Urban Edge Properties (UE) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Information [Abstract]
Entity Registrant Name	URBAN EDGE PROPERTIES
Entity Central Index Key	1,611,547
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		99,826,975

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate, at cost:
Land	$ 436,088	$ 384,217
Buildings and improvements	1,719,079	1,650,054
Construction in progress	108,401	99,236
Furniture, fixtures and equipment	5,077	4,993
Total	2,268,645	2,138,500
Accumulated depreciation and amortization	(553,649)	(541,077)
Real estate, net	1,714,996	1,597,423
Cash and cash equivalents	110,974	131,654
Restricted cash	11,812	8,532
Tenant and other receivables, net of allowance for doubtful accounts of $2,557 and $2,332, respectively	11,841	9,340
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $207 and $261, respectively	86,176	87,695
Identified intangible assets, net of accumulated amortization of $23,693 and $22,361, respectively	73,879	30,875
Deferred leasing costs, net of accumulated amortization of $14,555 and $13,909, respectively	19,391	19,241
Deferred financing costs, net of accumulated amortization of $972 and $726, respectively	4,011	1,936
Prepaid expenses and other assets	17,271	17,442
Total assets	2,050,351	1,904,138
Liabilities:
Mortgages payable, net	1,256,955	1,197,513
Identified intangible liabilities, net of accumulated amortization of $58,657 and $72,528, respectively	145,748	146,991
Accounts payable and accrued expenses	54,286	48,842
Other liabilities	16,154	14,675
Total liabilities	1,473,143	1,408,021
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 99,826,975 and 99,754,900 shares issued and outstanding, respectively	998	997
Additional paid-in capital	489,190	488,375
Accumulated earnings (deficit)	(419)	(29,066)
Noncontrolling interests:
Redeemable noncontrolling interests	87,068	35,451
Noncontrolling interest in consolidated subsidiaries	371	360
Partners’ capital:
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	577,208	496,117
Total liabilities and equity	2,050,351	1,904,138
Urban Edge Properties LP
Real estate, at cost:
Land	436,088	384,217
Buildings and improvements	1,719,079	1,650,054
Construction in progress	108,401	99,236
Furniture, fixtures and equipment	5,077	4,993
Total	2,268,645	2,138,500
Accumulated depreciation and amortization	(553,649)	(541,077)
Real estate, net	1,714,996	1,597,423
Cash and cash equivalents	110,974	131,654
Restricted cash	11,812	8,532
Tenant and other receivables, net of allowance for doubtful accounts of $2,557 and $2,332, respectively	11,841	9,340
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $207 and $261, respectively	86,176	87,695
Identified intangible assets, net of accumulated amortization of $23,693 and $22,361, respectively	73,879	30,875
Deferred leasing costs, net of accumulated amortization of $14,555 and $13,909, respectively	19,391	19,241
Deferred financing costs, net of accumulated amortization of $972 and $726, respectively	4,011	1,936
Prepaid expenses and other assets	17,271	17,442
Total assets	2,050,351	1,904,138
Liabilities:
Mortgages payable, net	1,256,955	1,197,513
Identified intangible liabilities, net of accumulated amortization of $58,657 and $72,528, respectively	145,748	146,991
Accounts payable and accrued expenses	54,286	48,842
Other liabilities	16,154	14,675
Total liabilities	1,473,143	1,408,021
Commitments and contingencies
Shareholders’ equity:
Accumulated earnings (deficit)	319	(30,696)
Noncontrolling interests:
Noncontrolling interest in consolidated subsidiaries	371	360
Partners’ capital:
General partner: 99,826,975 and 99,754,900 units outstanding, respectively	490,188	489,372
Limited partners: 8,284,166 and 6,378,704 units outstanding, respectively	86,330	37,081
Total partners’ capital	576,837	495,757
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	577,208	496,117
Total liabilities and equity	$ 2,050,351	$ 1,904,138

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 2,557	$ 2,332
Allowance for Doubtful Other Receivables, Current	207	261
Accumulated amortization, identified intangible assets	23,693	22,361
Accumulated amortization, deferred leasing costs	14,555	13,909
Accumulated amortization, deferred financing costs	972	726
Accumulated amortization, identified intangible liabilities	$ 58,657	$ 72,528
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)	99,826,975	99,754,900
Common stock, shares, outstanding (in shares)	99,826,975	99,754,900
Urban Edge Properties LP
Allowance for doubtful accounts	$ 2,557	$ 2,332
Allowance for Doubtful Other Receivables, Current	207	261
Accumulated amortization, identified intangible assets	23,693	22,361
Accumulated amortization, deferred leasing costs	14,555	13,909
Accumulated amortization, deferred financing costs	972	726
Accumulated amortization, identified intangible liabilities	$ 58,657	$ 72,528
General Partners, units outstanding (in units)	99,826,975	99,754,900
Limited Partners, units outstanding (in units)	8,284,166	6,378,704

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE
Property rentals	$ 62,498	$ 58,929
Tenant expense reimbursements	23,771	22,507
Income from acquired leasehold interest	39,215	0
Management and development fees	479	455
Other income	101	1,177
Total revenue	126,064	83,068
EXPENSES
Depreciation and amortization	15,828	13,915
Real estate taxes	13,392	13,249
Property operating	13,368	12,859
General and administrative	8,081	6,720
Real estate impairment loss	3,164	0
Ground rent	2,670	2,538
Transaction costs	51	50
Provision for doubtful accounts	193	351
Total expenses	56,747	49,682
Operating income	69,317	33,386
Interest income	127	167
Interest and debt expense	(13,115)	(13,429)
Loss on extinguishment of debt	(1,274)	0
Income before income taxes	55,055	20,124
Income tax expense	(320)	(336)
Net income	54,735	19,788
Less (net income) loss attributable to noncontrolling interests in:
Operating partnership	(4,138)	(1,154)
Consolidated subsidiaries	(11)	4
Net income (loss) attributable to common shareholders	$ 50,586	$ 18,638
Earnings per common share - Basic (in dollars per share)	$ 0.51	$ 0.19
Earnings per common share - Diluted (in dollars per share)	$ 0.50	$ 0.19
Weighted average shares outstanding - Basic (in shares)	99,639	99,265
Weighted average shares outstanding - Diluted (in shares)	100,093	99,363
Urban Edge Properties LP
REVENUE
Property rentals	$ 62,498	$ 58,929
Tenant expense reimbursements	23,771	22,507
Income from acquired leasehold interest	39,215	0
Management and development fees	479	455
Other income	101	1,177
Total revenue	126,064	83,068
EXPENSES
Depreciation and amortization	15,828	13,915
Real estate taxes	13,392	13,249
Property operating	13,368	12,859
General and administrative	8,081	6,720
Real estate impairment loss	3,164	0
Ground rent	2,670	2,538
Transaction costs	51	50
Provision for doubtful accounts	193	351
Total expenses	56,747	49,682
Operating income	69,317	33,386
Interest income	127	167
Interest and debt expense	(13,115)	(13,429)
Loss on extinguishment of debt	(1,274)	0
Income before income taxes	55,055	20,124
Income tax expense	(320)	(336)
Net income	54,735	19,788
Less (net income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(11)	4
Net income (loss) attributable to common shareholders	$ 54,724	$ 19,792
Earnings per common share - Basic (in dollars per share)	$ 0.51	$ 0.19
Earnings per common share - Diluted (in dollars per share)	$ 0.50	$ 0.19
Weighted average shares outstanding - Basic (in shares)	107,483	105,434
Weighted average shares outstanding - Diluted (in shares)	108,254	105,616

