Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document Information [Abstract] | |||
Entity Registrant Name | URBAN EDGE PROPERTIES | ||
Entity Central Index Key | 1,611,547 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 99,749,917 | ||
Entity Public Float | $ 3 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate, at cost: | ||
Land | $ 384,217 | $ 389,080 |
Buildings and improvements | 1,650,054 | 1,630,539 |
Construction in progress | 99,236 | 61,147 |
Furniture, fixtures and equipment | 4,993 | 3,876 |
Total | 2,138,500 | 2,084,642 |
Accumulated depreciation and amortization | (541,077) | (509,112) |
Real estate, net | 1,597,423 | 1,575,530 |
Cash and cash equivalents | 131,654 | 168,983 |
Restricted cash | 8,532 | 9,042 |
Tenant and other receivables, net of allowance for doubtful accounts of $2,332 and $1,926, respectively | 9,340 | 10,364 |
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $261 and $148, respectively | 87,695 | 88,778 |
Identified intangible assets, net of accumulated amortization of $22,361 and $22,090, respectively | 30,875 | 33,953 |
Deferred leasing costs, net of accumulated amortization of $13,909 and $12,987, respectively | 19,241 | 18,455 |
Deferred financing costs, net of accumulated amortization of $726 and $709, respectively | 1,936 | 2,838 |
Prepaid expenses and other assets | 17,442 | 10,988 |
Total assets | 1,904,138 | 1,918,931 |
Liabilities: | ||
Mortgages payable, net | 1,197,513 | 1,233,983 |
Identified intangible liabilities, net of accumulated amortization of $72,528 and $65,220, respectively | 146,991 | 154,855 |
Accounts payable and accrued expenses | 48,842 | 45,331 |
Other liabilities | 14,675 | 13,308 |
Total liabilities | 1,408,021 | 1,447,477 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares: $0.01 par value; 500,000,000 shares authorized and 99,754,900 and 99,290,952 shares issued and outstanding, respectively | 997 | 993 |
Additional paid-in capital | 488,375 | 475,369 |
Accumulated deficit | (29,066) | (38,442) |
Noncontrolling interests: | ||
Redeemable noncontrolling interests | 35,451 | 33,177 |
Noncontrolling interest in consolidated subsidiaries | 360 | 357 |
Partners’ capital: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 496,117 | 471,454 |
Total liabilities and equity | 1,904,138 | 1,918,931 |
Urban Edge Properties LP | ||
Real estate, at cost: | ||
Land | 384,217 | 389,080 |
Buildings and improvements | 1,650,054 | 1,630,539 |
Construction in progress | 99,236 | 61,147 |
Furniture, fixtures and equipment | 4,993 | 3,876 |
Total | 2,138,500 | 2,084,642 |
Accumulated depreciation and amortization | (541,077) | (509,112) |
Real estate, net | 1,597,423 | 1,575,530 |
Cash and cash equivalents | 131,654 | 168,983 |
Restricted cash | 8,532 | 9,042 |
Tenant and other receivables, net of allowance for doubtful accounts of $2,332 and $1,926, respectively | 9,340 | 10,364 |
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $261 and $148, respectively | 87,695 | 88,778 |
Identified intangible assets, net of accumulated amortization of $22,361 and $22,090, respectively | 30,875 | 33,953 |
Deferred leasing costs, net of accumulated amortization of $13,909 and $12,987, respectively | 19,241 | 18,455 |
Deferred financing costs, net of accumulated amortization of $726 and $709, respectively | 1,936 | 2,838 |
Prepaid expenses and other assets | 17,442 | 10,988 |
Total assets | 1,904,138 | 1,918,931 |
Liabilities: | ||
Mortgages payable, net | 1,197,513 | 1,233,983 |
Identified intangible liabilities, net of accumulated amortization of $72,528 and $65,220, respectively | 146,991 | 154,855 |
Accounts payable and accrued expenses | 48,842 | 45,331 |
Other liabilities | 14,675 | 13,308 |
Total liabilities | 1,408,021 | 1,447,477 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Accumulated deficit | (30,696) | (40,813) |
Noncontrolling interests: | ||
Noncontrolling interest in consolidated subsidiaries | 360 | 357 |
Partners’ capital: | ||
General partner: 99,754,900 and 99,290,952 units outstanding, respectively | 489,372 | 476,362 |
Limited partners: 6,378,704 and 6,150,224 units outstanding, respectively | 37,081 | 35,548 |
Total partners’ capital | 495,757 | 471,097 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 496,117 | 471,454 |
Total liabilities and equity | $ 1,904,138 | $ 1,918,931 |
Consolidated and Combined Bala3
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 2,332 | $ 1,926 |
Allowance for Doubtful Other Receivables, Current | 261 | 148 |
Accumulated amortization, identified intangible assets | 22,361 | 22,090 |
Accumulated amortization, deferred leasing costs | 13,909 | 12,987 |
Accumulated amortization, deferred financing costs | 726 | 709 |
Accumulated amortization, identified intangible liabilities | $ 72,528 | $ 65,220 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares, issued (in shares) | 99,754,900 | 99,290,952 |
Common stock, shares, outstanding (in shares) | 99,754,900 | 99,290,952 |
Urban Edge Properties LP | ||
Allowance for doubtful accounts | $ 2,332 | $ 1,926 |
Allowance for Doubtful Other Receivables, Current | 261 | 148 |
Accumulated amortization, identified intangible assets | 22,361 | 22,090 |
Accumulated amortization, deferred leasing costs | 13,909 | 12,987 |
Accumulated amortization, deferred financing costs | 726 | 709 |
Accumulated amortization, identified intangible liabilities | $ 72,528 | $ 65,220 |
General Partners, units outstanding (in units) | 99,754,900 | 99,290,952 |
Limited Partners, units outstanding (in units) | 6,378,704 | 6,150,224 |
Consolidated and Combined State
Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUE | |||
Property rentals | $ 236,798 | $ 231,867 | $ 232,592 |
Tenant expense reimbursements | 84,921 | 84,617 | 81,887 |
Management and development fees | 1,759 | 2,261 | 535 |
Other income | 2,498 | 4,200 | 662 |
Total revenue | 325,976 | 322,945 | 315,676 |
EXPENSES | |||
Depreciation and amortization | 56,145 | 57,253 | 53,653 |
Real estate taxes | 51,429 | 49,311 | 49,835 |
Property operating | 45,280 | 50,595 | 51,988 |
General and administrative | 27,438 | 32,044 | 17,820 |
Ground rent | 10,047 | 10,129 | 10,304 |
Transaction costs | 1,405 | 24,011 | 8,604 |
Provision for doubtful accounts | 1,214 | 1,526 | 1,032 |
Total expenses | 192,958 | 224,869 | 193,236 |
Operating income | 133,018 | 98,076 | 122,440 |
Gain on sale of real estate | 15,618 | 0 | 0 |
Interest income | 679 | 150 | 35 |
Interest and debt expense | (51,881) | (55,584) | (54,960) |
Income before income taxes | 97,434 | 42,642 | 67,515 |
Income tax expense | (804) | (1,294) | (1,721) |
Net income | 96,630 | 41,348 | 65,794 |
Less net income attributable to noncontrolling interests in: | |||
Operating partnership | (5,812) | (2,547) | 0 |
Consolidated subsidiaries | (3) | (16) | (22) |
Net income (loss) attributable to common shareholders | $ 90,815 | $ 38,785 | $ 65,772 |
Earnings per common share - Basic (in dollars per share) | $ 0.91 | $ 0.39 | $ 0.66 |
Earnings per common share - Diluted (in dollars per share) | $ 0.91 | $ 0.39 | $ 0.66 |
Weighted average shares outstanding - Basic (in shares) | 99,364 | 99,252 | 99,248 |
Weighted average shares outstanding - Diluted (in shares) | 99,794 | 99,278 | 99,248 |
Urban Edge Properties LP | |||
REVENUE | |||
Property rentals | $ 236,798 | $ 231,867 | $ 232,592 |
Tenant expense reimbursements | 84,921 | 84,617 | 81,887 |
Management and development fees | 1,759 | 2,261 | 535 |
Other income | 2,498 | 4,200 | 662 |
Total revenue | 325,976 | 322,945 | 315,676 |
EXPENSES | |||
Depreciation and amortization | 56,145 | 57,253 | 53,653 |
Real estate taxes | 51,429 | 49,311 | 49,835 |
Property operating | 45,280 | 50,595 | 51,988 |
General and administrative | 27,438 | 32,044 | 17,820 |
Ground rent | 10,047 | 10,129 | 10,304 |
Transaction costs | 1,405 | 24,011 | 8,604 |
Provision for doubtful accounts | 1,214 | 1,526 | 1,032 |
Total expenses | 192,958 | 224,869 | 193,236 |
Operating income | 133,018 | 98,076 | 122,440 |
Gain on sale of real estate | 15,618 | 0 | 0 |
Interest income | 679 | 150 | 35 |
Interest and debt expense | (51,881) | (55,584) | (54,960) |
Income before income taxes | 97,434 | 42,642 | 67,515 |
Income tax expense | (804) | (1,294) | (1,721) |
Net income | 96,630 | 41,348 | 65,794 |
Less net income attributable to noncontrolling interests in: | |||
Consolidated subsidiaries | 3 | (16) | (22) |
Net income (loss) attributable to common shareholders | $ 96,627 | $ 41,332 | $ 65,772 |
Earnings per common share - Basic (in dollars per share) | $ 0.91 | $ 0.39 | $ 0.63 |
Earnings per common share - Diluted (in dollars per share) | $ 0.91 | $ 0.39 | $ 0.63 |
Weighted average shares outstanding - Basic (in shares) | 105,455 | 105,276 | 104,965 |
Weighted average shares outstanding - Diluted (in shares) | 106,099 | 105,374 | 104,965 |
Consolidated and Combined Stat5
Consolidated and Combined Statements of Changes in Equity - 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 | Vornado Equity | Vornado EquityUrban Edge Properties LP | Accumulated Earnings (Deficit) | Redeemable NCI | NCI in Consolidated Subsidiaries | |
Beginning balance (in shares) at Dec. 31, 2013 | 0 | |||||||||||||
Beginning balance at Dec. 31, 2013 | $ 341,584 | $ 341,584 | $ 0 | $ 319 | $ 0 | $ 0 | [1] | $ 0 | $ 0 | $ 341,265 | $ 341,265 | $ 0 | $ 0 | $ 319 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) attributable to common shareholders | 65,772 | 65,772 | 65,772 | |||||||||||
Net income attributable to noncontrolling interests | 22 | 22 | 22 | 22 | ||||||||||
Distributions to Vornado net | (148,515) | (148,515) | (148,515) | (148,515) | ||||||||||
Ending balance (in shares) at Dec. 31, 2014 | 0 | |||||||||||||
Ending balance at Dec. 31, 2014 | 258,863 | 258,863 | 341 | $ 0 | 0 | 258,522 | 258,522 | 0 | 0 | 341 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) attributable to common shareholders | 38,785 | 41,332 | 43,354 | (2,022) | (2,022) | 40,807 | ||||||||
Net income attributable to noncontrolling interests | 2,563 | 16 | 16 | 2,547 | 16 | |||||||||
Limited partnership units issued to Vornado at separation | 0 | (27,649) | 27,649 | |||||||||||
Contributions from Vornado | 245,067 | 245,067 | 245,067 | 245,067 | ||||||||||
Issuance of shares in connection with separation (in shares) | 99,247,806 | |||||||||||||
Issuance of shares in connection with separation | 0 | $ 993 | 472,925 | (473,918) | ||||||||||
Common units issued as a result of common shares issued by Urban Edge | 0 | (258) | 258 | |||||||||||
Common shares issued (in shares) | 43,146 | |||||||||||||
Common shares issued | 0 | 0 | 473,918 | 27,649 | 258 | (501,567) | (258) | |||||||
Distributions to Partners ($0.82 per unit) | (84,085) | (84,085) | ||||||||||||
Dividends on common shares ($0.82 per share) | (79,167) | (79,167) | ||||||||||||
Share-based compensation expense | 10,261 | 10,261 | 176 | 2,186 | 7,899 | [1] | 2,186 | 176 | 7,899 | |||||
Distributions to redeemable NCI ($0.82 per unit) | $ (4,918) | (4,918) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2015 | 99,290,952 | 99,290,952 | ||||||||||||
Ending balance at Dec. 31, 2015 | $ 471,454 | 471,454 | (40,813) | 357 | 476,362 | 35,548 | [1] | $ 993 | 475,369 | 0 | 0 | (38,442) | 33,177 | 357 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) attributable to common shareholders | 90,815 | 96,627 | 96,627 | 90,815 | ||||||||||
Net income attributable to noncontrolling interests | 5,815 | 3 | 3 | 5,812 | 3 | |||||||||
Common units issued as a result of common shares issued by Urban Edge | 8,949 | (348) | 9,297 | |||||||||||
Common shares issued (in shares) | 465,534 | |||||||||||||
Common shares issued | 8,949 | $ 4 | 9,293 | (348) | ||||||||||
Share-based awards retained for taxes (in shares) | (1,586) | |||||||||||||
Share-based awards retained for taxes | (38) | (38) | (38) | (38) | ||||||||||
Distributions to Partners ($0.82 per unit) | (86,311) | (86,311) | ||||||||||||
Dividends on common shares ($0.82 per share) | (81,240) | (81,240) | ||||||||||||
Share-based compensation expense | 5,433 | 5,433 | 149 | 3,751 | 1,533 | [1] | 3,751 | 149 | 1,533 | |||||
Distributions to redeemable NCI ($0.82 per unit) | $ (5,071) | (5,071) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2016 | 99,754,900 | 99,754,900 | ||||||||||||
Ending balance at Dec. 31, 2016 | $ 496,117 | $ 496,117 | $ (30,696) | $ 360 | $ 489,372 | $ 37,081 | [1] | $ 997 | $ 488,375 | $ 0 | $ 0 | $ (29,066) | $ 35,451 | $ 360 |
[1] | (1) Limited partners have a 6.0% common limited partnership interest in the Operating Partnership as of December 31, 2016 in the form of units of interest in the Operating Partnership (“OP Units”) and Long Term Incentive Plan (“LTIP”) units |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends on common shares (in dollars per share) | $ 0.82 | $ 0.80 |
Distributions to redeemable NCI (in dollars per unit) | (0.82) | (0.80) |
Urban Edge Properties LP | ||
Distributions to redeemable NCI (in dollars per unit) | $ (0.82) | $ (0.80) |
Limited Partners | Urban Edge Properties LP | ||
Noncontrolling interest percentage | 6.00% |
Consolidated and Combined Stat7
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 96,630 | $ 41,348 | $ 65,794 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 57,178 | 58,299 | 54,897 |
Amortization of deferred financing costs | 2,830 | 2,738 | 1,660 |
Amortization of below market leases, net | (7,776) | (7,907) | (8,762) |
Straight-lining of rent | 227 | 333 | (1,559) |
Share-based compensation expense | 5,433 | 10,261 | 3,878 |
Gain on sale of real estate | (15,618) | 0 | 0 |
Non-cash separation costs paid by Vornado | 0 | 17,403 | 0 |
Provision for doubtful accounts | 1,214 | 1,526 | 1,032 |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (78) | (4) | (5,914) |
Increase (Decrease) in Deferred Leasing Fees | (3,815) | (2,940) | (1,963) |
Prepaid and other assets | 141 | (671) | 767 |
Accounts payable and accrued expenses | (237) | 11,300 | (4,929) |
Other liabilities | 1,120 | 6,392 | 787 |
Net cash provided by operating activities | 137,249 | 138,078 | 105,688 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Real estate additions | (69,901) | (36,290) | (39,509) |
Acquisition of real estate | (9,267) | (30,125) | (6,077) |
Proceeds from sale of operating properties | 19,938 | 0 | 0 |
Net cash used in investing activities | (59,230) | (66,415) | (45,586) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Debt repayments | (38,458) | (44,654) | (42,481) |
Contributions from Vornado | 0 | (227,732) | 148,786 |
Dividends paid to shareholders | (81,240) | (79,167) | 0 |
Distributions to redeemable noncontrolling interests | (5,071) | (4,918) | 0 |
Debt issuance costs | 0 | (5,198) | 0 |
Taxes withheld for vested restricted shares | (38) | 0 | (2,540) |
Proceeds from issuance of common shares | (8,949) | 0 | 0 |
Proceeds from borrowings | 0 | 0 | 130,000 |
Net cash (used in) provided by financing activities | (115,858) | 93,795 | (63,807) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (37,839) | 165,458 | (3,705) |
Cash and cash equivalents and restricted cash at beginning of period | 178,025 | 12,567 | 16,272 |
Cash and cash equivalents and restricted cash at end of period | 140,186 | 178,025 | 12,567 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest (includes amounts capitalized of $3,763, $1,856 and $0, respectively) | 51,137 | 52,814 | 53,133 |
Cash payments for income taxes | 1,277 | 1,907 | 1,342 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures included in accounts payable and accrued expenses | 12,492 | 8,699 | 1,592 |
Write-off of fully depreciated assets | 4,585 | 10,588 | 2,612 |
Cash and cash equivalents and restricted cash per consolidated and combined statement of cash flow | 178,025 | 12,567 | 16,272 |
Urban Edge Properties LP | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 96,630 | 41,348 | 65,794 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 57,178 | 58,299 | 54,897 |
Amortization of deferred financing costs | 2,830 | 2,738 | 1,660 |
Amortization of below market leases, net | (7,776) | (7,907) | (8,762) |
Straight-lining of rent | 227 | 333 | (1,559) |
Share-based compensation expense | 5,433 | 10,261 | 3,878 |
Gain on sale of real estate | (15,618) | 0 | 0 |
Non-cash separation costs paid by Vornado | 0 | 17,403 | 0 |
Provision for doubtful accounts | 1,214 | 1,526 | 1,032 |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (78) | (4) | (5,914) |
Increase (Decrease) in Deferred Leasing Fees | (3,815) | (2,940) | (1,963) |
Prepaid and other assets | 141 | (671) | 767 |
Accounts payable and accrued expenses | (237) | 11,300 | (4,929) |
Other liabilities | 1,120 | 6,392 | 787 |
Net cash provided by operating activities | 137,249 | 138,078 | 105,688 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Real estate additions | (69,901) | (36,290) | (39,509) |
Acquisition of real estate | (9,267) | (30,125) | (6,077) |
Proceeds from sale of operating properties | 19,938 | 0 | 0 |
Net cash used in investing activities | (59,230) | (66,415) | (45,586) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Debt repayments | (38,458) | (44,654) | (42,481) |
Contributions from Vornado | 0 | (227,732) | 148,786 |
Distributions to partners | 86,311 | 84,085 | 0 |
Debt issuance costs | 0 | (5,198) | (2,540) |
Taxes withheld for vested restricted shares | (38) | 0 | 0 |
Proceeds from issuance of common shares | (8,949) | 0 | 0 |
Proceeds from borrowings | 0 | 0 | 130,000 |
Net cash (used in) provided by financing activities | (115,858) | 93,795 | (63,807) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (37,839) | 165,458 | (3,705) |
Cash and cash equivalents and restricted cash at beginning of period | 178,025 | 12,567 | 16,272 |
Cash and cash equivalents and restricted cash at end of period | 140,186 | 178,025 | 12,567 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest (includes amounts capitalized of $3,763, $1,856 and $0, respectively) | 51,137 | 52,814 | 53,133 |
Cash payments for income taxes | 1,277 | 1,907 | 1,342 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures included in accounts payable and accrued expenses | 12,492 | 8,699 | 1,592 |
Write-off of fully depreciated assets | 4,585 | 10,588 | 2,612 |
Cash and cash equivalents and restricted cash per consolidated and combined statement of cash flow | $ 178,025 | $ 12,567 | $ 16,272 |
Consolidated and Combined Stat8
Consolidated and Combined Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capitalized interest | $ 0 | $ 3,763 | $ 1,856 | |
Urban Edge Properties LP | ||||
Capitalized interest | $ 3,763 | $ 1,856 | $ 0 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Urban Edge Properties (“UE”, “Urban Edge” or the “Company”) (NYSE: UE) is a Maryland real estate investment trust that owns, manages, acquires, develops, redevelops and operates retail real estate in high barrier-to-entry markets. Urban Edge Properties LP (“UELP” or the “Operating Partnership”) is a Delaware limited partnership formed to serve as the Company’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. Prior to its separation on January 15, 2015 , UE was a wholly owned subsidiary of Vornado Realty Trust (“Vornado”) (NYSE: VNO). UE and UELP were created to own the majority of Vornado’s former shopping center business. Prior to the separation, the portfolio is referred to as “UE Businesses.” Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries after giving effect to the transfer of assets and liabilities from Vornado as well as to UE Businesses prior to the date of the separation. Pursuant to a separation and distribution agreement between UE and Vornado (the “Separation Agreement”), the interests in certain properties held by Vornado’s operating partnership, Vornado Realty L.P. (“VRLP”), were contributed or otherwise transferred to UE in exchange for 100% of our outstanding common shares. Following that contribution, VRLP distributed 100% of our outstanding common shares to Vornado and the other common limited partners of VRLP, pro rata with respect to their ownership of common limited partnership units in VRLP. Vornado then distributed all of the UE common shares it had received from VRLP to Vornado common shareholders on a pro rata basis. As a result, VRLP common limited partners and Vornado common shareholders all received common shares of UE in the spin-off at a ratio of one common share of UE to every two VRLP common units and every two common shares of Vornado. Substantially concurrently with such distribution, the interests in certain properties held by VRLP, including interests in entities holding properties, were contributed or otherwise transferred to UELP in exchange for 5.4% of UELP’s outstanding common limited partnership interests in the Operating Partnership (“OP Units”). The Operating Partnership’s capital includes OP Units. As of December 31, 2016, Urban Edge owned approximately 94.0% of the outstanding common OP Units with the remaining limited OP Units held by VRLP, and members of management and our Board of Trustees. Urban Edge serves as the 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. As part of the separation, Vornado capitalized UE with $225 million of cash. Vornado also paid $21.9 million of the transaction costs incurred in connection with the separation, which is reflected within non-cash separation costs paid by Vornado within the statement of cash flows. Of the $21.9 million transaction costs, $17.4 million were contingent on the completion of the separation. The remaining $4.5 million of transaction costs were allocated to Vornado on the separation date. As of December 31, 2016 our portfolio consisted of 79 shopping centers, three malls and a warehouse park totaling 14.8 million square feet. |
BASIS OF PRESENTATION AND PRINC
