Urban Edge Properties (UE) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 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	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		99,426,826

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real estate, at cost:
Land	$ 378,997	$ 389,080
Buildings and improvements	1,587,158	1,630,539
Construction in progress	124,098	61,147
Furniture, fixtures and equipment	3,970	3,876
Total	2,094,223	2,084,642
Accumulated depreciation and amortization	(518,215)	(509,112)
Real estate, net	1,576,008	1,575,530
Cash and cash equivalents	156,672	168,983
Cash held in escrow and restricted cash	8,995	9,042
Tenant and other receivables, net of allowance for doubtful accounts of $2,270 and $1,926, respectively	8,317	10,364
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $370 and $148, respectively	87,925	88,778
Identified intangible assets, net of accumulated amortization of $21,459 and $22,090, respectively	32,586	33,953
Deferred leasing costs, net of accumulated amortization of $13,438 and $12,987, respectively	18,108	18,455
Deferred financing costs, net of accumulated amortization of $242 and $709, respectively	2,419	2,838
Prepaid expenses and other assets	8,360	10,988
Total assets	1,899,390	1,918,931
Liabilities:
Mortgages payable, net	1,205,278	1,233,983
Identified intangible liabilities, net of accumulated amortization of $69,013 and $65,220, respectively	151,061	154,855
Accounts payable and accrued expenses	39,889	45,331
Other liabilities	14,898	13,308
Total liabilities	1,411,126	1,447,477
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 99,425,137 and 99,290,952 shares issued and outstanding, respectively	994	993
Additional paid-in capital	477,673	475,369
Accumulated deficit	(25,616)	(38,442)
Noncontrolling interests:
Redeemable noncontrolling interests	34,858	33,177
Noncontrolling interest in consolidated subsidiaries	355	357
Partners’ capital:
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	488,264	471,454
Total liabilities and equity	1,899,390	1,918,931
Urban Edge Properties LP
Real estate, at cost:
Land	378,997	389,080
Buildings and improvements	1,587,158	1,630,539
Construction in progress	124,098	61,147
Furniture, fixtures and equipment	3,970	3,876
Total	2,094,223	2,084,642
Accumulated depreciation and amortization	(518,215)	(509,112)
Real estate, net	1,576,008	1,575,530
Cash and cash equivalents	156,672	168,983
Cash held in escrow and restricted cash	8,995	9,042
Tenant and other receivables, net of allowance for doubtful accounts of $2,270 and $1,926, respectively	8,317	10,364
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $370 and $148, respectively	87,925	88,778
Identified intangible assets, net of accumulated amortization of $21,459 and $22,090, respectively	32,586	33,953
Deferred leasing costs, net of accumulated amortization of $13,438 and $12,987, respectively	18,108	18,455
Deferred financing costs, net of accumulated amortization of $242 and $709, respectively	2,419	2,838
Prepaid expenses and other assets	8,360	10,988
Total assets	1,899,390	1,918,931
Liabilities:
Mortgages payable, net	1,205,278	1,233,983
Identified intangible liabilities, net of accumulated amortization of $69,013 and $65,220, respectively	151,061	154,855
Accounts payable and accrued expenses	39,889	45,331
Other liabilities	14,898	13,308
Total liabilities	1,411,126	1,447,477
Shareholders’ equity:
Accumulated deficit	(27,106)	(40,813)
Noncontrolling interests:
Noncontrolling interest in consolidated subsidiaries	355	357
Partners’ capital:
General partner: 99,425,137 and 99,290,952 units outstanding, respectively	478,667	476,362
Limited partners: 6,378,360 and 6,150,224 units outstanding, respectively	36,348	35,548
Total partners’ capital	487,909	471,097
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	488,264	471,454
Total liabilities and equity	$ 1,899,390	$ 1,918,931

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 2,270	$ 1,926
Allowance for Doubtful Other Receivables, Current	370	148
Accumulated amortization, identified intangible assets	21,459	22,090
Accumulated amortization, deferred leasing costs	13,438	12,987
Accumulated amortization, deferred financing costs	242	709
Accumulated amortization, identified intangible liabilities	$ 69,013	$ 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
Urban Edge Properties LP
Allowance for doubtful accounts	$ 2,270	$ 1,926
Allowance for Doubtful Other Receivables, Current	370	148
Accumulated amortization, identified intangible assets	21,459	22,090
Accumulated amortization, deferred leasing costs	13,438	12,987
Accumulated amortization, deferred financing costs	242	709
Accumulated amortization, identified intangible liabilities	$ 69,013	$ 65,220
General Partners, units outstanding (in units)	99,425,137	99,290,952
Limited Partners, units outstanding (in units)	6,378,360	6,150,224