Consolidated and Combined Stat5

Consolidated and Combined Statements of Changes in Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Urban Edge Properties LP	Urban Edge Properties LPAccumulated Earnings (Deficit)	Urban Edge Properties LPNCI in Consolidated Subsidiaries	Urban Edge Properties LPGeneral Partner	Urban Edge Properties LPLimited Partners	Common Shares	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Redeemable NCI	NCI in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2016	99,754,900						99,754,900
Beginning balance at Dec. 31, 2016	$ 496,117	$ 496,117	$ (30,696)	$ 360	$ 489,372	$ 37,081	$ 997	$ 488,375	$ (29,066)	$ 35,451	$ 360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders	50,586	54,724	54,724						50,586
Net income attributable to noncontrolling interests	4,149	11		11						4,138	11
Net income attributable to noncontrolling interests		(29)	(92)		63
Limited partnership units issued	48,800	48,800				48,800				48,800
Common shares issued (in shares)							81,491
Common shares issued	(29)						$ 1	62	(92)
Share-based awards retained for taxes (in shares)							(9,416)
Share-based awards withheld for taxes	(260)	(260)			(260)			(260)
Distributions to Partners ($0.22 per unit)		(23,639)	(23,639)
Dividends on common shares ($0.22 per share)									(21,869)
Share-based compensation expense	1,484	1,484	22		1,013	449		1,013	22	449
Distributions to redeemable NCI ($0.22 per unit)	$ (1,770)									(1,770)
Ending balance (in shares) at Mar. 31, 2017	99,826,975						99,826,975
Ending balance at Mar. 31, 2017	$ 577,208	$ 577,208	$ 319	$ 371	$ 490,188	$ 86,330	$ 998	$ 489,190	$ (419)	$ 87,068	$ 371

Consolidated and Combined Stat6

Consolidated and Combined Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2017$ / shares
Dividends on common shares (in dollars per share)	$ 0.22
Distributions to redeemable NCI (in dollars per unit)	0.22
Urban Edge Properties LP
Distributions to redeemable NCI (in dollars per unit)	$ (0.22)
Limited Partners | Urban Edge Properties LP
Noncontrolling interest percentage	7.60%

Consolidated and Combined Stat7

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 54,735	$ 19,788
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,160	14,173
Income from acquired leasehold interest	(39,215)	0
Real estate impairment loss	3,164	0
Loss on extinguishment of debt	1,274	0
Amortization of deferred financing costs	864	659
Amortization of below market leases, net	(2,036)	(1,875)
Straight-lining of rent	144	(213)
Share-based compensation expense	1,484	1,297
Provision for doubtful accounts	193	351
Change in operating assets and liabilities:
Tenant and other receivables	(2,748)	741
Deferred leasing costs	(669)	0
Prepaid and other assets	(1,336)	71
Accounts payable and accrued expenses	3,786	(2,852)
Other liabilities	1,426	306
Net cash provided by operating activities	37,226	32,446
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate additions	(11,151)	(14,843)
Acquisition of real estate	(36,552)	0
Net cash used in investing activities	(47,703)	(14,843)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(79,428)	(4,131)
Dividends paid to shareholders	(21,869)	(19,792)
Distributions to redeemable noncontrolling interests	(1,770)	(1,237)
Debt issuance costs	(3,567)	0
Taxes withheld for vested restricted shares	(260)	(33)
Proceeds from issuance of common shares	29	0
Proceeds from borrowings	100,000	0
Net cash used in financing activities	(6,923)	(25,193)
Net decrease in cash and cash equivalents and restricted cash	(17,400)	(7,590)
Cash and cash equivalents and restricted cash at beginning of period	140,186	178,025
Cash and cash equivalents and restricted cash at end of period	122,786	170,435
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (includes amounts capitalized of $940 and $518, respectively)	13,119	12,870
Cash payments for income taxes	22	17
NON-CASH INVESTING AND FINANCING ACTIVITIES
Acquisition of real estate through issuance of OP units	48,800	0
Acquisition of real estate through assumption of debt	36,492	0
Accrued capital expenditures included in accounts payable and accrued expenses	12,270	5,727
Write-off of fully depreciated assets	0	279
Cash and cash equivalents and restricted cash at end of period	140,186	178,025
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	54,735	19,788
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,160	14,173
Income from acquired leasehold interest	(39,215)	0
Real estate impairment loss	3,164	0
Loss on extinguishment of debt	1,274	0
Amortization of deferred financing costs	864	659
Amortization of below market leases, net	(2,036)	(1,875)
Straight-lining of rent	144	(213)
Share-based compensation expense	1,484	1,297
Provision for doubtful accounts	193	351
Change in operating assets and liabilities:
Tenant and other receivables	(2,748)	741
Deferred leasing costs	(669)	0
Prepaid and other assets	(1,336)	71
Accounts payable and accrued expenses	3,786	(2,852)
Other liabilities	1,426	306
Net cash provided by operating activities	37,226	32,446
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate additions	(11,151)	(14,843)
Acquisition of real estate	(36,552)	0
Net cash used in investing activities	(47,703)	(14,843)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(79,428)	(4,131)
Distributions to partners	(23,639)	(21,029)
Debt issuance costs	(3,567)	0
Taxes withheld for vested restricted shares	(260)	(33)
Proceeds from issuance of common shares	29	0
Proceeds from borrowings	100,000	0
Net cash used in financing activities	(6,923)	(25,193)
Net decrease in cash and cash equivalents and restricted cash	(17,400)	(7,590)
Cash and cash equivalents and restricted cash at beginning of period	140,186	178,025
Cash and cash equivalents and restricted cash at end of period	122,786	170,435
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (includes amounts capitalized of $940 and $518, respectively)	13,119	12,870
Cash payments for income taxes	22	17
NON-CASH INVESTING AND FINANCING ACTIVITIES
Acquisition of real estate through issuance of OP units	48,800	0
Acquisition of real estate through assumption of debt	36,492	0
Accrued capital expenditures included in accounts payable and accrued expenses	12,270	5,727
Write-off of fully depreciated assets	0	279
Cash and cash equivalents and restricted cash at end of period	$ 140,186	$ 178,025

Consolidated and Combined Stat8

Consolidated and Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Capitalized interest	$ 940	$ 518
Urban Edge Properties LP
Capitalized interest	$ 940	$ 518

