Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 114,333,219 | ||
Entity Public Float | $ 2,568,025,897 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate, at cost: | ||
Land | $ 525,819 | $ 521,669 |
Buildings and improvements | 2,156,113 | 2,010,527 |
Construction in progress | 80,385 | 133,761 |
Furniture, fixtures and equipment | 6,675 | 5,897 |
Total | 2,768,992 | 2,671,854 |
Accumulated depreciation and amortization | (645,872) | (587,127) |
Real estate, net | 2,123,120 | 2,084,727 |
Cash and cash equivalents | 440,430 | 490,279 |
Restricted cash | 17,092 | 10,562 |
Tenant and other receivables, net of allowance for doubtful accounts of $6,485 and $4,937, respectively | 28,563 | 20,078 |
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $662 and $494, respectively | 84,903 | 85,843 |
Identified intangible assets, net of accumulated amortization of $38,905 and $33,827, respectively | 68,422 | 87,249 |
Deferred leasing costs, net of accumulated amortization of $16,043 and $14,796, respectively | 21,277 | 20,268 |
Deferred financing costs, net of accumulated amortization of $2,508 and $1,740, respectively | 2,219 | 3,243 |
Prepaid expenses and other assets | 12,968 | 18,559 |
Total assets | 2,798,994 | 2,820,808 |
Liabilities: | ||
Mortgages payable, net | 1,550,242 | 1,564,542 |
Accounts payable and accrued expenses | 98,517 | 84,766 |
Identified intangible liabilities, net of accumulated amortization of $64,252 and $65,832, respectively | 144,258 | 180,959 |
Total liabilities | 1,793,017 | 1,830,267 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares: $0.01 par value; 500,000,000 shares authorized and 114,175,607 and 113,827,529 shares issued and outstanding, respectively | 1,143 | 1,138 |
Additional paid-in capital | 956,420 | 946,402 |
Accumulated deficit | (52,857) | (57,621) |
Noncontrolling interests: | ||
Operating partnership | 100,822 | 100,218 |
Partners’ capital: | ||
Consolidated subsidiaries | 449 | 404 |
Total equity | 1,005,977 | 990,541 |
Total liabilities and equity | 2,798,994 | 2,820,808 |
Urban Edge Properties LP | ||
Real estate, at cost: | ||
Land | 525,819 | 521,669 |
Buildings and improvements | 2,156,113 | 2,010,527 |
Construction in progress | 80,385 | 133,761 |
Furniture, fixtures and equipment | 6,675 | 5,897 |
Total | 2,768,992 | 2,671,854 |
Accumulated depreciation and amortization | (645,872) | (587,127) |
Real estate, net | 2,123,120 | 2,084,727 |
Cash and cash equivalents | 440,430 | 490,279 |
Restricted cash | 17,092 | 10,562 |
Tenant and other receivables, net of allowance for doubtful accounts of $6,485 and $4,937, respectively | 28,563 | 20,078 |
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $662 and $494, respectively | 84,903 | 85,843 |
Identified intangible assets, net of accumulated amortization of $38,905 and $33,827, respectively | 68,422 | 87,249 |
Deferred leasing costs, net of accumulated amortization of $16,043 and $14,796, respectively | 21,277 | 20,268 |
Deferred financing costs, net of accumulated amortization of $2,508 and $1,740, respectively | 2,219 | 3,243 |
Prepaid expenses and other assets | 12,968 | 18,559 |
Total assets | 2,798,994 | 2,820,808 |
Liabilities: | ||
Mortgages payable, net | 1,550,242 | 1,564,542 |
Accounts payable and accrued expenses | 98,517 | 84,766 |
Identified intangible liabilities, net of accumulated amortization of $64,252 and $65,832, respectively | 144,258 | 180,959 |
Total liabilities | 1,793,017 | 1,830,267 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Accumulated deficit | (57,482) | (62,898) |
Partners’ capital: | ||
General partner: 114,175,607 and 113,827,529 units outstanding, respectively | 957,563 | 947,540 |
Limited partners: 12,908,526 and 12,812,954 units outstanding, respectively | 105,447 | 105,495 |
Total partners’ capital | 1,005,528 | 990,137 |
Consolidated subsidiaries | 449 | 404 |
Total equity | 1,005,977 | 990,541 |
Total liabilities and equity | $ 2,798,994 | $ 2,820,808 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ 6,486 | $ 4,937 |
Allowance for doubtful accounts, rents receivable | 134 | 494 |
Accumulated amortization, identified intangible assets | 39,526 | 33,827 |
Accumulated amortization, deferred leasing costs | 16,826 | 14,796 |
Accumulated amortization, deferred financing costs | 2,764 | 1,740 |
Accumulated amortization, identified intangible liabilities | $ 65,058 | $ 65,832 |
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) | 114,345,565 | 113,827,529 |
Common stock, shares, outstanding (in shares) | 114,345,565 | 113,827,529 |
Urban Edge Properties LP | ||
Allowance for doubtful accounts | $ 6,486 | $ 4,937 |
Allowance for doubtful accounts, rents receivable | 134 | 494 |
Accumulated amortization, identified intangible assets | 39,526 | 33,827 |
Accumulated amortization, deferred leasing costs | 16,826 | 14,796 |
Accumulated amortization, deferred financing costs | 2,764 | 1,740 |
Accumulated amortization, identified intangible liabilities | $ 65,058 | $ 65,832 |
Common stock, shares, outstanding (in shares) | 114,345,565 | 113,827,529 |
Limited partners, units outstanding (in units) | 12,736,633 | 12,812,954 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUE | |||
Property rentals | $ 411,298 | $ 365,082 | $ 321,719 |
Total revenue | 414,160 | 407,042 | 325,976 |
EXPENSES | |||
Depreciation and amortization | 99,422 | 82,281 | 56,145 |
Real estate taxes | 63,655 | 59,737 | 51,429 |
Property operating | 74,222 | 50,894 | 45,280 |
General and administrative | 34,984 | 30,691 | 28,843 |
Casualty and impairment loss (gain), net | 4,426 | 7,382 | 0 |
Ground rent | 11,448 | 10,848 | 10,047 |
Provision for doubtful accounts | 4,138 | 3,445 | 1,214 |
Total expenses | 292,295 | 245,278 | 192,958 |
Operating income | 121,865 | 161,764 | 133,018 |
Gain on sale of real estate | 52,625 | 202 | 15,618 |
Interest income | 8,336 | 2,248 | 679 |
Interest and debt expense | (64,868) | (56,218) | (51,881) |
Gain (loss) on extinguishment of debt | 2,524 | (35,336) | 0 |
Income before income taxes | 120,482 | 72,660 | 97,434 |
Income tax expense | (3,519) | 278 | (804) |
Net income | 116,963 | 72,938 | 96,630 |
Less net income attributable to noncontrolling interests in: | |||
Operating partnership | (11,768) | (5,824) | (5,812) |
Consolidated subsidiaries | (45) | (44) | (3) |
Net income (loss) attributable to common shareholders | $ 105,150 | $ 67,070 | $ 90,815 |
Earnings per common share - Basic (in dollars per share) | $ 0.92 | $ 0.62 | $ 0.91 |
Earnings per common share - Diluted (in dollars per share) | $ 0.92 | $ 0.61 | $ 0.91 |
Weighted average shares outstanding - Basic (in shares) | 113,863 | 107,132 | 99,364 |
Weighted average shares outstanding - Diluted (in shares) | 114,051 | 118,390 | 99,794 |
Management and development fees | |||
REVENUE | |||
Revenues from contract with customer | $ 1,469 | $ 1,535 | $ 1,759 |
Income from acquired leasehold interest | |||
REVENUE | |||
Revenues from contract with customer | 0 | 39,215 | 0 |
Other income | |||
REVENUE | |||
Revenues from contract with customer | 1,393 | 1,210 | 2,498 |
Urban Edge Properties LP | |||
REVENUE | |||
Property rentals | 411,298 | 365,082 | 321,719 |
Total revenue | 414,160 | 407,042 | 325,976 |
EXPENSES | |||
Depreciation and amortization | 99,422 | 82,281 | 56,145 |
Real estate taxes | 63,655 | 59,737 | 51,429 |
Property operating | 74,222 | 50,894 | 45,280 |
General and administrative | 34,984 | 30,691 | 28,843 |
Casualty and impairment loss (gain), net | 4,426 | 7,382 | 0 |
Ground rent | 11,448 | 10,848 | 10,047 |
Provision for doubtful accounts | 4,138 | 3,445 | 1,214 |
Total expenses | 292,295 | 245,278 | 192,958 |
Operating income | 121,865 | 161,764 | 133,018 |
Gain on sale of real estate | 52,625 | 202 | 15,618 |
Interest income | 8,336 | 2,248 | 679 |
Interest and debt expense | (64,868) | (56,218) | (51,881) |
Gain (loss) on extinguishment of debt | 2,524 | (35,336) | 0 |
Income before income taxes | 120,482 | 72,660 | 97,434 |
Income tax expense | (3,519) | 278 | (804) |
Net income | 116,963 | 72,938 | 96,630 |
Less net income attributable to noncontrolling interests in: | |||
Consolidated subsidiaries | (45) | (44) | (3) |
Net income (loss) attributable to common shareholders | $ 116,918 | $ 72,894 | $ 96,627 |
Earnings per common share - Basic (in dollars per share) | $ 0.92 | $ 0.62 | $ 0.91 |
Earnings per common share - Diluted (in dollars per share) | $ 0.92 | $ 0.61 | $ 0.91 |
Weighted average shares outstanding - Basic (in shares) | 126,198 | 117,779 | 105,455 |
Weighted average shares outstanding - Diluted (in shares) | 126,386 | 118,390 | 106,099 |
Urban Edge Properties LP | Management and development fees | |||
REVENUE | |||
Revenues from contract with customer | $ 1,469 | $ 1,535 | $ 1,759 |
Urban Edge Properties LP | Income from acquired leasehold interest | |||
REVENUE | |||
Revenues from contract with customer | 0 | 39,215 | 0 |
Urban Edge Properties LP | Other income | |||
REVENUE | |||
Revenues from contract with customer | $ 1,393 | $ 1,210 | $ 2,498 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Urban Edge Properties LP | Urban Edge Properties LPAccumulated Earnings (Deficit) | Urban Edge Properties LPConsolidated Subsidiaries | Urban Edge Properties LPGeneral Partner | Urban Edge Properties LPLimited Partners | Common Shares | Additional Paid-In Capital | Accumulated Earnings (Deficit) | Operating Partnership | Consolidated Subsidiaries |
Beginning balance (in shares) at Dec. 31, 2015 | 99,290,952 | 6,150,224 | 99,290,952 | ||||||||
Beginning balance at Dec. 31, 2015 | $ 471,454 | $ 471,454 | $ (40,813) | $ 357 | $ 476,362 | $ 35,548 | $ 993 | $ 475,369 | $ (38,442) | $ 33,177 | $ 357 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income 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 (in shares) | 465,534 | ||||||||||
Common units issued as a result of common shares issued by Urban Edge | 8,949 | (348) | $ 9,297 | ||||||||
Limited partnership units issued, net (in shares) | 228,480 | ||||||||||
Limited partnership units issued, net | 0 | ||||||||||
Common shares issued (in shares) | 465,534 | ||||||||||