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUE
Property rentals	$ 58,683	$ 57,380	$ 117,612	$ 114,966
Tenant expense reimbursements	19,879	20,451	42,386	44,754
Management and development fees	526	693	981	1,228
Other income	369	191	1,546	1,550
Total revenue	79,457	78,715	162,525	162,498
EXPENSES
Depreciation and amortization	13,558	14,233	27,473	27,965
Real estate taxes	12,723	12,517	25,972	25,341
Property operating	9,840	10,985	22,699	27,508
General and administrative	7,535	6,792	14,255	19,118
Ground rent	2,483	2,565	5,021	5,079
Transaction costs	34	427	84	22,286
Provision for doubtful accounts	494	389	845	712
Total expenses	46,667	47,908	96,349	128,009
Operating income	32,790	30,807	66,176	34,489
Gain on sale of real estate	15,618	0	15,618	0
Interest income	177	51	344	62
Interest and debt expense	(12,820)	(13,241)	(26,249)	(28,410)
Income before income taxes	35,765	17,617	55,889	6,141
Income tax benefit (expense)	306	(464)	(30)	(1,005)
Net income	36,071	17,153	55,859	5,136
Less (net income) loss attributable to noncontrolling interests in:
Operating partnership	(2,201)	(986)	(3,355)	(426)
Consolidated subsidiaries	(2)	(5)	2	(11)
Net income (loss) attributable to common shareholders	$ 33,868	$ 16,162	$ 52,506	$ 4,699
Earnings per common share - Basic (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05
Earnings per common share - Diluted (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05
Weighted average shares outstanding - Basic (in shares)	99,274	99,250	99,270	99,249
Weighted average shares outstanding - Diluted (in shares)	99,668	99,274	99,592	99,265
Urban Edge Properties LP
REVENUE
Property rentals	$ 58,683	$ 57,380	$ 117,612	$ 114,966
Tenant expense reimbursements	19,879	20,451	42,386	44,754
Management and development fees	526	693	981	1,228
Other income	369	191	1,546	1,550
Total revenue	79,457	78,715	162,525	162,498
EXPENSES
Depreciation and amortization	13,558	14,233	27,473	27,965
Real estate taxes	12,723	12,517	25,972	25,341
Property operating	9,840	10,985	22,699	27,508
General and administrative	7,535	6,792	14,255	19,118
Ground rent	2,483	2,565	5,021	5,079
Transaction costs	34	427	84	22,286
Provision for doubtful accounts	494	389	845	712
Total expenses	46,667	47,908	96,349	128,009
Operating income	32,790	30,807	66,176	34,489
Gain on sale of real estate	15,618	0	15,618	0
Interest income	177	51	344	62
Interest and debt expense	(12,820)	(13,241)	(26,249)	(28,410)
Income before income taxes	35,765	17,617	55,889	6,141
Income tax benefit (expense)	306	(464)	(30)	(1,005)
Net income	36,071	17,153	55,859	5,136
Less (net income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(2)	(5)	2	(11)
Net income (loss) attributable to common shareholders	$ 36,069	$ 17,148	$ 55,861	$ 5,125
Earnings per common share - Basic (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05
Earnings per common share - Diluted (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05
Weighted average shares outstanding - Basic (in shares)	105,372	105,311	105,353	105,235
Weighted average shares outstanding - Diluted (in shares)	106,041	105,416	105,866	105,304

Consolidated and Combined Stat5

Consolidated and Combined Statements of Changes in Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Redeemable NCI	NCI in Consolidated Subsidiaries	Urban Edge Properties LP	Urban Edge Properties LPGeneral Partner	Urban Edge Properties LPLimited Partners	[1]	Urban Edge Properties LPAccumulated Earnings (Deficit)	Urban Edge Properties LPNCI 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	$ 471,454	$ 476,362	$ 35,548		$ (40,813)	$ 357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders	52,506			52,506			55,861				55,861
Net income (loss) attributable to noncontrolling interests	3,353				3,355	(2)	(2)					(2)
Common units issued as a result of common shares issued by Urban Edge							326	494			(168)
Common shares issued:
Under Omnibus share plan (in shares)		115,359
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 1
Under Omnibus share plan	0		(1)
Under dividend reinvestment plan (shares)		6,107
Under dividend reinvestment plan	0		168	(168)
Under ESPP (in shares)		14,127
Under employee share purchase plan	326		326
Share-based awards retained for taxes (in shares)		(1,408)
Share-based awards retained for taxes	(33)		(33)				(33)	(33)
Distributions to Partners ($0.40 per unit)							(42,063)				(42,063)
Dividends on common shares ($0.40 per share)	(39,589)			(39,589)
Share-based compensation expense	2,721		1,844	77	800			1,844	800		77
Distributions to redeemable NCI ($0.80 per unit)	$ (2,474)				(2,474)
Ending balance (in shares) at Jun. 30, 2016	99,381,500	99,425,137
Ending balance at Jun. 30, 2016	$ 488,264	$ 994	$ 477,673	$ (25,616)	$ 34,858	$ 355	$ 488,264	$ 478,667	$ 36,348		$ (27,106)	$ 355
[1]	(1) Limited partners have a 6.0% common limited partnership interest in the Operating Partnership as of June 30, 2016 in the form of units of interest in the Operating Partnership (“OP Units”) and Long Term Incentive Plan (“LTIP”) units

Consolidated and Combined Stat6

Consolidated and Combined Statements of Changes in Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2016$ / shares
Dividends on common shares (in dollars per share)	$ 0.40
Distributions to redeemable NCI (in dollars per unit)	(0.40)
Urban Edge Properties LP
Distributions to redeemable NCI (in dollars per unit)	$ (0.40)