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2017
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. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries. The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership (“OP Units”). As of March 31, 2017, Urban Edge owned approximately 92.4% of the outstanding common OP Units with the remaining limited OP Units held by Vornado Realty L.P., members of management, our Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole 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. 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. As of March 31, 2017 , our portfolio consisted of 81 shopping centers, four malls and a warehouse park totaling 15.2 million square feet.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying consolidated 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. In the opinion of management, the consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and the Operating Partnership and the results of operations and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ended December 31, 2017. Accordingly, these consolidated financial statements should be read in conjunction with the our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities Exchange Commission (“SEC”). The consolidated balance sheets as of March 31, 2017 and December 31, 2016 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. The consolidated statements of income for the three months ended March 31, 2017 and 2016 include the consolidated accounts of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. 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, as well as long-term average financial performance.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Held For Sale — When a real estate asset is identified by management as held for sale, we cease depreciation of the asset and estimate its fair value, net of estimated costs to sell. If the estimated fair value of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or may not close. Recently Issued Accounting Literature In January 2017, the FASB issued an update (“ASU 2017-01”) Clarifying the Definition of a Business , which changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the largest impact is that transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2017-01 effective January 1, 2017. The adoption of this standard has resulted in asset acquisition classification for the real estate acquisitions closed in the quarter ended March 31, 2017, and accordingly, acquisition costs for these acquisitions have been capitalized (refer to Note 4 Acquisitions and Dispositions). In February 2016, the FASB issued an update (“ASU 2016-02”) Leases, which revises the accounting related to lease 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 expect to adopt the standard beginning January 1, 2019. This standard will impact our consolidated financial statements by the recording of right-of-use assets and lease liabilities on our consolidated balance sheets for operating and finance leases where we are the lessee. In addition, leases where we are the lessor that meet the criteria of a finance lease will be amortized using the effective interest method with corresponding charges to interest expense and amortization expense. Leases where we are the lessor that meet the criteria of an operating lease will continue to be amortized on a straight-line basis. Lastly, internal leasing department overhead previously capitalized will be expensed within general and administrative expenses. 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 year ended December 31, 2016, the FASB 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 have commenced the process of adopting ASU 2014-09 for reporting periods beginning after December 15, 2017 using the modified retrospective approach, including evaluating all sources of revenue we expect will be impacted by the adoption of ASU 2014-09. We expect the impact, if any, to be to the presentation of certain lease and non-lease components of revenue from leases (upon the adoption of ASU 2016-02 Leases) and not the total revenue recognized overtime. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on the our consolidated financial statements.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS During the three months ended March 31, 2017 , we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (unaudited) (in thousands) January 4, 2017 Yonkers Gateway Center Yonkers NY — (2) $ 51,902 January 17, 2017 Shops at Bruckner Bronx NY 114,000 32,269 February 2, 2017 Hudson Mall Jersey City NJ 383,000 44,273 Total $ 128,444 (1) Includes transaction costs incurred since January 1, 2017. (2) We acquired fee and leasehold interests and are a lessor under an operating lease. We do not currently own or operate any square footage at the property. As of March 31, 2017, we are under contract to purchase the fee and leasehold interests not previously acquired. On January 4, 2017 , we acquired fee and leasehold interests in Yonkers Gateway Center for $51.9 million . Consideration for this purchase consisted of the issuance of $48.8 million in OP units and $2.9 million of cash. The total number of OP units issued was 1.8 million at a value of $27.09 per unit. Transaction costs associated with this acquisition were $0.2 million . On January 17, 2017 , we acquired the leasehold interest in the Shops at Bruckner for $32.3 million , consisting of the assumption of existing debt of the $12.6 million and $19.4 million of cash. The property is a 114,000 sf retail center in the Bronx, NY directly across from our 376,000 sf Bruckner Commons shopping center. We own the land under the Shops at Bruckner and had been leasing it to the seller under a ground lease that ran through September 2044. Concurrent with the acquisition, we wrote-off the unamortized intangible liability balance related to the below-market ground lease as well as the existing straight-line receivable balance. As a result, we recognized $39.2 million of income from acquired leasehold interest in the quarter ended March 31, 2017 . Transaction costs associated with this acquisition were $0.3 million . On February 2, 2017 , we acquired Hudson Mall, a 383,000 sf retail center in Jersey City, NJ adjacent to our existing Hudson Commons shopping center. Consideration for this purchase consisted of the assumption of the existing debt of $23.8 million and $19.9 million of cash. Transaction costs associated with this acquisition were $0.6 million . Our acquisitions of Yonkers Gateway Center, Shops at Bruckner, and Hudson Mall were accounted for as asset acquisitions in accordance with ASU 2017-01. Accordingly, transaction costs incurred since January 1, 2017 were capitalized as part of the asset’s purchase price. The purchase prices for all acquisitions were allocated to the acquired assets and liabilities based on their estimated fair values at date of acquisition. The aggregate purchase price of the above property acquisitions have been allocated as follows: Amount (in thousands) Land $ 56,523 Buildings and improvements 70,572 Identified intangible assets 47,817 Identified intangible liabilities (44,708 ) Debt premium (1,760 ) $ 128,444 Real Estate Held for Sale At March 31, 2017, we had one property classified as held for sale in Eatontown, NJ based on the executed contract of sale with a third-party buyer and our intent to dispose of the property. The carrying amount of our property in Eatontown, NJ is $5.1 million , net of accumulated depreciation of $0.3 million , which is included in prepaid expenses and other assets in the consolidated balance sheets. The book value of this property exceeded its estimated fair value less costs to sell, and as such, an impairment charge of $3.2 million was recognized at March 31, 2017. Our determination of fair value was based on the executed contract of sale with a third-party buyer.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In connection with the separation, the Company and Vornado Realty Trust (“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 March 31, 2017 and December 31, 2016, there were no amounts due to Vornado related to such services. During the three months ended March 31, 2017 , there were $0.5 million of costs paid to Vornado included in general and administrative expenses, which consisted of $0.3 million of rent expense for two of our office locations and $0.2 million of transition services fees. For the three months ended March 31, 2016, there were $0.4 million of costs paid to Vornado included in general and administrative expenses, which consisted of $0.2 million transition services fees and $0.2 million of rent expense for two of our office locations. Management and Development Fees In connection with the separation, the Company and Vornado entered into property management agreements 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 March 31, 2017 . As of, and for the three months ended March 31, 2017 , Vornado owned 32.4% of Alexander’s, Inc. We recognized management and development fee income of $0.5 million for the three months ended March 31, 2017 and 2016. As of March 31, 2017 and December 31, 2016 , there were $0.3 million of fees due from Vornado included in tenant and other receivables in our consolidated balance sheets.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2017
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 $73.9 million and $145.7 million as of March 31, 2017 , respectively, and $30.9 million and $147.0 million as of December 31, 2016 , respectively. Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $2.0 million for the three months ended March 31, 2017 and $1.9 million for the same period in 2016 . Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $0.9 million for the three months ended March 31, 2017 and $0.4 million for the same period in 2016 . Certain 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 $0.4 million and $0.2 million for the three months ended March 31, 2017 and 2016 , respectively. The following table sets forth the estimated annual amortization expense related to intangible assets and liabilities for the five succeeding years commencing January 1, 2018: (Amounts in thousands) Below-Market Below-Market Year Operating Leases, net (1) In-Place Leases (2) Ground Leases 2018 $ 8,506 $ 3,657 $ 1,457 2019 8,284 3,253 1,457 2020 8,223 3,038 1,457 2021 8,133 2,721 1,107 2022 7,847 2,230 1,075 (1) Estimated annual amortization of acquired below-market leases, net of acquired above-market leases. (2) Estimated annual amortization of acquired in-place leases and customer relationships.

