , the effect of the redemption of OP and LTIP units would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such conversion has not been included in the determination of diluted EPS. Additionally there were stock options and unvested restricted stock outstanding that were excluded from the computation of diluted EPS for the three months ended March 31, 2015 as their inclusion would be anti-dilutive.

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands, ft² in Millions	Jan. 15, 2015USD ($)	Mar. 31, 2016USD ($)ft²property	Mar. 31, 2015USD ($)
Real Estate Properties [Line Items]
Area of real estate property (in sq ft) | ft²		14.9
Noncontrolling interest percentage		5.80%
Capital investment, in cash	$ 225,000
Transaction costs	21,900	$ 50	$ 21,859
Costs contingent upon completion of separation	17,400	$ 0	$ 17,403
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 PRI35

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details)	3 Months Ended
	Mar. 31, 2016segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation, Income Taxes, and Concentration of Credit Risk (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2016USD ($)ft²mall	Mar. 31, 2015USD ($)
Concentration Risk [Line Items]
Area of property (in sq ft) | ft²	14.9
Total revenue | $	$ 83,068	$ 83,783
Puerto Rico
Concentration Risk [Line Items]
Number of real estate properties | mall	2

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Literature (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncement, Early Adoption [Line Items]
Deferred financing costs, net	$ 2,661	$ 2,838
Deferred Finance Costs | New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption [Line Items]
Deferred financing costs, net	9,500	10,000
Mortgages Payable | New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption [Line Items]
Deferred financing costs, net	$ 9,500	$ 10,000

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details)	3 Months Ended
	Mar. 31, 2016
Pan Bay Center
Business Acquisition [Line Items]
Deferral period of gains from sale of other properties, for tax purposes	180 days

ACQUISITIONS - Summary of Acqui

ACQUISITIONS - Summary of Acquisition Activity (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Variable Interest Entity, Classification of Carrying Amount, Assets	$ 29,463	$ 29,465
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 2,500	$ 2,500

ACQUISITIONS - Summary of Dispo

ACQUISITIONS - Summary of Dispositions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Cherry Hill, NJ [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 3.5
Waterbury, CT [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 21.6

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
General and administrative expense	$ 6,720,000	$ 12,326,000
Affiliated Entity | Vornado
Related Party Transaction [Line Items]
General and administrative expense	400,000	600,000
Affiliated Entity | Separation Transaction | Vornado
Related Party Transaction [Line Items]
Payables to related party	0
Affiliated Entity | Management Agreement | Vornado
Related Party Transaction [Line Items]
Management and development fee income	500,000
Affiliated Entity | Management Agreement | Vornado | Accounts Receivable
Related Party Transaction [Line Items]
Management fees receivable	$ 300,000		$ 700,000
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	$ 200,000	500,000
Affiliated Entity | Rent Expense | Vornado
Related Party Transaction [Line Items]
General and administrative expense	$ 200,000	$ 100,000

IDENTIFIED INTANGIBLE ASSETS 42

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Identified intangible assets, net of accumulated amortization	$ 33,262		$ 33,953
Identified intangible liabilities, net of accumulated amortization	152,958		$ 154,855
Amortization of acquired below market leases, net of acquired above market leases	1,900	$ 2,000
Amortization expense of intangible assets	400	401
Amortization of below market lease	$ 200	$ 200

IDENTIFIED INTANGIBLE ASSETS 43

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Amortization For Below-Market Leases, Net of Above-Market Leases (Details) $ in Thousands	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 7,448
2,017	7,227
2,018	7,204
2,019	7,211
2,020	$ 7,182

IDENTIFIED INTANGIBLE ASSETS 44

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Identified Intangible Asset Amortization (Details) $ in Thousands	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 1,523
2,017	1,341
2,018	1,220
2,019	1,177
2,020	$ 1,078

IDENTIFIED INTANGIBLE ASSETS 45

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Below-Market Lease Amortization (Details) $ in Thousands	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 972
2,017	972
2,018	972
2,019	972
2,020	$ 622

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details)	3 Months Ended
	Mar. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Jan. 31, 2015USD ($)	Jan. 06, 2015USD ($)
Debt Instrument [Line Items]
Total mortgages payable, net unamortized debt issuance costs	$ 1,230,349,000	$ 1,233,983,000
Mortgages
Debt Instrument [Line Items]
Total mortgages payable	1,239,842,000	1,243,957,000
Unamortized debt issuance costs	(9,493,000)	(9,974,000)
Total mortgages payable, net unamortized debt issuance costs	$ 1,230,349,000	$ 1,233,983,000
Mortgages | Cross Collateralized
Debt Instrument [Line Items]
Number of real estate properties | property	40	40
Total mortgages payable	$ 589,929,000	$ 593,459,000
Mortgages | First Mortgage | North Bergen (Tonnelle Avenue)
Debt Instrument [Line Items]
Interest rate	4.59%
Total mortgages payable	$ 74,814,000	75,000,000
Mortgages | First Mortgage | Englewood
Debt Instrument [Line Items]
Interest rate	6.22%
Total mortgages payable	$ 11,537,000	11,537,000
Mortgages | First Mortgage | Montehiedra Town Center
Debt Instrument [Line Items]
Interest rate			6.04%	6.04%
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	$ 88,375,000	88,676,000
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	30,000,000
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	$ 15,187,000	15,285,000
Unamortized debt discount	$ 1,100,000
Effective interest rate	7.25%
Mortgages | Fixed Rate | Cross Collateralized
Debt Instrument [Line Items]
Interest rate	4.34%
Total mortgages payable	$ 529,929,000	533,459,000
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	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year	$ 12,307
2,016	16,784
2,017	99,708
2,018	17,320
2,019	535,113
2,020	121,115
Thereafter	$ 437,495