Consolidated and Combined Stat7

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 55,859	$ 5,136
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,989	28,869
Amortization of deferred financing costs	1,382	1,420
Amortization of below market leases, net	(3,749)	(4,051)
Straight-lining of rent	(225)	(185)
Share-based compensation expense	2,721	8,269
Gain on sale of real estate	(15,618)	0
Non-cash separation costs paid by Vornado	0	17,403
Provision for doubtful accounts	845	712
Change in operating assets and liabilities:
Tenant and other receivables	1,425	(4,229)
Prepaid and other assets	1,425	2,085
Accounts payable and accrued expenses	(6,790)	1,906
Other liabilities	1,454	5,137
Net cash provided by operating activities	66,718	62,472
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate additions	(27,545)	(15,257)
Acquisition of real estate	0	(3,125)
Proceeds from sale of operating properties	19,938	0
Decrease (increase) in cash held in escrow and restricted cash	47	(826)
Net cash used in investing activities	(7,560)	(19,208)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(29,699)	(38,704)
Contributions from Vornado	0	(231,462)
Dividends paid to shareholders	(39,589)	(39,617)
Distributions to redeemable noncontrolling interests	(2,474)	(2,452)
Debt issuance costs	0	(3,198)
Taxes withheld for vested restricted shares	(33)	0
Proceeds from issuance of common shares	(326)	0
Net cash provided by (used in) financing activities	(71,469)	147,491
Net (decrease) increase in cash and cash equivalents	(12,311)	190,755
Cash and cash equivalents at beginning of period	168,983	2,600
Cash and cash equivalents at end of period	156,672	193,355
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (includes amounts capitalized of $1,631 and $857, respectively)	25,773	27,387
Cash payments for income taxes	1,249	1,853
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	10,093	2,942
Write off of fully depreciated assets	683	3,341
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	55,859	5,136
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,989	28,869
Amortization of deferred financing costs	1,382	1,420
Amortization of below market leases, net	(3,749)	(4,051)
Straight-lining of rent	(225)	(185)
Share-based compensation expense	2,721	8,269
Gain on sale of real estate	(15,618)	0
Non-cash separation costs paid by Vornado	0	17,403
Provision for doubtful accounts	845	712
Change in operating assets and liabilities:
Tenant and other receivables	1,425	(4,229)
Prepaid and other assets	1,425	2,085
Accounts payable and accrued expenses	(6,790)	1,906
Other liabilities	1,454	5,137
Net cash provided by operating activities	66,718	62,472
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate additions	(27,545)	(15,257)
Acquisition of real estate	0	(3,125)
Proceeds from sale of operating properties	19,938	0
Decrease (increase) in cash held in escrow and restricted cash	47	(826)
Net cash used in investing activities	(7,560)	(19,208)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(29,699)	(38,704)
Contributions from Vornado	0	(231,462)
Distributions to partners	(42,063)	(42,069)
Debt issuance costs	0	(3,198)
Taxes withheld for vested restricted shares	(33)	0
Proceeds from issuance of common shares	(326)	0
Net cash provided by (used in) financing activities	(71,469)	147,491
Net (decrease) increase in cash and cash equivalents	(12,311)	190,755
Cash and cash equivalents at beginning of period	168,983	2,600
Cash and cash equivalents at end of period	156,672	193,355
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (includes amounts capitalized of $1,631 and $857, respectively)	25,773	27,387
Cash payments for income taxes	1,249	1,853
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	10,093	2,942
Write off of fully depreciated assets	$ 683	$ 3,341

Consolidated and Combined Stat8

Consolidated and Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Capitalized interest	$ 518	$ 0	$ 0
Urban Edge Properties LP
Capitalized interest	$ 1,631	$ 857