Common shares issued | 8,949 | $ 4 | 9,293 | (348) | |||||||
Dividends to common shareholders ($0.66 per share) | (81,240) | (81,240) | |||||||||
Distributions to redeemable NCI ($0.66 per unit) | (5,071) | (5,071) | |||||||||
Distributions to Partners ($0.66 per unit) | (86,311) | (86,311) | |||||||||
Share-based compensation expense | 5,433 | 5,433 | 149 | $ 3,751 | $ 1,533 | 3,751 | 149 | 1,533 | |||
Share-based awards retained for taxes (in shares) | (1,586) | (1,586) | |||||||||
Share-based awards retained for taxes | (38) | (38) | $ (38) | (38) | |||||||
Ending balance (in shares) at Dec. 31, 2016 | 99,754,900 | 6,378,704 | 99,754,900 | ||||||||
Ending balance at Dec. 31, 2016 | 496,117 | 496,117 | (30,696) | 360 | $ 489,372 | $ 37,081 | $ 997 | 488,375 | (29,066) | 35,451 | 360 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income attributable to common shareholders | 67,070 | 72,894 | 72,894 | 67,070 | |||||||
Net income attributable to noncontrolling interests | 5,868 | 44 | 44 | 5,824 | 44 | ||||||
Common units issued as a result of common shares issued by Urban Edge (in shares) | 14,083,137 | ||||||||||
Common units issued as a result of common shares issued by Urban Edge | 348,404 | (319) | $ 348,723 | ||||||||
Limited partnership units issued, net (in shares) | 6,434,250 | ||||||||||
Limited partnership units issued, net | 171,084 | 171,084 | 105,200 | $ 65,884 | 105,200 | 65,884 | |||||
Common shares issued (in shares) | 14,083,137 | ||||||||||
Common shares issued | 348,404 | $ 141 | 348,582 | (319) | |||||||
Dividends to common shareholders ($0.66 per share) | (95,381) | (95,381) | |||||||||
Distributions to redeemable NCI ($0.66 per unit) | (9,471) | (9,471) | |||||||||
Distributions to Partners ($0.66 per unit) | (104,852) | (104,852) | |||||||||
Share-based compensation expense | 7,137 | 7,137 | 75 | $ 4,532 | $ 2,530 | 4,532 | 75 | 2,530 | |||
Share-based awards retained for taxes (in shares) | (10,508) | (10,508) | |||||||||
Share-based awards retained for taxes | $ (287) | $ (287) | $ (287) | (287) | |||||||
Ending balance (in shares) at Dec. 31, 2017 | 113,827,529 | 113,827,529 | 113,827,529 | 12,812,954 | 113,827,529 | ||||||
Ending balance at Dec. 31, 2017 | $ 990,541 | $ 990,541 | (62,898) | 404 | $ 947,540 | $ 105,495 | $ 1,138 | 946,402 | (57,621) | 100,218 | 404 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income attributable to common shareholders | 105,150 | 116,918 | 116,918 | 105,150 | |||||||
Net income attributable to noncontrolling interests | 11,813 | 45 | 45 | 11,768 | 45 | ||||||
Common units issued as a result of common shares issued by Urban Edge (in shares) | 106,116 | ||||||||||
Common units issued as a result of common shares issued by Urban Edge | 477 | (172) | $ 649 | ||||||||
Units redeemed for common shares (in shares) | 429,110 | (429,110) | 429,110 | ||||||||
Units redeemed for common shares | 3,504 | 3,504 | $ 3,504 | $ 4 | 3,500 | ||||||
Limited partnership units issued, net (in shares) | 352,789 | ||||||||||
Limited partnership units issued, net | 0 | ||||||||||
Reallocation of noncontrolling interests | (3,504) | (3,504) | 1,263 | $ (4,767) | 1,263 | (4,767) | |||||
Common shares issued (in shares) | 106,116 | ||||||||||
Common shares issued | 477 | $ 2 | 647 | (172) | |||||||
Dividends to common shareholders ($0.66 per share) | (100,244) | (100,244) | |||||||||
Distributions to redeemable NCI ($0.66 per unit) | (11,116) | (11,116) | |||||||||
Distributions to Partners ($0.66 per unit) | (111,360) | (111,360) | |||||||||
Share-based compensation expense | 9,741 | 9,741 | 30 | $ 4,992 | $ 4,719 | 4,992 | 30 | 4,719 | |||
Share-based awards retained for taxes (in shares) | (17,190) | (17,190) | |||||||||
Share-based awards retained for taxes | $ (385) | $ (385) | $ (385) | $ (1) | (384) | ||||||
Ending balance (in shares) at Dec. 31, 2018 | 114,345,565 | 114,345,565 | 114,345,565 | 12,736,633 | 114,345,565 | ||||||
Ending balance at Dec. 31, 2018 | $ 1,005,977 | $ 1,005,977 | $ (57,482) | $ 449 | $ 957,563 | $ 105,447 | $ 1,143 | $ 956,420 | $ (52,857) | $ 100,822 | $ 449 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends on common shares (in dollars per share) | $ 0.88 | $ 0.88 | $ 0.82 |
Distributions to redeemable NCI (in dollars per unit) | $ 0.88 | 0.88 | 0.82 |
Limited Partners | Urban Edge Properties LP | |||
Noncontrolling interest percentage | 10.00% | ||
Accumulated Earnings (Deficit) | Urban Edge Properties LP | |||
Dividends on common shares (in dollars per share) | $ 0.88 | $ 0.88 | $ 0.82 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 116,963 | $ 72,938 | $ 96,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 100,063 | 82,511 | 57,178 |
Income from acquired leasehold interest | 0 | (39,215) | 0 |
Casualty and impairment loss | 5,574 | 5,637 | 0 |
Gain on sale of real estate | (52,625) | (202) | (15,618) |
(Gain) loss on extinguishment of debt | (2,524) | 35,336 | 0 |
Amortization of deferred financing costs | 2,879 | 2,876 | 2,830 |
Amortization of below market leases, net | (33,975) | (9,502) | (7,776) |
Straight-lining of rent | (735) | 352 | 227 |
Share-based compensation expense | 9,741 | 7,137 | 5,433 |
Provision for doubtful accounts | 4,138 | 3,445 | 1,214 |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (13,327) | (13,749) | (78) |
Deferred leasing costs | (4,675) | (4,110) | (3,815) |
Prepaid and other assets | 1,867 | (4,432) | 141 |
Accounts payable and accrued expenses | 3,676 | 18,876 | 883 |
Net cash provided by operating activities | 137,040 | 157,898 | 137,249 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Real estate development and capital improvements | (118,765) | (89,344) | (69,901) |
Acquisition of real estate | (4,931) | (211,393) | (9,267) |
Proceeds from sale of operating properties | 57,593 | 5,005 | 19,938 |
Insurance proceeds | 1,300 | 0 | 0 |
Net cash used in investing activities | (64,803) | (295,732) | (59,230) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Debt repayments | (4,288) | (129,640) | (38,458) |
Dividends to common shareholders | (100,244) | (95,381) | (81,240) |
Distributions to redeemable noncontrolling interests | (11,116) | (9,471) | (5,071) |
Debt issuance costs | 0 | (13,193) | 0 |
Taxes withheld for vested restricted shares | (385) | (287) | (38) |
Payment on extinguishment of debt | 0 | (1,138) | 0 |
Purchase of marketable securities in connection with debt defeasance | 0 | (536,505) | 0 |
Proceeds related to the issuance of common shares | 477 | 348,404 | 8,949 |
Proceeds from borrowings | 0 | 935,700 | 0 |
Net cash (used in) provided by financing activities | (115,556) | 498,489 | (115,858) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (43,319) | 360,655 | (37,839) |
Cash and cash equivalents and restricted cash at beginning of period | 500,841 | 140,186 | 178,025 |
Cash and cash equivalents and restricted cash at end of period | 457,522 | 500,841 | 140,186 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payment for interest, includes amounts capitalized of $2,769 and $2,912, respectively | 65,699 | 55,140 | 51,137 |
Cash payments for income taxes | 757 | 1,237 | 1,277 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures included in accounts payable and accrued expenses | 25,661 | 14,651 | 12,492 |
Mortgage debt forgiven in foreclosure sale | 24,307 | 0 | 0 |
Write-off of fully depreciated assets | 11,537 | 3,286 | 4,585 |
Acquisition of real estate through issuance of OP units | 0 | 171,084 | 0 |
Acquisition of real estate through assumption of debt | 0 | 69,659 | 0 |
Marketable securities transferred in connection with debt defeasance | 0 | 536,590 | 0 |
Defeasance of mortgages payable | 0 | (505,473) | 0 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents and restricted cash at end of period | 500,841 | 140,186 | 178,025 |
Urban Edge Properties LP | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 116,963 | 72,938 | 96,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 100,063 | 82,511 | 57,178 |
Income from acquired leasehold interest | 0 | (39,215) | 0 |
Casualty and impairment loss | 5,574 | 5,637 | 0 |
Gain on sale of real estate | (52,625) | (202) | (15,618) |
(Gain) loss on extinguishment of debt | (2,524) | 35,336 | 0 |
Amortization of deferred financing costs | 2,879 | 2,876 | 2,830 |
Amortization of below market leases, net | (33,975) | (9,502) | (7,776) |
Straight-lining of rent | (735) | 352 | 227 |
Share-based compensation expense | 9,741 | 7,137 | 5,433 |
Provision for doubtful accounts | 4,138 | 3,445 | 1,214 |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (13,327) | (13,749) | (78) |
Deferred leasing costs | (4,675) | (4,110) | (3,815) |
Prepaid and other assets | 1,867 | (4,432) | 141 |
Accounts payable and accrued expenses | 3,676 | 18,876 | 883 |
Net cash provided by operating activities | 137,040 | 157,898 | 137,249 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Real estate development and capital improvements | (118,765) | (89,344) | (69,901) |
Acquisition of real estate | (4,931) | (211,393) | (9,267) |
Proceeds from sale of operating properties | 57,593 | 5,005 | 19,938 |
Insurance proceeds | 1,300 | 0 | 0 |
Net cash used in investing activities | (64,803) | (295,732) | (59,230) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Debt repayments | (4,288) | (129,640) | (38,458) |
Distributions to partners | (111,360) | (104,852) | (86,311) |
Debt issuance costs | 0 | (13,193) | 0 |
Taxes withheld for vested restricted shares | (385) | (287) | (38) |
Payment on extinguishment of debt | 0 | (1,138) | 0 |
Purchase of marketable securities in connection with debt defeasance | 0 | (536,505) | 0 |
Proceeds related to the issuance of common shares | 477 | 348,404 | 8,949 |
Proceeds from borrowings | 0 | 935,700 | 0 |
Net cash (used in) provided by financing activities | (115,556) | 498,489 | (115,858) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (43,319) | 360,655 | (37,839) |
Cash and cash equivalents and restricted cash at beginning of period | 500,841 | 140,186 | 178,025 |