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details)	Jan. 15, 2015USD ($)extension_option	Jan. 31, 2015USD ($)debt_tranche	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Jan. 06, 2015USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness			$ 860,300,000
Deferred Finance Costs, Gross			2,700,000		$ 2,800,000
Mortgages payable, net			1,230,349,000		1,233,983,000
Amortization of lender fees			659,000	$ 684,000
Mortgages
Debt Instrument [Line Items]
Mortgages payable, net			1,230,349,000		1,233,983,000
Unamortized debt issuance costs			9,493,000		9,974,000
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
Mortgages | Senior Notes [Member] | Montehiedra Town Center
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ 1,692,000
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			$ 10,100,000
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	3 Months Ended
	Mar. 31, 2016USD ($)mall	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Income tax expense	$ (336)	$ (541)
Deferred tax liability	$ (3,620)		$ (3,607)
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	$ (300)	$ (500)

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income tax expense:
Total income tax expense	$ 336	$ 541

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Financial assets measured at fair value on a recurring basis	$ 0	$ 0
Financial liabilities measured at fair value on a recurring basis	0	0
Assets, Fair Value Disclosure, Nonrecurring	0	0
Liabilities, Fair Value Disclosure, Nonrecurring	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Measurement [Domain]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 162,354
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure		$ 168,983
Debt Instrument, Fair Value Disclosure	1,239,842	1,242,265
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	162,354	168,983
Debt Instrument, Fair Value Disclosure	$ 1,280,025	$ 1,262,483

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rates Used for Fair Value of Mortgages Payable (Details) - Mortgages	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Low
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input, interest rate	2.10%	2.00%
High
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input, interest rate	2.50%	2.30%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
	Mar. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Jan. 06, 2015USD ($)
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
Mortgages payable, net	$ 1,230,349,000	$ 1,233,983,000
Aggregate amount of master leases	2,800,000
Real estate redevelopment in process	131,000,000
Estimated cost to complete development and redevelopment projects	$ 92,800,000
Estimated duration to complete development and redevelopment projects	3 years
Mortgages
Loss Contingencies [Line Items]
Mortgages payable, net	$ 1,230,349,000	$ 1,233,983,000
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	10,100,000
Puerto Rico
Loss Contingencies [Line Items]
Insurance coverage, rental value insurance, limit per occurrence	150,000,000
Insurance coverage, terrorism acts insurance, limit per occurrence	$ 150,000,000

PREPAID EXPENSES AND OTHER AS55

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 2,437	$ 2,467
Prepaid expenses:
Real estate taxes	4,137	5,646
Insurance	2,441	1,934
Rent, licenses/fees	1,145	941
Total Prepaid expenses and other assets	$ 10,160	$ 10,988

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Deferred ground rent expense	$ 6,126	$ 6,038
Deferred tax liability, net	3,620	3,607
Deferred tenant revenue	2,577	2,284
Environmental remediation costs	1,379	1,379
Total Other liabilities	$ 13,702	$ 13,308

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Income and Expenses [Abstract]
Interest expense	$ 12,770	$ 14,485
Amortization of deferred financing costs	659	684
Total Interest and debt expense	$ 13,429	$ 15,169

NONCONTROLLING INTEREST (Detail

NONCONTROLLING INTEREST (Details)	Jan. 15, 2015	Mar. 31, 2016shares
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
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 - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 1,297	$ 7,441
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	305	48
Omnibus Share Plan 2015 [Member] | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	233	9
Omnibus Share Plan 2015 [Member] | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	576	241
Omnibus Share Plan 2015 [Member] | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	183	7,143
Vornado's OPP Plan | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 42	$ 48

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
	Mar. 31, 2016		Mar. 31, 2015
Numerator:
Net income (loss) attributable to common shareholders	$ 18,638	[1]	$ (11,463)
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	22		0
Net Income (Loss) Available to Common Stockholders, Basic	$ 18,616		$ (11,463)
Denominator:
Weighted average common shares outstanding - basic (in shares)	99,265		99,248
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	75		0
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	23		0
Weighted average common shares outstanding - diluted (in dollars per share)	99,363		99,248
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.19		$ (0.12)
Earnings per common share - Diluted (in dollars per share)	$ 0.19		$ (0.12)
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