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Urban Edge Properties (“UE”, “Urban Edge” 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. 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 common limited partnership interests in the Operating Partnership (“OP Units”). The Operating Partnership’s capital includes general and limited common OP Units. As of December 31, 2015, Urban Edge owned approximately 94.0% of the outstanding common OP Units with the remaining limited OP Units held by VRLP, and members of management and our Board of Trustees. Urban Edge serves as the general partner of the Operating Partnership. The third party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. 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. As of June 30, 2016 our portfolio consisted of 79 shopping centers, three malls and a warehouse park totaling 14.7 million square feet.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	6 Months Ended
	Jun. 30, 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 Company’s 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 and the Operating Partnership’s audited consolidated and combined financial statements and related notes thereto filed by the Company on its Current Report on Form 8-K dated August 5, 2016, as filed with the SEC. The consolidated balance sheet as of June 30, 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 three and six months ended June 30, 2016 includes the consolidated accounts of the Company. The results presented for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 2016, the FASB issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments, which replaces the incurred impairment methodology in current GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, with early adoption permitted for annual periods beginning after December 15, 2018. We are 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 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 June 30, 2016 are presented net of $9.0 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. The Company consolidates the Operating Partnership as it is the primary beneficiary of the VIE. 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. During the six months ended June 30, 2016, the FASB has issued the following updates to ASC Topic 606 to clarify and/or amend the guidance in ASU 2014-09: (i) ASU 2016-08 Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations, (ii) ASU 2016-10 Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance and (iii) ASU 2016-12 Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of ASU 2014-09. 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	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS AND DISPOSITIONS In conjunction with the acquisition of Cross Bay Commons (formerly named Pan Bay Center) on December 23, 2015, we entered into a reverse like-kind exchange agreement under Section 1031 of the Internal Revenue Code with a third party intermediary. The exchange agreement was for a maximum of 180 days and allowed us, for tax purposes, to defer gains on the sale of other properties sold within 180 days after the acquisition date. On June 9, 2016, we completed the sale of a shopping center located in Waterbury, CT for $21.6 million resulting in a gain of $15.6 million . The sale completed the reverse Section 1031 tax deferred exchange transaction with the acquisition of Cross Bay Commons. From December 23, 2015 to June 9, 2016, a third party intermediary was the legal owner of Cross Bay Commons, although we controlled the activities that most significantly impacted the property and retained all of the economic benefits and risks associated with it, and therefore we concluded it was a VIE and we were the primary beneficiary of the VIE. Accordingly, effective December 23, 2015, we consolidated Cross Bay Commons and its operations even during the period it was held by a third party intermediary. The consolidated balance sheets included total assets and liabilities of Cross Bay Commons of $29.5 million and $2.5 million , respectively as of December 31, 2015.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 provided transition services to the Company including human resources, information technology, risk management, tax services and office space and support. The fees charged to us by Vornado for those transition services approximated the actual cost incurred by Vornado in providing such services. On June 28, 2016, the Company executed an amendment to the transition services agreement, extending Vornado’s provision of information technology, risk management services and the portion of the human resources service related to health and benefits through July 31, 2018, unless terminated earlier. Fees for these services remain the same except that they may be adjusted for inflation. As of June 30, 2016 there were no amounts due to Vornado related to such services. During the three and six months ended June 30, 2016 , there was $0.5 million and $0.9 million , respectively, of costs paid to Vornado included in general and administrative expenses, which consisted of $0.3 million and $0.5 million , respectively, of rent expense for two of our office locations and $0.2 million and $0.4 million , respectively, of transition services fees. For the three and six months ended June 30, 2015, there were $0.5 million and $1.1 million , respectively, of costs paid to Vornado included in general and administrative expenses, which consisted of $0.4 million and $0.9 million , respectively, of transition services fees and $0.1 million and $0.2 million , respectively, 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 June 30, 2016 . As of, and for the three and six months ended June 30, 2016 , Vornado owned 32.4% of Alexander’s, Inc. During the three and six months ended June 30, 2016 , we recognized management and development fee income of $0.5 million and $1.0 million , respectively and $0.7 million and $1.2 million for the same periods in 2015. As of June 30, 2016 and December 31, 2015 , there were $0.4 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	6 Months Ended
	Jun. 30, 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 $32.6 million and $151.1 million as of June 30, 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 $3.8 million and $4.1 million for the six months ended June 30, 2016 and 2015 , respectively, and $1.9 million and $2.1 million for the quarters ended June 30, 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 and $0.8 million for the three and six months ended June 30, 2016 , respectively and $0.4 million and $0.8 million for the same periods in 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 and $0.5 million for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of June 30, 2016 and December 31, 2015 . Interest Rate at June 30, December 31, (Amounts in thousands) Maturity June 30, 2016 2016 2015 Cross collateralized mortgage loan: Fixed Rate 9/10/2020 4.34% $ 526,364 $ 533,459 Variable Rate (1) 9/10/2020 2.36% 38,756 60,000 Total cross collateralized 565,120 593,459 First mortgages secured by: North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 74,531 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% 88,013 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% 15,088 15,285 Total mortgages payable 1,214,289 1,243,957 Unamortized debt issuance costs (9,011 ) (9,974 ) Total mortgages payable, net unamortized debt issuance costs $ 1,205,278 $ 1,233,983 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps . In June 2016, in connection with the sale of our property in Waterbury, CT, we prepaid $21.2 million of the variable rate portion of our cross collateralized mortgage loan to maintain compliance with covenant requirements. (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 June 30, 2016 we were in default and remain in discussions with the special servicer including with respect to 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 in our Form 10-K as filed with SEC for Urban Edge Properties. 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 June 30, 2016 and December 31, 2015 . The effective interest rate including amortization of the debt discount is 7.26% as of June 30, 2016 . The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $855.5 million as of June 30, 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. Our property in Waterbury, CT was held as collateral in our cross collateralized mortgage loan. In connection with the sale of our property in Waterbury, CT on June 9, 2016 , we prepaid $21.2 million of the variable rate component of our cross collateralized mortgage loan in order to maintain compliance with covenant requirements. As of June 30, 2016 , we were in compliance with all debt covenants. As of June 30, 2016 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 (1) $ 8,359 2017 16,784 2018 99,708 2019 17,320 2020 513,870 2021 120,753 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 are subject to 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. Financing fees associated with the Agreement of $2.4 million and $2.8 million as of June 30, 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 was 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 $11.8 million has been funded as of June 30, 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.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elects 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. Partners of the Operating Partnership are required to report their share of taxable income on their individual tax returns. 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 $30.0 thousand and $1.0 million for the six months ended June 30, 2016 and 2015 , respectively, and $0.5 million for the quarter ended June 30, 2015. There was a $0.3 million income tax benefit recorded for the quarter ended June 30, 2016 .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2016 and December 31, 2015 . As of June 30, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 156,672 $ 156,672 $ 168,983 $ 168,983 Liabilities: Mortgages payable (1) $ 1,214,289 $ 1,265,650 $ 1,243,957 $ 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: June 30, 2016 December 31, 2015 Low High Low High Mortgages payable 2.1% 2.5% 2.0% 2.3%