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION The accompanying consolidated and combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for annual financial information and with the instructions of Form 10-K. The consolidated financial statements as of and for the year ended December 31, 2016 reflect the consolidation of the Company, the Operating Partnership, wholly-owned subsidiaries and those entities in which we have a controlling financial interest, including entities where we have been determined to be a primary beneficiary of a variable interest entity (“VIE”). The results presented for the year ended December 31, 2015 reflect the operations and changes in cash flows on a carved-out and combined basis for the period from January 1, 2015 through the date of separation and on a consolidated basis subsequent to the date of separation. The financial statements for the periods prior to the separation date are prepared on a carved-out and combined basis from the consolidated financial statements of Vornado as UE Businesses were under common control of Vornado prior to January 15, 2015 . Such carved-out and combined amounts were determined using the historical results of operations and carrying amounts of the assets and liabilities transferred to UE Businesses. The financial statements reflect the common shares as of the date of the separation as outstanding for all periods prior to the separation. All intercompany transactions have been eliminated in consolidation and combination. For periods presented prior to the date of the separation, our historical combined financial results for UE Businesses reflect charges for certain corporate costs which we believe are reasonable. These charges were based on either actual costs incurred by Vornado or a proportion of costs estimated to be applicable to UE Businesses based on an analysis of key metrics including total revenues, real estate assets, leasable square feet and operating income. Such costs do not necessarily reflect what the actual costs would have been if the Company were operating as a separate stand-alone public company. These charges are discussed further in Note 5 — Related Party Transactions. Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. None of our tenants accounted for more than 10% of our revenue or property operating income. We aggregate all of our properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Real Estate — Real estate is carried at cost, net of accumulated depreciation and amortization. Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when completed. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to impairment expense. We capitalize all property operating expenses directly associated with and attributable to the development of a project, including interest expense. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation is recognized on a straight-line basis over estimated useful lives which range from 3 to 40 years. Tenant related intangibles and improvements are amortized on a straight-line basis over the lease term, including any bargain renewal options. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections utilizing appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below-market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated and combined financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Cash and Cash Equivalents — Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) United States Treasury Bills. To date we have not experienced any losses on our invested cash. Restricted Cash — Restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, leasing commissions and capital expenditures. Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable includes unpaid amounts billed to tenants and accrued revenues for future billings to tenants for property expenses. We periodically evaluate the collectibility of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. These receivables arise from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection. Deferred Leasing Costs — Deferred leasing costs include direct salaries, third-party fees and other costs incurred by us to originate a lease. Such costs are capitalized and amortized on a straight-line basis over the term of the related leases. Deferred Financing Costs — Deferred financing costs include fees associated with our revolving credit agreement. Such fees are amortized on a straight-line basis over the terms of the related revolving credit agreement as a component of interest expense, which approximates the effective interest rate method, in accordance with the terms of the agreement. No amounts have been drawn to date under the agreement. Revenue Recognition — We have the following revenue sources and revenue recognition policies: • Base Rent - income arising from minimum lease payments from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a lease incentive to tenants, we recognize the incentive as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent - income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved). • Expense Reimbursements - revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses, real estate taxes and capital improvements of the respective property. This revenue is accrued in the same periods as the expenses are incurred. • Management, Leasing and Other Fees - income arising from contractual agreements with third parties. This revenue is recognized as the related services are performed under the respective agreements. Noncontrolling Interests — Noncontrolling interests represent the portion of equity that we do not own in those entities that we consolidate. We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Redeemable Noncontrolling Interests — Redeemable noncontrolling interests include OP units and limited partnership interests in the Operating Partnership in the form of long-term incentive plan (“LTIP”) unit awards. Variable Interest Entities - Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The consolidated and combined financial statements reflect the consolidation of VIEs in which the Company is the primary beneficiary. Earnings Per Share and Unit — Basic earnings per common share and unit is computed by dividing net income attributable to common shareholders and unitholders by the weighted average common shares and units outstanding during the period. Unvested share-based payment awards that entitle holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” Because the awards are considered participating securities, the Company and the Operating Partnership are required to apply the two-class method of computing basic and diluted earnings that would otherwise have been available to common shareholders and unitholders. Under the two-class method, earnings for the period are allocated between common shareholders and unitholders and other shareholders and unitholders, based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings per common share and unit reflects the potential dilution of the assumed exercises of shares including stock options and unvested restricted shares to the extent they are dilutive. Share-Based Compensation — We grant stock options, LTIP units, OP units, restricted share awards and performance-based units to our officers, trustees and employees. The term of each award is determined by the compensation committee of our Board of Trustees (the “Compensation Committee”), but in no event can such term be longer than ten years from the date of grant. The vesting schedule of each award is determined by the Compensation Committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of unvested restricted stock, which makes the restricted stock a participating security. Fair value is determined, depending on the type of award, using either the Black-Scholes option-pricing model or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date. In using the Black-Scholes option-pricing model, expected volatilities and dividend yields are primarily based on available implied data and peer group companies historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense for restricted share awards is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule or a cliff vesting schedule, we have elected to recognize compensation expense on a straight-line basis. Also included in Share-based compensation expense is the unrecognized compensation expense of awards issued under Vornado’s outperformance plan (“OPP”) prior to the separation for the Company’s employees who were previously Vornado employees. The OPP unrecognized compensation expense is recognized on a straight-line basis over the remaining life of the OPP awards issued. Share-based compensation expense is included in general and administrative expenses on the consolidated and combined statements of income. When the Company issues common shares as compensation, it receives a like number of common units from the Operating Partnership. Accordingly, the Company’s ownership in the Operating Partnership will increase based on the number of common shares awarded under our 2015 Omnibus Share Plan. As a result of the issuance of common units to the Company for share-based compensation, the Operating Partnership accounts for share-based compensation in the same manner as the Company. Income Taxes — Our two Puerto Rico malls are subject to income taxes which are based on estimated taxable income and are included in income tax expense in the consolidated and combined statements of income. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which these temporary differences are expected to be recovered or settled. Earnings and profits, which determine the taxability of dividends to shareholders, differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives and cost bases of the malls, as well as other timing differences. Concentration of Credit Risk — A concentration of credit risk arises in our business when a national or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our national or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. None of our tenants accounted for more than 10% of total revenues in the year ended December 31, 2016 . As of December 31, 2016 , The Home Depot was our largest tenant with 7 stores which comprised an aggregate of 920,000 square-feet and accounted for approximately $20.2 million , or 6.2% of our total revenue for the year ended December 31, 2016 . Recently Issued Accounting Literature In January 2017, the FASB issued an update (“ASU 2017-01”) Clarifying the Definition of a Business , which introduces amendments that are intended to make the guidance on the definition of a business more consistent and cost-efficient. The objective of the update is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business by providing a screen to determine when the set of assets and activities acquired is not a business. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. Early adoption is permitted as of the beginning of a reporting period for which financial statements have not yet been issued. The ASU must be applied prospectively on or after the effective date. The adoption of this standard will result in less real estate acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. In November 2016, the FASB issued an update (“ASU 2016-18”) Statement of Cash Flows - Restricted Cash, that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-18 including retrospective adoption for all prior periods. The impact of the adoption of ASU 2016-18 is the addition of a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. In August 2016, the FASB issued an update (“ASU 2016-15”) Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which addresses specific cash flow classification issues where there is currently diversity in practice including debt prepayment and proceeds from the settlement of insurance claims. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective as of September 30, 2016. The adoption of ASU 2016-15 did not impact our results of operations or cash flows. In June 2016, the FASB issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments, which replaces the incurred impairment methodology in current GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, with early adoption permitted for annual periods beginning after December 15, 2018. We are evaluating the impact this standard will have on our consolidated and combined financial statements. In February 2016, the FASB issued an update (“ASU 2016-02”) Leases, which revises the accounting related to 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 elected the modified retrospective transition approach and expects 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. In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835-30 Interest - Imputation of Interest. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015 with early adoption permitted. We elected to early adopt ASU 2015-03 effective as of December 31, 2015. The effect of ASU 2015-03 was to reclassify the net unamortized balance of debt issuance costs of $10.0 million as of December 31, 2015 from deferred financing costs to a contra liability deduction of mortgages payable. Mortgages payable as of December 31, 2016 are presented net of $8.0 million of unamortized debt issuance costs. The adoption of ASU 2015-03 did not impact our results of operations or cash flows. In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810 Consolidation. Under amendments in this update, all reporting entities are within the scope of Subtopic 810-10 Consolidation - Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. Overall the amendments in this update are to simplify the codification and reduce the number of consolidation models and place more emphasis on risk of loss when determining controlling financial interests. ASU 2015-02 is effective for public businesses for interim and annual periods beginning after December 15, 2015. We adopted ASU 2015-02 as of March 31, 2016. Under ASU 2015-02 the Company’s Operating Partnership is considered a variable interest entity (“VIE”). The Company is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. The Operating Partnership was formed to serve as the Company’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. The Company consolidates the Operating Partnership as it is the primary beneficiary of the VIE. In May 2014, the FASB issued an update (“ASU 2014-09”) Revenue from Contracts with Customers to ASC Topic 606, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. During the 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 are permitted to use either the modified retrospective or the retrospective method for adopting this standard. We are currently evaluating the impact of the adoption on our consolidated and combined financial statements including gain recognition on real estate sales and the presentation of tenant reimbursement income. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS During the year ended December 31, 2016 , we purchased land that is the site of a future 2,000 sf Popeye’s for $2.7 million . During the year ended December 31, 2015 , we acquired three properties with existing leases. All acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets based on their estimated fair values at date of acquisition. The following table provides a summary of acquisition activity in 2016 and 2015 : Date Purchased Property Name City State Square Feet/Acres Purchase Price (unaudited) (in thousands) April 29, 2015 Bergen Town Center - outparcel Paramus NJ 0.8 (1) $ 2,750 June 29, 2015 Lawnside - outparcel Lawnside NJ 2,000 375 December 23, 2015 Cross Bay Commons Queens NY 46,000 27,000 2015 Total 30,125 December 22, 2016 North Bergen - outparcel North Bergen NJ 0.3 (1) 2,667 2016 Total $ 2,667 (1) In acres. The aggregate purchase price of the above property acquisitions have been allocated as follows: Amount (Amounts in thousands) 2016 2015 Land $ 2,667 $ 17,145 Buildings and improvements — 12,821 Identified intangible assets — 1,760 Deferred leasing costs — 594 Identified intangible liabilities — (2,195 ) $ 2,667 $ 30,125 We expensed approximately $1.2 million of transaction-related costs in connection with completed or pending property acquisitions that were closed subsequent to December 31, 2016 which are included in Transaction costs in the consolidated and combined statements of operations. In conjunction with the acquisition of Cross Bay Commons on December 23, 2015, we entered into a reverse like-kind exchange agreement under Section 1031 of the Internal Revenue Code with a third party intermediary. The exchange agreement was for a maximum of 180 days and allowed us, for tax purposes, to defer gains on the sale of other properties sold within 180 days after the acquisition date. On June 9, 2016 , we completed the sale of a shopping center located in Waterbury, CT. The sales price of this property of $21.6 million , less costs to sell, resulted in net proceeds of $19.9 million . Accordingly, we recorded a gain on sale of $15.6 million . The sale completed the reverse Section 1031 tax deferred exchange transaction with the acquisition of Cross Bay Commons. From December 23, 2015 to June 9, 2016 , a third party intermediary was the legal owner of Cross Bay Commons, although we controlled the activities that most significantly impacted the property and retained all of the economic benefits and risks associated with it, and therefore we concluded it was a VIE and we were the primary beneficiary of the VIE. Accordingly, effective December 23, 2015 , we consolidated Cross Bay Commons and its operations even during the period it was held by a third party intermediary. The consolidated balance sheets included total assets and liabilities of Cross Bay Commons of $29.5 million and $2.5 million , respectively, as of December 31, 2015 . Refer to Note 19 - Subsequent Events for acquisitions closed subsequent to December 31, 2016 . |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In connection with the separation, the Company and Vornado entered into a transition services agreement under which Vornado 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 December 31, 2016 there were no amounts due to Vornado related to such services. During the twelve months ended December 31, 2016 and 2015 there were $1.7 million and $2.4 million of costs paid to Vornado included in general and administrative expenses, respectively, which consisted of $0.9 million and $0.4 million of rent expense for two of our office locations and $0.8 million and $2.0 million of transition services fees, respectively. Management and Development Fees In connection with the separation, the Company and Vornado entered into a property management agreement under which the Company provides management, development, leasing and other services to certain properties owned by Vornado and its affiliates, including Interstate Properties (“Interstate”) and Alexander’s, Inc. (NYSE:ALX). Interstate is a general partnership that owns retail properties in which Steven Roth, Chairman of Vornado’s Board and Chief Executive Officer of Vornado, and a member of our Board of Trustees, is the managing general partner. Interstate and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado as of December 31, 2016 . As of the year ended December 31, 2016 , Vornado owned 32.4% of Alexander’s, Inc. During the twelve months ended December 31, 2016 , 2015 , and 2014 we recognized management and development fee income of $1.8 million , $2.3 million , and $0.5 million respectively. As of December 31, 2016 and December 31, 2015 , there were $0.3 million and $0.7 million of fees, respectively, due from Vornado included in tenant and other receivables in our consolidated balance sheets. |
IDENTIFIED INTANGIBLE ASSETS AN
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes our identified intangible assets and liabilities: (Amounts in thousands) December 31, 2016 December 31, 2015 In-place leases $ 29,065 $ 31,872 Accumulated amortization (12,244 ) (13,032 ) Below-market ground leases (1) 23,730 23,730 Accumulated amortization (9,847 ) (8,875 ) Above-market leases 441 441 Accumulated amortization (270 ) (183 ) Identified intangible assets, net of accumulated amortization 30,875 33,953 Below-market leases 219,519 220,075 Accumulated amortization (72,528 ) (65,220 ) Identified intangible liabilities, net of accumulated amortization $ 146,991 $ 154,855 (1) Intangible assets related to below-market leases where the Company is a lessee under a ground lease. Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $7.8 million , $7.9 million and $8.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $2.0 million , $1.5 million and $1.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. 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 $1.0 million in each of the years ended December 31, 2016 , 2015 and 2014 . The following table sets forth the estimated annual amortization related to intangible assets and liabilities for the five succeeding years commencing January 1, 2017: (Amounts in thousands) Below-Market Below-Market Year Operating Leases (1)(3) In-Place Leases (2) Ground Leases (4) 2017 $ 7,419 $ 1,482 $ 972 2018 7,198 1,300 972 2019 7,175 1,179 972 2020 7,182 1,136 972 2021 7,153 1,037 622 (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. (3) The annual amortization of the below-market intangible liabilities in the table above includes $1.6 million associated with our ground lease for the Shops at Bruckner which was sold subsequent to December 31, 2016. Refer to Note 19 - Subsequent Events for further information. (4) Estimated annual amortization of below-market leases where the Company is a lessee under a ground lease. |
MORTGAGES PAYABLE
MORTGAGES PAYABLE | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