MORTGAGES PAYABLE

MORTGAGES PAYABLE	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of March 31, 2017 and December 31, 2016 . Interest Rate at March 31, December 31, (Amounts in thousands) Maturity March 31, 2017 2017 2016 Cross-collateralized mortgage loan: Fixed Rate 9/10/2020 4.37% $ 515,451 $ 519,125 Variable Rate (1) 9/10/2020 2.36% 38,756 38,756 Total cross collateralized 554,207 557,881 First mortgages secured by: Englewood (3) 10/1/2018 6.22% 11,537 11,537 Montehiedra Town Center, Senior Loan (2) 7/6/2021 5.33% 86,974 87,308 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 Shops at Bruckner (6) 5/1/2023 3.90% 12,536 — Hudson Mall (7) 12/1/2023 5.07% 25,462 — Las Catalinas 8/6/2024 4.43% 130,000 130,000 North Bergen (Tonnelle Avenue) (5) 4/1/2027 4.18% 100,000 73,951 Mount Kisco (Target) (4) 11/15/2034 6.40% 14,778 14,883 Total mortgages payable 1,265,494 1,205,560 Unamortized debt issuance costs (8,539 ) (8,047 ) Total mortgages payable, net of unamortized debt issuance costs $ 1,256,955 $ 1,197,513 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps . (2) On January 6, 2015, we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra Town Center. 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 for leasing and capital expenditures of which $18.0 million has been funded as of March 31, 2017 . (3) On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow would be insufficient to pay its debt service. As of March 31, 2017 , we were in default and the property was transferred to receivership. Urban Edge no longer manages the property but will remain its title owner until the receiver disposes of the property. We have determined this property is held in a VIE for which we are the primary beneficiary. Accordingly, as of March 31, 2017 , we consolidated Englewood and its operations. The consolidated balance sheet included total assets and liabilities of $12.4 million and $14.3 million , respectively. (4) The mortgage payable balance on the loan secured by Mount Kisco (Target) includes $1.1 million of unamortized debt discount as of March 31, 2017 and December 31, 2016 . The effective interest rate including amortization of the debt discount is 7.25% as of March 31, 2017 . (5) On March 29, 2017, we refinanced the $74 million , 4.59% mortgage loan secured by our Tonnelle Commons property in North Bergen, NJ, increasing the principal balance to $100 million at 4.18% with a 10 -year fixed rate mortgage. As a result, we recognized a loss on extinguishment of debt of $1.3 million in the quarter ended March 31, 2017 comprised of a $1.2 million prepayment penalty and write-off of $0.1 million of unamortized deferred financing fees on the original loan. (6) On January 17, 2017, we assumed the existing mortgage secured by the Shops at Bruckner in connection with our acquisition of the property’s leasehold interest. (7) On February 2, 2017, we assumed the existing mortgage secured by Hudson Mall in connection with our acquisition of the property. The mortgage payable balance on the loan secured by Hudson Mall includes $1.7 million of unamortized debt premium as of March 31, 2017. The effective interest rate including amortization of the debt premium is 3.67% as of March 31, 2017. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $943.8 million as of March 31, 2017 . Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of March 31, 2017 , we were in compliance with all debt covenants. As of March 31, 2017 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2017 (1) $ 12,951 2018 28,240 2019 18,625 2020 515,218 2021 121,116 2022 5,463 Thereafter 563,881 (1) Remainder of 2017. On January 15, 2015 , we entered into a $500 million Revolving Credit Agreement (the “Agreement”) with certain financial institutions. On March 7, 2017 , we amended and extended the Agreement. The amendment increased the credit facility size by $100 million to $600 million and extended the maturity date to March 7, 2021 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 within interest and debt expense 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 $4.0 million and $1.9 million as of March 31, 2017 and December 31, 2016, respectively, are included in deferred financing fees in the consolidated balance sheets.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company has elected to qualify 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, that 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. As a REIT, we generally will not be subject to federal income taxes, provided that we distribute 100% of taxable income. It is our intention to adhere to the organizational and operational requirements to maintain our REIT status. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. The REIT and the other minority members are partners in the Operating Partnership. As such, the partners are required to report their share of taxable income on their tax returns. 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 statements of income. Our two Puerto Rico malls are subject to a 29% non-resident withholding tax and a 0.5% Puerto Rico gross receipts tax which are included in income tax expense in the consolidated statements of income. The Puerto Rico tax expense recorded was $0.3 million for the quarters ended March 31, 2017 and 2016 . Both properties are held in a special partnership for Puerto Rico tax reporting (the general partner being a qualified REIT subsidiary or “QRS”).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis There were no financial assets or liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 . Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis On a non-recurring basis, we assess the carrying value of our properties for impairment, when events or changes in circumstances indicate that the carrying value may not be recoverable. During the three months ended March 31, 2017 , we recognized a $3.2 million impairment charge on our property classified as held for sale in Eatontown, NJ. The fair value used to assess the impairment was based on the sales price in an executed contract with a third-party buyer less costs to sell. We believe the inputs utilized were reasonable in the context of applicable market conditions; however, due to the significance of the unobservable inputs in the overall fair value measures, including projected revenues and expenses based upon market conditions and expectations for growth, we determined that such fair value measurements are classified as Level 3. This impairment charge is included as an expense in our consolidated statement of income for the three months ended March 31, 2017 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash and cash equivalents and mortgages payable. Cash and cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The fair value of cash and cash equivalents is classified as Level 1 and the fair value of mortgages payable is classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2017 and December 31, 2016 . As of March 31, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 110,974 $ 110,974 $ 131,654 $ 131,654 Liabilities: Mortgages payable (1) $ 1,265,494 $ 1,279,890 $ 1,205,560 $ 1,216,989 (1) Carrying amounts exclude unamortized debt issuance costs of $8.5 million and $8.0 million as of March 31, 2017 and December 31, 2016, respectively. The following interest rates were used by the Company to estimate the fair value of mortgages payable: March 31, 2017 December 31, 2016 Low High Low High Mortgages payable 1.9% 2.2% 2.0% 2.3%

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
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 Town Center. As part of the planned redevelopment of the property, we committed to fund $20.0 million for leasing and building capital expenditures of which $18.0 million has been funded as of March 31, 2017 . Redevelopment: As of March 31, 2017 , we had approximately $186.9 million of active development, redevelopment and anchor repositioning projects underway of which $102.8 million remains to be funded. Based on current plans and estimates we anticipate the remaining amounts will be expended over the next two years. Insurance We maintain general liability insurance with limits of $200 million for properties in the U.S. and Puerto Rico and all-risk property and rental value insurance coverage with limits of $500 million for properties in the U.S. and $139 million for properties in Puerto Rico, with sub-limits for certain perils such as floods and earthquakes on each of our properties. Our insurance includes coverage for terrorism acts but excludes coverage for nuclear, biological, chemical or radiological terrorism events as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. In addition, we maintain coverage for cybersecurity with limits of $5 million in the aggregate providing first and third party coverage including network interruption, event management, cyber extortion and claims for media content, security and privacy liability. Insurance premiums are charged directly to each of the retail properties and 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, $0.1 million has currently been expended and there can be no assurance that the actual costs will not exceed this amount. With respect to our other properties, the environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2017 December 31, 2016 Real estate held for sale $ 5,093 $ — Other assets 3,097 2,161 Deposits for acquisitions — 6,600 Prepaid expenses: Real estate taxes 5,336 5,198 Insurance 2,033 2,545 Rent, licenses/fees 1,712 938 Total Prepaid expenses and other assets $ 17,271 $ 17,442

OTHER LIABILITIES

OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES The following is a summary of the composition of other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2017 December 31, 2016 Deferred ground rent expense $ 6,338 $ 6,284 Deferred tax liability, net 3,834 3,802 Deferred tenant revenue 3,741 3,280 Environmental remediation costs 1,299 1,309 Other liabilities 942 — Total Other liabilities $ 16,154 $ 14,675

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
INTEREST AND DEBT EXPENSE	13. INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense: Three Months Ended March 31, (Amounts in thousands) 2017 2016 Interest expense $ 12,251 $ 12,770 Amortization of deferred financing costs 864 659 Total Interest and debt expense $ 13,115 $ 13,429