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 $11.8 million has been funded as of June 30, 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 June 30, 2016 , the aggregate amount of these master leases was approximately $2.7 million. Redevelopment: As of June 30, 2016 , we had approximately $131.4 million of active development, redevelopment and anchor repositioning projects underway of which $81.2 million remains to be funded as of June 30, 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 have accrued costs of $1.4 million on our consolidated balance sheets 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	6 Months Ended
	Jun. 30, 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) June 30, 2016 December 31, 2015 Other assets $ 2,347 $ 2,467 Prepaid expenses: Real estate taxes 3,507 5,646 Insurance 1,217 1,934 Rent, licenses/fees 1,289 941 Total Prepaid expenses and other assets $ 8,360 $ 10,988

OTHER LIABILITIES

OTHER LIABILITIES	6 Months Ended
	Jun. 30, 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) June 30, 2016 December 31, 2015 Deferred ground rent expense $ 6,173 $ 6,038 Deferred tax liability, net 3,632 3,607 Deferred tenant revenue 3,714 2,284 Environmental remediation costs 1,379 1,379 Total Other liabilities $ 14,898 $ 13,308

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Interest expense $ 12,097 $ 12,505 $ 24,867 $ 26,990 Amortization of deferred financing costs 723 736 1,382 1,420 Total Interest and debt expense $ 12,820 $ 13,241 $ 26,249 $ 28,410

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
NONCONTROLLING INTEREST	NONCONTROLLING INTEREST Redeemable Noncontrolling Interests Redeemable noncontrolling interests reflected on the consolidated balance sheets of the Company are comprised of 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 by VRLP. LTIP unit awards 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 6.0% weighted-average interest in the Operating Partnership for the three and six months ended June 30, 2016 . Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for cash, or for the Company’s common shares on a one -for-one basis, solely at our election. Holders of outstanding OP units may, at a determinable date, redeem their units for cash or the Company’s common shares on a one -for-one basis solely at our election. Noncontrolling Interest The noncontrolling interest relates 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	6 Months Ended
	Jun. 30, 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 expenses in our consolidated and combined statements of income, is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Share-based compensation expense components: Restricted share expense $ 383 $ 54 $ 616 $ 63 Stock option expense 653 545 1,229 786 LTIP expense 100 186 283 7,329 Outperformance Plan (“OPP”) expense (1) 288 43 593 91 Total Share-based compensation expense $ 1,424 $ 828 $ 2,721 $ 8,269 (1) OPP Expense for the three months ended June 30, 2016 and 2015 includes $35,000 and $43,000 , respectively, and $77,000 and $91,000 for the six months ended June 30, 2016 and 2015, 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	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE AND UNIT Urban Edge 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 Urban Edge 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: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 33,868 $ 16,162 $ 52,506 $ 4,699 Less: Earnings allocated to unvested participating securities (43 ) (7 ) (61 ) (9 ) Net income available for common shareholders $ 33,825 $ 16,155 $ 52,445 $ 4,690 Denominator: Weighted average common shares outstanding - basic 99,274 99,250 99,270 99,249 Effect of dilutive securities (1) : Stock options using the treasury stock method 272 — 157 — Restricted stock 122 24 98 16 Assumed conversion of LTIP units — — 67 — Weighted average common shares outstanding - diluted 99,668 99,274 99,592 99,265 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.34 $ 0.16 $ 0.53 $ 0.05 Earnings per common share - Diluted $ 0.34 $ 0.16 $ 0.53 $ 0.05 (1) For the three and six months ended June 30, 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 outstanding that were excluded from the computation of diluted EPS for the three and six months ended June 30, 2015 as their inclusion would be anti-dilutive. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per unit data) 2016 2015 2016 2015 Numerator: Net income attributable to unitholders $ 36,069 $ 17,148 $ 55,861 $ 5,125 Less: net income attributable to participating securities (45 ) (7 ) (64 ) (9 ) Net income available for unitholders $ 36,024 $ 17,141 $ 55,797 $ 5,116 Denominator: Weighted average units outstanding - basic 105,372 105,311 105,353 105,235 Effect of dilutive securities issued by Urban Edge 394 24 255 16 Unvested LTIP units 275 81 258 53 Weighted average units outstanding - diluted 106,041 105,416 105,866 105,304 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.34 $ 0.16 $ 0.53 $ 0.05 Earnings per unit - Diluted $ 0.34 $ 0.16 $ 0.53 $ 0.05