MORTGAGES PAYABLE | MORTGAGES PAYABLE The following is a summary of mortgages payable as of December 31, 2016 and December 31, 2015 . Interest Rate at December 31, December 31, (Amounts in thousands) Maturity December 31, 2016 2016 2015 Cross collateralized mortgage loan: Fixed Rate 9/10/2020 4.36% $ 519,125 $ 533,459 Variable Rate (1) 9/10/2020 2.36% 38,756 60,000 Total cross collateralized 557,881 593,459 First mortgages secured by: North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 73,951 75,000 Englewood (3) 10/1/2018 6.22% 11,537 11,537 Montehiedra Town Center, Senior Loan (2)(4) 7/6/2021 5.33% 87,308 88,676 Montehiedra Town Center, Junior Loan (2) 7/6/2021 3.00% 30,000 30,000 Bergen Town Center 4/8/2023 3.56% 300,000 300,000 Las Catalinas 8/6/2024 4.43% 130,000 130,000 Mount Kisco (Target) (5) 11/15/2034 6.40% 14,883 15,285 Total mortgages payable 1,205,560 1,243,957 Unamortized debt issuance costs (8,047 ) (9,974 ) Total mortgages payable, net of unamortized debt issuance costs $ 1,197,513 $ 1,233,983 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps . In June 2016, in connection with the sale of our property in Waterbury, CT, we prepaid $21.2 million of the variable rate portion of our cross collateralized mortgage loan to maintain compliance with covenant requirements. (2) On January 6, 2015, we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra Town Center. Refer to “Troubled Debt Restructuring” disclosure below. (3) On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow would be insufficient to pay its debt service. As of December 31, 2016 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 December 31, 2016 we consolidated Englewood and its operations. The consolidated balance sheet included total assets and liabilities of $12.4 million and $14.2 million , respectively. (4) The mortgage payable balance secured by Montehiedra was presented net of unamortized fees of $1.7 million as of December 31, 2015 in our Form 10-K as filed with SEC for Urban Edge Properties. The net unamortized fees of $1.7 million were revised to be presented with the unamortized debt issuance costs. (5) The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.1 million of unamortized debt discount as of December 31, 2016 and December 31, 2015 . The effective interest rate including amortization of the debt discount is 7.26% as of December 31, 2016 . The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $859.2 million as of December 31, 2016 . Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Our property in Waterbury, CT was held as collateral in our cross collateralized mortgage loan. In connection with the sale of our property in Waterbury, CT on June 9, 2016 , we prepaid $21.2 million of the variable rate component of our cross collateralized mortgage loan in order to maintain compliance with covenant requirements. As of December 31, 2016 , we were in compliance with all debt covenants. As of December 31, 2016 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2017 17,120 2018 99,708 2019 17,320 2020 513,870 2021 120,048 Thereafter 437,494 On January 15, 2015 , we entered into a $500 million Revolving Credit Agreement (the “Agreement”) with certain financial institutions. The Agreement has a four -year term with two six -month extension options. Borrowings under the Agreement are subject to interest at LIBOR plus 1.15% and we are required to pay an annual facility fee of 20 basis points which is expensed as incurred. Both the spread over LIBOR and the facility fee are based on our current leverage ratio and are subject to increase if our leverage ratio increases above predefined thresholds. The Agreement contains customary financial covenants including a maximum leverage ratio of 60% and a minimum fixed charge coverage ratio of 1.5x . No amounts have been drawn to date under the Agreement. Financing fees associated with the Agreement of $1.9 million and $2.8 million as of December 31, 2016 and December 31, 2015, respectively, are included in deferred financing fees in the consolidated balance sheets. Troubled Debt Restructuring During the year ended December 31, 2014 , Montehiedra Town Center (“Montehiedra”), our property in the San Juan area of Puerto Rico, was experiencing financial difficulties which resulted in a substantial decline in its net operating cash flows. As such, we transferred the mortgage loan secured by Montehiedra to the special servicer and discussed restructuring the terms of the mortgage loan. In January 2015 we completed the modification of the $120.0 million , 6.04% mortgage loan. The loan was extended from July 2016 to July 2021 and separated into two tranches, a senior $90.0 million position with interest at 5.33% to be paid currently and a junior $30.0 million position with interest accruing at 3.0% . As part of the planned redevelopment of the property, we committed to fund $20.0 million through an intercompany loan for leasing and capital expenditures of which $16.9 million has been funded as of December 31, 2016 . This $20.0 million intercompany loan is senior to the $30.0 million mortgage position noted above and accrues interest at 10% . Both the intercompany loan and related interest are eliminated in our consolidated and combined financial statements. We incurred $2.0 million of debt issuance costs in connection with the loan modification. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
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, which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions, will not be taxed on that portion of its taxable income which is distributed to its shareholders. Prior to the separation from Vornado, UE Businesses historically operated under Vornado’s REIT structure. As Vornado operates as a REIT and distributes 100% of taxable income, no provision for federal income taxes has been made in the accompanying consolidated and combined financial statements for periods prior to the separation. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. The following summarizes the tax status of dividends paid for the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Dividend paid per share $ 0.82 $ 0.80 Ordinary income 100 % 100 % Return of capital — % — % Capital gains — % — % 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 and combined statements of income. Our two Puerto Rico malls are subject to a 29% non-resident withholding tax which is included in income tax expense in the consolidated and combined statements of income. The Puerto Rico tax expense recorded was $0.8 million , $1.3 million , and $1.7 million for the twelve months ended December 31, 2016 , 2015 , and 2014 respectively. Both properties are held in a special partnership for Puerto Rico tax reporting (the general partner being a qualified REIT subsidiary or “QRS”). Income tax expense consists of the following: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Income tax expense: Current (1) $ 609 $ 1,417 $ 1,721 Deferred (2) 195 (123 ) — Total income tax expense $ 804 $ 1,294 $ 1,721 (1) Current income tax expense for the year ended December 31, 2016 is net of a $0.6 million reduction to the accrued income tax liability recorded in the second quarter of 2016. (2) The deferred portion of income tax expense related to temporary differences for periods prior to the separation date are reflected as contributions from Vornado in the consolidated and combined statement of changes in equity. A net deferred tax liability of $3.8 million is included in our consolidated balance sheet within Other Liabilities as of December 31, 2016 , comprised of temporary differences related to our two Puerto Rico properties, a deferred tax liability of $4.5 million offset by a deferred tax asset of $0.7 million . The deferred tax liability of $4.5 million is comprised of $2.3 million of tax depreciation in excess of GAAP depreciation, $1.9 million straight-line rents and $0.3 million of amortization of acquired leases not recorded for tax purposes. The deferred tax asset of $0.7 million is comprised of $0.3 million of GAAP to tax depreciation adjustment, $0.2 million of amortization of deferred financing fees not recorded for tax purposes and $0.2 million excess of bad debt expense for tax purposes. The temporary differences resulting from activity during the years ended December 31, 2016 and 2015 is recorded within Income Tax Expense on the consolidated and combined statements of income. Below is a table summarizing the net deferred income tax liability balance as of December 31, 2016 and 2015 : (Amounts in thousands) Balance at January 1, 2015 $ (3,730 ) Change in deferred tax assets: Depreciation (123 ) Amortization of deferred financing costs 254 Provision for doubtful accounts (72 ) Change in deferred tax liabilities: Depreciation (2 ) Straight-line rent 51 Amortization of acquired leases 15 Balance at December 31, 2015 (3,607 ) Change in deferred tax assets: Depreciation (94 ) Amortization of deferred financing costs (46 ) Provision for doubtful accounts (14 ) Change in deferred tax liabilities: Depreciation (88 ) Straight-line rent 39 Amortization of acquired leases 8 Balance at December 31, 2016 $ (3,802 ) The Operating Partnership is organized as limited partnership and is generally not subject to federal income tax. Accordingly, no provision for federal income taxes has been reflected in the accompanying consolidated and combined financial statements. The Operating Partnership, however, is subject to the non-resident withholding tax at our two Puerto Rico malls. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis There were no financial assets or liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2016 and December 31, 2015 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated 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 December 31, 2016 and December 31, 2015 . As of December 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 131,654 $ 131,654 $ 168,983 $ 168,983 Liabilities: Mortgages payable (1) $ 1,205,560 $ 1,216,989 $ 1,243,957 $ 1,262,483 (1) Excludes unamortized debt issuance costs. The following interest rates were used by the Company to estimate the fair value of mortgages payable: December 31, 2016 December 31, 2015 Low High Low High Mortgages payable 2.0% 2.3% 2.0% 2.3% |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
LEASES | LEASES As Lessor We lease space to tenants under operating leases which expire from 2017 to 2072 . The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. Future base rental revenue under these non-cancelable operating leases excluding extension options is as follows: (Amounts in thousands) Year Ending December 31, 2017 $ 221,690 2018 211,175 2019 192,078 2020 166,899 2021 149,882 Thereafter 960,042 These future minimum amounts do not include additional rents based on a percentage of tenants’ sales or reimbursements. For the years ended December 31, 2016 , 2015 and 2014 , these additional rents were $0.8 million , $1.2 million , and $1.5 million respectively. As Lessee We are a tenant under long-term ground leases or ground and building leases for certain of our properties. Lease expirations range from 2017 to 2102 . Future lease payments under these agreements, excluding extension options, are as follows: (Amounts in thousands) Year Ending December 31, 2017 $ 8,964 2018 7,676 2019 7,354 2020 5,110 2021 4,522 Thereafter 34,677 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters: There are various legal actions against us in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. Loan Commitments: In January 2015 we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra. As part of the planned redevelopment of the property, we committed to fund $20.0 million for leasing and building capital expenditures of which $16.9 million has been funded as of December 31, 2016 . Redevelopment: As of December 31, 2016 , we had approximately $191.7 million of active development, redevelopment and anchor repositioning projects underway of which $110.5 million remains to be funded as of December 31, 2016 . Based on current plans and estimates we anticipate the remaining amounts will be expended over the next three years. Insurance: We maintain general liability insurance with limits of $200 million per occurrence 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 per occurrence, with sub-limits for certain perils such as floods and earthquakes on each of our properties. We also maintain coverage for terrorism acts with limits of $500 million for properties in the U.S. and $139 million for properties in Puerto Rico per occurrence and in the aggregate excluding coverage for nuclear, biological, chemical or radiological terrorism events as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. 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 | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER ASSETS | PREPAID EXPENSES AND OTHER ASSETS The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2016 December 31, 2015 Deposits for acquisitions $ 6,600 $ 100 Other assets 2,161 2,367 Prepaid expenses: Real estate taxes 5,198 5,646 Insurance 2,545 1,934 Rent, licenses/fees 938 941 Total Prepaid expenses and other assets $ 17,442 $ 10,988 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES The following is a summary of the composition of other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2016 December 31, 2015 Deferred ground rent expense $ 6,284 $ 6,038 Deferred tax liability, net 3,802 3,607 Deferred tenant revenue 3,280 2,284 Environmental remediation costs 1,309 1,379 Total Other liabilities $ 14,675 $ 13,308 |
INTEREST AND DEBT EXPENSE
INTEREST AND DEBT EXPENSE | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
INTEREST AND DEBT EXPENSE | 14. INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense. Twelve Months Ended December 31, (Amounts in thousands) 2016 2015 2014 Interest expense $ 49,051 $ 52,846 $ 53,300 Amortization of deferred financing costs 2,830 2,738 1,660 Total Interest and debt expense $ 51,881 $ 55,584 $ 54,960 |
EQUITY AND NONCONTROLLING INTER
EQUITY AND NONCONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
EQUITY AND NONCONTROLLING INTEREST | NONCONTROLLING INTEREST At-The-Market Program On August 8, 2016 , the Company established an at-the-market (“ATM”) equity program, pursuant to which the Company may offer and sell 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. Sales of common shares may be made, as needed, from time to time in ATM offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the NYSE or otherwise (i) at market prices prevailing at the time of sale (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. From September 2016 to December 31, 2016 , the Company issued 307,342 common shares at a weighted average price of $28.45 under its ATM equity program, generating cash proceeds of $8.7 million . We paid $0.1 million of commissions to distribution agents and $0.4 million in additional offering expenses related to the issuance of these common shares. We used the net proceeds to fund acquisition opportunities and fund our development and redevelopment pipeline. 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. Common Units of the Operating Partnership Operating Partnership units were issued by the Operating Partnership to the Company in connection with the issuance of common shares by the Company under its ATM equity program, as discussed above. Dividends and Distributions During the twelve months ended December 31, 2016 and 2015, the Company declared dividends on our common shares and OP unit distributions of $0.82 per share/unit, and $0.80 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 Omnibus Share Plan (the “Omnibus Share Plan”). The total of the OP units and LTIP units represent a 6.0% weighted-average interest in the Operating Partnership for twelve months ended December 31, 2016 . Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for cash, or for the Company’s common shares on a one -for-one basis, solely at the Company’s election. Holders of outstanding OP units may, at a determinable date, redeem their units for cash or the Company’s common shares on a one -for-one basis solely at our election. Noncontrolling Interest The noncontrolling interest relates to the 5% interest held by others in our property in Walnut Creek, CA (Mt. Diablo). The net income attributable to noncontrolling interest is presented separately in our consolidated and combined statements of income. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION On January 7, 2015 our board and initial shareholder approved the Urban Edge Properties Omnibus Share Plan, under which awards may be granted up to a maximum of 15,000,000 of our common shares or share equivalents. Pursuant to the Omnibus Share Plan, stock options, LTIP units, operating partnership units and restricted shares were granted. We have a Dividend Reinvestment Plan (the “DRIP”), whereby shareholders may use their dividends to purchase shares. During the twelve months ended December 31, 2016 and 2015 , 12,564 and 11,407 shares were issued under the DRIP, respectively. On November 3, 2015, the Compensation Committee of the Board of Trustees of the Company approved the Company’s 2015 Outperformance Plan (“OPP”). The OPP is a multi-year, performance-based equity compensation plan under which 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 2015 OPP grant was $10.2 million . Awards under the 2015 OPP may be earned if we (i) achieve a TSR level greater than 7% per annum, or 21% over the three -year performance measurement period (the “Absolute Component”), and/or (ii) achieve a TSR equal to or above, that of the 50th percentile of a retail REIT peer group (“Peer Group”) comprised of 15 of our peer companies, over a three -year performance measurement period (the “Relative Component”). Dividends on awards accrue during the measurement period. If the designated performance objectives are achieved, LTIP Units are also subject to time-based vesting requirements. Awards earned under the 2015 OPP vest 50% in year three, 25% in year four and 25% in year five. Our executive officers are required to hold earned 2015 OPP awards for one year following vesting. The fair value of the 2015 OPP on the date of grant was $3.9 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 valuation date over a three -year performance period. Assumptions include historic volatility ( 25.0% ), risk-free interest rates ( 1.2% ), and historic daily return as compared to our Peer Group (which ranged from 19.0% to 27.0% ). Such amount is being amortized into expense over a five -year period from the date of grant, using a graded vesting attribution model. In the twelve months ended December 31, 2016 and 2015 , we recognized $1.1 million and $0.2 million of compensation expense related to the OPP’s LTIP Units, respectively. As of December 31, 2016 there was $2.6 million of total unrecognized compensation cost related to the OPP’s LTIP Units, which will be recognized over a weighted-average period of 2.6 years. All stock options granted have ten -year contractual lives, containing vesting terms of three to five years. As of December 31, 2016 , the weighted average contractual term of shares under option outstanding at the end of the period is 8.3 years. The following table presents stock option activity for the twelve months ended December 31, 2016 and 2015 : Shares Under Options Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2015 — $ — — Granted 2,302,762 23.89 6.15 Exercised — — — Forfeited or expired (13,623 ) 24.46 — Outstanding at December 31, 2015 2,289,139 23.89 6.15 Granted 196,713 23.52 6.00 Exercised (8,501 ) 24.46 — Forfeited or expired (5,067 ) 24.46 — Outstanding at December 31, 2016 2,472,284 $ 23.86 5.33 Exercisable at December 31, 2016 45,352 $ 23.74 — During the twelve months ended December 31, 2016 and 2015 , the fair value of the options granted was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: February 17, 2015 March 12, 2015 April 20, 2015 August 17, 2015 February 8, 2016 Risk-free interest rate 1.76% 1.91% 1.60% 1.95% 1.31% Expected option life 6.00 6.50 6.25 6.25 6.25 Expected volatility 24.00% 25.00% 26.00% 27.00% 23.94% The options were granted with an exercise price equivalent to the average of the high and low share price on the grant date. No options were granted during the year ended December 31, 2014 . The following table presents information regarding restricted share activity during the twelve months ended December 31, 2016 and 2015 : Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2015 — — Granted 35,460 $ 22.84 Vested (1,022 ) 24.46 Forfeited (3,721 ) 24.18 Unvested at December 31, 2015 30,717 22.62 Granted 117,399 24.55 Vested (15,977 ) 23.17 Forfeited (2,744 ) 23.55 Unvested at December 31, 2016 129,395 $ 24.29 During the twelve months ended December 31, 2016 and 2015 , we granted 117,399 and 35,460 restricted shares, respectively, that are subject to forfeiture and vest over periods ranging from one to four years. The total grant date value of the 15,977 and 1,022 restricted shares vested during the years ended December 31, 2016 and 2015 was $0.4 million and $25 thousand , respectively. There were 433,040 LTIP units issued to executives during the year ended December 31, 2015 , 343,232 of which were issued in connection with the separation transaction and were immediately vested. During the year ended December 31, 2016 , 39,439 units vested. The remaining 50,369 units vest over a weighted average period of 2.2 years. Share-based compensation expense, which is included in general and administrative expenses in our consolidated and combined statements of income, is summarized as follows: Year Ended December 31, (Amounts in thousands) 2016 2015 Share-based compensation expense components (2) : Restricted share expense $ 1,314 $ 282 Stock option expense 2,437 1,901 LTIP expense (3) 473 7,748 Outperformance Plan (“OPP”) expense (1) 1,209 330 Total Share-based compensation expense $ 5,433 $ 10,261 (1) OPP Expense for the years ended December 31, 2016 and 2015 includes $0.1 million and $0.2 million , 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. (2) We did not have any equity awards issued prior to the date of the separation. $3.9 million of share-based compensation expense is included in general and administrative expenses in our combined statements of income for the year ended December 31, 2014 and is related to Vornado equity awards issued prior to the separation for Vornado employees. (3) LTIP expense excludes the expense associated with LTIP units under the 2015 OPP. As of December 31, 2016 , we had a total of $11.0 million of unrecognized compensation expense related to unvested and restricted share-based payment arrangements including unvested stock options, LTIP units, and restricted share awards which were granted under our Omnibus Share Plan as well as OPP awards issued by Vornado. This expense is expected to be recognized over a weighted average period of 1.8 years . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE AND UNIT Urban Edge Earnings per Share The Company has 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 computation of diluted EPS reflects potential dilution of securities by adding potential common shares, including stock options and unvested restricted shares, to the weighted average number of common shares outstanding for the period. For the year ended December 31, 2015 , there were options outstanding for 2,289,139 shares, that potentially could be exercised for common shares. These options, with exercise prices ranging from $24.46 to $22.83 , have been excluded from the diluted EPS calculation, as their effect is anti-dilutive to the Company’s net income because the option prices were greater than the average market prices of our common shares during 2015 . In addition, there were 129,395 unvested restricted shares outstanding that potentially could become unrestricted common shares. The computation of diluted EPS for the years ended December 31, 2016 and 2015 included the 114,354 and 25,829 weighted average unvested restricted shares outstanding, respectively, as their effect is dilutive. The effect of the redemption of OP and vested LTIP units is not reflected in the computation of basic and diluted earnings per share, as they are redeemable for common shares on a one -for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated and combined financial statements. As such, the assumed redemption of these units would have no net impact on the determination of diluted earnings per share since they would be anti-dilutive. As described in Note 2, the common shares outstanding at the date of the separation are reflected as outstanding for all periods prior to the separation. The following table sets forth the computation of our basic and diluted earnings per share: Year Ended December 31, (Amounts in thousands, except per share amounts) 2016 2015 2014 Numerator: Net income attributable to common shareholders $ 90,815 $ 38,785 $ 65,772 Less: Earnings allocated to unvested participating securities (114 ) (23 ) — Net income available for common shareholders - basic 90,701 38,762 65,772 Impact of assumed conversions: Unvested LTIP units 53 — — Net income available for common shareholders - diluted $ 90,754 $ 38,762 $ 65,772 Denominator: Weighted average common shares outstanding - basic 99,364 99,252 99,248 Effect of dilutive securities: Stock options using the treasury stock method 257 — — Restricted share awards 114 26 — Assumed conversion of unvested LTIP units 59 — — Weighted average common shares outstanding - diluted 99,794 99,278 99,248 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.91 $ 0.39 $ 0.66 Earnings per common share - Diluted $ 0.91 $ 0.39 $ 0.66 Operating Partnership Earnings per Unit As described in Note 2, the units outstanding at the date of the separation are reflected as outstanding for all periods prior to the separation. The following table sets forth the computation of basic and diluted earnings per unit: Year Ended December 31, (Amounts in thousands, except per unit amounts) 2016 2015 2014 Numerator: Net income attributable to unitholders $ 96,627 $ 41,332 $ 65,772 Less: net income attributable to participating securities (211 ) (22 ) — Net income available for unitholders - basic and diluted $ 96,416 $ 41,310 $ 65,772 Denominator: Weighted average units outstanding - basic 105,455 105,276 104,965 Effect of dilutive securities issued by Urban Edge 371 26 — Unvested LTIP units 273 72 — Weighted average units outstanding - diluted 106,099 105,374 104,965 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.91 $ 0.39 $ 0.63 Earnings per unit - Diluted $ 0.91 $ 0.39 $ 0.63 |
QUARTERLY FINANCIAL DATA (unaud
QUARTERLY FINANCIAL DATA (unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (unaudited) | QUARTERLY FINANCIAL DATA (unaudited) The following tables summarize the quarterly results of operations of Urban Edge Properties and Urban Edge Properties LP for the years ended December 31, 2016 and 2015: Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total revenue $ 83,478 $ 79,973 $ 79,457 $ 83,068 Operating income 33,428 33,414 32,790 33,386 Net income 20,266 20,505 36,071 19,788 Net income attributable to noncontrolling interests in operating partnership (1,218 ) (1,239 ) (2,201 ) (1,154 ) Net (income) loss attributable to noncontrolling interests in consolidated subsidiaries (4 ) (1 ) (2 ) 4 Net income attributable to common shareholders 19,044 19,265 33,868 18,638 Net income attributable to unitholders 20,262 20,504 36,069 19,792 Earnings per common share - Basic 0.19 0.19 0.34 0.19 Earnings per common share - Diluted 0.19 0.19 0.34 0.19 Earnings per common unit - Basic 0.19 0.19 0.34 0.19 Earnings per common unit - Diluted 0.19 0.19 0.34 0.19 Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total revenue $ 80,622 $ 79,825 $ 78,715 $ 83,783 Operating income 29,576 34,011 30,807 3,682 Net income (loss) 16,167 20,045 17,153 (12,017 ) Net (income) loss attributable to noncontrolling interests in operating partnership (942 ) (1,179 ) (986 ) 560 Net (income) loss attributable to noncontrolling interests in consolidated subsidiaries 1 (6 ) (5 ) (6 ) Net income (loss) attributable to common shareholders 15,226 18,860 16,162 (11,463 ) Net income (loss) attributable to unitholders 16,168 20,039 17,148 (12,023 ) Earnings (loss) per common share - Basic 0.15 0.19 0.16 (0.12 ) Earnings (loss) per common share - Diluted 0.15 0.19 0.16 (0.12 ) Earnings (loss) per common unit - Basic 0.15 0.19 0.16 (0.12 ) Earnings (loss) per common unit - Diluted 0.15 0.19 0.16 (0.12 ) |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our December 31, 2016 consolidated balance sheet date for potential recognition or disclosure in our consolidated and combined financial statements. Subsequent to December 31, 2016 , we completed the acquisition of the following properties: Date Purchased Property Name City State Square Feet Purchase Price (in thousands) January 4, 2017 Yonkers Gateway Center (1) Yonkers NY 191,500 $ 51,700 January 17, 2017 Shops at Bruckner (2) Bronx NY 114,000 $ 32,000 February 2, 2017 Hudson Mall (3) Jersey City NJ 383,000 $ 43,700 (1) On January 4, 2017 we acquired interests in Yonkers Gateway Center. 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 . (2) On January 17, 2017, we acquired the leasehold interest in the Shops at Bruckner for $32.0 million , consisting of the assumption of the existing debt of $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 the Company’s 375,000 sf Bruckner Commons. The Company owns the land under the Shops at Bruckner and has been leasing it to the seller under a ground lease. Concurrent with the acquisition, the Company has written-off the existing intangible balance related to the below-market ground lease. As a result, the Company will recognize lease settlement income in the first quarter of 2017. (3) 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. The above acquisitions were funded using a combination of available cash on hand, equity and the assumption of existing mortgage debt. Acquisition related expenses totaling $0.5 million were expensed as incurred. We have not yet measured the fair value of the tangible and identified intangible assets and liabilities nor the proforma results of operations. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP SCHEDULE II- VALUATION AND QUALIFYING ACCOUNTS (in thousands) Column A Column B Column C Column D Column E Description Balance at Beginning of Year Additions (Reversals) Expensed Uncollectible Accounts Written-Off Balance at End of Year Year Ended December 31, 2016: Allowance for doubtful accounts $ 1,926 $ 1,214 $ (547 ) $ 2,593 Year Ended December 31, 2015: Allowance for doubtful accounts 2,432 1,526 (2,032 ) 1,926 Year Ended December 31, 2014: Allowance for doubtful accounts 2,398 1,032 (998 ) 2,432 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III - Real Estate and Accumulated Depreciation | URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Initial cost to company Gross amount at which carried at close of period Description Encumbrances Land Building and improvements Costs capitalized subsequent to acquisition Land Building and improvements Total (2) Accumulated depreciation and amortization (1) Date of construction Date acquired SHOPPING CENTERS AND MALLS: Allentown, PA $ 27,506 $ 187 $ 15,580 $1,823 $ 187 $ 17,403 $ 17,590 $ 13,806 1957 1957 Baltimore (Towson), MD 14,331 581 3,227 11,306 435 14,680 15,115 6,392 1968 1968 Bensalem, PA 13,652 2,727 6,698 2,042 2,728 8,740 11,468 4,061 1972/ 1999 1972 Bergen Town Center - East, Paramus, NJ — 6,305 — 33,434 6,305 33,434 39,739 6,334 1957/ 2009 2003 Bergen Town Center - West, 300,000 15,812 82,240 331,835 33,563 396,324 429,887 98,118 1957/ 2009 2003/ 2015 Bethlehem, PA 5,129 827 5,200 1,344 839 6,532 7,371 5,727 1966 1966 Brick, NJ 29,316 1,391 11,179 7,031 1,391 18,210 19,601 13,746 1968 1968 Bronx (Bruckner Boulevard), NY — 66,100 259,503 (52,180) 48,890 224,533 273,423 13,703 N/A 2007 Bronx (1750-1780 Gun Hill Road), NY — 6,427 11,885 22,124 6,428 34,009 40,437 7,124 2009 2005 Broomall, PA 9,805 850 2,171 1,399 850 3,570 4,420 2,739 1966 1966 Buffalo (Amherst), NY — 5,743 4,056 13,078 5,107 17,770 22,877 7,905 1968 1968 Cambridge (leased through 2033) (3) , MA — — — 261 — 261 261 231 N/A Carlstadt (leased through 2050) (3) , NJ — — 16,458 — — 16,458 16,458 3,785 N/A 2007 Charleston (leased through 2063) (3) , SC — — 3,634 — — 3,634 3,634 931 N/A 2006 Cherry Hill, NJ 12,722 5,864 2,694 4,840 4,864 8,534 13,398 4,402 1964 1964 Chicopee, MA 7,618 895 — — 895 — 895 — 1969 1969 Commack (leased through 2021) (3) , NY — — 43 184 — 227 227 187 N/A 2006 Dewitt (leased through 2041) (3) , NY — — 7,116 — — 7,116 7,116 1,805 N/A 2006 Rockaway, NJ 12,068 559 6,363 3,938 559 10,301 10,860 5,745 1964 1964 East Brunswick, NJ 33,640 2,417 17,169 7,046 2,417 24,215 26,632 16,977 1957/ 1972 1957/ 1972 East Hanover (200 - 240 Route 10 West), NJ 35,098 2,232 18,241 9,533 2,671 27,335 30,006 15,746 1962 1962/ 1998 East Hanover (280 Route 10 West), NJ 4,174 — — 7,075 — 7,075 7,075 1,959 N/A East Rutherford, (leased through 2194) (3) , NJ 12,471 — 36,727 60 — 36,787 36,787 6,687 2007 2007 Eatontown, NJ — 4,653 4,999 108 4,653 5,107 9,760 1,466 N/A 2005 Englewood, NJ 11,537 2,300 17,245 (8,390) 1,495 9,660 11,155 1,129 N/A 2007 Freeport (240 West Sunrise Highway) (leased through 2040) (3) , NY — — — 260 — 260 260 195 N/A 2005 Freeport (437 East Sunrise Highway), NY 19,611 1,231 4,747 4,158 1,231 8,905 10,136 5,883 1981 1981 Initial cost to company Gross amount at which carried at close of period Description Encumbrances Land Building and improvements Costs capitalized subsequent to acquisition Land Building and improvements Total (2) Accumulated depreciation and amortization (1) Date of construction Date acquired Garfield, NJ — 45 8,068 39,218 45 47,286 47,331 10,179 2009 1998 Glen Burnie, MD — 462 2,571 2,073 462 4,644 5,106 3,334 1958 1958 Glenolden, PA 6,286 850 1,820 715 850 2,535 3,385 2,219 1975 1975 Hackensack, NJ 37,211 692 10,219 4,948 542 15,317 15,859 9,480 1963 1963 Hazlet, NJ — 7,400 9,413 (2,165) 7,400 7,248 14,648 1,736 N/A 2007 Queens, NY — 14,537 12,304 1,024 14,537 13,328 27,865 381 N/A 2015 Huntington, NY 15,286 21,200 33,667 2,951 21,200 36,618 57,818 8,138 N/A 2007 Inwood, NY — 12,419 19,097 2,280 12,419 21,377 33,796 6,218 N/A 2004 Jersey City, NJ 18,605 652 7,495 844 652 8,339 8,991 3,173 1965 1965 Kearny, NJ — 309 3,376 7,798 309 11,174 11,483 3,640 1938 1959 Lancaster, PA 4,953 3,140 63 2,129 3,140 2,192 5,332 693 1966 1966 Las Catalinas, Puerto Rico 130,000 15,280 64,370 12,696 15,280 77,066 92,346 34,373 1996 2002 Lawnside, NJ 9,805 1,226 3,164 1,005 1,226 4,169 5,395 3,744 1969 1969/ 2015 Lodi (Route 17 North), NJ 10,409 238 9,446 (1) 238 9,446 9,684 4,072 1999 1975 Lodi (Washington Street), NJ — 7,606 13,125 2,644 7,606 15,769 23,375 4,391 N/A 2004 Manalapan, NJ 19,309 725 7,189 6,825 1,046 13,693 14,739 9,052 1971 1971 Marlton, NJ 15,840 1,611 3,464 10,988 1,454 14,609 16,063 9,769 1973 1973 Middletown, NJ 15,940 283 5,248 3,249 283 8,497 8,780 6,388 1963 1963 Milford (leased through 2019) (3) , MA — — — — — — — — N/A 1976 Montclair, NJ 2,414 66 419 419 66 838 904 714 1972 1972 Montehiedra, Puerto Rico 117,308 9,182 66,751 23,176 9,267 89,842 99,109 35,533 1996/ 2015 1997 Morris Plains, NJ 19,611 1,104 6,411 1,889 1,104 8,300 9,404 7,165 1961 1985 Mount Kisco, NY 14,883 22,700 26,700 1,815 23,297 27,918 51,215 6,133 N/A 2007 New Hyde Park (leased through 2029) (3) , NY — — 4 — — 4 4 126 1970 1976 Newington, CT 10,308 2,421 1,200 1,486 2,421 2,686 5,107 1,087 1965 1965 Norfolk (leased through 2050) (3) , VA — — 3,927 15 — 3,942 3,942 3,285 N/A 2005 North Bergen (Kennedy Boulevard), NJ 4,676 2,308 636 175 2,308 810 3,118 501 1993 1959 North Bergen (Tonnelle Avenue), NJ 73,951 24,493 — 66,537 34,473 56,557 91,030 12,863 2009 2006 North Plainfield, NJ — 6,577 13,983 (2,653) 6,577 11,329 17,906 3,087 1955 1989 Oceanside, NY — 2,710 2,306 — 2,710 2,306 5,016 552 N/A 2007 Paramus (leased through 2033) (3) , NJ — — — 12,569 — 12,569 12,569 3,083 1957/ 2009 2003 Rochester, NY 4,023 2,172 — — 2,172 — 2,172 — 1966 1966 Rochester (Henrietta) (leased through 2055) (3) , NY — — 2,647 1,228 — 3,875 3,875 3,481 1971 1971 Rockville, MD — 3,470 20,599 2,541 3,470 23,140 26,610 6,508 N/A 2005 Salem (leased through 2102) (3) , NH — 6,083 — — 6,083 — 6,083 — N/A 2006 Signal Hill, CA — 9,652 2,940 1 9,652 2,941 12,593 754 N/A 2006 Initial cost to company Gross amount at which carried at close of period Description Encumbrances Land Building and improvements Costs capitalized subsequent to acquisition Land Building and improvements Total (2) Accumulated depreciation and amortization (1) Date of construction Date acquired South Plainfield (leased through 2039) (3) , NJ 4,702 — 10,044 2,286 — 12,330 12,330 2,959 N/A 2007 Springfield, MA 5,255 2,797 2,471 494 2,797 2,965 5,762 1,118 1993 1966 Springfield (leased through 2025) (3) , PA — — — 80 — 80 80 80 N/A 2005 Staten Island, NY — 11,446 21,262 4,055 11,446 25,317 36,763 7,667 N/A 2004 Totowa, NJ 22,729 120 11,994 5,544 92 17,566 17,658 13,722 1957/ 1999 1957 Turnersville, NJ — 900 1,342 1,708 900 3,049 3,949 2,228 1974 1974 Tyson’s Corner (leased through 2035) (3) , VA — — — — — — — — N/A 2006 Union (2445 Springfield Avenue), NJ 26,148 19,700 45,090 — 19,700 45,090 64,790 10,802 N/A 2007 Union (Route 22 and Morris Avenue), NJ 29,668 3,025 7,470 3,634 3,025 11,104 14,129 5,978 1962 1962 Vallejo (leased through 2043) (3) , CA — — 2,945 221 — 3,166 3,166 863 N/A 2006 Walnut Creek (1149 South Main Street), CA — 2,699 19,930 (1,112) 2,699 18,818 21,517 219 N/A 2006 Walnut Creek (Mt. Diablo), CA — 5,909 — 1,691 5,908 1,692 7,600 306 N/A 2007 Watchung, NJ 13,828 4,178 5,463 2,774 4,441 7,974 12,415 4,916 1994 1959 West Babylon, NY — 6,720 13,786 712 6,720 14,498 21,218 3,121 N/A 2007 Wheaton (leased through 2060) (3) , MD — — 5,367 — — 5,367 5,367 1,375 N/A 2006 Wilkes-Barre (461 - 499 Mundy Street), PA — 6,053 26,646 1,146 6,053 27,792 33,845 6,501 N/A 2007 Woodbridge, NJ 18,957 1,509 2,675 2,526 1,539 5,171 6,710 2,741 1959 1959 Wyomissing (leased through 2065) (3) , PA — — 2,646 1,869 — 4,515 4,515 3,348 N/A 2005 York, PA 4,777 409 2,568 1,452 409 4,020 4,429 3,192 1970 1970 — WAREHOUSES: — East Hanover - Five Buildings, NJ — 576 7,752 29,694 691 37,332 38,023 16,196 1972 1972 TOTAL UE PROPERTIES 1,205,560 374,755 1,089,248 669,502 384,217 1,749,290 2,133,507 539,967 Leasehold Improvements, Equipment and Other — — — 4,993 — 4,993 4,993 1,110 TOTAL $ 1,205,560 $ 374,755 $ 1,089,248 $ 674,495 $ 384,217 $ 1,754,283 $ 2,138,500 $ 541,077 (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (2) Aggregate cost for federal income tax purposes was $1.9 billion as of December 31, 2016. (3) The Company is a lessee under a ground or building lease. The building will revert to the lessor upon lease expiration. |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting | |
Consolidation and Noncontrolling Interests | The consolidated financial statements as of and for the year ended December 31, 2016 reflect the consolidation of the Company, the Operating Partnership, wholly-owned subsidiaries and those entities in which we have a controlling financial interest, including entities where we have been determined to be a primary beneficiary of a variable interest entity (“VIE”). The results presented for the year ended December 31, 2015 reflect the operations and changes in cash flows on a carved-out and combined basis for the period from January 1, 2015 through the date of separation and on a consolidated basis subsequent to the date of separation. The financial statements for the periods prior to the separation date are prepared on a carved-out and combined basis from the consolidated financial statements of Vornado as UE Businesses were under common control of Vornado prior to January 15, 2015 . Such carved-out and combined amounts were determined using the historical results of operations and carrying amounts of the assets and liabilities transferred to UE Businesses. The financial statements reflect the common shares as of the date of the separation as outstanding for all periods prior to the separation. All intercompany transactions have been eliminated in consolidation and combination. For periods presented prior to the date of the separation, our historical combined financial results for UE Businesses reflect charges for certain corporate costs which we believe are reasonable. These charges were based on either actual costs incurred by Vornado or a proportion of costs estimated to be applicable to UE Businesses based on an analysis of key metrics including total revenues, real estate assets, leasable square feet and operating income. Such costs do not necessarily reflect what the actual costs would have been if the Company were operating as a separate stand-alone public company. These charges are discussed further in Note 5 — Related Party Transactions. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Recently Issued Accounting Literature | In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835-30 Interest - Imputation of Interest. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015 with early adoption permitted. We elected to early adopt ASU 2015-03 effective as of December 31, 2015. The effect of ASU 2015-03 was to reclassify the net unamortized balance of debt issuance costs of $10.0 million as of December 31, 2015 from deferred financing costs to a contra liability deduction of mortgages payable. Mortgages payable as of December 31, 2016 are presented net of $8.0 million of unamortized debt issuance costs. The adoption of ASU 2015-03 did not impact our results of operations or cash flows. In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810 Consolidation. Under amendments in this update, all reporting entities are within the scope of Subtopic 810-10 Consolidation - Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. Overall the amendments in this update are to simplify the codification and reduce the number of consolidation models and place more emphasis on risk of loss when determining controlling financial interests. ASU 2015-02 is effective for public businesses for interim and annual periods beginning after December 15, 2015. We adopted ASU 2015-02 as of March 31, 2016. Under ASU 2015-02 the Company’s Operating Partnership is considered a variable interest entity (“VIE”). The Company is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. The Operating Partnership was formed to serve as the Company’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. The Company consolidates the Operating Partnership as it is the primary beneficiary of the VIE. In May 2014, the FASB issued an update (“ASU 2014-09”) Revenue from Contracts with Customers to ASC Topic 606, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. During the 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 are permitted to use either the modified retrospective or the retrospective method for adopting this standard. We are currently evaluating the impact of the adoption on our consolidated and combined financial statements including gain recognition on real estate sales and the presentation of tenant reimbursement income. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Acquisition Activity | The following table provides a summary of acquisition activity in 2016 and 2015 : Date Purchased Property Name City State Square Feet/Acres Purchase Price (unaudited) (in thousands) April 29, 2015 Bergen Town Center - outparcel Paramus NJ 0.8 (1) $ 2,750 June 29, 2015 Lawnside - outparcel Lawnside NJ 2,000 375 December 23, 2015 Cross Bay Commons Queens NY 46,000 27,000 2015 Total 30,125 December 22, 2016 North Bergen - outparcel North Bergen NJ 0.3 (1) 2,667 2016 Total $ 2,667 Subsequent to December 31, 2016 , we completed the acquisition of the following properties: Date Purchased Property Name City State Square Feet Purchase Price (in thousands) January 4, 2017 Yonkers Gateway Center (1) Yonkers NY 191,500 $ 51,700 January 17, 2017 Shops at Bruckner (2) Bronx NY 114,000 $ 32,000 February 2, 2017 Hudson Mall (3) Jersey City NJ 383,000 $ 43,700 (1) On January 4, 2017 we acquired interests in Yonkers Gateway Center. 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 . (2) On January 17, 2017, we acquired the leasehold interest in the Shops at Bruckner for $32.0 million , consisting of the assumption of the existing debt of $12.6 million and $19.4 million of cash |
Schedule of Aggregate Purchase Price Allocations | The aggregate purchase price of the above property acquisitions have been allocated as follows: Amount (Amounts in thousands) 2016 2015 Land $ 2,667 $ 17,145 Buildings and improvements — 12,821 Identified intangible assets — 1,760 Deferred leasing costs — 594 Identified intangible liabilities — (2,195 ) $ 2,667 $ 30,125 |
IDENTIFIED INTANGIBLE ASSETS 32