Cash and cash equivalents and restricted cash at end of period | 457,522 | 500,841 | 140,186 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payment for interest, includes amounts capitalized of $2,769 and $2,912, respectively | 65,699 | 55,140 | 51,137 |
Cash payments for income taxes | 757 | 1,237 | 1,277 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures included in accounts payable and accrued expenses | 25,661 | 14,651 | 12,492 |
Mortgage debt forgiven in foreclosure sale | 11,537 | 0 | 0 |
Write-off of fully depreciated assets | 24,307 | 3,286 | 4,585 |
Acquisition of real estate through issuance of OP units | 0 | 171,084 | 0 |
Acquisition of real estate through assumption of debt | 0 | 69,659 | 0 |
Marketable securities transferred in connection with debt defeasance | 0 | 536,590 | 0 |
Defeasance of mortgages payable | 0 | (505,473) | 0 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents and restricted cash at end of period | $ 500,841 | $ 140,186 | $ 178,025 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Capitalized interest | $ 3,313 | $ 3,926 | $ 3,763 |
Urban Edge Properties LP | |||
Capitalized interest | $ 3,313 | $ 3,926 | $ 3,763 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2018 | |
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 focused on managing, developing, redeveloping, and acquiring retail real estate in urban communities, primarily in the New York metropolitan area. Urban Edge Properties LP (“UELP” or the “Operating Partnership”) is a Delaware limited partnership formed to serve as UE’s majority-owned partnership subsidiary and to own, through affiliates, all of our real estate properties and other assets. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries. The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership (“OP Units”). As of December 31, 2018 , Urban Edge owned approximately 90.0% of the outstanding common OP Units with the remaining limited OP Units held by Vornado Realty L.P., members of management, our Board of Trustees and contributors of property interests acquired (“third-party unitholders”). Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. As of December 31, 2018 , our portfolio consisted of 83 shopping centers, four malls and a warehouse park totaling approximately 16.3 million sf. |
BASIS OF PRESENTATION AND PRINC
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION | BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for annual financial information and with the instructions of Form 10-K. The consolidated financial statements as of and for the years ended December 31, 2018 , 2017 and 2016 reflect the consolidation of the Company, the Operating Partnership, wholly-owned subsidiaries and those entities in which we have a controlling financial interest. All intercompany transactions have been eliminated in consolidation. In accordance with ASC 205 Presentation of Financial Statements, the Company reclassified its Property rental and Tenant reimbursement income to Rental revenue on its consolidated statement of income for the years ended December 31, 2018, 2017, and 2016, respectively, as reflected in this Form 10-K. Additionally, in accordance with ASC 205, the Company reclassified Accounts payable and accrued expenses and Other liabilities to Accounts payable, accrued expenses and other liabilities on its consolidated balance sheets for the years ended December 31, 2018 and 2017, respectively, as reflected in this Form 10-K. Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers and malls. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. The Company’s chief operating decision maker reviews 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, 2018 | |
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 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 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. 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. 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 on a relative fair value basis. 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. 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 financial statements. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Real Estate Held For Sale — When a real estate asset is identified by management as held for sale, we cease depreciation of the asset and estimate its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. During the year ended December 31, 2017 , we recognized a $3.5 million impairment charge on our property classified as held for sale in Eatontown, NJ. Refer to Note 4, Acquisitions and dispositions in Part II, Item 8. in this Annual Report on Form 10-K. Cash and Cash Equivalents — Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). To date we have not experienced any losses on our invested cash. 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 revolving credit agreement. Revenue Recognition — We have the following revenue sources and revenue recognition policies: • Rental revenue comprises revenue from property rentals and tenant expense reimbursements, as designated within tenant operating leases. ◦ Property Rentals: We generate revenue from minimum lease payments from tenant operating leases. These rents are recognized over the noncancelable terms of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases in accordance with ASC 840 Leases . We satisfy our performance obligations over time, under the noncancelable lease term, commencing 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 remaining term of the lease. The underlying leased asset remains on our consolidated balance sheet and continues to depreciate. In addition to minimum lease payments, certain rental income derived from our tenant leases is contingent and dependent on percentage rent. Percentage rents are earned by the Company in the event the tenant's gross sales exceed certain amounts. Terms of percentage rent are agreed upon in the tenant's lease and will vary based on the tenant's sales. ◦ Tenant expense reimbursements: In accordance with ASC 840, revenue arises 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 period the expenses are incurred. • Income from acquired leasehold interest: Income from acquired leasehold interest was revenue generated in connection with the write-off of an unamortized intangible liability balance related to the below-market ground lease as well as the balance of the straight-line receivable balance, upon acquisition of the leasehold interest of the property. This revenue was recognized in accordance with ASC 840. • Other Income: Other income is generated in connection with certain services provided to tenants for which we earn a fee. This revenue is recognized as the services are transferred in accordance with ASC 606, with the exception of lease termination fee income, which is recognized when received in accordance with ASC 840. • Management and development fees: We generate management and development fee income from contractual property management agreements with third parties. This revenue is recognized as the services are transferred in accordance with ASC 606. Noncontrolling Interests — Noncontrolling interests in consolidated subsidiaries 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. Noncontrolling interests in Operating Partnership include OP units and limited partnership interests in the Operating Partnership in the form of long-term incentive plan (“LTIP”) unit awards classified as equity. 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 which do not have the obligation to absorb expected losses, do not have the right to receive expected residual returns, or 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 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, deferred share 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 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 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, 2018 . As of December 31, 2018 , The Home Depot was our largest tenant with seven stores which comprised an aggregate of 920,000 sf and accounted for approximately $22.6 million , or 5.5% of our total revenue for the year ended December 31, 2018 . Recently Issued Accounting Literature Effective January 1, 2018, we adopted (“ASU 2017-09”) Scope of Modification Accounting , which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting will not apply if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. We applied these amendments prospectively to awards modified on and after the adoption date. The adoption of this standard resulted in no impact to our consolidated financial statements. If we encounter a change to the terms or conditions of any of our share-based payment awards we will evaluate the need to apply modification accounting based on the new guidance. The general treatment for modifications of share-based payment awards is to record the incremental value arising from the change as additional compensation cost in the period of modification. Effective January 1, 2018, we adopted (“ASU 2017-05”) Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, to clarify the scope and accounting for derecognition of nonfinancial assets using the modified retrospective approach. ASU 2017-05 eliminated the guidance specific to real estate sales and partial sales of real estate. ASU 2017-05 defines “in-substance nonfinancial assets” and includes guidance on partial sales of nonfinancial assets. The adoption of this standard resulted in no material impact to our consolidated financial statements. Effective January 1, 2018, we adopted (“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. We adopted the standard using the modified retrospective approach which requires applying the new standard to all existing contracts not yet completed as of the effective date. We have completed our evaluation of the standard’s impact on our revenue sources. The adoption of this standard did not have a material impact on our consolidated financial statements. Effective for the fiscal period beginning January 1, 2019, we adopted (“ASU 2016-02”) Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). We