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 Company’s 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 and the Operating Partnership’s audited consolidated and combined financial statements and related notes thereto filed by the Company on its Current Report on Form 8-K dated August 5, 2016, as filed with the SEC.
Consolidation and Noncontrolling Interests	The consolidated balance sheet as of June 30, 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 three and six months ended June 30, 2016 includes the consolidated accounts of the Company. The results presented for the six months ended June 30, 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 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 June 30, 2016 are presented net of $9.0 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. The Company consolidates the Operating Partnership as it is the primary beneficiary of the VIE. 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. During the six months ended June 30, 2016, the FASB has issued the following updates to ASC Topic 606 to clarify and/or amend the guidance in ASU 2014-09: (i) ASU 2016-08 Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations, (ii) ASU 2016-10 Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance and (iii) ASU 2016-12 Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of ASU 2014-09. 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)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of mortgages payable	The following is a summary of mortgages payable as of June 30, 2016 and December 31, 2015 . Interest Rate at June 30, December 31, (Amounts in thousands) Maturity June 30, 2016 2016 2015 Cross collateralized mortgage loan: Fixed Rate 9/10/2020 4.34% $ 526,364 $ 533,459 Variable Rate (1) 9/10/2020 2.36% 38,756 60,000 Total cross collateralized 565,120 593,459 First mortgages secured by: North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 74,531 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% 88,013 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% 15,088 15,285 Total mortgages payable 1,214,289 1,243,957 Unamortized debt issuance costs (9,011 ) (9,974 ) Total mortgages payable, net unamortized debt issuance costs $ 1,205,278 $ 1,233,983 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps . In June 2016, in connection with the sale of our property in Waterbury, CT, we prepaid $21.2 million of the variable rate portion of our cross collateralized mortgage loan to maintain compliance with covenant requirements. (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 June 30, 2016 we were in default and remain in discussions with the special servicer including with respect to 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 in our Form 10-K as filed with SEC for Urban Edge Properties. 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 June 30, 2016 and December 31, 2015 . The effective interest rate including amortization of the debt discount is 7.26% as of June 30, 2016 .
Schedule of principal repayments	As of June 30, 2016 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2016 (1) $ 8,359 2017 16,784 2018 99,708 2019 17,320 2020 513,870 2021 120,753 Thereafter 437,495

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 . As of June 30, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 156,672 $ 156,672 $ 168,983 $ 168,983 Liabilities: Mortgages payable (1) $ 1,214,289 $ 1,265,650 $ 1,243,957 $ 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: June 30, 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)	6 Months Ended
	Jun. 30, 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) June 30, 2016 December 31, 2015 Other assets $ 2,347 $ 2,467 Prepaid expenses: Real estate taxes 3,507 5,646 Insurance 1,217 1,934 Rent, licenses/fees 1,289 941 Total Prepaid expenses and other assets $ 8,360 $ 10,988

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2016 December 31, 2015 Deferred ground rent expense $ 6,173 $ 6,038 Deferred tax liability, net 3,632 3,607 Deferred tenant revenue 3,714 2,284 Environmental remediation costs 1,379 1,379 Total Other liabilities $ 14,898 $ 13,308

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Interest expense $ 12,097 $ 12,505 $ 24,867 $ 26,990 Amortization of deferred financing costs 723 736 1,382 1,420 Total Interest and debt expense $ 12,820 $ 13,241 $ 26,249 $ 28,410

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 expenses in our consolidated and combined statements of income, is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Share-based compensation expense components: Restricted share expense $ 383 $ 54 $ 616 $ 63 Stock option expense 653 545 1,229 786 LTIP expense 100 186 283 7,329 Outperformance Plan (“OPP”) expense (1) 288 43 593 91 Total Share-based compensation expense $ 1,424 $ 828 $ 2,721 $ 8,269 (1) OPP Expense for the three months ended June 30, 2016 and 2015 includes $35,000 and $43,000 , respectively, and $77,000 and $91,000 for the six months ended June 30, 2016 and 2015, 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)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 33,868 $ 16,162 $ 52,506 $ 4,699 Less: Earnings allocated to unvested participating securities (43 ) (7 ) (61 ) (9 ) Net income available for common shareholders $ 33,825 $ 16,155 $ 52,445 $ 4,690 Denominator: Weighted average common shares outstanding - basic 99,274 99,250 99,270 99,249 Effect of dilutive securities (1) : Stock options using the treasury stock method 272 — 157 — Restricted stock 122 24 98 16 Assumed conversion of LTIP units — — 67 — Weighted average common shares outstanding - diluted 99,668 99,274 99,592 99,265 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.34 $ 0.16 $ 0.53 $ 0.05 Earnings per common share - Diluted $ 0.34 $ 0.16 $ 0.53 $ 0.05 (1) For the three and six months ended June 30, 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 outstanding that were excluded from the computation of diluted EPS for the three and six months ended June 30, 2015 as their inclusion would be anti-dilutive. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per unit data) 2016 2015 2016 2015 Numerator: Net income attributable to unitholders $ 36,069 $ 17,148 $ 55,861 $ 5,125 Less: net income attributable to participating securities (45 ) (7 ) (64 ) (9 ) Net income available for unitholders $ 36,024 $ 17,141 $ 55,797 $ 5,116 Denominator: Weighted average units outstanding - basic 105,372 105,311 105,353 105,235 Effect of dilutive securities issued by Urban Edge 394 24 255 16 Unvested LTIP units 275 81 258 53 Weighted average units outstanding - diluted 106,041 105,416 105,866 105,304 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.34 $ 0.16 $ 0.53 $ 0.05 Earnings per unit - Diluted $ 0.34 $ 0.16 $ 0.53 $ 0.05 The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands, except per unit data) 2016 2015 2016 2015 Numerator: Net income attributable to unitholders $ 36,069 $ 17,148 $ 55,861 $ 5,125 Less: net income attributable to participating securities (45 ) (7 ) (64 ) (9 ) Net income available for unitholders $ 36,024 $ 17,141 $ 55,797 $ 5,116 Denominator: Weighted average units outstanding - basic 105,372 105,311 105,353 105,235 Effect of dilutive securities issued by Urban Edge 394 24 255 16 Unvested LTIP units 275 81 258 53 Weighted average units outstanding - diluted 106,041 105,416 105,866 105,304 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.34 $ 0.16 $ 0.53 $ 0.05 Earnings per unit - Diluted $ 0.34 $ 0.16 $ 0.53 $ 0.05