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Identified Intangible Assets and Liabilities | The following table summarizes our identified intangible assets and liabilities: (Amounts in thousands) December 31, 2016 December 31, 2015 In-place leases $ 29,065 $ 31,872 Accumulated amortization (12,244 ) (13,032 ) Below-market ground leases (1) 23,730 23,730 Accumulated amortization (9,847 ) (8,875 ) Above-market leases 441 441 Accumulated amortization (270 ) (183 ) Identified intangible assets, net of accumulated amortization 30,875 33,953 Below-market leases 219,519 220,075 Accumulated amortization (72,528 ) (65,220 ) Identified intangible liabilities, net of accumulated amortization $ 146,991 $ 154,855 (1) Intangible assets related to below-market leases where the Company is a lessee under a ground lease. |
Schedule of estimated annual amortization expense | The following table sets forth the estimated annual amortization related to intangible assets and liabilities for the five succeeding years commencing January 1, 2017: (Amounts in thousands) Below-Market Below-Market Year Operating Leases (1)(3) In-Place Leases (2) Ground Leases (4) 2017 $ 7,419 $ 1,482 $ 972 2018 7,198 1,300 972 2019 7,175 1,179 972 2020 7,182 1,136 972 2021 7,153 1,037 622 (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. (3) The annual amortization of the below-market intangible liabilities in the table above includes $1.6 million associated with our ground lease for the Shops at Bruckner which was sold subsequent to December 31, 2016. Refer to Note 19 - Subsequent Events for further information. (4) Estimated annual amortization of below-market leases where the Company is a lessee under a ground lease. |
MORTGAGES PAYABLE (Tables)
MORTGAGES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of mortgages payable | The following is a summary of mortgages payable as of December 31, 2016 and December 31, 2015 . Interest Rate at December 31, December 31, (Amounts in thousands) Maturity December 31, 2016 2016 2015 Cross collateralized mortgage loan: Fixed Rate 9/10/2020 4.36% $ 519,125 $ 533,459 Variable Rate (1) 9/10/2020 2.36% 38,756 60,000 Total cross collateralized 557,881 593,459 First mortgages secured by: North Bergen (Tonnelle Avenue) 1/9/2018 4.59% 73,951 75,000 Englewood (3) 10/1/2018 6.22% 11,537 11,537 Montehiedra Town Center, Senior Loan (2)(4) 7/6/2021 5.33% 87,308 88,676 Montehiedra Town Center, Junior Loan (2) 7/6/2021 3.00% 30,000 30,000 Bergen Town Center 4/8/2023 3.56% 300,000 300,000 Las Catalinas 8/6/2024 4.43% 130,000 130,000 Mount Kisco (Target) (5) 11/15/2034 6.40% 14,883 15,285 Total mortgages payable 1,205,560 1,243,957 Unamortized debt issuance costs (8,047 ) (9,974 ) Total mortgages payable, net of unamortized debt issuance costs $ 1,197,513 $ 1,233,983 (1) Subject to a LIBOR floor of 1.00% , bears interest at LIBOR plus 136 bps . In June 2016, in connection with the sale of our property in Waterbury, CT, we prepaid $21.2 million of the variable rate portion of our cross collateralized mortgage loan to maintain compliance with covenant requirements. (2) On January 6, 2015, we completed the modification of the $120.0 million , 6.04% mortgage loan secured by Montehiedra Town Center. Refer to “Troubled Debt Restructuring” disclosure below. (3) On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow would be insufficient to pay its debt service. As of December 31, 2016 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 December 31, 2016 we consolidated Englewood and its operations. The consolidated balance sheet included total assets and liabilities of $12.4 million and $14.2 million , respectively. (4) The mortgage payable balance secured by Montehiedra was presented net of unamortized fees of $1.7 million as of December 31, 2015 in our Form 10-K as filed with SEC for Urban Edge Properties. The net unamortized fees of $1.7 million were revised to be presented with the unamortized debt issuance costs. (5) The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.1 million of unamortized debt discount as of December 31, 2016 and December 31, 2015 . The effective interest rate including amortization of the debt discount is 7.26% as of December 31, 2016 . |
Schedule of principal repayments | As of December 31, 2016 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2017 17,120 2018 99,708 2019 17,320 2020 513,870 2021 120,048 Thereafter 437,494 |
INCOME TAXES Income Taxes (Tabl
INCOME TAXES Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Status of Dividends Paid | The following summarizes the tax status of dividends paid for the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Dividend paid per share $ 0.82 $ 0.80 Ordinary income 100 % 100 % Return of capital — % — % Capital gains — % — % |
Schedule of Income Tax Expense | Income tax expense consists of the following: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Income tax expense: Current (1) $ 609 $ 1,417 $ 1,721 Deferred (2) 195 (123 ) — Total income tax expense $ 804 $ 1,294 $ 1,721 (1) Current income tax expense for the year ended December 31, 2016 is net of a $0.6 million reduction to the accrued income tax liability recorded in the second quarter of 2016. (2) The deferred portion of income tax expense related to temporary differences for periods prior to the separation date are reflected as contributions from Vornado in the consolidated and combined statement of changes in equity. |
Schedule of Net Deferred Income Tax Liability | Below is a table summarizing the net deferred income tax liability balance as of December 31, 2016 and 2015 : (Amounts in thousands) Balance at January 1, 2015 $ (3,730 ) Change in deferred tax assets: Depreciation (123 ) Amortization of deferred financing costs 254 Provision for doubtful accounts (72 ) Change in deferred tax liabilities: Depreciation (2 ) Straight-line rent 51 Amortization of acquired leases 15 Balance at December 31, 2015 (3,607 ) Change in deferred tax assets: Depreciation (94 ) Amortization of deferred financing costs (46 ) Provision for doubtful accounts (14 ) Change in deferred tax liabilities: Depreciation (88 ) Straight-line rent 39 Amortization of acquired leases 8 Balance at December 31, 2016 $ (3,802 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instrument carrying amounts and fair values | The table below summarizes the carrying amounts and fair value of these financial instruments as of December 31, 2016 and December 31, 2015 . As of December 31, 2016 As of December 31, 2015 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 131,654 $ 131,654 $ 168,983 $ 168,983 Liabilities: Mortgages payable (1) $ 1,205,560 $ 1,216,989 $ 1,243,957 $ 1,262,483 |
Schedule of interest rates used for fair value of mortgages payable | The following interest rates were used by the Company to estimate the fair value of mortgages payable: December 31, 2016 December 31, 2015 Low High Low High Mortgages payable 2.0% 2.3% 2.0% 2.3% |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of future minimum rental receivable | Future base rental revenue under these non-cancelable operating leases excluding extension options is as follows: (Amounts in thousands) Year Ending December 31, 2017 $ 221,690 2018 211,175 2019 192,078 2020 166,899 2021 149,882 Thereafter 960,042 |
Schedule of future minimum lease payments | We are a tenant under long-term ground leases or ground and building leases for certain of our properties. Lease expirations range from 2017 to 2102 . Future lease payments under these agreements, excluding extension options, are as follows: (Amounts in thousands) Year Ending December 31, 2017 $ 8,964 2018 7,676 2019 7,354 2020 5,110 2021 4,522 Thereafter 34,677 |
PREPAID EXPENSES AND OTHER AS37
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of the composition of prepaid expenses and other assets | The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2016 December 31, 2015 Deposits for acquisitions $ 6,600 $ 100 Other assets 2,161 2,367 Prepaid expenses: Real estate taxes 5,198 5,646 Insurance 2,545 1,934 Rent, licenses/fees 938 941 Total Prepaid expenses and other assets $ 17,442 $ 10,988 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of the composition of other liabilities | The following is a summary of the composition of other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2016 December 31, 2015 Deferred ground rent expense $ 6,284 $ 6,038 Deferred tax liability, net 3,802 3,607 Deferred tenant revenue 3,280 2,284 Environmental remediation costs 1,309 1,379 Total Other liabilities $ 14,675 $ 13,308 |
INTEREST AND DEBT EXPENSE (Tabl
INTEREST AND DEBT EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of interest and debt expense | The following table sets forth the details of interest and debt expense. Twelve Months Ended December 31, (Amounts in thousands) 2016 2015 2014 Interest expense $ 49,051 $ 52,846 $ 53,300 Amortization of deferred financing costs 2,830 2,738 1,660 Total Interest and debt expense $ 51,881 $ 55,584 $ 54,960 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following table presents stock option activity for the twelve months ended December 31, 2016 and 2015 : Shares Under Options Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2015 — $ — — Granted 2,302,762 23.89 6.15 Exercised — — — Forfeited or expired (13,623 ) 24.46 — Outstanding at December 31, 2015 2,289,139 23.89 6.15 Granted 196,713 23.52 6.00 Exercised (8,501 ) 24.46 — Forfeited or expired (5,067 ) 24.46 — Outstanding at December 31, 2016 2,472,284 $ 23.86 5.33 Exercisable at December 31, 2016 45,352 $ 23.74 — |
Schedule of Fair Value Assumptions | During the twelve months ended December 31, 2016 and 2015 , the fair value of the options granted was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: February 17, 2015 March 12, 2015 April 20, 2015 August 17, 2015 February 8, 2016 Risk-free interest rate 1.76% 1.91% 1.60% 1.95% 1.31% Expected option life 6.00 6.50 6.25 6.25 6.25 Expected volatility 24.00% 25.00% 26.00% 27.00% 23.94% |
Schedule of Restricted Stock Activity | The following table presents information regarding restricted share activity during the twelve months ended December 31, 2016 and 2015 : Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2015 — — Granted 35,460 $ 22.84 Vested (1,022 ) 24.46 Forfeited (3,721 ) 24.18 Unvested at December 31, 2015 30,717 22.62 Granted 117,399 24.55 Vested (15,977 ) 23.17 Forfeited (2,744 ) 23.55 Unvested at December 31, 2016 129,395 $ 24.29 |
Summary of Share-based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in our consolidated and combined statements of income, is summarized as follows: Year Ended December 31, (Amounts in thousands) 2016 2015 Share-based compensation expense components (2) : Restricted share expense $ 1,314 $ 282 Stock option expense 2,437 1,901 LTIP expense (3) 473 7,748 Outperformance Plan (“OPP”) expense (1) 1,209 330 Total Share-based compensation expense $ 5,433 $ 10,261 (1) OPP Expense for the years ended December 31, 2016 and 2015 includes $0.1 million and $0.2 million , 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. (2) We did not have any equity awards issued prior to the date of the separation. $3.9 million of share-based compensation expense is included in general and administrative expenses in our combined statements of income for the year ended December 31, 2014 and is related to Vornado equity awards issued prior to the separation for Vornado employees. (3) LTIP expense excludes the expense associated with LTIP units under the 2015 OPP. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per unit: Year Ended December 31, (Amounts in thousands, except per unit amounts) 2016 2015 2014 Numerator: Net income attributable to unitholders $ 96,627 $ 41,332 $ 65,772 Less: net income attributable to participating securities (211 ) (22 ) — Net income available for unitholders - basic and diluted $ 96,416 $ 41,310 $ 65,772 Denominator: Weighted average units outstanding - basic 105,455 105,276 104,965 Effect of dilutive securities issued by Urban Edge 371 26 — Unvested LTIP units 273 72 — Weighted average units outstanding - diluted 106,099 105,374 104,965 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.91 $ 0.39 $ 0.63 Earnings per unit - Diluted $ 0.91 $ 0.39 $ 0.63 The following table sets forth the computation of our basic and diluted earnings per share: Year Ended December 31, (Amounts in thousands, except per share amounts) 2016 2015 2014 Numerator: Net income attributable to common shareholders $ 90,815 $ 38,785 $ 65,772 Less: Earnings allocated to unvested participating securities (114 ) (23 ) — Net income available for common shareholders - basic 90,701 38,762 65,772 Impact of assumed conversions: Unvested LTIP units 53 — — Net income available for common shareholders - diluted $ 90,754 $ 38,762 $ 65,772 Denominator: Weighted average common shares outstanding - basic 99,364 99,252 99,248 Effect of dilutive securities: Stock options using the treasury stock method 257 — — Restricted share awards 114 26 — Assumed conversion of unvested LTIP units 59 — — Weighted average common shares outstanding - diluted 99,794 99,278 99,248 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.91 $ 0.39 $ 0.66 Earnings per common share - Diluted $ 0.91 $ 0.39 $ 0.66 Operating Partnership Earnings per Unit As described in Note 2, the units outstanding at the date of the separation are reflected as outstanding for all periods prior to the separation. The following table sets forth the computation of basic and diluted earnings per unit: Year Ended December 31, (Amounts in thousands, except per unit amounts) 2016 2015 2014 Numerator: Net income attributable to unitholders $ 96,627 $ 41,332 $ 65,772 Less: net income attributable to participating securities (211 ) (22 ) — Net income available for unitholders - basic and diluted $ 96,416 $ 41,310 $ 65,772 Denominator: Weighted average units outstanding - basic 105,455 105,276 104,965 Effect of dilutive securities issued by Urban Edge 371 26 — Unvested LTIP units 273 72 — Weighted average units outstanding - diluted 106,099 105,374 104,965 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.91 $ 0.39 $ 0.63 Earnings per unit - Diluted $ 0.91 $ 0.39 $ 0.63 |
QUARTERLY FINANCIAL DATA (una42
QUARTERLY FINANCIAL DATA (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize the quarterly results of operations of Urban Edge Properties and Urban Edge Properties LP for the years ended December 31, 2016 and 2015: Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total revenue $ 83,478 $ 79,973 $ 79,457 $ 83,068 Operating income 33,428 33,414 32,790 33,386 Net income 20,266 20,505 36,071 19,788 Net income attributable to noncontrolling interests in operating partnership (1,218 ) (1,239 ) (2,201 ) (1,154 ) Net (income) loss attributable to noncontrolling interests in consolidated subsidiaries (4 ) (1 ) (2 ) 4 Net income attributable to common shareholders 19,044 19,265 33,868 18,638 Net income attributable to unitholders 20,262 20,504 36,069 19,792 Earnings per common share - Basic 0.19 0.19 0.34 0.19 Earnings per common share - Diluted 0.19 0.19 0.34 0.19 Earnings per common unit - Basic 0.19 0.19 0.34 0.19 Earnings per common unit - Diluted 0.19 0.19 0.34 0.19 Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total revenue $ 80,622 $ 79,825 $ 78,715 $ 83,783 Operating income 29,576 34,011 30,807 3,682 Net income (loss) 16,167 20,045 17,153 (12,017 ) Net (income) loss attributable to noncontrolling interests in operating partnership (942 ) (1,179 ) (986 ) 560 Net (income) loss attributable to noncontrolling interests in consolidated subsidiaries 1 (6 ) (5 ) (6 ) Net income (loss) attributable to common shareholders 15,226 18,860 16,162 (11,463 ) Net income (loss) attributable to unitholders 16,168 20,039 17,148 (12,023 ) Earnings (loss) per common share - Basic 0.15 0.19 0.16 (0.12 ) Earnings (loss) per common share - Diluted 0.15 0.19 0.16 (0.12 ) Earnings (loss) per common unit - Basic 0.15 0.19 0.16 (0.12 ) Earnings (loss) per common unit - Diluted 0.15 0.19 0.16 (0.12 ) |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Summary of Acquisition Activity | The following table provides a summary of acquisition activity in 2016 and 2015 : Date Purchased Property Name City State Square Feet/Acres Purchase Price (unaudited) (in thousands) April 29, 2015 Bergen Town Center - outparcel Paramus NJ 0.8 (1) $ 2,750 June 29, 2015 Lawnside - outparcel Lawnside NJ 2,000 375 December 23, 2015 Cross Bay Commons Queens NY 46,000 27,000 2015 Total 30,125 December 22, 2016 North Bergen - outparcel North Bergen NJ 0.3 (1) 2,667 2016 Total $ 2,667 Subsequent to December 31, 2016 , we completed the acquisition of the following properties: Date Purchased Property Name City State Square Feet Purchase Price (in thousands) January 4, 2017 Yonkers Gateway Center (1) Yonkers NY 191,500 $ 51,700 January 17, 2017 Shops at Bruckner (2) Bronx NY 114,000 $ 32,000 February 2, 2017 Hudson Mall (3) Jersey City NJ 383,000 $ 43,700 (1) On January 4, 2017 we acquired interests in Yonkers Gateway Center. 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 . (2) On January 17, 2017, we acquired the leasehold interest in the Shops at Bruckner for $32.0 million , consisting of the assumption of the existing debt of $12.6 million and $19.4 million of cash |
ORGANIZATION (Details)
ORGANIZATION (Details) $ in Thousands, ft² in Millions | Jan. 15, 2015USD ($) | Dec. 31, 2016USD ($)ft²property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | ||||
Area of real estate property (in sq ft) | ft² | 14.8 | |||
Noncontrolling interest percentage | 6.00% | |||
Capital investment, in cash | $ 225,000 | |||
Transaction costs | 21,900 | $ 1,405 | $ 24,011 | $ 8,604 |
Costs contingent upon completion of separation | 17,400 | $ 0 | $ 17,403 | $ 0 |
Transaction costs contingent upon completion of the separation | $ 4,500 | |||
Vornado | ||||
Real Estate Properties [Line Items] | ||||
Noncontrolling interest percentage | 5.40% | 94.00% | ||
Affiliated entity | Vornado | ||||
Real Estate Properties [Line Items] | ||||
Spinoff ratio | 0.50 | |||
Affiliated entity | VRLP | ||||
Real Estate Properties [Line Items] | ||||
Percentage of common shares distributed | 100.00% | |||
Spinoff ratio | 0.5 | |||
Warehouses | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 | |||
Wholly owned properties | Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 79 | |||
Wholly owned properties | Mall | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 3 |
BASIS OF PRESENTATION AND PRI45
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details) | 12 Months Ended |
Dec. 31, 2016segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
SUMMARY OF SIGNIFICANT ACCOUN46
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation, Income Taxes, and Concentration of Credit Risk (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)ft²mallproperty | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)ft²mallproperty | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Concentration Risk [Line Items] | |||||||||||
Contractual lives of share-based compensation awards | 10 years | ||||||||||
Area of real estate property (in sq ft) | ft² | 14,800,000 | 14,800,000 | |||||||||
Total revenue | $ | $ 83,478 | $ 79,973 | $ 79,457 | $ 83,068 | $ 80,622 | $ 79,825 | $ 78,715 | $ 83,783 | $ 325,976 | $ 322,945 | $ 315,676 |
The Home Depot [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of real estate properties | property | 7 | 7 | |||||||||
Area of real estate property (in sq ft) | ft² | 920,000 | 920,000 | |||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | The Home Depot [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Total revenue | $ | $ 20,200 | ||||||||||
Concentration Risk, Percentage | 6.20% | ||||||||||
Puerto Rico | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Number of real estate properties | mall | 2 | 2 |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Literature (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | $ 1,936 | $ 2,838 |
Deferred Finance Costs | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | 8,000 | 10,000 |
Mortgages Payable | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred financing costs, net | $ 8,500 | $ 10,000 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Thousands | Dec. 22, 2016USD ($) | Dec. 17, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)property |
Business Acquisition [Line Items] | ||||
Cash payments to acquire real estate | $ 2,700 | $ 2,667 | $ 30,125 | |
Number of properties acquired with existing leases | property | 3 | |||
Transaction-related costs incurred in connection with acquisitions of real estate | $ 1,200 | |||
Cross Bay Commons | ||||
Business Acquisition [Line Items] | ||||
Cash payments to acquire real estate | $ 27,000 | |||
Deferral period of gains from sale of other properties, for tax purposes | 180 days | |||
Cross Bay Commons | ||||
Business Acquisition [Line Items] | ||||
Assets of Variable Interest Entity | $ 12,400 | $ 29,500 | ||
Liabilities of Variable Interest Entity | $ 14,200 | $ 2,500 |
ACQUISITIONS AND DISPOSITIONS49
ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands | Dec. 22, 2016USD ($)ft² | Dec. 17, 2015USD ($)ft² | Jun. 29, 2015USD ($)ft² | Apr. 29, 2015USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Purchase Price | $ 2,700 | $ 2,667 | $ 30,125 | |||
Bergen Town Center - outparcel | ||||||
Business Acquisition [Line Items] | ||||||
Area of Land (in sq ft/acres) | a | 0.8 | |||||
Purchase Price | $ 2,750 | |||||
Lawnside - outparcel | ||||||
Business Acquisition [Line Items] | ||||||
Area of Land (in sq ft/acres) | ft² | 2,000 | |||||
Purchase Price | $ 375 | |||||
Cross Bay Commons | ||||||
Business Acquisition [Line Items] | ||||||
Area of Land (in sq ft/acres) | ft² | 46,000 | |||||
Purchase Price | $ 27,000 | |||||
North Bergen - outparcel | ||||||
Business Acquisition [Line Items] | ||||||
Area of Land (in sq ft/acres) | ft² | 0.3 | |||||
Purchase Price | $ 2,667 |
ACQUISITIONS AND DISPOSITIONS50
ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Business Combinations [Abstract] | ||
Land | $ 2,667 | $ 17,145 |
Buildings and improvements | 0 | 12,821 |
Identified intangible assets | 0 | 1,760 |