initially applied the standard at the beginning of the period of adoption through the transition method issued by (“ASU 2018-11”) Leases: Targeted Improvements . The new standard requires lessees to apply a two-model approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for the leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. We have completed our evaluation of the standard’s impact on the Company’s consolidated financial statements and accounting policies. For purposes of transition, we did not elect the hindsight practical expedient but did elect the practical expedient package, which has been applied consistently to all of our leases. From a lessee perspective, the adoption will result in the recognition of a right-of-use ("ROU") asset and lease liability for 24 leases of approximately $100 million , which will be presented on our consolidated balance sheet beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019. The standard's adoption will also impact the presentation of our consolidated income statement beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019, due to accounting for the lease and non-lease components as a single lease component, which will be presented as "lease expense" on the consolidated statement of income. Prior to the adoption of ASC 842, related lease expense amounts were recognized within ground rent and general administrative expenses on the consolidated statement of income. From a lessor perspective, the adoption will also result in additional general and administrative expenses, attributable to internal leasing department costs not meeting the definition of initial direct costs under ASC 842. Capitalized internal leasing costs were $0.7 million for the year ended December 31, 2018. The adoption of this standard will also result in additional quantitative and qualitative footnote disclosures beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on our consolidated financial statements. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS During the year ended December 31, 2018 and December 31, 2017 , we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (in thousands) January 26, 2018 938 Spring Valley Road Maywood NJ 2,000 $ 719 February 23, 2018 116 Sunrise Highway Freeport NY 4,750 447 February 28, 2018 197 West Spring Valley Ave Maywood NJ 16,300 2,799 May 24, 2018 7 Francis Place Montclair NJ 3,000 966 2018 Total $ 4,931 (1) January 4, 2017 Yonkers Gateway Center Yonkers NY — (2) $ 51,902 January 17, 2017 Shops at Bruckner Bronx NY 114,000 32,269 February 2, 2017 Hudson Mall Jersey City NJ 383,000 44,273 May 24, 2017 Yonkers Gateway Center Yonkers NY 437,000 (2) 101,825 May 24, 2017 The Plaza at Cherry Hill Cherry Hill NJ 413,000 53,535 May 24, 2017 Manchester Plaza Manchester MO 131,000 20,162 May 24, 2017 Millburn Gateway Center Millburn NJ 102,000 45,583 May 24, 2017 21 E Broad St / One Lincoln Plaza Westfield NJ 22,000 10,158 May 25, 2017 The Plaza at Woodbridge Woodbridge NJ 411,000 103,962 2017 Total $ 463,669 (1) (1) The total purchase prices for the properties acquired in the year ended December 31, 2018 and December 31, 2017 , respectively, include $0.1 million and $11.3 million of transaction costs incurred in relation to the transactions. (2) On January 4, 2017, we acquired fee and leasehold interests, including the lessor position under an operating lease for the whole property. On May 24, 2017, we purchased the remaining fee and leasehold interests not previously acquired, including the lessee position under the operating lease for the whole property. The properties purchased during the year ended December 31, 2018 are all adjacent to centers currently owned by the Company. Consideration for these purchases consisted of cash. On January 4, 2017 , we acquired fee and leasehold interests in Yonkers Gateway Center for $51.9 million . Consideration for this purchase consisted of the issuance of $48.8 million in OP units and $2.9 million of cash. The total number of OP units issued was 1.8 million at a value of $27.09 per unit. Transaction costs associated with this acquisition were $0.2 million . On January 17, 2017 , we acquired the leasehold interest in the Shops at Bruckner for $32.3 million , consisting of the assumption of 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 our Bruckner Commons shopping center. We own the land under the Shops at Bruckner and had been leasing it to the seller under a ground lease that ran through September 2044. Concurrent with the acquisition, we wrote-off the unamortized intangible liability balance related to the below-market ground lease as well as the existing straight-line receivable balance. As a result, we recognized $39.2 million of income from acquired leasehold interest in the year ended December 31, 2017 . Transaction costs associated with this acquisition were $0.3 million . On February 2, 2017 , we acquired Hudson Mall, a 383,000 sf retail center in Jersey City, NJ adjacent to our existing Hudson Commons shopping center. Consideration for this purchase consisted of the assumption of the existing debt of $23.8 million and $19.9 million of cash. Transaction costs associated with this acquisition were $0.6 million . On May 24 and 25, 2017, we acquired the Portfolio comprising 1.5 million sf of gross leasable area, predominantly in the New York City metropolitan area, for $325 million excluding transaction costs. The Portfolio was privately owned for more than three decades and was 83% leased as of the date of acquisition. Consideration for this purchase consisted of the issuance of $122 million in OP units, the assumption of $33 million of existing mortgage debt, the issuance of $126 million of non-recourse, secured mortgage debt and $44 million of cash. The total number of OP units issued was 4.5 million at a value of $27.02 per unit. Transaction costs associated with this acquisition were $10.2 million . The aggregate purchase price of the above property acquisitions has been allocated as follows: Property Name Land Buildings and improvements Identified intangible assets (1) Identified intangible liabilities (1) Debt premium Total Purchase Price (in thousands) 938 Spring Valley Road $ 519 $ 200 $ — $ — $ — $ 719 116 Sunrise Highway 151 296 — — — 447 197 West Spring Valley Ave 1,768 1,031 — — — 2,799 7 Francis Place 381 585 — — — 966 2018 Total $ 2,819 $ 2,112 $ — $ — $ — $ 4,931 Yonkers Gateway Center $ 40,699 $ — $ 25,858 $ (14,655 ) $ — $ 51,902 Shops at Bruckner — 32,979 12,029 (12,709 ) (30 ) 32,269 Hudson Mall 15,824 37,593 9,930 (17,344 ) (1,730 ) 44,273 Yonkers Gateway Center 22,642 110,635 38,162 (68,694 ) (920 ) 101,825 The Plaza at Cherry Hill 14,602 33,666 7,800 (2,533 ) — 53,535 Manchester Plaza 4,409 13,756 3,256 (1,259 ) — 20,162 Millburn Gateway Center 15,783 25,387 5,360 (947 ) — 45,583 21 E Broad St / One Lincoln Plaza 5,728 4,305 679 (554 ) — 10,158 The Plaza at Woodbridge 21,547 75,017 11,596 (4,198 ) — 103,962 2017 Total $ 141,234 $ 333,338 $ 114,670 $ (122,893 ) $ (2,680 ) $ 463,669 (1) As of December 31, 2018 , the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2017 were 16.9 years and 15.1 years, respectively. As of December 31, 2017 , the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2017 were 17.9 years and 16.6 years, respectively. As of December 31, 2018, we were under contract to purchase an office building in Maywood, NJ, adjacent to our existing center, Bergen Town Center. The building is subject to a ground lease, which the Company will acquire the lessee position of for a purchase price of $7.1 million . The transaction is scheduled to close by the end of 2019. Dispositions On April 26, 2018 , we completed the sale of our property in Allentown, PA, which was previously classified as held for sale, for $54.3 million , net of selling costs. As a result of this transaction, we recognized a $50.4 million gain on sale of real estate during the year ended December 31, 2018 . On July 5, 2018 , we completed the sale of land in Cherry Hill, NJ for $3.3 million , net of selling costs, resulting in a gain of $2.2 million . On June 30, 2017, we completed the sale of our property previously classified as held for sale in Eatontown, NJ, for $4.8 million , net of selling costs. Prior to the sale, the book value of this property exceeded its estimated fair value less costs to sell, and as such, an impairment charge of $3.5 million was recognized in the year ended December 31, 2017. Our determination of fair value was based on the executed contract of sale with the third-party buyer. On September 8, 2017, we completed the sale of excess land in Kearny, NJ for $0.3 million , resulting in a gain of $0.2 million . |
IDENTIFIED INTANGIBLE ASSETS AN
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 In-place leases $ 75,454 $ 88,355 Accumulated amortization (24,713 ) (21,557 ) Below-market ground leases (1) 23,730 23,730 Accumulated amortization (11,791 ) (10,819 ) Above-market leases 7,129 7,356 Accumulated amortization (2,565 ) (1,228 ) Other intangible assets 1,635 1,635 Accumulated amortization (457 ) (223 ) Identified intangible assets, net of accumulated amortization 68,422 87,249 Below-market leases 209,316 246,791 Accumulated amortization (65,058 ) (65,832 ) Identified intangible liabilities, net of accumulated amortization $ 144,258 $ 180,959 (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 $34.0 million , $9.5 million , and $7.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Amortization of acquired in-place leases and customer relationships resulted in additional depreciation and amortization expense of $15.1 million , $9.3 million , $2.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Certain shopping centers are 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 for each of the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table sets forth the estimated annual amortization expense related to intangible assets and liabilities for the five succeeding years commencing January 1, 2019: (Amounts in thousands) Below-Market Above-Market Below-Market Year Operating Lease Income Operating Lease Expense In-Place Leases Ground Leases 2019 $ 10,005 $ 1,289 $ 7,431 $ 972 2020 9,837 1,014 6,194 972 2021 9,699 807 4,982 622 2022 9,622 433 4,049 590 2023 9,575 327 3,717 590 |