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands, ft² in Millions	Jan. 15, 2015USD ($)	Jun. 30, 2016USD ($)ft²property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²property	Jun. 30, 2015USD ($)	Mar. 31, 2016property
Real Estate Properties [Line Items]
Area of real estate property (in sq ft) | ft²		14.7		14.7
Noncontrolling interest percentage				6.00%
Capital investment, in cash	$ 225,000
Transaction costs	21,900	$ 34	$ 427	$ 84	$ 22,286
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		79		79
Wholly owned properties | Mall
Real Estate Properties [Line Items]
Number of real estate properties | property		3		3

BASIS OF PRESENTATION AND PRI35

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016USD ($)ft²mall	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²mall	Jun. 30, 2015USD ($)
Concentration Risk [Line Items]
Area of property (in sq ft) | ft²	14.7		14.7
Total revenue | $	$ 79,457	$ 78,715	$ 162,525	$ 162,498
Puerto Rico
Concentration Risk [Line Items]
Number of real estate properties | mall	2		2

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Literature (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncement, Early Adoption [Line Items]
Deferred financing costs, net	$ 2,419		$ 2,838
Deferred Finance Costs | New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption [Line Items]
Deferred financing costs, net	$ 9,000		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	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016
Pan Bay Center
Business Acquisition [Line Items]
Deferral period of gains from sale of other properties, for tax purposes	180 days	180 days

ACQUISITIONS - Summary of Acqui

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

ACQUISITIONS - Summary of Dispo

ACQUISITIONS - Summary of Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of operating properties			$ 19,938	$ 0
Gain on sale of real estate	$ 15,618	$ 0	15,618	$ 0
Waterbury, CT [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of operating properties			21,600
Gain on sale of real estate			$ 15,618

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
General and administrative expense	$ 7,535,000	$ 6,792,000	$ 14,255,000	$ 19,118,000
Management and development fees	526,000	693,000	981,000	1,228,000
Affiliated Entity | Vornado
Related Party Transaction [Line Items]
General and administrative expense	500,000	500,000	900,000	1,100,000
Affiliated Entity | Separation Transaction | Vornado
Related Party Transaction [Line Items]
Payables to related party	0		0
Affiliated Entity | Management Agreement | Vornado
Related Party Transaction [Line Items]
Management and development fee income	500,000	700,000	1,000,000
Affiliated Entity | Management Agreement | Vornado | Accounts Receivable
Related Party Transaction [Line Items]
Management fees receivable	$ 400,000		$ 400,000		$ 700,000
Affiliated Entity | Management Agreement | Vornado | Interstate
Related Party Transaction [Line Items]
Noncontrolling interest percentage	7.10%		7.10%
Affiliated Entity | Management Agreement | Alexander's, Inc. | Vornado
Related Party Transaction [Line Items]
Noncontrolling interest percentage	32.40%		32.40%
Affiliated Entity | Transition Services | Vornado
Related Party Transaction [Line Items]
General and administrative expense	$ 200,000	400,000	$ 400,000	900,000
Affiliated Entity | Rent Expense | Vornado
Related Party Transaction [Line Items]
General and administrative expense	$ 300,000	$ 100,000	$ 500,000	$ 200,000

IDENTIFIED INTANGIBLE ASSETS 42

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Identified intangible assets, net of accumulated amortization	$ 32,586			$ 32,586		$ 33,953
Identified intangible liabilities, net of accumulated amortization	151,061			151,061		$ 154,855
Amortization Of Acquired Below-Market Lease, Net Of Acquired Above-Market Lease	1,900	$ 2,100		3,800	$ 4,100
Amortization expense of intangible assets	$ 400		$ 418	800	$ 800
Amortization of Below Market Lease			$ 200	$ 500

IDENTIFIED INTANGIBLE ASSETS 43

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Amortization For Below-Market Leases, Net of Above-Market Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Of Acquired Below-Market Lease, Net Of Acquired Above-Market Lease	$ 1,900	$ 2,100	$ 3,800	$ 4,100
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 400	$ 418	$ 800	$ 800
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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Below Market Lease	$ 200	$ 500
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)	6 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016property	Dec. 31, 2015USD ($)property	Jan. 31, 2015USD ($)	Jan. 06, 2015USD ($)
Debt Instrument [Line Items]
Total mortgages payable, net unamortized debt issuance costs	$ 1,205,278,000		$ 1,233,983,000
Mortgages
Debt Instrument [Line Items]
Total mortgages payable	1,214,289,000		1,243,957,000
Unamortized debt issuance costs	(9,011,000)		(9,974,000)
Total mortgages payable, net unamortized debt issuance costs	1,205,278,000		$ 1,233,983,000
Mortgages | Cross Collateralized
Debt Instrument [Line Items]
Number of real estate properties | property		39	40
Total mortgages payable	$ 565,120,000		$ 593,459,000
Mortgages | First Mortgage | North Bergen (Tonnelle Avenue)
Debt Instrument [Line Items]
Interest rate	4.59%
Total mortgages payable	$ 74,531,000		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	$ 88,013,000		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	$ 15,088,000		15,285,000
Unamortized debt discount	$ 1,100,000
Effective interest rate	7.26%
Mortgages | Fixed Rate | Cross Collateralized
Debt Instrument [Line Items]
Interest rate	4.34%
Total mortgages payable	$ 526,364,000		533,459,000
Mortgages | Variable Rate | Cross Collateralized
Debt Instrument [Line Items]
Interest rate	2.36%
Total mortgages payable	$ 38,756,000		$ 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	Jun. 30, 2016USD ($)
Debt Disclosure [Abstract]
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year	$ 8,359
2,016	16,784
2,017	99,708
2,018	17,320
2,019	513,870
2,020	120,753
Thereafter	$ 437,495