Deferred leasing costs | 0 | 594 |
Deferred leasing costs | 0 | (2,195) |
Assets Acquired and Liabilities Assumed, Net | $ 2,667 | $ 30,125 |
ACQUISITIONS AND DISPOSITIONS51
ACQUISITIONS AND DISPOSITIONS - Summary of Dispositions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of operating properties | $ 19,938 | $ 0 | $ 0 |
Gain on sale of real estate | 15,618 | $ 0 | $ 0 |
Waterbury, CT | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of operating properties | 21,600 | ||
Gain on sale of real estate | $ 15,600 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 27,438,000 | $ 32,044,000 | $ 17,820,000 |
Management and development fees | 1,759,000 | 2,261,000 | $ 535,000 |
Affiliated Entity | Vornado | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | 1,700,000 | 2,400,000 | |
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 | 1,800,000 | ||
Affiliated Entity | Management Agreement | Vornado | Accounts Receivable | |||
Related Party Transaction [Line Items] | |||
Management fees receivable | $ 300,000 | 700,000 | |
Affiliated Entity | Management Agreement | Vornado | Interstate | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest percentage | 7.10% | ||
Affiliated Entity | Management Agreement | Alexander's, Inc. | Vornado | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest percentage | 32.40% | ||
Affiliated Entity | Transition Services | Vornado | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 800,000 | 2,000,000 | |
Affiliated Entity | Rent Expense | Vornado | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 900,000 | $ 400,000 |
IDENTIFIED INTANGIBLE ASSETS 53
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Summary of Identifiable Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
In-place leases | $ 29,065 | $ 31,872 |
Accumulated amortization, identified intangible assets | 22,361 | 22,090 |
Identified intangible assets, net of accumulated amortization | 30,875 | 33,953 |
Below-market lease liability | 219,519 | 220,075 |
Accumulated amortization, identifiable intangible liability | 72,528 | 65,220 |
Identified intangible liabilities, net of accumulated amortization | 146,991 | 154,855 |
Leases, Acquired-in-Place [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization, identified intangible assets | 12,244 | 13,032 |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization, identified intangible assets | 9,847 | 8,875 |
Below and Above-market leases assets | 23,730 | 23,730 |
Above Market Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization, identified intangible assets | 270 | 183 |
Below and Above-market leases assets | $ 441 | $ 441 |
IDENTIFIED INTANGIBLE ASSETS 54
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquired below-market lease, net of acquired above-market leases | $ 7,800 | $ 7,900 | $ 8,800 |
Amortization of Intangible Assets | 2,000 | 1,500 | 1,600 |
Amortization of Below Market Lease | $ 1,000 | $ 972 | $ 972 |
IDENTIFIED INTANGIBLE ASSETS 55
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Below-Market Operating Leases | |
2,017 | $ 7,419 |
2,018 | 7,198 |
2,019 | 7,175 |
2,020 | 7,182 |
2,021 | 7,153 |
In-Place Leases | |
2,016 | 1,482 |
2,017 | 1,300 |
2,018 | 1,179 |
2,019 | 1,136 |
2,020 | 1,037 |
Below-Market Ground Leases | |
2,017 | 972 |
2,018 | 972 |
2,019 | 972 |
2,019 | 972 |
2,020 | 622 |
Shops at Bruckner | |
Below-Market Operating Leases | |
2,017 | $ 1,600 |
MORTGAGES PAYABLE - Summary of
MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) | Jun. 09, 2016USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | Jan. 31, 2015USD ($) | Jan. 06, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Total mortgages payable, net of unamortized debt issuance costs | $ 1,197,513,000 | $ 1,233,983,000 | |||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Total mortgages payable | 1,205,560,000 | 1,243,957,000 | |||
Unamortized debt issuance costs | (8,047,000) | (9,974,000) | |||
Total mortgages payable, net of unamortized debt issuance costs | $ 1,197,513,000 | $ 1,233,983,000 | |||
Mortgages | Cross Collateralized | |||||
Debt Instrument [Line Items] | |||||
Number of real estate properties | property | 39 | 40 | |||
Total mortgages payable | $ 557,881,000 | $ 593,459,000 | |||
Mortgages | First Mortgage | North Bergen (Tonnelle Avenue) | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.59% | ||||
Total mortgages payable | $ 73,951,000 | 75,000,000 | |||
Mortgages | First Mortgage | Englewood, NJ [Member] | |||||
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 | $ 87,308,000 | 88,676,000 | |||
Face amount of debt instrument | $ 90,000,000 | ||||
Mortgages | First Mortgage | Montehiedra Town Center | Junior Loan | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.00% | 3.00% | |||
Total mortgages payable | $ 30,000,000 | 30,000,000 | |||
Face amount of debt instrument | $ 30,000,000 | ||||
Mortgages | First Mortgage | Bergen Town Center | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.56% | ||||
Total mortgages payable | $ 300,000,000 | 300,000,000 | |||
Mortgages | First Mortgage | Las Catalinas | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.43% | ||||
Total mortgages payable | $ 130,000,000 | 130,000,000 | |||
Mortgages | First Mortgage | Mount Kisco (Target) | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.40% | ||||
Total mortgages payable | $ 14,883,000 | 15,285,000 | |||
Unamortized debt discount | $ 1,100,000 | ||||
Effective interest rate | 7.26% | ||||
Mortgages | Senior Notes [Member] | Montehiedra Town Center | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | (1,700,000) | ||||
Mortgages | Fixed Rate | Cross Collateralized | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.36% | ||||
Total mortgages payable | $ 519,125,000 | 533,459,000 | |||
Mortgages | Variable Rate | Cross Collateralized | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.36% | ||||
Total mortgages payable | $ 38,756,000 | 60,000,000 | |||
Mortgages | Variable Rate | Cross Collateralized | LIBOR | |||||
Debt Instrument [Line Items] | |||||
LIBOR Floor | 1.00% | ||||
Interest rate spread on variable rate | 136.00% | ||||
Prepayment of mortgage | $ 21,200,000 | ||||
Englewood | |||||
Debt Instrument [Line Items] | |||||
Assets of Variable Interest Entity | $ 12,400,000 | 29,500,000 | |||
Liabilities of Variable Interest Entity | $ 14,200,000 | $ 2,500,000 |
MORTGAGES PAYABLE - Schedule of
MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 17,120 |
2,018 | 99,708 |
2,019 | 17,320 |
2,020 | 513,870 |
2,021 | 120,048 |
Thereafter | $ 437,494 |
MORTGAGES PAYABLE - Additional
MORTGAGES PAYABLE - Additional Information (Details) | Jun. 09, 2016USD ($) | Jan. 15, 2015USD ($)extension_option | Jan. 31, 2015USD ($)debt_tranche | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 06, 2015USD ($) |
Debt Instrument [Line Items] | |||||||
Net carrying amount of real estate collateralizing indebtedness | $ 859,200,000 | ||||||
Deferred Finance Costs, Gross | 1,900,000 | $ 2,800,000 | |||||
Mortgages payable, net | 1,197,513,000 | 1,233,983,000 | |||||
Mortgages | |||||||
Debt Instrument [Line Items] | |||||||
Mortgages payable, net | 1,197,513,000 | 1,233,983,000 | |||||
Unamortized debt issuance costs | $ 8,047,000 | 9,974,000 | |||||
Mortgages | First Mortgage | Montehiedra Town Center | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt instrument | $ 120,000,000 | $ 120,000,000 | |||||
Interest rate | 6.04% | 6.04% | |||||
Number of debt tranches | debt_tranche | 2 | ||||||
Lender fees | $ 2,000,000 | ||||||
Mortgages | First Mortgage | Englewood, NJ [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.22% | ||||||
Mortgages | Senior Notes [Member] | Montehiedra Town Center | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ 1,700,000 | ||||||
Intercompany Loans | Montehiedra Town Center | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt instrument | $ 20,000,000 | $ 20,000,000 | |||||
Interest rate | 10.00% | ||||||
Mortgages payable, net | $ 16,900,000 | ||||||
Revolving Credit Agreement | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 500,000,000 | ||||||
Term of debt instrument | 4 years | ||||||
Number of extension options | extension_option | 2 | ||||||
Term of each extension option | 6 months | ||||||
Annual facility fee (in percent) | 20.00% | ||||||
Revolving Credit Agreement | Revolving Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Financial covenants, maximum leverage ratio | 0.6 | ||||||
Revolving Credit Agreement | Revolving Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Financial covenants, minimum fixed charge coverage ratio | 1.5 | ||||||
Revolving Credit Agreement | Revolving Credit Facility | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread on variable rate | 1.15% | ||||||
Senior Loan | Mortgages | First Mortgage | Montehiedra Town Center | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt instrument | $ 90,000,000 | ||||||
Interest rate | 5.33% | 5.33% | |||||
Junior Loan | Mortgages | First Mortgage | Montehiedra Town Center | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt instrument | $ 30,000,000 | ||||||
Interest rate | 3.00% | 3.00% | |||||
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% | ||||||
Prepayment of mortgage | $ 21,200,000 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)mall | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income Tax Contingency [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 600 | ||
Income tax expense | (804) | $ (1,294) | $ (1,721) |
Deferred tax liability, net | $ 3,802 | 3,607 | |
Commonwealth of Puerto Rico | |||
Income Tax Contingency [Line Items] | |||
Non-resident withholding tax percentage | 29.00% | ||
Income tax expense | $ (800) | (1,300) | (1,700) |
Deferred tax liability, net | $ 3,607 | $ 3,730 | |
Deferred tax liabilities, gross | 4,500 | ||
Deferred tax assets, net | 700 | ||
Deferred tax liabilities, tax depreciation in excess of GAAP | 2,300 | ||
Deferred tax liabilities, straight-line rent | 1,900 | ||
Deferred tax liabilities, amortization of acquired leases | 300 | ||
Deferred tax assets, GAAP depreciation adjustment | 300 | ||
Deferred tax asset, amortization of deferred financing fees | 200 | ||
Deferred tax assets, excess of bad debt expense for tax purposes | 200 | ||
Commonwealth of Puerto Rico | Other Liabilities | |||
Income Tax Contingency [Line Items] | |||
Deferred tax liability, net | $ 3,802 | ||
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% |
INCOME TAXES - Tax Status of Di
INCOME TAXES - Tax Status of Dividends Paid (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Dividend paid per share (in dollars per share) | $ 0.82 | $ 0.80 |
Ordinary income (percentage) | 100.00% | 100.00% |
Return of capital (percentage) | 0.00% | 0.00% |
Capital gains (percentage) | 0.00% | 0.00% |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax expense: | |||
Current1 | $ 609 | $ 1,417 | $ 1,721 |
Deferred | 195 | (123) | 0 |
Total income tax expense | $ 804 | $ 1,294 | $ 1,721 |
INCOME TAXES - Net Deferred Inc
INCOME TAXES - Net Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax liability, net | $ (3,802) | $ (3,607) | |
Commonwealth of Puerto Rico | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax liability, net | (3,607) | $ (3,730) | |
Change in deferred tax assets: | |||
Depreciation | (94) | (123) | |
Amortization of deferred financing costs | (46) | 254 | |
Provision for doubtful accounts | (14) | (72) | |
Change in deferred tax liabilities: | |||
Depreciation | (88) | (2) | |
Straight-line rent | 39 | 51 | |
Amortization of acquired leases | $ 8 | $ 15 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Financial assets measured at fair value on a recurring basis | $ 0 | $ 0 |
Financial liabilities measured at fair value on a recurring basis | 0 | 0 |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Liabilities, Fair Value Disclosure, Nonrecurring | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Balan
FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurement [Domain] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 131,654 | |
Reported Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 168,983 | |
Debt Instrument, Fair Value Disclosure | 1,205,560 | 1,243,957 |
Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 131,654 | 168,983 |
Debt Instrument, Fair Value Disclosure | $ 1,216,989 | $ 1,262,483 |
FAIR VALUE MEASUREMENTS - Inter
FAIR VALUE MEASUREMENTS - Interest Rates Used for Fair Value of Mortgages Payable (Details) - Mortgages | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2016 | |
Low | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, interest rate | 2.00% | 2.00% |
High | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, interest rate | 2.30% | 2.30% |
LEASES - Future Rental Revenues
LEASES - Future Rental Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
2,017 | $ 221,690 | ||
2,018 | 211,175 | ||
2,019 | 192,078 | ||
2,020 | 166,899 | ||
2,021 | 149,882 | ||
Thereafter | 960,042 | ||
Additional rent based on percentage of tenants' sales or reimbursements | $ 800 | $ 1,200 | $ 1,500 |
LEASES - Future Lease Payments
LEASES - Future Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 8,964 |
2,018 | 7,676 |
2,019 | 7,354 |
2,020 | 5,110 |
2,021 | 4,522 |
Thereafter | $ 34,677 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)property | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2015USD ($) | Jan. 06, 2015USD ($) | |
Loss Contingencies [Line Items] | |||||
Insurance coverage, general liability insurance, limit per occurrence | $ 200,000,000 | ||||
Insurance coverage, rental value insurance, limit per occurrence | 500,000,000 | ||||
Insurance coverage, terrorism acts insurance, limit per occurrence | 500,000,000 | ||||
Environmental remediation expense | $ 1,400,000 | ||||
Number of properties with environmental contamination | property | 2 | ||||
Mortgages payable, net | $ 1,197,513,000 | $ 1,233,983,000 | |||
Development in Process | 191,700,000 | ||||
Estimated cost to complete development and redevelopment projects | 110,500,000 | ||||
Cost of Services, Environmental Remediation | 100,000 | ||||
Mortgages | |||||
Loss Contingencies [Line Items] | |||||
Mortgages payable, net | 1,197,513,000 | $ 1,233,983,000 | |||
Montehiedra Town Center | Mortgages | First Mortgage | |||||
Loss Contingencies [Line Items] | |||||
Face amount of debt instrument | $ 120,000,000 | $ 120,000,000 | |||
Interest rate | 6.04% | 6.04% | |||
Montehiedra Town Center | Intercompany Loans | |||||
Loss Contingencies [Line Items] | |||||
Face amount of debt instrument | $ 20,000,000 | $ 20,000,000 | |||
Interest rate | 10.00% | ||||
Mortgages payable, net | 16,900,000 | ||||
Puerto Rico | |||||
Loss Contingencies [Line Items] | |||||
Insurance coverage, rental value insurance, limit per occurrence | 139,000,000 | ||||
Insurance coverage, terrorism acts 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 AS69
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deposit Assets | $ 6,600 | $ 100 |
Other assets | 2,161 | 2,367 |
Prepaid expenses: | ||
Real estate taxes | 5,198 | 5,646 |
Insurance | 2,545 | 1,934 |
Rent, licenses/fees | 938 | 941 |
Total Prepaid expenses and other assets | $ 17,442 | $ 10,988 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Deferred ground rent expense | $ 6,284 | $ 6,038 |
Deferred tax liability, net | 3,802 | 3,607 |
Deferred tenant revenue | 3,280 | 2,284 |
Environmental remediation costs | 1,309 | 1,379 |
Total Other liabilities | $ 14,675 | $ 13,308 |
INTEREST AND DEBT EXPENSE (Deta
INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Interest expense | $ 49,051 | $ 52,846 | $ 53,300 |
Amortization of deferred financing costs | 2,830 | 2,738 | 1,660 |
Total Interest and debt expense | $ 51,881 | $ 55,584 | $ 54,960 |
EQUITY AND NONCONTROLLING INT72
EQUITY AND NONCONTROLLING INTEREST (Details) | Jan. 15, 2015 | Sep. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Aug. 08, 2016USD ($)$ / shares |
Noncontrolling Interest [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Proceeds from issuance of common shares | $ (8,949,000) | $ 0 | $ 0 | |||
Payments of Stock Issuance Costs | $ 400,000 | |||||
Distributions to redeemable NCI (in dollars per unit) | $ / shares | $ 0.82 | $ 0.80 | ||||
Common limited partnership units issued (in shares) | shares | 5,700,000 | |||||
Noncontrolling interest percentage | 6.00% | |||||
Conversion rate to common shares | 1 | |||||
ATM | ||||||
Noncontrolling Interest [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||
Aggregate shares subscription price | $ 250,000,000 | |||||
Common shares issued during period (in shares) | shares | 307,342 | |||||
Weighted average price of shares issued (in dollars per share) | $ / shares | $ 28.45 | |||||
Proceeds from issuance of common shares | $ (8,700,000) | |||||
Commissions paid to distribution agencies | $ 100,000 | |||||
LTIP Units | ||||||
Noncontrolling Interest [Line Items] | ||||||
Award vesting period | 2 years | |||||
Vornado | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest percentage | 5.40% | 94.00% | ||||
Noncontrolling Interest | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest percentage | 5.00% |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) $ in Thousands | Feb. 08, 2016 | Aug. 17, 2015 | Apr. 20, 2015 | Mar. 12, 2015 | Feb. 17, 2015 | Dec. 31, 2016USD ($)companyshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Jan. 07, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized share-based compensation expense | $ | $ 11,000 | ||||||||
Weighted average period for recognition of share-based compensation expense | 1 year 9 months 18 days | ||||||||
Contractual lives of share-based compensation awards | 10 years | ||||||||
Weighted average contractual term of awards | 8 years 3 months 7 days | ||||||||
Granted (in shares) | 196,713 | 2,302,762 | 0 | ||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expected option life | 6 years 3 months | 6 years 3 months | 6 years 3 months | 6 years 6 months | 6 years | ||||
Expected volatility | 23.94% | 27.00% | 26.00% | 25.00% | 24.00% | ||||
Risk-free interest rate | 1.31% | 1.95% | 1.60% | 1.91% | 1.76% | ||||
Contractual lives of share-based compensation awards | 10 years | ||||||||
Stock Options | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 3 years | ||||||||
Stock Options | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Awards granted (in shares) | 117,399 | 35,460 | |||||||
Number of awards vested (in shares) | 15,977 | 1,022 | |||||||
Fair value of awards vested | $ | $ 400 | $ 25 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 129,395 | 30,717 | 0 | ||||||
Restricted Stock | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 1 year | ||||||||
Restricted Stock | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 4 years | ||||||||
LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares issued (in shares) | 433,040 | ||||||||
Award vesting period | 2 years | ||||||||
Number of awards vested (in shares) | 39,439 | 343,232 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 50,369 | ||||||||
Weighted average contractual term of awards unvested | 2 years 2 months 12 days | ||||||||
2015 Omnibus Share Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | 15,000,000 | ||||||||
DRIP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares issued (in shares) | 12,564,000 | 11,407 | |||||||
2015 OPP | OPP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate notional amount | $ | $ 10,200 | ||||||||
OPP award threshold, TSR level required | 7.00% | ||||||||
OPP award threshold, TSR level required for multi-year period | 21.00% | ||||||||
OPP award threshold, TSR multi-year duration | 3 years | ||||||||
OPP award threshold, number of companies compared on metric | company | 15 | ||||||||
OPP award threshold, percentile required when compared to retail REIT peer group companies | 50.00% | ||||||||
Fair value on date of grant | $ | $ 3,900 | ||||||||
Expected option life | 3 years | ||||||||
Expected volatility | 25.00% | ||||||||
Risk-free interest rate | 1.20% | ||||||||
Compensation costs not recognized, period for recognition | 5 years | ||||||||
Share-based compensation expense | $ | $ 1,100 | $ 200 | |||||||
Unrecognized share-based compensation expense | $ | $ 2,600 | ||||||||
Weighted average period for recognition of share-based compensation expense | 2 years 7 months 6 days | ||||||||
2015 OPP | OPP Units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Historic daily return compared to peer group | 19.00% | ||||||||
2015 OPP | OPP Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Historic daily return compared to peer group | 27.00% | ||||||||
2015 OPP | OPP Units | Year Three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percentage | 50.00% | ||||||||
2015 OPP | OPP Units | Year Four | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percentage | 25.00% | ||||||||
2015 OPP | OPP Units | Year Five | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting percentage | 25.00% |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares Under Options | |||
Granted (in shares) | 196,713 | 2,302,762 | 0 |
Outstanding at January 1 (in shares) | 2,289,139 | 0 | |
Exercised (in shares) | (8,501) | 0 | |
Forfeited or expired (in shares) | (5,067) | (13,623) | |
Outstanding at December 31 (in shares) | 2,472,284 | 2,289,139 | 0 |
Weighted Average Exercise Price per Share | |||
Outstanding at January 1 (in dollars per share) | $ 23.89 | $ 0 | |
Granted (in dollars per share) | 23.52 | 23.89 | |
Exercised (in dollars per share) | 24.46 | 0 | |
Forfeited or expired (in dollars per share) | 24.46 | 24.46 | |
Outstanding at December 31 (in dollars per share) | $ 23.86 | $ 23.89 | $ 0 |
Weighted Average Remaining Expected Term | |||
Outstanding at January 1 (in years) | 5 years 4 months | 6 years 1 month 24 days | 0 years |
Share-Based Compensation Arrangement By Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Expected Term | 0 years | 0 years | |
Granted (in years) | 6 years | 6 years 1 month 24 days | |
Outstanding at December 31 (in years) | 5 years 4 months | 6 years 1 month 24 days | 0 years |