MORTGAGES PAYABLE
MORTGAGES PAYABLE | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
MORTGAGES PAYABLE | MORTGAGES PAYABLE The following is a summary of mortgages payable as of December 31, 2018 and December 31, 2017 . Interest Rate at December 31, December 31, (Amounts in thousands) Maturity December 31, 2018 2018 2017 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 3.95% $ 28,930 $ 28,930 Westfield (One Lincoln Plaza) (1) 5/24/2022 3.95% 4,730 4,730 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 3.95% 55,340 55,340 Jersey City (Hudson Commons) (2) 11/15/2024 4.25% 29,000 29,000 Watchung (2) 11/15/2024 4.25% 27,000 27,000 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 4.25% 24,500 24,500 Total variable rate debt 169,500 169,500 Fixed rate Montehiedra (senior loan) 7/6/2021 5.33% 84,860 86,236 Montehiedra (junior loan) 7/6/2021 3.00% 30,000 30,000 Bergen Town Center - West, Paramus 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 11,582 12,162 Jersey City (Hudson Mall) (5) 12/1/2023 5.07% 24,326 25,004 Yonkers Gateway Center (6) 4/6/2024 4.16% 31,704 33,227 Las Catalinas 8/6/2024 4.43% 130,000 130,000 Brick 12/10/2024 3.87% 50,000 50,000 North Plainfield 12/10/2025 3.99% 25,100 25,100 Middletown 12/1/2026 3.78% 31,400 31,400 Rockaway 12/1/2026 3.78% 27,800 27,800 East Hanover (200 - 240 Route 10 West) 12/10/2026 4.03% 63,000 63,000 North Bergen (Tonnelle Ave) (4) 4/1/2027 4.18% 100,000 100,000 Manchester 6/1/2027 4.32% 12,500 12,500 Millburn 6/1/2027 3.97% 24,000 24,000 Totowa 12/1/2027 4.33% 50,800 50,800 Woodbridge (Woodbridge Commons) 12/1/2027 4.36% 22,100 22,100 East Brunswick 12/6/2027 4.38% 63,000 63,000 East Rutherford 1/6/2028 4.49% 23,000 23,000 Hackensack 3/1/2028 4.36% 66,400 66,400 Marlton 12/1/2028 3.86% 37,400 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,700 40,700 Union (2445 Springfield Ave) 12/10/2028 4.01% 45,600 45,600 Freeport (Freeport Commons) 12/10/2029 4.07% 43,100 43,100 Garfield 12/1/2030 4.14% 40,300 40,300 Mt Kisco (3) 11/15/2034 6.40% 13,987 14,451 Englewood (7) — —% — 11,537 Total fixed rate debt 1,392,659 1,408,817 Total mortgages payable 1,562,159 1,578,317 Unamortized debt issuance costs (11,917 ) (13,775 ) Total mortgages payable, net of unamortized debt issuance costs $ 1,550,242 $ 1,564,542 (1) Bears interest at one month LIBOR plus 160 bps. (2) Bears interest at one month LIBOR plus 190 bps. (3) The mortgage payable balance on the loan secured by Mount Kisco (Target) includes $1.0 million of unamortized debt discount as of both December 31, 2018 and December 31, 2017 , respectively. The effective interest rate including amortization of the debt discount is 7.30% as of December 31, 2018 . (4) On March 29, 2017, we refinanced the $74 million , 4.59% mortgage loan secured by our Tonnelle Commons property in North Bergen, NJ, increasing the principal balance to $100 million with a 10 -year fixed rate mortgage, at 4.18% . As a result, we recognized a loss on extinguishment of debt of $1.3 million during the year ended December 31, 2017 , comprised of a $1.1 million prepayment penalty and write-off of $0.2 million of unamortized deferred financing fees on the original loan. (5) The mortgage payable balance on the loan secured by Hudson Mall includes $1.2 million and $1.5 million of unamortized debt premium as of December 31, 2018 and December 31, 2017 , respectively. The effective interest rate including amortization of the debt premium is 3.88% as of December 31, 2018 . (6) The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.7 million and $0.8 million of unamortized debt premium as of both December 31, 2018 and December 31, 2017 , respectively. The effective interest rate including amortization of the debt premium is 3.71% as of December 31, 2018 . (7) On January 31, 2018 , our property in Englewood, NJ was sold at a foreclosure sale and on February 23, 2018 , the court order was received approving the sale and discharging the receiver of all assets and liabilities related to the property. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.3 billion as of December 31, 2018 . Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of December 31, 2018 , we were in compliance with all debt covenants. During 2017, our property in Englewood, NJ was transferred to a receiver. On January 31, 2018 , our property in Englewood, NJ was sold at a foreclosure sale and on February 23, 2018 , the court order was received approving the sale and discharging the receiver of all assets and liabilities related to the property. We recognized a gain on extinguishment of debt of $2.5 million as a result of the forgiveness of outstanding mortgage debt of $11.5 million , which is included in the consolidated statement of income for the year ended December 31, 2018 . As of December 31, 2018 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2019 $ 4,239 2020 7,567 2021 123,211 2022 100,896 2023 344,423 2024 274,370 Thereafter 707,453 On January 15, 2015, we entered into a $500 million Revolving Credit Agreement (the “Agreement”) with certain financial institutions. On March 7, 2017 , we amended and extended the Agreement. The amendment increased the credit facility size by $100 million to $600 million and extended the maturity date to March 7, 2021 with two six -month extension options. Borrowings under the Agreement are subject to interest at LIBOR plus 1.10% to 1.55% and an annual facility fee of 15 to 35 basis points. 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. Based on our current leverage ratio as of December 31, 2018 , our borrowing rate is LIBOR plus 1.15% and our annual facility fee is 0.20% . Financing fees associated with the Agreement of $2.2 million and $3.2 million as of December 31, 2018 and December 31, 2017, respectively, are included in deferred financing fees, net in the consolidated balance sheets. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the filing of its 2015 tax return for its tax year ended December 31, 2015. With exception to the Company’s taxable REIT subsidiary (“TRS”), to the extent the Company meets certain requirements under the Code, the Company will not be taxed on its federal taxable income. 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, which, for corporations, was repealed under the TCJA (defined below) for tax years beginning after December 31, 2017) and may not be able to qualify as a REIT for the four subsequent taxable years. In addition to its TRS, the Company is subject to certain foreign and state and local income and taxes, including a 29% non-resident withholding tax on its two Puerto Rico malls, which are included in income tax expense in the consolidated statements of income. The Company is also subject to certain other taxes, including state and local franchise taxes which are included in general and administrative expenses in the consolidated statements of income. On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. Effective January 1, 2018, for businesses, the Act reduces the corporate tax rate from a maximum of 35% to a flat 21% rate. Since UE has elected to qualify as a REIT under sections 856-860 of the Internal Revenue Code with intent to distribute 100% of its taxable income and did not have any activities in a Taxable REIT Subsidiary (“TRS”) prior to January 1, 2018, there was no impact to the Company’s financial statements. The Company satisfied its REIT distribution requirement by distributing $0.88 per common share in 2018. The taxability of such dividends are as follows: Year Ended December 31, 2018 2017 2016 Dividend paid per share $ 0.88 $ 0.88 $ 0.82 Ordinary income 100 % 58 % 100 % Return of capital — % — % — % Capital gains — % 42 % — % 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. On December 31, 2017, the Company elected, for tax purposes, to treat the wholly-owned limited partnership that held its Allentown property as a taxable REIT subsidiary (“TRS”). A TRS is a corporation, other than a REIT, in which we directly or indirectly hold stock, which has made a joint election with us to be treated as a TRS under Section 856(l) of the Code. A TRS is required to pay regular U.S. federal income tax, and state and local income tax where applicable, as a non-REIT “C” corporation. The Allentown legal entity restructuring resulted in a capital gain recognized for tax purposes in 2017 and a step up in tax basis to the Allentown property resulting in no capital gains recognized for tax purposes in 2018 upon the property’s sale on April 26, 2018 . The Company’s consolidated financial statements for the year ended December 31, 2018 reflect the TRS’ federal and state corporate income taxes associated with the operating activities at the TRS. The tax expense recorded in association with the operating activities of the TRS was $0.2 million for the year ended December 31, 2018 . Our two Puerto Rico malls are subject to a 29% non-resident withholding tax which is included in income tax expense in the consolidated statements of income. The Puerto Rico tax expense recorded was $3.3 million and $0.8 million for the years ended December 31, 2018 and December 31, 2016, respectively. For the year ended December 31, 2017, the Puerto Rico tax benefit recorded was $0.3 million . Both properties are held in a special partnership for Puerto Rico tax reporting purposes (the general partner being a qualified REIT subsidiary or “QRS”). Income tax expense (benefit) consists of the following: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Income tax expense (benefit): Current: U.S. federal income tax $ 154 $ — $ — U.S. state and local income tax 101 22 — Puerto Rico income tax 560 674 609 Total current 815 696 609 Deferred: Puerto Rico income tax 2,704 (974 ) 195 Total deferred 2,704 (974 ) 195 Total income tax expense (benefit) $ 3,519 $ (278 ) $ 804 A net deferred tax liability of $5.5 million is included in our consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2018 , comprised of temporary differences related to our two Puerto Rico properties, which have resulted in a deferred tax liability of $6.6 million offset by a deferred tax asset of $1.1 million . The deferred tax liability of $6.6 million is comprised of $4.5 million of tax depreciation in excess of GAAP depreciation, $1.9 million straight-line rents and $0.2 million of amortization of acquired leases not recorded for tax purposes. The deferred tax asset of $1.1 million is comprised of $0.5 million of insurance receivables recorded for tax purposes, $0.1 million of amortization of deferred financing fees not recorded for tax purposes and $0.5 million excess of bad debt expense for tax purposes. No valuation allowance has been recorded against the Company’s deferred tax assets because the Company believes that the deferred tax assets will, more likely than not, be realized. This determination is based on the Company’s anticipated future taxable income and the reversal of the deferred tax assets. The temporary differences resulting from activity during the years ended December 31, 2018 , 2017 , and 2016 is recorded within Income tax expense on the consolidated statements of income. Below is a table summarizing the net deferred income tax liability balance as of December 31, 2018 and 2017 : (Amounts in thousands) Balance at January 1, 2017 $ (3,802 ) Change in deferred tax assets: Depreciation (312 ) Amortization of deferred financing costs (46 ) Provision for doubtful accounts 514 Insurance claims receivable 501 Change in deferred tax liabilities: Depreciation 102 Straight-line rent 207 Amortization of acquired leases 8 Balance at December 31, 2017 (2,828 ) Change in deferred tax assets: Amortization of deferred financing costs (46 ) Provision for doubtful accounts (200 ) Insurance claims receivable (42 ) Charitable contribution 5 Change in deferred tax liabilities: Depreciation (2,261 ) Straight-line rent (181 ) Amortization of acquired leases 21 Balance at December 31, 2018 $ (5,532 ) We record uncertain tax positions in accordance with ASC 740 Income Taxes on the basis of a two-step process whereby (i) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company has not recorded any uncertain tax positions for tax year 2018. The Operating Partnership is organized as a 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 financial statements outside of the Company’s TRS activities. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash and cash equivalents and mortgages payable. Cash and cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable is calculated based on current market prices and discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt. 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, 2018 and December 31, 2017 . As of December 31, 2018 As of December 31, 2017 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 440,430 $ 440,430 $ 490,279 $ 490,279 Liabilities: Mortgages payable (1) $ 1,562,159 $ 1,543,963 $ 1,578,317 $ 1,579,839 (1) Carrying amounts exclude unamortized debt issuance costs of $11.9 million and $13.8 million as of December 31, 2018 and December 31, 2017 , respectively. The following market spreads were used by the Company to estimate the fair value of mortgages payable: December 31, 2018 December 31, 2017 Low High Low High Mortgages payable 1.7% 1.9% 1.7% 2.1% Nonfinancial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We assess the carrying value of our properties for impairment, when events or changes in circumstances indicate that the carrying value may not be recoverable. During the year ended December 31, 2018 , we recognized a $3.1 million impairment charge on our property in Salem, NH as a result of the loss of the anchor tenant at the property. The valuation of our property in Salem, NH was based on comparable property transactions in the property’s surrounding area. We also recognized a $2.5 million impairment charge on our property in West Babylon, NY. The fair value for our property in West Babylon, NY was based on an executed contract with a third-party buyer less costs to sell. The Company believes the inputs utilized to measure these fair values were reasonable in the context of applicable market conditions, however due to the significance of the unobservable inputs in the overall fair value measures, including market conditions and expectations for growth, the Company determined that such fair value measurements are classified as Level 3. The impairment charges are included as an expense under casualty and impairment loss, net on our consolidated statements of income for the year ended December 31, 2018 . |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
LEASES | LEASES As Lessor We lease space to tenants under operating leases which expire from 2019 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 is as follows: (Amounts in thousands) Year Ending December 31, 2019 $ 256,598 2020 235,652 2021 216,247 2022 198,449 2023 176,282 Thereafter 986,865 These future minimum amounts do not include additional rents based on a percentage of tenants’ sales and tenant expense reimbursements. For the years ended December 31, 2018 , 2017 and 2016 , rental revenue from percentage rent was $2.0 million , $1.2 million , and $0.8 million , respectively. For the years ended December 31, 2018 , 2017 and 2016 , rental revenue from tenant expense reimbursements was $108.7 million , $99.1 million , and $84.9 million , respectively. As Lessee We are a tenant under long-term ground leases or ground and building leases for certain of our properties. We are also a tenant under leases pertaining to office space from which we conduct our business. Lease expirations range from 2019 to 2061 . Future lease payments under these agreements are as follows: (Amounts in thousands) Year Ending December 31, 2019 $ 10,640 2020 9,614 2021 8,957 2022 8,982 2023 8,850 Thereafter 85,535 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES There are various legal actions against us in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. Redevelopment As of December 31, 2018 , we had approximately $196.5 million of active development, redevelopment and anchor repositioning projects underway, of which $50.5 million remains to be funded. Based on current plans and estimates, we anticipate the remaining amounts will be expended over the next two years. Insurance The Company maintains (i) general liability insurance with limits of $200 million for properties in the U.S. and Puerto Rico and (ii) all-risk property insurance with limits of $500 million per occurrence and in the aggregate for properties in the U.S. and $139 million for properties in Puerto Rico, subject to the terms, conditions, exclusions, deductibles and sub-limits when applicable for certain perils such as floods and earthquakes and (iii) numerous other insurance policies including trustees’ and officers’ insurance, workers’ compensation and automobile-related liabilities insurance. The Company’s insurance includes coverage for acts of terrorism but excludes coverage for nuclear, biological, chemical or radiological terrorism events as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. In addition, the Company maintains coverage for certain cybersecurity losses with limits of $5 million per occurrence and 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 typically charged directly to each of the retail properties and warehouses but not all of the cost of such premiums are recovered. The Company is responsible for deductibles, losses in excess of insurance coverage, and the portion of premiums not reimbursable by tenants at our properties, 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 and expect premiums across most property coverage lines to increase in light of recent events. The incurrence of uninsured losses, costs or uncovered premiums could materially and adversely affect our business, results of operations and financial condition. Certain of our loans and other agreements contain customary covenants requiring the maintenance of 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 or other counterparties insist on greater coverage than we are able to obtain, such requirement could materially and adversely affect our ability to finance our properties and expand our portfolio. Hurricane-Related Charges On September 20, 2017, Hurricane Maria made landfall, damaging our two properties in Puerto Rico. During the year ended December 31, 2017, the Company incurred a $2.2 million charge reflecting the net book value of assets damaged and incurred $1.7 million of hurricane-related expenses, included in casualty and impairment loss, net on the accompanying consolidated statements of income. During the year ended December 31, 2018 , the Company received $1.5 million in casualty insurance proceeds, which were partially offset by $0.3 million of hurricane-related costs, resulting in net casualty gains of $1.2 million included in casualty and impairment loss, net on the accompanying consolidated statements of income. During the year ended December 31, 2018 , the Company recognized $0.3 million of business interruption losses, comprised of $0.7 million of rent abatements due to tenants that had not reopened since the hurricane, recorded as a reduction of rental revenue, offset by a $0.4 million reversal to provision for doubtful accounts for payments received from tenants on rents previously reserved. During the year ended December 31, 2017 , the Company recognized $2.2 million of business interruption losses, net of $1.8 million in cash advances received from its insurance carrier. Losses of $0.9 million pertained to rent abatements when the malls were closed or inoperable as a result of the hurricane, recorded as a reduction of rental revenue, and $1.3 million was recorded as a provision for doubtful accounts for unpaid rents. No determination has been made as to the total amount or timing of additional insurance payments that may be received as a result of the hurricane. Environmental Matters Each of our properties has been