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2017
Noncontrolling Interest [Abstract]
EQUITY AND NONCONTROLLING INTEREST	NONCONTROLLING INTEREST At-The-Market Program In 2016, the Company established an at-the-market (“ATM”) equity program, pursuant to which the Company may offer and sell from time to time its common shares, par value $0.01 per share, with an aggregate gross sales price of up to $250.0 million through a consortium of broker dealers acting as sales agents. As of March 31, 2017, $241.3 million of common shares remained available for issuance under this ATM equity program. During the three months ended March 31, 2017 and 2016, there were no common shares issued under this ATM equity program. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common shares and our capital needs. We have no obligation to sell the remaining shares available under the active ATM equity program. Units of the Operating Partnership The Operating Partnership issued 1.8 million OP units in connection with the acquisition of Yonkers Gateway Center on January 4, 2017 at a value of $27.09 per unit (refer to Note 4 Acquisitions and Dispositions). Dividends and Distributions During the three months ended March 31, 2017 and 2016, the Company declared dividends on our common shares and OP unit distributions of $0.22 and $0.20 per share/unit, respectively. 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”). OP units were issued to contributors in exchange for their property interests in connection with the Company’s acquisition of Yonkers Gateway Center. The total of the OP units and LTIP units represent a 7.6% weighted-average interest in the Operating Partnership for the three months ended March 31, 2017 . 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 (Mount Diablo). The net income attributable to noncontrolling interest is presented separately in our consolidated statements of income.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION 2017 Outperformance Plan On February 24, 2017 , the Compensation Committee of the Board of Trustees of the Company approved the Company’s 2017 Outperformance Plan (“2017 OPP”), a multi-year performance-based equity compensation program. Under the 2017 OPP, participants, including our Chairman and Chief Executive Officer, have the opportunity to earn awards in the form of LTIP units if, and only if, we outperform a predetermined total shareholder return (“TSR”) and/or outperform the market with respect to a relative TSR in any year during the requisite performance periods as described below. The aggregate notional amount of the 2017 OPP grant is $12.0 million . Awards under the 2017 OPP may be earned if we (i) achieve a TSR level greater than 7% per annum, or 21% over the three -year performance measurement period, and/or (ii) achieve a TSR equal to or above, that of the 50 th percentile of a retail REIT peer group comprised of 14 of our peer companies, over a three -year performance measurement period. Distributions on awards accrue during the measurement period, except that 10% of such distributions are paid in cash. If the designated performance objectives are achieved, LTIP units are also subject to time-based vesting requirements. Awards earned under the 2017 OPP vest 50% in year three, 25% in year four and 25% in year five. The fair value of the 2017 OPP on the date of grant was $4.1 million using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected share price at the time of payment, discounted to the valuated date over a three -year performance period. Assumptions include historic volatility ( 19.7% ), risk-free interest rates ( 1.5% ), and historic daily return as compared to our Peer Group. Such amount is being amortized into expense over a five -year period from the date of grant, using a graded vesting attribution model. Share-Based Compensation Expense Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows: Three Months Ended March 31, (Amounts in thousands) 2017 2016 Share-based compensation expense components: Restricted share expense $ 390 $ 233 Stock option expense 623 576 LTIP expense 116 183 Outperformance Plan (“OPP”) expense (1) 355 305 Total Share-based compensation expense $ 1,484 $ 1,297 (1) OPP Expense for the three months ended March 31, 2017 and 2016 includes $23,000 and $42,000 , respectively, of unrecognized compensation expense of awards issued under Vornado’s OPP for UE employees who were previously Vornado employees. The remaining OPP unrecognized compensation expense was transferred from Vornado to UE as of the separation date and is amortized on a straight-line basis over the remaining life of the OPP awards issued.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2017
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 March 31, (Amounts in thousands, except per share amounts) 2017 2016 Numerator: Net income attributable to common shareholders $ 50,586 $ 18,638 Less: Earnings allocated to unvested participating securities (79 ) (22 ) Net income available for common shareholders $ 50,507 $ 18,616 Denominator: Weighted average common shares outstanding - basic 99,639 99,265 Effect of dilutive securities (1) : Stock options using the treasury stock method 314 23 Restricted share awards 140 75 Weighted average common shares outstanding - diluted 100,093 99,363 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.51 $ 0.19 Earnings per common share - Diluted $ 0.50 $ 0.19 (1) For the three months ended March 31, 2017 and 2016 , the effect of the redemption of OP and LTIP units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for these periods. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended March 31, (Amounts in thousands, except per unit amounts) 2017 2016 Numerator: Net income attributable to unitholders $ 54,724 $ 19,792 Less: net income attributable to participating securities (202 ) (41 ) Net income available for unitholders $ 54,522 $ 19,751 Denominator: Weighted average units outstanding - basic 107,483 105,434 Effect of dilutive securities issued by Urban Edge 454 98 Unvested LTIP units 317 84 Weighted average units outstanding - diluted 108,254 105,616 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.51 $ 0.19 Earnings per unit - Diluted $ 0.50 $ 0.19

SUBSEQUENT EVENT (Notes)

SUBSEQUENT EVENT (Notes)	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our March 31, 2017 consolidated balance sheet date for potential recognition or disclosure in our consolidated financial statements. Subsequent to March 31, 2017 , we entered into a contract to acquire seven retail assets comprising 1.5 million sf of leasable area, predominately in the New York metropolitan area, for $325 million . This transaction is expected to close in the second quarter of 2017, subject to customary closing conditions.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated 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. In the opinion of management, the consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and the Operating Partnership and the results of operations and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ended December 31, 2017. Accordingly, these consolidated financial statements should be read in conjunction with the our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities Exchange Commission (“SEC”).
Consolidation and Noncontrolling Interests	The consolidated balance sheets as of March 31, 2017 and December 31, 2016 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. The consolidated statements of income for the three months ended March 31, 2017 and 2016 include the consolidated accounts of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Held-For-Sale	Real Estate Held For Sale — When a real estate asset is identified by management as held for sale, we cease depreciation of the asset and estimate its fair value, net of estimated costs to sell. If the estimated fair value of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or may not close.
Recently Issued Accounting Literature	In January 2017, the FASB issued an update (“ASU 2017-01”) Clarifying the Definition of a Business , which changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the largest impact is that transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2017-01 effective January 1, 2017. The adoption of this standard has resulted in asset acquisition classification for the real estate acquisitions closed in the quarter ended March 31, 2017, and accordingly, acquisition costs for these acquisitions have been capitalized (refer to Note 4 Acquisitions and Dispositions). In February 2016, the FASB issued an update (“ASU 2016-02”) Leases, which revises the accounting related to lease 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 expect to adopt the standard beginning January 1, 2019. This standard will impact our consolidated financial statements by the recording of right-of-use assets and lease liabilities on our consolidated balance sheets for operating and finance leases where we are the lessee. In addition, leases where we are the lessor that meet the criteria of a finance lease will be amortized using the effective interest method with corresponding charges to interest expense and amortization expense. Leases where we are the lessor that meet the criteria of an operating lease will continue to be amortized on a straight-line basis. Lastly, internal leasing department overhead previously capitalized will be expensed within general and administrative expenses. 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 year ended December 31, 2016, the FASB 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 have commenced the process of adopting ASU 2014-09 for reporting periods beginning after December 15, 2017 using the modified retrospective approach, including evaluating all sources of revenue we expect will be impacted by the adoption of ASU 2014-09. We expect the impact, if any, to be to the presentation of certain lease and non-lease components of revenue from leases (upon the adoption of ASU 2016-02 Leases) and not the total revenue recognized overtime. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on the our consolidated financial statements.

IDENTIFIED INTANGIBLE ASSETS 27

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of estimated annual amortization expense	The following table sets forth the estimated annual amortization expense related to intangible assets and liabilities for the five succeeding years commencing January 1, 2018: (Amounts in thousands) Below-Market Below-Market Year Operating Leases, net (1) In-Place Leases (2) Ground Leases 2018 $ 8,506 $ 3,657 $ 1,457 2019 8,284 3,253 1,457 2020 8,223 3,038 1,457 2021 8,133 2,721 1,107 2022 7,847 2,230 1,075 (1) Estimated annual amortization of acquired below-market leases, net of acquired above-market leases. (2) Estimated annual amortization of acquired in-place leases and customer relationships.