Exercisable at December 31, 2016, Shares Under Options (in shares) | 45,352 | ||
Exercisable at December 31, 2016, Weighted Average Exercise Price Per Share (in dollars per share) | $ 23.74 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions (Details) - Stock Options | Feb. 08, 2016 | Aug. 17, 2015 | Apr. 20, 2015 | Mar. 12, 2015 | Feb. 17, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | 1.31% | 1.95% | 1.60% | 1.91% | 1.76% |
Expected option life | 6 years 3 months | 6 years 3 months | 6 years 3 months | 6 years 6 months | 6 years |
Expected volatility | 23.94% | 27.00% | 26.00% | 25.00% | 24.00% |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | ||
Unvested at January 1 (in shares) | 30,717 | 0 |
Granted (in shares) | 117,399 | 35,460 |
Vested (in shares) | (15,977) | (1,022) |
Forfeited (in shares) | (2,744) | (3,721) |
Unvested at December 31 (in shares) | 129,395 | 30,717 |
Weighted Average Grant Date Fair Value per Share | ||
Unvested at January 1 (in dollars per share) | $ 22.62 | $ 0 |
Granted (in dollars per share) | 24.55 | 22.84 |
Vested (in dollars per share) | 23.17 | 24.46 |
Forfeited (in dollars per share) | 23.55 | 24.18 |
Unvested at December 31 (in dollars per share) | $ 24.29 | $ 22.62 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | $ 5,433 | $ 10,261 | |
OPP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 1,209 | 330 | |
2015 Omnibus Share Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 1,314 | 282 | |
2015 Omnibus Share Plan | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 2,437 | 1,901 | |
2015 Omnibus Share Plan | LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 473 | 7,748 | |
Vornado's OPP Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | $ 3,900 | ||
Vornado's OPP Plan | LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | $ 100 | $ 200 |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2016shares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,472,284 | 2,289,139 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio to Common Shares | 1 | ||
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | $ 24.46 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | $ 22.83 | ||
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 129,395 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 114,354 | 25,829 |
EARNINGS PER SHARE - Computatio
EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income (loss) attributable to common shareholders | $ 19,044 | $ 19,265 | $ 33,868 | $ 18,638 | $ 15,226 | $ 18,860 | $ 16,162 | $ (11,463) | $ 90,815 | $ 38,785 | $ 65,772 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (114) | (23) | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 90,701 | 38,762 | 65,772 | ||||||||
Unvested LTIP units | 53 | 0 | 0 | ||||||||
Net income available for common shareholders - diluted | $ 90,754 | $ 38,762 | $ 65,772 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 99,364 | 99,252 | 99,248 | ||||||||
Effect of dilutive securities: | |||||||||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 0 | 0 | |||||||||
Weighted average common shares outstanding - diluted (in dollars per share) | 99,794 | 99,278 | 99,248 | ||||||||
Earnings per share available to common shareholders: | |||||||||||
Earnings per common share - Basic (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.66 |
Earnings per common share - Diluted (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.66 |
Stock Options | |||||||||||
Effect of dilutive securities: | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 257 | 0 | 0 | ||||||||
Restricted Stock | |||||||||||
Effect of dilutive securities: | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 114 | 26 | 0 | ||||||||
LTIP Units | |||||||||||
Effect of dilutive securities: | |||||||||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 59 | ||||||||||
Urban Edge Properties LP | |||||||||||
Numerator: | |||||||||||
Net income (loss) attributable to common shareholders | $ 20,262 | $ 20,504 | $ 36,069 | $ 19,792 | $ 16,168 | $ 20,039 | $ 17,148 | $ (12,023) | $ 96,627 | $ 41,332 | $ 65,772 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (211) | (22) | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 96,416 | $ 41,310 | $ 65,772 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 105,455 | 105,276 | 104,965 | ||||||||
Effect of dilutive securities: | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 371 | 26 | 0 | ||||||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 273 | 72 | 0 | ||||||||
Weighted average common shares outstanding - diluted (in dollars per share) | 106,099 | 105,374 | 104,965 | ||||||||
Earnings per share available to common shareholders: | |||||||||||
Earnings per common share - Basic (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.63 |
Earnings per common share - Diluted (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.63 |
QUARTERLY FINANCIAL DATA (una80
QUARTERLY FINANCIAL DATA (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 83,478 | $ 79,973 | $ 79,457 | $ 83,068 | $ 80,622 | $ 79,825 | $ 78,715 | $ 83,783 | $ 325,976 | $ 322,945 | $ 315,676 |
Operating income | 33,428 | 33,414 | 32,790 | 33,386 | 29,576 | 34,011 | 30,807 | 3,682 | 133,018 | 98,076 | 122,440 |
Net income | 20,266 | 20,505 | 36,071 | 19,788 | 16,167 | 20,045 | 17,153 | (12,017) | 96,630 | 41,348 | 65,794 |
Net income attributable to noncontrolling interests in operating partnership | (1,218) | (1,239) | (2,201) | (1,154) | 942 | 1,179 | 986 | (560) | |||
Net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (4) | (1) | (2) | 4 | (1) | 6 | 5 | 6 | (3) | (16) | (22) |
Net income (loss) attributable to common shareholders and unitholders | $ 19,044 | $ 19,265 | $ 33,868 | $ 18,638 | $ 15,226 | $ 18,860 | $ 16,162 | $ (11,463) | $ 90,815 | $ 38,785 | $ 65,772 |
Earnings (loss) per common share/unit - Basic (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.66 |
Earnings (loss) per common share/unit - Diluted (in dollars per shre) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.66 |
Urban Edge Properties LP | |||||||||||
Total revenue | $ 325,976 | $ 322,945 | $ 315,676 | ||||||||
Operating income | 133,018 | 98,076 | 122,440 | ||||||||
Net income | 96,630 | 41,348 | 65,794 | ||||||||
Net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | 3 | (16) | (22) | ||||||||
Net income (loss) attributable to common shareholders and unitholders | $ 20,262 | $ 20,504 | $ 36,069 | $ 19,792 | $ 16,168 | $ 20,039 | $ 17,148 | $ (12,023) | $ 96,627 | $ 41,332 | $ 65,772 |
Earnings (loss) per common share/unit - Basic (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.63 |
Earnings (loss) per common share/unit - Diluted (in dollars per shre) | $ 0.19 | $ 0.19 | $ 0.34 | $ 0.19 | $ 0.15 | $ 0.19 | $ 0.16 | $ (0.12) | $ 0.91 | $ 0.39 | $ 0.63 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | Feb. 02, 2017USD ($) | Jan. 23, 2017USD ($)ft² | Jan. 17, 2017USD ($)ft² | Jan. 04, 2017USD ($)ft² | Dec. 22, 2016USD ($) | Jan. 23, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||
Cash payments to acquire real estate | $ 2,700 | $ 2,667 | $ 30,125 | |||||
Transaction-related costs incurred in connection with acquisitions of real estate | $ 1,200 | |||||||
Subsequent Event | ||||||||
Business Acquisition [Line Items] | ||||||||
Transaction-related costs incurred in connection with acquisitions of real estate | $ 500 | |||||||
Subsequent Event | Yonkers Gateway Center | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Land (in sq ft/acres) | ft² | 191,500 | |||||||
Purchase Price | $ 51,700 | |||||||
Cash payments to acquire real estate | $ 2,900 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Description | 1,800 | |||||||
Issuance of OP units in connection with acquisitions of real estate | $ 48,800 | |||||||
Subsequent Event | Shops at Bruckner | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Land (in sq ft/acres) | ft² | 114,000 | |||||||
Purchase Price | $ 32,000 | |||||||
Cash payments to acquire real estate | 19,400 | |||||||
Subsequent Event | Shops at Bruckner | Mortgages | ||||||||
Business Acquisition [Line Items] | ||||||||
Debt assumed in connection with acquisitions of real estate | $ 12,600 | |||||||
Subsequent Event | Hudson Mall | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Land (in sq ft/acres) | ft² | 383,000 | 383,000 | ||||||
Purchase Price | $ 43,700 | |||||||
Cash payments to acquire real estate | $ 19,900 | |||||||
Subsequent Event | Hudson Mall | Mortgages | ||||||||
Business Acquisition [Line Items] | ||||||||
Debt assumed in connection with acquisitions of real estate | $ 23,800 | |||||||
Bruckner Commons [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Area of Land (in sq ft/acres) | ft² | 375,000 |
Schedule II - Valuation and Q82
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 1,926 | $ 2,432 | $ 2,398 |
Additions (Reversals) Expensed | 1,214 | 1,526 | 1,032 |
Uncollectible Accounts Written-Off | (547) | (2,032) | (998) |
Balance at End of Year | $ 2,593 | $ 1,926 | $ 2,432 |
Schedule III - Real Estate an83
Schedule III - Real Estate and Accumulated Depreciation - Real Estate Property (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,205,560 | |||
Initial cost to company | ||||
Land | 374,755 | |||
Building and improvements | 1,089,248 | |||
Costs capitalized subsequent to acquisition | 674,495 | |||
Gross amount at which carried at close of period | ||||
Land | 384,217 | |||
Building and improvements | 1,754,283 | |||
Total | 2,138,500 | $ 2,084,642 | $ 2,022,804 | $ 1,984,172 |
Accumulated depreciation and amortization | 541,077 | $ 509,112 | $ 467,503 | $ 421,756 |
Aggregate cost for federal income tax purposes | 1,900,000 | |||
Broomall, PA [Member] | ||||
Gross amount at which carried at close of period | ||||
Accumulated depreciation and amortization | 541,077 | |||
Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,205,560 | |||
Initial cost to company | ||||
Land | 374,755 | |||
Building and improvements | 1,089,248 | |||
Costs capitalized subsequent to acquisition | 669,502 | |||
Gross amount at which carried at close of period | ||||
Land | 384,217 | |||
Building and improvements | 1,749,290 | |||
Total | 2,133,507 | |||
Real Estate | Bethlehem, PA [Member] | ||||
Gross amount at which carried at close of period | ||||
Accumulated depreciation and amortization | 539,967 | |||
Real Estate | Retail Site | Allentown, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,506 | |||
Initial cost to company | ||||
Land | 187 | |||
Building and improvements | 15,580 | |||
Costs capitalized subsequent to acquisition | 1,823 | |||
Gross amount at which carried at close of period | ||||
Land | 187 | |||
Building and improvements | 17,403 | |||
Total | 17,590 | |||
Accumulated depreciation and amortization | 13,806 | |||
Real Estate | Retail Site | Baltimore (Towson), MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,331 | |||
Initial cost to company | ||||
Land | 581 | |||
Building and improvements | 3,227 | |||
Costs capitalized subsequent to acquisition | 11,306 | |||
Gross amount at which carried at close of period | ||||
Land | 435 | |||
Building and improvements | 14,680 | |||
Total | 15,115 | |||
Accumulated depreciation and amortization | 6,392 | |||
Real Estate | Retail Site | Bensalem, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,652 | |||
Initial cost to company | ||||
Land | 2,727 | |||
Building and improvements | 6,698 | |||
Costs capitalized subsequent to acquisition | 2,042 | |||
Gross amount at which carried at close of period | ||||
Land | 2,728 | |||
Building and improvements | 8,740 | |||
Total | 11,468 | |||
Accumulated depreciation and amortization | 4,061 | |||
Real Estate | Retail Site | Bergen Town Center - East, Paramus, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,305 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 33,434 | |||
Gross amount at which carried at close of period | ||||
Land | 6,305 | |||
Building and improvements | 33,434 | |||
Total | 39,739 | |||
Accumulated depreciation and amortization | 6,334 | |||
Real Estate | Retail Site | Bergen Town Center - West, Paramus, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 300,000 | |||
Initial cost to company | ||||
Land | 15,812 | |||
Building and improvements | 82,240 | |||
Costs capitalized subsequent to acquisition | 331,835 | |||
Gross amount at which carried at close of period | ||||
Land | 33,563 | |||
Building and improvements | 396,324 | |||
Total | 429,887 | |||
Accumulated depreciation and amortization | 98,118 | |||
Real Estate | Retail Site | Bethlehem, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,129 | |||
Initial cost to company | ||||
Land | 827 | |||
Building and improvements | 5,200 | |||
Costs capitalized subsequent to acquisition | 1,344 | |||
Gross amount at which carried at close of period | ||||
Land | 839 | |||
Building and improvements | 6,532 | |||
Total | 7,371 | |||
Accumulated depreciation and amortization | 5,727 | |||
Real Estate | Retail Site | Brick, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,316 | |||
Initial cost to company | ||||
Land | 1,391 | |||
Building and improvements | 11,179 | |||
Costs capitalized subsequent to acquisition | 7,031 | |||
Gross amount at which carried at close of period | ||||
Land | 1,391 | |||
Building and improvements | 18,210 | |||
Total | 19,601 | |||
Accumulated depreciation and amortization | 13,746 | |||
Real Estate | Retail Site | Bronx (Bruckner Boulevard), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 66,100 | |||
Building and improvements | 259,503 | |||
Costs capitalized subsequent to acquisition | (52,180) | |||
Gross amount at which carried at close of period | ||||
Land | 48,890 | |||
Building and improvements | 224,533 | |||
Total | 273,423 | |||
Accumulated depreciation and amortization | 13,703 | |||
Real Estate | Retail Site | Bronx (1750-1780 Gun Hill Road), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,427 | |||
Building and improvements | 11,885 | |||
Costs capitalized subsequent to acquisition | 22,124 | |||
Gross amount at which carried at close of period | ||||
Land | 6,428 | |||
Building and improvements | 34,009 | |||
Total | 40,437 | |||
Accumulated depreciation and amortization | 7,124 | |||
Real Estate | Retail Site | Broomall, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,805 | |||
Initial cost to company | ||||
Land | 850 | |||
Building and improvements | 2,171 | |||
Costs capitalized subsequent to acquisition | 1,399 | |||
Gross amount at which carried at close of period | ||||
Land | 850 | |||
Building and improvements | 3,570 | |||
Total | 4,420 | |||
Accumulated depreciation and amortization | 2,739 | |||
Real Estate | Retail Site | Buffalo (Amherst), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 5,743 | |||
Building and improvements | 4,056 | |||
Costs capitalized subsequent to acquisition | 13,078 | |||
Gross amount at which carried at close of period | ||||
Land | 5,107 | |||
Building and improvements | 17,770 | |||
Total | 22,877 | |||
Accumulated depreciation and amortization | 7,905 | |||
Real Estate | Retail Site | Cambridge (Ground And Building Leased Through 2033), MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 261 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 261 | |||
Total | 261 | |||
Accumulated depreciation and amortization | 231 | |||
Real Estate | Retail Site | Carlstadt (Ground Leased Through 2050), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 16,458 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 16,458 | |||
Total | 16,458 | |||
Accumulated depreciation and amortization | 3,785 | |||
Real Estate | Retail Site | Charleston (Ground And Building Leased Through 2063), SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 3,634 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,634 | |||
Total | 3,634 | |||
Accumulated depreciation and amortization | 931 | |||
Real Estate | Retail Site | Cherry Hill, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,722 | |||
Initial cost to company | ||||
Land | 5,864 | |||
Building and improvements | 2,694 | |||
Costs capitalized subsequent to acquisition | 4,840 | |||
Gross amount at which carried at close of period | ||||
Land | 4,864 | |||
Building and improvements | 8,534 | |||
Total | 13,398 | |||
Accumulated depreciation and amortization | 4,402 | |||
Real Estate | Retail Site | Chicopee, MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,618 | |||
Initial cost to company | ||||
Land | 895 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 895 | |||
Building and improvements | 0 | |||
Total | 895 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Retail Site | Commack (Ground And Building Leased Through 2021), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 43 | |||
Costs capitalized subsequent to acquisition | 184 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 227 | |||
Total | 227 | |||
Accumulated depreciation and amortization | 187 | |||
Real Estate | Retail Site | Dewitt (Ground Leased Through 2041), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 7,116 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 7,116 | |||
Total | 7,116 | |||
Accumulated depreciation and amortization | 1,805 | |||
Real Estate | Retail Site | Dover, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,068 | |||
Initial cost to company | ||||
Land | 559 | |||
Building and improvements | 6,363 | |||
Costs capitalized subsequent to acquisition | 3,938 | |||
Gross amount at which carried at close of period | ||||
Land | 559 | |||
Building and improvements | 10,301 | |||
Total | 10,860 | |||
Accumulated depreciation and amortization | 5,745 | |||
Real Estate | Retail Site | East Brunswick, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,640 | |||
Initial cost to company | ||||
Land | 2,417 | |||
Building and improvements | 17,169 | |||
Costs capitalized subsequent to acquisition | 7,046 | |||
Gross amount at which carried at close of period | ||||
Land | 2,417 | |||
Building and improvements | 24,215 | |||
Total | 26,632 | |||
Accumulated depreciation and amortization | 16,977 | |||
Real Estate | Retail Site | East Hanover (200 - 240 Route 10 West), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,098 | |||
Initial cost to company | ||||
Land | 2,232 | |||
Building and improvements | 18,241 | |||
Costs capitalized subsequent to acquisition | 9,533 | |||
Gross amount at which carried at close of period | ||||
Land | 2,671 | |||
Building and improvements | 27,335 | |||
Total | 30,006 | |||
Accumulated depreciation and amortization | 15,746 | |||
Real Estate | Retail Site | East Hanover (280 Route 10 West), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,174 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 7,075 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 7,075 | |||
Total | 7,075 | |||
Accumulated depreciation and amortization | 1,959 | |||
Real Estate | Retail Site | East Rutherford, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,471 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 36,727 | |||
Costs capitalized subsequent to acquisition | 60 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 36,787 | |||
Total | 36,787 | |||
Accumulated depreciation and amortization | 6,687 | |||
Real Estate | Retail Site | Eatontown, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 4,653 | |||
Building and improvements | 4,999 | |||
Costs capitalized subsequent to acquisition | 108 | |||
Gross amount at which carried at close of period | ||||
Land | 4,653 | |||
Building and improvements | 5,107 | |||
Total | 9,760 | |||
Accumulated depreciation and amortization | 1,466 | |||
Real Estate | Retail Site | Englewood | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,537 | |||
Initial cost to company | ||||
Land | 2,300 | |||
Building and improvements | 17,245 | |||
Costs capitalized subsequent to acquisition | (8,390) | |||
Gross amount at which carried at close of period | ||||
Land | 1,495 | |||
Building and improvements | 9,660 | |||
Total | 11,155 | |||
Accumulated depreciation and amortization | 1,129 | |||
Real Estate | Retail Site | Freeport (240 West Sunrise Highway) (Ground And Building Leased Through 2040), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 260 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 260 | |||
Total | 260 | |||
Accumulated depreciation and amortization | 195 | |||
Real Estate | Retail Site | Freeport (437 East Sunrise Highway), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,611 | |||
Initial cost to company | ||||
Land | 1,231 | |||
Building and improvements | 4,747 | |||
Costs capitalized subsequent to acquisition | 4,158 | |||
Gross amount at which carried at close of period | ||||
Land | 1,231 | |||
Building and improvements | 8,905 | |||
Total | 10,136 | |||
Accumulated depreciation and amortization | 5,883 | |||
Real Estate | Retail Site | Garfield, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 45 | |||
Building and improvements | 8,068 | |||
Costs capitalized subsequent to acquisition | 39,218 | |||
Gross amount at which carried at close of period | ||||
Land | 45 | |||
Building and improvements | 47,286 | |||
Total | 47,331 | |||
Accumulated depreciation and amortization | 10,179 | |||
Real Estate | Retail Site | Glen Burnie, MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 462 | |||
Building and improvements | 2,571 | |||
Costs capitalized subsequent to acquisition | 2,073 | |||
Gross amount at which carried at close of period | ||||
Land | 462 | |||
Building and improvements | 4,644 | |||
Total | 5,106 | |||
Accumulated depreciation and amortization | 3,334 | |||
Real Estate | Retail Site | Glenolden, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,286 | |||
Initial cost to company | ||||
Land | 850 | |||
Building and improvements | 1,820 | |||
Costs capitalized subsequent to acquisition | 715 | |||
Gross amount at which carried at close of period | ||||
Land | 850 | |||
Building and improvements | 2,535 | |||
Total | 3,385 | |||
Accumulated depreciation and amortization | 2,219 | |||
Real Estate | Retail Site | Hackensack, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,211 | |||