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details)	Jan. 15, 2015USD ($)extension_option	Jan. 31, 2015USD ($)debt_tranche	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jan. 06, 2015USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness			$ 855,500,000
Deferred Finance Costs, Gross			2,419,000			$ 2,800,000
Mortgages payable, net			1,205,278,000			1,233,983,000
Amortization of lender fees			1,382,000	$ 1,420,000
Mortgages
Debt Instrument [Line Items]
Mortgages payable, net			1,205,278,000			1,233,983,000
Unamortized debt issuance costs			9,011,000			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						$ 1,681,000
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			$ 11,800,000
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			6 Months Ended
	Jun. 30, 2016USD ($)mall	Mar. 31, 2016	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)mall	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Income tax benefit (expense)	$ 306		$ (464)	$ (30)	$ (1,005)
Deferred tax liability	$ (3,632)			$ (3,632)		$ (3,607)
Puerto Rico
Income Tax Contingency [Line Items]
Number of malls | mall	2			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 benefit (expense)	$ 300		$ (500)	$ 0	$ (1,000)

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income tax expense:
Total income tax expense	$ (306)	$ 464	$ 30	$ 1,005

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Jun. 30, 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	Jun. 30, 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	$ 156,672
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	1,214,289	1,243,957
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	156,672	168,983
Debt Instrument, Fair Value Disclosure	$ 1,265,650	$ 1,262,483

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rates Used for Fair Value of Mortgages Payable (Details) - Mortgages	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016
Low
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input, interest rate	2.00%	2.10%
High
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input, interest rate	2.30%	2.50%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
	Jun. 30, 2016USD ($)property	Mar. 31, 2016USD ($)	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	$ 1,205,278,000		$ 1,233,983,000
Aggregate amount of master leases	2,700,000
Real estate redevelopment in process	131,400,000
Estimated cost to complete development and redevelopment projects	$ 81,200,000
Estimated duration to complete development and redevelopment projects	3 years
Mortgages
Loss Contingencies [Line Items]
Mortgages payable, net	$ 1,205,278,000		$ 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	11,800,000
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	Jun. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 2,347	$ 2,467
Prepaid expenses:
Real estate taxes	3,507	5,646
Insurance	1,217	1,934
Rent, licenses/fees	1,289	941
Total Prepaid expenses and other assets	$ 8,360	$ 10,988

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Deferred ground rent expense	$ 6,173	$ 6,038
Deferred tax liability, net	3,632	3,607
Deferred tenant revenue	3,714	2,284
Environmental remediation costs	1,379	1,379
Total Other liabilities	$ 14,898	$ 13,308

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Interest expense	$ 12,097	$ 12,505	$ 24,867	$ 26,990
Amortization of deferred financing costs	723	736	1,382	1,420
Total Interest and debt expense	$ 12,820	$ 13,241	$ 26,249	$ 28,410

NONCONTROLLING INTEREST (Detail

NONCONTROLLING INTEREST (Details) shares in Millions	Jan. 15, 2015	Jun. 30, 2016shares
Noncontrolling Interest [Line Items]
Common limited partnership units issued (in shares)		5.7
Noncontrolling interest percentage		6.00%
Conversion rate to common shares		1
LTIP Units
Noncontrolling Interest [Line Items]
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 1,424	$ 828	$ 2,721	$ 8,269
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	288	43	593	91
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	383	54	616	63
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	653	545	1,229	786
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	100	186	283	7,329
Vornado's OPP Plan | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 35	$ 43	$ 77	$ 91

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income (loss) attributable to common shareholders	$ 33,868	$ 16,162	$ 52,506	$ 4,699
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	(43)	(7)	(61)	(9)
Net Income (Loss) Available to Common Stockholders, Basic	$ 33,825	$ 16,155	$ 52,445	$ 4,690
Denominator:
Weighted average common shares outstanding - basic (in shares)	99,274	99,250	99,270	99,249
Effect of dilutive securities:
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights	0	0	67	0
Weighted average common shares outstanding - diluted (in dollars per share)	99,668	99,274	99,592	99,265
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05
Earnings per common share - Diluted (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05
Stock Options
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	272	0	157	0
Restricted Stock
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	122	24	98	16
Urban Edge Properties LP
Numerator:
Net income (loss) attributable to common shareholders	$ 36,069	$ 17,148	$ 55,861	$ 5,125
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	(45)	(7)	(64)	(9)
Net Income (Loss) Available to Common Stockholders, Basic	$ 36,024	$ 17,141	$ 55,797	$ 5,116
Denominator:
Weighted average common shares outstanding - basic (in shares)	105,372	105,311	105,353	105,235
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	394	24	255	16
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights	275	81	258	53
Weighted average common shares outstanding - diluted (in dollars per share)	106,041	105,416	105,866	105,304
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05
Earnings per common share - Diluted (in dollars per share)	$ 0.34	$ 0.16	$ 0.53	$ 0.05