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of mortgages payable	The following is a summary of mortgages payable as of March 31, 2017 and December 31, 2016 . Interest Rate at March 31, December 31, (Amounts in thousands) Maturity March 31, 2017 2017 2016 Cross-collateralized mortgage loan: Fixed Rate 9/10/2020 4.37% $ 515,451 $ 519,125 Variable Rate (1) 9/10/2020 2.36% 38,756 38,756 Total cross collateralized 554,207 557,881 First mortgages secured by: Englewood (3) 10/1/2018 6.22% 11,537 11,537 Montehiedra Town Center, Senior Loan (2) 7/6/2021 5.33% 86,974 87,308 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 Shops at Bruckner (6) 5/1/2023 3.90% 12,536 — Hudson Mall (7) 12/1/2023 5.07% 25,462 — Las Catalinas 8/6/2024 4.43% 130,000 130,000 North Bergen (Tonnelle Avenue) (5) 4/1/2027 4.18% 100,000 73,951 Mount Kisco (Target) (4) 11/15/2034 6.40% 14,778 14,883 Total mortgages payable 1,265,494 1,205,560 Unamortized debt issuance costs (8,539 ) (8,047 ) Total mortgages payable, net of unamortized debt issuance costs $ 1,256,955 $ 1,197,513 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps . (2) On January 6, 2015, we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra Town Center. 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 for leasing and capital expenditures of which $18.0 million has been funded as of March 31, 2017 . (3) On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow would be insufficient to pay its debt service. As of March 31, 2017 , we were in default and the property was transferred to receivership. Urban Edge no longer manages the property but will remain its title owner until the receiver disposes of the property. We have determined this property is held in a VIE for which we are the primary beneficiary. Accordingly, as of March 31, 2017 , we consolidated Englewood and its operations. The consolidated balance sheet included total assets and liabilities of $12.4 million and $14.3 million , respectively. (4) The mortgage payable balance on the loan secured by Mount Kisco (Target) includes $1.1 million of unamortized debt discount as of March 31, 2017 and December 31, 2016 . The effective interest rate including amortization of the debt discount is 7.25% as of March 31, 2017 . (5) On March 29, 2017, we refinanced the $74 million , 4.59% mortgage loan secured by our Tonnelle Commons property in North Bergen, NJ, increasing the principal balance to $100 million at 4.18% with a 10 -year fixed rate mortgage. As a result, we recognized a loss on extinguishment of debt of $1.3 million in the quarter ended March 31, 2017 comprised of a $1.2 million prepayment penalty and write-off of $0.1 million of unamortized deferred financing fees on the original loan. (6) On January 17, 2017, we assumed the existing mortgage secured by the Shops at Bruckner in connection with our acquisition of the property’s leasehold interest. (7) On February 2, 2017, we assumed the existing mortgage secured by Hudson Mall in connection with our acquisition of the property. The mortgage payable balance on the loan secured by Hudson Mall includes $1.7 million of unamortized debt premium as of March 31, 2017. The effective interest rate including amortization of the debt premium is 3.67% as of March 31, 2017. The
Schedule of principal repayments	f March 31, 2017 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2017 (1) $ 12,951 2018 28,240 2019 18,625 2020 515,218 2021 121,116 2022 5,463 Thereafter 563,881 (1)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of financial instrument carrying amounts and fair values	The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2017 and December 31, 2016 . As of March 31, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 110,974 $ 110,974 $ 131,654 $ 131,654 Liabilities: Mortgages payable (1) $ 1,265,494 $ 1,279,890 $ 1,205,560 $ 1,216,989
Schedule of interest rates used for fair value of mortgages payable	The following interest rates were used by the Company to estimate the fair value of mortgages payable: March 31, 2017 December 31, 2016 Low High Low High Mortgages payable 1.9% 2.2% 2.0% 2.3%

PREPAID EXPENSES AND OTHER AS30

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of the composition of prepaid expenses and other assets	The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2017 December 31, 2016 Real estate held for sale $ 5,093 $ — Other assets 3,097 2,161 Deposits for acquisitions — 6,600 Prepaid expenses: Real estate taxes 5,336 5,198 Insurance 2,033 2,545 Rent, licenses/fees 1,712 938 Total Prepaid expenses and other assets $ 17,271 $ 17,442

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Schedule of the composition of other liabilities	The following is a summary of the composition of other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2017 December 31, 2016 Deferred ground rent expense $ 6,338 $ 6,284 Deferred tax liability, net 3,834 3,802 Deferred tenant revenue 3,741 3,280 Environmental remediation costs 1,299 1,309 Other liabilities 942 — Total Other liabilities $ 16,154 $ 14,675

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Schedule of interest and debt expense	The following table sets forth the details of interest and debt expense: Three Months Ended March 31, (Amounts in thousands) 2017 2016 Interest expense $ 12,251 $ 12,770 Amortization of deferred financing costs 864 659 Total Interest and debt expense $ 13,115 $ 13,429

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2017
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 statements of income, is summarized as follows: Three Months Ended March 31, (Amounts in thousands) 2017 2016 Share-based compensation expense components: Restricted share expense $ 390 $ 233 Stock option expense 623 576 LTIP expense 116 183 Outperformance Plan (“OPP”) expense (1) 355 305 Total Share-based compensation expense $ 1,484 $ 1,297 (1) OPP Expense for the three months ended March 31, 2017 and 2016 includes $23,000 and $42,000 , respectively, of unrecognized compensation expense of awards issued under Vornado’s OPP for UE employees who were previously Vornado employees. The remaining OPP unrecognized compensation expense was transferred from Vornado to UE as of the separation date and is amortized on a straight-line basis over the remaining life of the OPP awards issued.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	Three Months Ended March 31, (Amounts in thousands, except per share amounts) 2017 2016 Numerator: Net income attributable to common shareholders $ 50,586 $ 18,638 Less: Earnings allocated to unvested participating securities (79 ) (22 ) Net income available for common shareholders $ 50,507 $ 18,616 Denominator: Weighted average common shares outstanding - basic 99,639 99,265 Effect of dilutive securities (1) : Stock options using the treasury stock method 314 23 Restricted share awards 140 75 Weighted average common shares outstanding - diluted 100,093 99,363 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.51 $ 0.19 Earnings per common share - Diluted $ 0.50 $ 0.19 (1) For the three months ended March 31, 2017 and 2016 , the effect of the redemption of OP and LTIP units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for these periods. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended March 31, (Amounts in thousands, except per unit amounts) 2017 2016 Numerator: Net income attributable to unitholders $ 54,724 $ 19,792 Less: net income attributable to participating securities (202 ) (41 ) Net income available for unitholders $ 54,522 $ 19,751 Denominator: Weighted average units outstanding - basic 107,483 105,434 Effect of dilutive securities issued by Urban Edge 454 98 Unvested LTIP units 317 84 Weighted average units outstanding - diluted 108,254 105,616 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.51 $ 0.19 Earnings per unit - Diluted $ 0.50 $ 0.19 The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended March 31, (Amounts in thousands, except per unit amounts) 2017 2016 Numerator: Net income attributable to unitholders $ 54,724 $ 19,792 Less: net income attributable to participating securities (202 ) (41 ) Net income available for unitholders $ 54,522 $ 19,751 Denominator: Weighted average units outstanding - basic 107,483 105,434 Effect of dilutive securities issued by Urban Edge 454 98 Unvested LTIP units 317 84 Weighted average units outstanding - diluted 108,254 105,616 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.51 $ 0.19 Earnings per unit - Diluted $ 0.50 $ 0.19

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands, ft² in Millions	Jan. 15, 2015	Mar. 31, 2017USD ($)ft²property	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Area of real estate property (in sq ft) | ft²		15.2
Noncontrolling interest percentage		7.60%
Transaction costs | $		$ 51	$ 50
Vornado
Real Estate Properties [Line Items]
Noncontrolling interest percentage	5.40%	92.40%
Warehouses
Real Estate Properties [Line Items]
Number of real estate properties		1
Wholly owned properties | Shopping Center
Real Estate Properties [Line Items]
Number of real estate properties		81
Wholly owned properties | Mall
Real Estate Properties [Line Items]
Number of real estate properties		4