subjected to varying degrees of environmental assessment at various times. Based on these assessments, we have accrued costs of $1.7 million and $1.2 million on our consolidated balance sheets as of December 31, 2018 and December 31, 2017 , respectively, for remediation costs for environmental contamination at certain properties. While this accrual reflects our best estimates of the potential costs of remediation at these properties, there can be no assurance that the actual costs will not exceed these amounts. During the year ended December 31, 2018 , the Company recognized $0.6 million of environmental remediation costs included in property operating expenses on the consolidated statements of income. Although we are not aware of any other material environmental contamination, 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. Bankruptcies Although our base rent is supported by long-term leases, leases may be rejected in a bankruptcy proceeding and the related tenant stores may permanently vacate prior to lease expiration. In the event a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases with us, we could experience a reduction in our revenues. We monitor the operating performance and rent collections of all tenants in our shopping centers, especially those tenants in arrears or operating retail formats that are experiencing significant changes in competition, business practice, or store closings in other locations During the year ended December 31, 2018 , Toys “R” Us, Sears, Fallas, and National Wholesale Liquidators filed for Chapter 11 bankruptcy protection. During September 2017, Toys “R” Us filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code and announced an orderly wind-down of its U.S. business and liquidation of all U.S. stores on March 15, 2018. Prior to the liquidation, the Company had leases with Toys “R” Us at nine locations with annual rental revenue of $7.6 million . The status of the Toys “R” Us leases is as follows: • The Company paid $15.5 million to recapture the leases at Hudson Mall in Jersey City, NJ in July 2018 and Bruckner Commons in the Bronx, NY in September 2018 to accelerate the redevelopment of these properties. The previous rents were well under-market. • Raymour & Flanigan acquired the lease at Manalapan Commons in Manalapan, NJ in July 2018. • Toys “R” Us rejected its leases in Woodbridge, NJ, Union, NJ, Amherst, NY and Wilkes-Barre, PA in July 2018 and Cherry Hill, NJ and Salem, NH in October 2018. Annual gross rent on these leases amounted to approximately $5.7 million . The Company is in active discussions to lease these spaces. In connection with the Toys “R” Us bankruptcy, the Company recognized a write-off of $21.6 million of below-market intangible liabilities (classified within rental revenue), $15.5 million of lease termination payments (classified within property operating expense) and a $1.0 million write-off of reserves on receivables from straight-line rents in the year ended December 31, 2018 . Fallas filed for Chapter 11 bankruptcy protection on August 6, 2018. Prior to the tenant vacating, the Company had one lease with Fallas at the Shops at Bruckner in the Bronx, NY comprising approximately 38,000 sf which generated $1.4 million in annual rental revenue. In connection with the bankruptcy, the Company recognized a write-off of $0.8 million of below-market intangible liabilities (classified within rental revenue) in the year ended December 31, 2018 . The Company is currently exploring leasing alternatives for this space. Sears filed for Chapter 11 bankruptcy protection on October 15, 2018. The Company has four Kmart leases with Sears comprising approximately 547,000 sf, which generate $8.5 million in annual gross rents, including tenant reimbursement income. Sears recently announced a $5.2 billion deal for ESL. Kmart closed its stores at Las Catalinas in Puerto Rico and in Huntington, NY at the end of January 2019; however, rents have been paid on all four Kmart locations through February 2019 and it is not clear whether ESL will attempt to assume or reject these leases. The Company is monitoring the proceedings and considering its alternatives. National Wholesale Liquidators filed for Chapter 11 bankruptcy protection on October 24, 2018. The Company had one lease with National Wholesale Liquidators in Lodi, NJ comprising approximately 171,000 sf, which generated $3.1 million in annual rental revenue. This lease was rejected and returned to us on November 30, 2018. In connection with the bankruptcy, the Company recorded a $0.8 million write-off of reserves on receivables from straight-line rents in the year ended December 31, 2018 . The Company is currently exploring leasing alternatives, including mixed-use development at this property. |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 Other assets $ 2,615 $ 3,771 Real estate held for sale — 3,285 Deposits for acquisitions 150 406 Prepaid expenses: Real estate taxes 6,911 7,094 Insurance 2,509 2,793 Rent, licenses/fees 783 1,210 Total Prepaid expenses and other assets $ 12,968 $ 18,559 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The following is a summary of the composition of accounts payable, accrued expenses and other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2018 December 31, 2017 Deferred tenant revenue $ 28,697 $ 28,663 Accrued capital expenditures and leasing costs 29,754 18,024 Accrued interest payable 8,950 9,018 Deferred ground rent expense 7,070 6,499 Accrued payroll expenses 5,747 5,692 Security deposits 5,396 5,272 Deferred tax liability, net 5,532 2,828 Other liabilities and accrued expenses 7,371 8,770 Total accounts payable, accrued expenses and other liabilities $ 98,517 $ 84,766 |
INTEREST AND DEBT EXPENSE
INTEREST AND DEBT EXPENSE | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
INTEREST AND DEBT EXPENSE | 13. INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Interest expense $ 61,989 $ 53,342 $ 49,051 Amortization of deferred financing costs 2,879 2,876 2,830 Total Interest and debt expense $ 64,868 $ 56,218 $ 51,881 |
EQUITY AND NONCONTROLLING INTER
EQUITY AND NONCONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
EQUITY AND NONCONTROLLING INTEREST | EQUITY AND NONCONTROLLING INTEREST At-The-Market Program In 2016, the Company established an at-the-market (“ATM”) equity program, pursuant to which the Company may offer and sell from time to time its common shares, par value $0.01 per share, with an aggregate gross sales price of up to $250.0 million through a consortium of broker dealers acting as sales agents. As of December 31, 2018 , $241.3 million of common shares remained available for issuance under this ATM equity program and there were no common shares issued under the ATM equity program during the year ended December 31, 2018 and 2017 , respectively. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common shares and our capital needs. We have no obligation to sell the remaining shares available under the active ATM equity program. Units of the Operating Partnership An equivalent number of common units were issued by the Operating Partnership to the Company in connection with the Company’s issuance of common shares of beneficial interest, as discussed above. The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership (“OP Units”). As of December 31, 2018 , Urban Edge owned approximately 90.0% of the outstanding common OP Units with the remaining limited OP Units held by Vornado Realty L.P., members of management, our Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. Dividends and Distributions During the years ended December 31, 2018 and 2017 , the Company declared common stock dividends and OP unit distributions of $0.88 per share/unit in the aggregate. We have a Dividend Reinvestment Plan (the “DRIP”), whereby shareholders may use their dividends to purchase shares. During the years ended December 31, 2018 , 2017 and 2016 , 8,419 , 12,788 and 12,564 shares were issued under the DRIP, respectively. Noncontrolling Interests in Operating Partnership 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 from Vornado Realty L.P. (“VRLP”), the Company issued 5.7 million OP units, which represented a 5.4% interest in the Operating Partnership, to VRLP in exchange for interests in VRLP properties contributed by VRLP. As of December 31, 2018 , VRLP held an interest of 4.5% in the Operating Partnership. LTIP unit awards were granted to certain executives pursuant to our 2015 Omnibus Share Plan (the “Omnibus Share Plan”) and our 2018 Inducement Equity Plan (the “Inducement Plan”). OP units were issued to contributors in exchange for their property interests in connection with the Company’s property acquisitions in 2017. The total of the OP units and LTIP units represent a 10.1% weighted-average interest in the Operating Partnership for the year ended December 31, 2018 . Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for cash, or for the Company’s common shares on a one -for-one basis, solely at our election. Holders of outstanding OP units may, at a determinable date, redeem their units for cash or the Company’s common shares on a one -for-one basis, solely at our election. Noncontrolling Interest in Consolidated Subsidiaries The noncontrolling interest relates to the 5% interest held by others in our property in Walnut Creek, CA (Mount Diablo). The net income attributable to noncontrolling interest is presented separately in our consolidated statements of income. |
EARNINGS PER SHARE AND UNIT