Initial cost to company | ||||
Land | 692 | |||
Building and improvements | 10,219 | |||
Costs capitalized subsequent to acquisition | 4,948 | |||
Gross amount at which carried at close of period | ||||
Land | 542 | |||
Building and improvements | 15,317 | |||
Total | 15,859 | |||
Accumulated depreciation and amortization | 9,480 | |||
Real Estate | Retail Site | Hazlet, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 7,400 | |||
Building and improvements | 9,413 | |||
Costs capitalized subsequent to acquisition | (2,165) | |||
Gross amount at which carried at close of period | ||||
Land | 7,400 | |||
Building and improvements | 7,248 | |||
Total | 14,648 | |||
Accumulated depreciation and amortization | 1,736 | |||
Real Estate | Retail Site | Queens, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 14,537 | |||
Building and improvements | 12,304 | |||
Costs capitalized subsequent to acquisition | 1,024 | |||
Gross amount at which carried at close of period | ||||
Land | 14,537 | |||
Building and improvements | 13,328 | |||
Total | 27,865 | |||
Accumulated depreciation and amortization | 381 | |||
Real Estate | Retail Site | Huntington, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,286 | |||
Initial cost to company | ||||
Land | 21,200 | |||
Building and improvements | 33,667 | |||
Costs capitalized subsequent to acquisition | 2,951 | |||
Gross amount at which carried at close of period | ||||
Land | 21,200 | |||
Building and improvements | 36,618 | |||
Total | 57,818 | |||
Accumulated depreciation and amortization | 8,138 | |||
Real Estate | Retail Site | Inwood, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 12,419 | |||
Building and improvements | 19,097 | |||
Costs capitalized subsequent to acquisition | 2,280 | |||
Gross amount at which carried at close of period | ||||
Land | 12,419 | |||
Building and improvements | 21,377 | |||
Total | 33,796 | |||
Accumulated depreciation and amortization | 6,218 | |||
Real Estate | Retail Site | Jersey City, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,605 | |||
Initial cost to company | ||||
Land | 652 | |||
Building and improvements | 7,495 | |||
Costs capitalized subsequent to acquisition | 844 | |||
Gross amount at which carried at close of period | ||||
Land | 652 | |||
Building and improvements | 8,339 | |||
Total | 8,991 | |||
Accumulated depreciation and amortization | 3,173 | |||
Real Estate | Retail Site | Kearny, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 309 | |||
Building and improvements | 3,376 | |||
Costs capitalized subsequent to acquisition | 7,798 | |||
Gross amount at which carried at close of period | ||||
Land | 309 | |||
Building and improvements | 11,174 | |||
Total | 11,483 | |||
Accumulated depreciation and amortization | 3,640 | |||
Real Estate | Retail Site | Lancaster, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,953 | |||
Initial cost to company | ||||
Land | 3,140 | |||
Building and improvements | 63 | |||
Costs capitalized subsequent to acquisition | 2,129 | |||
Gross amount at which carried at close of period | ||||
Land | 3,140 | |||
Building and improvements | 2,192 | |||
Total | 5,332 | |||
Accumulated depreciation and amortization | 693 | |||
Real Estate | Retail Site | Las Catalinas | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 130,000 | |||
Initial cost to company | ||||
Land | 15,280 | |||
Building and improvements | 64,370 | |||
Costs capitalized subsequent to acquisition | 12,696 | |||
Gross amount at which carried at close of period | ||||
Land | 15,280 | |||
Building and improvements | 77,066 | |||
Total | 92,346 | |||
Accumulated depreciation and amortization | 34,373 | |||
Real Estate | Retail Site | Lawnside, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,805 | |||
Initial cost to company | ||||
Land | 1,226 | |||
Building and improvements | 3,164 | |||
Costs capitalized subsequent to acquisition | 1,005 | |||
Gross amount at which carried at close of period | ||||
Land | 1,226 | |||
Building and improvements | 4,169 | |||
Total | 5,395 | |||
Accumulated depreciation and amortization | 3,744 | |||
Real Estate | Retail Site | Lodi (Route 17 North), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,409 | |||
Initial cost to company | ||||
Land | 238 | |||
Building and improvements | 9,446 | |||
Costs capitalized subsequent to acquisition | (1) | |||
Gross amount at which carried at close of period | ||||
Land | 238 | |||
Building and improvements | 9,446 | |||
Total | 9,684 | |||
Accumulated depreciation and amortization | 4,072 | |||
Real Estate | Retail Site | Lodi (Washington Street), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 7,606 | |||
Building and improvements | 13,125 | |||
Costs capitalized subsequent to acquisition | 2,644 | |||
Gross amount at which carried at close of period | ||||
Land | 7,606 | |||
Building and improvements | 15,769 | |||
Total | 23,375 | |||
Accumulated depreciation and amortization | 4,391 | |||
Real Estate | Retail Site | Manalapan, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,309 | |||
Initial cost to company | ||||
Land | 725 | |||
Building and improvements | 7,189 | |||
Costs capitalized subsequent to acquisition | 6,825 | |||
Gross amount at which carried at close of period | ||||
Land | 1,046 | |||
Building and improvements | 13,693 | |||
Total | 14,739 | |||
Accumulated depreciation and amortization | 9,052 | |||
Real Estate | Retail Site | Marlton, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,840 | |||
Initial cost to company | ||||
Land | 1,611 | |||
Building and improvements | 3,464 | |||
Costs capitalized subsequent to acquisition | 10,988 | |||
Gross amount at which carried at close of period | ||||
Land | 1,454 | |||
Building and improvements | 14,609 | |||
Total | 16,063 | |||
Accumulated depreciation and amortization | 9,769 | |||
Real Estate | Retail Site | Middletown, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,940 | |||
Initial cost to company | ||||
Land | 283 | |||
Building and improvements | 5,248 | |||
Costs capitalized subsequent to acquisition | 3,249 | |||
Gross amount at which carried at close of period | ||||
Land | 283 | |||
Building and improvements | 8,497 | |||
Total | 8,780 | |||
Accumulated depreciation and amortization | 6,388 | |||
Real Estate | Retail Site | Milford (Ground And Building Leased Through 2019), MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Retail Site | Montclair, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,414 | |||
Initial cost to company | ||||
Land | 66 | |||
Building and improvements | 419 | |||
Costs capitalized subsequent to acquisition | 419 | |||
Gross amount at which carried at close of period | ||||
Land | 66 | |||
Building and improvements | 838 | |||
Total | 904 | |||
Accumulated depreciation and amortization | 714 | |||
Real Estate | Retail Site | Montehiedra Town Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 117,308 | |||
Initial cost to company | ||||
Land | 9,182 | |||
Building and improvements | 66,751 | |||
Costs capitalized subsequent to acquisition | 23,176 | |||
Gross amount at which carried at close of period | ||||
Land | 9,267 | |||
Building and improvements | 89,842 | |||
Total | 99,109 | |||
Accumulated depreciation and amortization | 35,533 | |||
Real Estate | Retail Site | Morris Plains, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,611 | |||
Initial cost to company | ||||
Land | 1,104 | |||
Building and improvements | 6,411 | |||
Costs capitalized subsequent to acquisition | 1,889 | |||
Gross amount at which carried at close of period | ||||
Land | 1,104 | |||
Building and improvements | 8,300 | |||
Total | 9,404 | |||
Accumulated depreciation and amortization | 7,165 | |||
Real Estate | Retail Site | Mount Kisco, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,883 | |||
Initial cost to company | ||||
Land | 22,700 | |||
Building and improvements | 26,700 | |||
Costs capitalized subsequent to acquisition | 1,815 | |||
Gross amount at which carried at close of period | ||||
Land | 23,297 | |||
Building and improvements | 27,918 | |||
Total | 51,215 | |||
Accumulated depreciation and amortization | 6,133 | |||
Real Estate | Retail Site | New Hyde Park (Ground And Building Leased Through 2029), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 4 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 4 | |||
Total | 4 | |||
Accumulated depreciation and amortization | 126 | |||
Real Estate | Retail Site | Newington, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,308 | |||
Initial cost to company | ||||
Land | 2,421 | |||
Building and improvements | 1,200 | |||
Costs capitalized subsequent to acquisition | 1,486 | |||
Gross amount at which carried at close of period | ||||
Land | 2,421 | |||
Building and improvements | 2,686 | |||
Total | 5,107 | |||
Accumulated depreciation and amortization | 1,087 | |||
Real Estate | Retail Site | Norfolk (Ground And Building Leased Through 2069), VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 3,927 | |||
Costs capitalized subsequent to acquisition | 15 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,942 | |||
Total | 3,942 | |||
Accumulated depreciation and amortization | 3,285 | |||
Real Estate | Retail Site | North Bergen (Kennedy Boulevard), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,676 | |||
Initial cost to company | ||||
Land | 2,308 | |||
Building and improvements | 636 | |||
Costs capitalized subsequent to acquisition | 175 | |||
Gross amount at which carried at close of period | ||||
Land | 2,308 | |||
Building and improvements | 810 | |||
Total | 3,118 | |||
Accumulated depreciation and amortization | 501 | |||
Real Estate | Retail Site | North Bergen (Tonnelle Avenue) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 73,951 | |||
Initial cost to company | ||||
Land | 24,493 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 66,537 | |||
Gross amount at which carried at close of period | ||||
Land | 34,473 | |||
Building and improvements | 56,557 | |||
Total | 91,030 | |||
Accumulated depreciation and amortization | 12,863 | |||
Real Estate | Retail Site | North Plainfield, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,577 | |||
Building and improvements | 13,983 | |||
Costs capitalized subsequent to acquisition | (2,653) | |||
Gross amount at which carried at close of period | ||||
Land | 6,577 | |||
Building and improvements | 11,329 | |||
Total | 17,906 | |||
Accumulated depreciation and amortization | 3,087 | |||
Real Estate | Retail Site | Oceanside, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 2,710 | |||
Building and improvements | 2,306 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 2,710 | |||
Building and improvements | 2,306 | |||
Total | 5,016 | |||
Accumulated depreciation and amortization | 552 | |||
Real Estate | Retail Site | Paramus (Ground Leased Through 2033), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 12,569 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 12,569 | |||
Total | 12,569 | |||
Accumulated depreciation and amortization | 3,083 | |||
Real Estate | Retail Site | Rochester, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,023 | |||
Initial cost to company | ||||
Land | 2,172 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 2,172 | |||
Building and improvements | 0 | |||
Total | 2,172 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Retail Site | Rochester (Henrietta) (Ground Leased Through 2056), NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 2,647 | |||
Costs capitalized subsequent to acquisition | 1,228 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,875 | |||
Total | 3,875 | |||
Accumulated depreciation and amortization | 3,481 | |||
Real Estate | Retail Site | Rockville, MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 3,470 | |||
Building and improvements | 20,599 | |||
Costs capitalized subsequent to acquisition | 2,541 | |||
Gross amount at which carried at close of period | ||||
Land | 3,470 | |||
Building and improvements | 23,140 | |||
Total | 26,610 | |||
Accumulated depreciation and amortization | 6,508 | |||
Real Estate | Retail Site | Salem (Ground Leased Through 2102), NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,083 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 6,083 | |||
Building and improvements | 0 | |||
Total | 6,083 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Retail Site | Signal Hill, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 9,652 | |||
Building and improvements | 2,940 | |||
Costs capitalized subsequent to acquisition | 1 | |||
Gross amount at which carried at close of period | ||||
Land | 9,652 | |||
Building and improvements | 2,941 | |||
Total | 12,593 | |||
Accumulated depreciation and amortization | 754 | |||
Real Estate | Retail Site | South Plainfield (Ground Leased Through 2039), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,702 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 10,044 | |||
Costs capitalized subsequent to acquisition | 2,286 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 12,330 | |||
Total | 12,330 | |||
Accumulated depreciation and amortization | 2,959 | |||
Real Estate | Retail Site | Springfield, MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,255 | |||
Initial cost to company | ||||
Land | 2,797 | |||
Building and improvements | 2,471 | |||
Costs capitalized subsequent to acquisition | 494 | |||
Gross amount at which carried at close of period | ||||
Land | 2,797 | |||
Building and improvements | 2,965 | |||
Total | 5,762 | |||
Accumulated depreciation and amortization | 1,118 | |||
Real Estate | Retail Site | Springfield, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 80 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 80 | |||
Total | 80 | |||
Accumulated depreciation and amortization | 80 | |||
Real Estate | Retail Site | Staten Island, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 11,446 | |||
Building and improvements | 21,262 | |||
Costs capitalized subsequent to acquisition | 4,055 | |||
Gross amount at which carried at close of period | ||||
Land | 11,446 | |||
Building and improvements | 25,317 | |||
Total | 36,763 | |||
Accumulated depreciation and amortization | 7,667 | |||
Real Estate | Retail Site | Totowa, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,729 | |||
Initial cost to company | ||||
Land | 120 | |||
Building and improvements | 11,994 | |||
Costs capitalized subsequent to acquisition | 5,544 | |||
Gross amount at which carried at close of period | ||||
Land | 92 | |||
Building and improvements | 17,566 | |||
Total | 17,658 | |||
Accumulated depreciation and amortization | 13,722 | |||
Real Estate | Retail Site | Turnersville, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 900 | |||
Building and improvements | 1,342 | |||
Costs capitalized subsequent to acquisition | 1,708 | |||
Gross amount at which carried at close of period | ||||
Land | 900 | |||
Building and improvements | 3,049 | |||
Total | 3,949 | |||
Accumulated depreciation and amortization | 2,228 | |||
Real Estate | Retail Site | Tyson's Corner (Ground And Building Leased Through 2035), VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Retail Site | Union (2445 Springfield Avenue), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,148 | |||
Initial cost to company | ||||
Land | 19,700 | |||
Building and improvements | 45,090 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 19,700 | |||
Building and improvements | 45,090 | |||
Total | 64,790 | |||
Accumulated depreciation and amortization | 10,802 | |||
Real Estate | Retail Site | Union (Route 22 and Morris Avenue), NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,668 | |||
Initial cost to company | ||||
Land | 3,025 | |||
Building and improvements | 7,470 | |||
Costs capitalized subsequent to acquisition | 3,634 | |||
Gross amount at which carried at close of period | ||||
Land | 3,025 | |||
Building and improvements | 11,104 | |||
Total | 14,129 | |||
Accumulated depreciation and amortization | 5,978 | |||
Real Estate | Retail Site | Vallejo (Ground Leased Through 2043), CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 2,945 | |||
Costs capitalized subsequent to acquisition | 221 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,166 | |||
Total | 3,166 | |||
Accumulated depreciation and amortization | 863 | |||
Real Estate | Retail Site | Walnut Creek (1149 South Main Street), CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 2,699 | |||
Building and improvements | 19,930 | |||
Costs capitalized subsequent to acquisition | (1,112) | |||
Gross amount at which carried at close of period | ||||
Land | 2,699 | |||
Building and improvements | 18,818 | |||
Total | 21,517 | |||
Accumulated depreciation and amortization | 219 | |||
Real Estate | Retail Site | Walnut Creek (Mt. Diablo), CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 5,909 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 1,691 | |||
Gross amount at which carried at close of period | ||||
Land | 5,908 | |||
Building and improvements | 1,692 | |||
Total | 7,600 | |||
Accumulated depreciation and amortization | 306 | |||
Real Estate | Retail Site | Watchung, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,828 | |||
Initial cost to company | ||||
Land | 4,178 | |||
Building and improvements | 5,463 | |||
Costs capitalized subsequent to acquisition | 2,774 | |||
Gross amount at which carried at close of period | ||||
Land | 4,441 | |||
Building and improvements | 7,974 | |||
Total | 12,415 | |||
Accumulated depreciation and amortization | 4,916 | |||
Real Estate | Retail Site | West Babylon, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,720 | |||
Building and improvements | 13,786 | |||
Costs capitalized subsequent to acquisition | 712 | |||
Gross amount at which carried at close of period | ||||
Land | 6,720 | |||
Building and improvements | 14,498 | |||
Total | 21,218 | |||
Accumulated depreciation and amortization | 3,121 | |||
Real Estate | Retail Site | Wheaton (Ground Leased Through 2060), MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 5,367 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 5,367 | |||
Total | 5,367 | |||
Accumulated depreciation and amortization | 1,375 | |||
Real Estate | Retail Site | Wilkes Barre (461 - 499 Mundy Street), PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 6,053 | |||
Building and improvements | 26,646 | |||
Costs capitalized subsequent to acquisition | 1,146 | |||
Gross amount at which carried at close of period | ||||
Land | 6,053 | |||
Building and improvements | 27,792 | |||
Total | 33,845 | |||
Accumulated depreciation and amortization | 6,501 | |||
Real Estate | Retail Site | Woodbridge, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,957 | |||
Initial cost to company | ||||
Land | 1,509 | |||
Building and improvements | 2,675 | |||
Costs capitalized subsequent to acquisition | 2,526 | |||
Gross amount at which carried at close of period | ||||
Land | 1,539 | |||
Building and improvements | 5,171 | |||
Total | 6,710 | |||
Accumulated depreciation and amortization | 2,741 | |||
Real Estate | Retail Site | Wyomissing (Ground And Building Leased Through 2065), PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 2,646 | |||
Costs capitalized subsequent to acquisition | 1,869 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 4,515 | |||
Total | 4,515 | |||
Accumulated depreciation and amortization | 3,348 | |||
Real Estate | Retail Site | York, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,777 | |||
Initial cost to company | ||||
Land | 409 | |||
Building and improvements | 2,568 | |||
Costs capitalized subsequent to acquisition | 1,452 | |||
Gross amount at which carried at close of period | ||||
Land | 409 | |||
Building and improvements | 4,020 | |||
Total | 4,429 | |||
Accumulated depreciation and amortization | 3,192 | |||
Real Estate | Warehouse | East Hanover - Five Buildings, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 576 | |||
Building and improvements | 7,752 | |||
Costs capitalized subsequent to acquisition | 29,694 | |||
Gross amount at which carried at close of period | ||||
Land | 691 | |||
Building and improvements | 37,332 | |||
Total | 38,023 | |||
Accumulated depreciation and amortization | 16,196 | |||
Leasehold Improvements, Equipment and Other | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 4,993 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 4,993 | |||
Total | 4,993 | |||
Leasehold Improvements, Equipment and Other | Bronx (Bruckner Boulevard), NY [Member] | ||||
Gross amount at which carried at close of period | ||||
Accumulated depreciation and amortization | $ 1,110 | |||
Buildings & improvements | ||||
Gross amount at which carried at close of period | ||||
Life used for depreciation | 40 years | |||
Minimum | ||||
Gross amount at which carried at close of period | ||||
Life used for depreciation | 3 years | |||
Maximum | ||||
Gross amount at which carried at close of period | ||||
Life used for depreciation | 40 years |
Schedule III - Real Estate an84
Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate | |||
Balance at the beginning of the period | $ 2,084,642 | $ 2,022,804 | $ 1,984,172 |
Real estate before impairments and assets written-off | 2,152,859 | 2,095,230 | 2,025,416 |
Less: Impairments and assets sold or written-off | (14,359) | (10,588) | (2,612) |
Balance at the end of the period | 2,138,500 | 2,084,642 | 2,022,804 |
Accumulated Depreciation | |||
Balance at the beginning of the period | 541,077 | 509,112 | 467,503 |
Additions charged to operating expenses | 42,989 | 52,197 | 48,359 |
Accumulated depreciation before depreciation of assets written-off | (552,101) | (519,700) | (470,115) |
Less: Accumulated depreciation on assets written-off | 11,024 | 10,588 | 2,612 |
Balance at the end of the period | 509,112 | 467,503 | 421,756 |
Land | |||
Real Estate | |||
Additions during the period | 2,667 | 10,984 | 6,077 |
Buildings & improvements | |||
Real Estate | |||
Additions during the period | 18,316 | 8,840 | 31,998 |
Construction in progress | |||
Real Estate | |||
Additions during the period | $ 47,234 | $ 52,602 | $ 3,169 |