BASIS OF PRESENTATION AND PRI36

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details)	3 Months Ended
	Mar. 31, 2017segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Thousands, shares in Millions	Feb. 02, 2017USD ($)ft²	Jan. 17, 2017USD ($)ft²	Jan. 04, 2017USD ($)shares	Mar. 31, 2017USD ($)ft²property	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Business acquisition, consideration paid				$ 128,444
Area of Land | ft²				376,000
Income from acquired leasehold interest				$ 39,215	$ 0
Real estate held for sale				5,093		$ 0
Real estate impairment loss				3,164	$ 0
Shops at Bruckner
Business Acquisition [Line Items]
Business acquisition, consideration paid		$ 32,269
Property acquisition price		$ 19,400
Area of Land | ft²		114,000
Business Acquisition, Transaction Costs		$ 300
Yonkers Gateway Center [Member]
Business Acquisition [Line Items]
Business acquisition, consideration paid			$ 51,902
Business Acquisition, Equity Interest Issued or Issuable, Description			48,800
Property acquisition price			$ 2,900
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares			1.8
Business Acquisition, Transaction Costs			$ 200
Hudson Mall
Business Acquisition [Line Items]
Business acquisition, consideration paid	$ 44,273
Property acquisition price	$ 19,900
Area of Land | ft²	383,000
Business Acquisition, Transaction Costs	$ 600
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Business Acquisition [Line Items]
Real estate impairment loss				$ 3,200
Eatontown, NJ
Business Acquisition [Line Items]
Number of real estate properties | property				1
Eatontown, NJ | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Business Acquisition [Line Items]
Real estate held for sale				$ 5,100
Prepaid Expenses and Other Assets | Eatontown, NJ | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Business Acquisition [Line Items]
Accumulated depreciation of property held for sale				$ 300
Mortgages | Shops at Bruckner
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt		$ 12,600
Mortgages | Hudson Mall
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 23,800

ACQUISITIONS AND DISPOSITIONS38

ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands	Feb. 02, 2017USD ($)ft²	Jan. 17, 2017USD ($)ft²	Jan. 04, 2017USD ($)	Mar. 31, 2017USD ($)ft²
Business Acquisition [Line Items]
Business acquisition, consideration paid				$ 128,444
Area of Land | ft²				376,000
Area of real estate property (in sq ft) | ft²				15,200,000
Yonkers Gateway Center [Member]
Business Acquisition [Line Items]
Business acquisition, consideration paid			$ 51,902
Property acquisition price			$ 2,900
Shops at Bruckner
Business Acquisition [Line Items]
Business acquisition, consideration paid		$ 32,269
Area of Land | ft²		114,000
Property acquisition price		$ 19,400
Hudson Mall
Business Acquisition [Line Items]
Business acquisition, consideration paid	$ 44,273
Area of Land | ft²	383,000
Property acquisition price	$ 19,900

ACQUISITIONS AND DISPOSITIONS A

ACQUISITIONS AND DISPOSITIONS Aggregate Purchase Price Allocations (Details) $ in Thousands	Mar. 31, 2017USD ($)
Business Combinations [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 56,523
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings and Improvements	70,572
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	47,817
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Liabilities	(44,708)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	(1,760)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 128,444

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
General and administrative expense	$ 8,081,000	$ 6,720,000
Management and development fees	479,000	455,000
Affiliated Entity | Vornado
Related Party Transaction [Line Items]
General and administrative expense	500,000	400,000
Affiliated Entity | Separation Transaction | Vornado
Related Party Transaction [Line Items]
Payables to related party	0
Affiliated Entity | Management Agreement | Vornado
Related Party Transaction [Line Items]
Management and development fee income	$ 500,000
Affiliated Entity | Management Agreement | Vornado | Accounts Receivable
Related Party Transaction [Line Items]
Management fees receivable			$ 300,000
Affiliated Entity | Management Agreement | Vornado | Interstate
Related Party Transaction [Line Items]
Noncontrolling interest percentage	7.10%
Affiliated Entity | Management Agreement | Alexander's, Inc. | Vornado
Related Party Transaction [Line Items]
Noncontrolling interest percentage	32.40%
Affiliated Entity | Transition Services | Vornado
Related Party Transaction [Line Items]
General and administrative expense	$ 200,000	200,000
Affiliated Entity | Rent Expense | Vornado
Related Party Transaction [Line Items]
General and administrative expense	$ 300,000	$ 200,000

IDENTIFIED INTANGIBLE ASSETS 41

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Identified intangible assets, net of accumulated amortization	$ 73,879		$ 30,875
Identified intangible liabilities, net of accumulated amortization	145,748		$ 146,991
Amortization of acquired below-market leases, net of above-market leases	2,000	$ 1,900
Amortization expense of intangible assets	900	400
Amortization of below-market Lease	$ 400	$ 200

IDENTIFIED INTANGIBLE ASSETS 42

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands	Mar. 31, 2017USD ($)
Below-Market Operating Leases
2,017	$ 8,506
2,018	8,284
2,019	8,223
2,020	8,133
2,021	7,847
In-Place Leases
2,016	3,657
2,017	3,253
2,018	3,038
2,019	2,721
2,020	2,230
Below-Market Ground Leases
2,017	1,457
2,018	1,457
2,019	1,457
2,019	1,107
2,020	$ 1,075

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details)	Mar. 29, 2017USD ($)	Mar. 07, 2017USD ($)	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)	Mar. 28, 2017USD ($)	Feb. 02, 2017USD ($)	Dec. 31, 2016USD ($)property	Jan. 31, 2015USD ($)	Jan. 06, 2015USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Increase (Decrease), Net		$ 100,000,000
Total mortgages payable, net of unamortized debt issuance costs			$ 1,256,955,000				$ 1,197,513,000
Loss on extinguishment of debt			1,274,000	$ 0
Mortgages
Debt Instrument [Line Items]
Total mortgages payable			1,265,494,000				1,205,560,000
Unamortized debt issuance costs			(8,539,000)				(8,047,000)
Total mortgages payable, net of unamortized debt issuance costs			$ 1,256,955,000				$ 1,197,513,000
Mortgages | Cross Collateralized
Debt Instrument [Line Items]
Number of real estate properties | property			39				40
Total mortgages payable			$ 554,207,000				$ 557,881,000
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			$ 86,974,000				87,308,000
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 | Shops at Bruckner
Debt Instrument [Line Items]
Interest rate			3.90%
Total mortgages payable			$ 12,536,000				0
Mortgages | First Mortgage | Hudson Mall
Debt Instrument [Line Items]
Interest rate			5.07%
Total mortgages payable			$ 25,462,000				0
Effective interest rate						3.67%
Unamortized debt premium						$ 1,700,000
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 | North Bergen (Tonnelle Avenue)
Debt Instrument [Line Items]
Interest rate					4.59%
Total mortgages payable	$ 100,000,000		100,000,000		$ 74,000,000		73,951,000
Loss on extinguishment of debt			1,300,000
Prepayment penalty			1,200,000
Write-off of unamortized deferred financing fees			$ 100,000
Mortgages | First Mortgage | Mount Kisco (Target)
Debt Instrument [Line Items]
Interest rate			6.40%
Total mortgages payable			$ 14,778,000				14,883,000
Unamortized debt discount			$ 1,100,000				1,100,000
Effective interest rate			7.25%
Mortgages | Fixed Rate | Cross Collateralized
Debt Instrument [Line Items]
Interest rate			4.37%
Total mortgages payable			$ 515,451,000				519,125,000
Mortgages | Fixed Rate | First Mortgage | North Bergen (Tonnelle Avenue)
Debt Instrument [Line Items]
Interest rate	4.18%
Debt instrument, term	10 years
Mortgages | Variable Rate | Cross Collateralized
Debt Instrument [Line Items]
Interest rate			2.36%
Total mortgages payable			$ 38,756,000				$ 38,756,000
Mortgages | Variable Rate | Cross Collateralized | LIBOR
Debt Instrument [Line Items]
LIBOR Floor			1.00%
Interest rate spread on variable rate			136.00%
Variable Interest Entity, Primary Beneficiary [Member]
Debt Instrument [Line Items]
Variable interest entity, carrying amount of assets			$ 12,400,000
Variable interest entity, carrying amount of liabilities			$ 14,300,000

MORTGAGES PAYABLE - Schedule of

MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year	$ 12,951
2,016	28,240
2,017	18,625
2,018	515,218
2,019	121,116
2,020	5,463
Thereafter	$ 563,881

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details)	Jan. 15, 2015USD ($)extension_option	Jan. 31, 2015USD ($)debt_tranche	Mar. 31, 2017USD ($)	Mar. 07, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Jan. 06, 2015USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness			$ 943,800,000
Deferred Finance Costs, Gross			4,000,000		$ 1,900,000
Mortgages payable, net			1,256,955,000		1,197,513,000
Mortgages
Debt Instrument [Line Items]
Mortgages payable, net			1,256,955,000		1,197,513,000
Unamortized debt issuance costs			(8,539,000)		$ (8,047,000)
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
Intercompany Loans | Montehiedra Town Center
Debt Instrument [Line Items]
Face amount of debt instrument		$ 20,000,000				$ 20,000,000
Mortgages payable, net			$ 18,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 600,000,000
Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000
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%
Variable Rate | Mortgages | Cross Collateralized
Debt Instrument [Line Items]
Interest rate			2.36%
Variable Rate | LIBOR | Mortgages | Cross Collateralized
Debt Instrument [Line Items]
Interest rate spread on variable rate			136.00%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)mall	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Income Tax Contingency [Line Items]
Income tax expense	$ (320)	$ (336)
Deferred tax liability	$ (6,338)		$ (6,284)
Puerto Rico
Income Tax Contingency [Line Items]
Number of malls | mall	2
Vornado
Income Tax Contingency [Line Items]
Percentage of taxable income distributed as dividends to stockholders	100.00%
Commonwealth of Puerto Rico
Income Tax Contingency [Line Items]
Non-resident withholding tax percentage	29.00%
Gross receipts tax percentage	0.50%
Income tax expense	$ 300

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income tax expense:
Total income tax expense	$ 320	$ 336

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate impairment loss	3,164,000	$ 0
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized Debt Issuance Expense	$ 8,539,000		$ 8,047,000

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Measurement [Domain]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 110,974
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure		$ 131,654
Debt Instrument, Fair Value Disclosure	1,265,494	1,205,560
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	110,974	131,654
Debt Instrument, Fair Value Disclosure	$ 1,279,890	$ 1,216,989

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rates Used for Fair Value of Mortgages Payable (Details) - Mortgages	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Low
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input, interest rate	1.90%	2.00%
High
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input, interest rate	2.20%	2.30%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
	Mar. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Jan. 31, 2015USD ($)	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
Environmental remediation expense	$ 1,400,000
Number of properties with environmental contamination | property	2
Mortgages payable, net	$ 1,256,955,000	$ 1,197,513,000
Real estate redevelopment in process	186,900,000
Estimated cost to complete development and redevelopment projects	$ 102,800,000
Development In Process, Estimated Duration To Complete	2 years
Cost of Services, Environmental Remediation	$ 100,000
Mortgages
Loss Contingencies [Line Items]
Mortgages payable, net	1,256,955,000	$ 1,197,513,000
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
Mortgages payable, net	18,000,000
Puerto Rico
Loss Contingencies [Line Items]
Insurance coverage, rental value insurance, limit per occurrence	139,000,000
Cybersecurity Insurance [Member]
Loss Contingencies [Line Items]
Insurance Coverage, Limit Per Occurrence	$ 5,000,000

PREPAID EXPENSES AND OTHER AS52

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Real estate held for sale	$ 5,093	$ 0
Other assets	3,097	2,161
Deposits for acquisitions	0	6,600
Prepaid expenses:
Real estate taxes	5,336	5,198
Insurance	2,033	2,545
Rent, licenses/fees	1,712	938
Total Prepaid expenses and other assets	$ 17,271	$ 17,442

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Deferred tax liability, net	$ 6,338	$ 6,284
Deferred ground rent expense	3,834	3,802
Deferred tenant revenue	3,741	3,280
Environmental remediation costs	1,299	1,309
Other liabilities	942	0
Total Other liabilities	$ 16,154	$ 14,675

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Interest expense	$ 12,251	$ 12,770
Amortization of deferred financing costs	864	659
Total Interest and debt expense	$ 13,115	$ 13,429

EQUITY AND NONCONTROLLING INT55

EQUITY AND NONCONTROLLING INTEREST (Details)	Jan. 04, 2017$ / sharesshares	Jan. 15, 2015	Sep. 30, 2016USD ($)	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016$ / shares	Aug. 08, 2016USD ($)$ / shares
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Proceeds from issuance of common shares | $				$ 29,000	$ 0
Distributions to redeemable NCI (in dollars per unit)				$ 0.22	$ 0.20
Common limited partnership units issued (in shares) | shares				5,700,000
Noncontrolling interest percentage				7.60%
Conversion rate to common shares				1
ATM
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)							$ 0.01
Aggregate shares subscription price | $							$ 250,000,000
Common shares issued during period (in shares) | shares				0	0
Proceeds from issuance of common shares | $			$ (241,300,000)
LTIP Units
Noncontrolling Interest [Line Items]
Award vesting period				2 years
Vornado
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		5.40%		92.40%
Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		5.00%
Yonkers Gateway Center [Member]
Noncontrolling Interest [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	1,800,000
Business Acquisition, Share Price	$ 27.09

SHARE-BASED COMPENSATION - Outp

SHARE-BASED COMPENSATION - Outperformance Plan (Details) - 2017 OPP - OPP Units $ in Millions	Feb. 24, 2017USD ($)company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate notional amount	$ 12
OPP award threshold, TSR level required	7.00%
OPP award threshold, TSR level required for multi-year period	21.00%
OPP award threshold, TSR multi-year duration	3 years
Number of REIT peer groups | company	14
Expected dividend rate	10.00%
Grant date fair value of plan	$ 4.1
Fair value assumptions, expected term	3 years
Fair value assumptions, historic volatility rate	19.70%
Fair value assumptions, risk-free interest rate	1.50%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition From Grant Date	5 years
Year three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	50.00%
Year four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	25.00%
Year five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	25.00%

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 1,484	$ 1,297
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	355	305
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	390	233
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	623	576
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	116	183
Vornado's OPP Plan | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 23	$ 42

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income (loss) attributable to common shareholders	$ 50,586	$ 18,638
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	(79)	(22)
Net Income (Loss) Available to Common Stockholders, Basic	$ 50,507	$ 18,616
Denominator:
Weighted average common shares outstanding - basic (in shares)	99,639	99,265
Effect of dilutive securities:
Weighted average common shares outstanding - diluted (in dollars per share)	100,093	99,363
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.51	$ 0.19
Earnings per common share - Diluted (in dollars per share)	$ 0.50	$ 0.19
Stock Options
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	314	23
Restricted Stock
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	140	75
Urban Edge Properties LP
Numerator:
Net income (loss) attributable to common shareholders	$ 54,724	$ 19,792
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	(202)	(41)
Net Income (Loss) Available to Common Stockholders, Basic	$ 54,522	$ 19,751
Denominator:
Weighted average common shares outstanding - basic (in shares)	107,483	105,434
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	454	98
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights	317	84
Weighted average common shares outstanding - diluted (in dollars per share)	108,254	105,616
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.51	$ 0.19
Earnings per common share - Diluted (in dollars per share)	$ 0.50	$ 0.19

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Thousands	Apr. 01, 2017USD ($)ft²property	Mar. 31, 2017USD ($)ft²
Subsequent Event [Line Items]
Lease area | ft²		376,000
Business acquisition, consideration paid | $		$ 128,444
Subsequent Event | NEW YORK
Subsequent Event [Line Items]
Number of retail assets acquired | property	7
Lease area | ft²	1,500,000
Business acquisition, consideration paid | $	$ 325,000