EARNINGS PER SHARE AND UNIT | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND UNIT | EARNINGS PER SHARE AND UNIT Urban Edge Earnings per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of Urban Edge common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such have non-forfeitable rights to receive dividends. The 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, 2018 , 2017 and 2016 , there were options outstanding for 4,750,549 , 2,603,664 , and 2,472,284 shares, respectively, that potentially could be exercised for common shares. During the years ended December 31, 2017 and 2016 , respectively 167,933 and 256,917 options with exercise prices ranging from $22.83 to $28.36 , were included in the diluted EPS calculation as their option prices were lower than the average market prices of our common shares. During the year ended December 31, 2018 , no options were included in the diluted EPS calculation as their exercise prices were higher than the average market prices of our common shares. In addition, as of December 31, 2018 there were 162,577 unvested restricted shares outstanding that potentially could become unrestricted common shares. The computation of diluted EPS for the years ended December 31, 2018 , 2017 and 2016 included the 188,329 , 167,100 , and 114,354 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 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. 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) 2018 2017 2016 Numerator: Net income attributable to common shareholders $ 105,150 $ 67,070 $ 90,815 Less: Earnings allocated to unvested participating securities (184 ) (155 ) (114 ) Net income available for common shareholders - basic $ 104,966 $ 66,915 $ 90,701 Impact of assumed conversions: OP and LTIP units — 5,782 53 Net income available for common shareholders - dilutive $ 104,966 $ 72,697 $ 90,754 Denominator: Weighted average common shares outstanding - basic 113,863 107,132 99,364 Effect of dilutive securities: Stock options using the treasury stock method — 168 257 Restricted share awards 188 167 114 Assumed conversion of OP and LTIP units — 10,923 59 Weighted average common shares outstanding - diluted 114,051 118,390 99,794 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.92 $ 0.62 $ 0.91 Earnings per common share - Diluted $ 0.92 $ 0.61 $ 0.91 Operating Partnership Earnings per Unit 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) 2018 2017 2016 Numerator: Net income attributable to unitholders $ 116,918 $ 72,894 $ 96,627 Less: net income attributable to participating securities (200 ) (155 ) (211 ) Net income available for unitholders $ 116,718 $ 72,739 $ 96,416 Denominator: Weighted average units outstanding - basic 126,198 117,779 105,455 Effect of dilutive securities issued by Urban Edge 188 335 371 Unvested LTIP units — 276 273 Weighted average units outstanding - diluted 126,386 118,390 106,099 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.92 $ 0.62 $ 0.91 Earnings per unit - Diluted $ 0.92 $ 0.61 $ 0.91 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Omnibus Share Plan 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. Outperformance Plans The Compensation Committee of the Board of Trustees of the Company approved the Company’s 2015 Outperformance Plan (“2015 OPP”) on November 3, 2015 and the Company’s 2017 Outperformance Plan (“2017 OPP”) on February 24, 2017 . Both Outperformance Plans are multi-year, performance-based equity compensation plans 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 amounts of the 2015 OPP grant and the 2017 OPP grant are $10.2 million and $12.0 million , respectively. Awards under the 2015 OPP and the 2017 OPP may be earned if we (i) achieve a TSR level greater than 7% per annum, or 21% over the three -year performance measurement period, and/or (ii) achieve a TSR equal to or above, that of the 50 th percentile of a retail REIT peer group (“Peer Group”) comprised of our peer companies, over a three -year performance measurement period. Distributions on awards accrue during the measurement period, except that 10% of such distributions are paid in cash. If the designated performance objectives are achieved, LTIP units are also subject to time-based vesting requirements. Awards earned under the 2015 OPP and the 2017 OPP vest 50% in year three, 25% in year four and 25% in year five. The fair values of the 2015 OPP and the 2017 OPP on the dates of grant were $3.9 million and $4.1 million , respectively. A Monte Carlo simulation was used to estimate the fair values based on the probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three -year performance periods. For the 2015 OPP, assumptions include historical volatility ( 25.0% ), risk-free interest rates ( 1.2% ), and historical daily return as compared to our Peer Group (which ranged from 19.0% to 27.0% ). For the 2017 OPP, assumptions include historical volatility ( 19.7% ), risk-free interest rates ( 1.5% ), and historical daily return as compared to our Peer Group. For both plans, such amounts are being amortized into expense over a five -year period from the dates of grant, using graded vesting attribution models. In the years ending December 31, 2018 , 2017 , and 2016 we recognized $1.7 million , $2.0 million and $1.1 million of compensation expense related to the 2015 and 2017 OPPs’ LTIP Units, respectively. As of December 31, 2018 , there was $2.4 million of total unrecognized compensation cost related to the 2015 and 2017 OPPs’ LTIP Units, which will be recognized over a weighted-average period of 1.4 years. 2018 Long-Term Incentive Plan On February 22, 2018 , the Compensation Committee of the Board of Trustees of the Company approved the Company’s 2018 Long-Term Incentive Plan ("2018 LTI Plan") under the Omnibus Share Plan, a multi-year equity compensation program, comprised of both performance-based and time-based vesting awards. Equity awards granted under the 2018 LTI Plan are weighted, in terms of grant date and fair value, 80% performance-based and 20% time-based. For the performance-based awards under the 2018 LTI Plan, participants have the opportunity to earn awards in the form of LTIP Units if, and only if, Urban Edge’s absolute and relative total shareholder return (“TSR”) meets certain criteria over the three -year performance measurement period (the “Performance Period”) beginning on February 22, 2018 and ending on February 21, 2021 . The Company issued 328,107 LTIP Units under the 2018 LTI Plan. Under the Absolute TSR component ( 25% of the performance-based awards), 40% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to 18% , 100% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to 27% , and 165% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to or greater than 36% . The Relative TSR component is based on the Company’s performance compared to a peer group comprised of 14 companies. Under the Relative TSR Component ( 75% of the performance-based awards), 40% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to the 35 th percentile of the peer group, 100% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to the 55 th percentile of the peer group, and 165% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to or above the 75 th percentile of the peer group, with earning determined using linear interpolation if between such relative TSR thresholds. The fair value of the performance-based award portion of the 2018 LTI Plan on the date of grant was $3.6 million using a Monte Carlo simulation to estimate the fair value through a risk-neutral premise. The time-based awards under the 2018 LTI Plan, also granted in the form of LTIP Units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratably over four years. The Company granted time-based awards under the 2018 LTI Plan that represent 33,172 LTIP units with a grant date fair value of $ 0.7 million . Deferred Share Units Granted to Trustees The Company has authorized Trustee Deferred Share Unit Agreements (“DSU Agreements”) under the Omnibus Share Plan, in connection with the services of the trustees to the Company. Each deferred share unit (“DSU”) is equivalent to one common share of the Company. All DSUs shall vest in full on the agreed upon vesting date, provided the trustee remains in service as a member of the Board of Trustees of the Company on such date. If the service of the trustee to the Company or its affiliates terminates for any reason prior to the vesting date, any DSUs that have not vested as of such date shall automatically and without notice terminate and be forfeited. Once vested, the common shares underlying the DSUs are granted to the trustees on predetermined dates or upon their departure as trustees. During the year ended December 31, 2018 , some of our trustees elected to receive a portion of their compensation in deferred share units and an aggregate of 13,656 shares were credited to those trustees based on the weighted average grant date fair value of $19.33 . During the year ended December 31, 2018 , the Company incurred expenses of $0.2 million related to deferred share units granted to trustees. 2018 Inducement Equity Plan The Inducement Plan was approved by the Compensation Committee of the Board of Trustees of the Company on September 26, 2018. Under the Inducement Plan, the Compensation Committee of the Board of Trustees may grant, subject to any Company performance conditions as specified by the Compensation Committee, awards to individuals who were not previously employees as an inducement material to the individual’s entry into employment with the Company. The terms and conditions of the Inducement Plan and any awards thereunder granted are substantially similar to those under the 2015 Omnibus Share Plan. As of December 31, 2018 , the Company had granted an aggregate of 352,890 restricted LTIP Units and 2,000,000 stock options under the Inducement Plan with grant date fair values of $7.2 million and $9.3 million , respectively, which were granted in connection with inducing the Company’s new Chief Operating Officer and new President of Development to join the Company. Shares Under Option All stock options granted have ten -year contractual lives, containing vesting terms of three to five years. As of December 31, 2018 , the weighted average contractual term of shares under option outstanding at the end of the period is 8.1 years. The following table presents stock option activity for the years ended December 31, 2018 , 2017 , and 2016 : Shares Under Options Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2016 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 Granted 137,259 28.36 6.01 Exercised — — — Forfeited or expired (5,879 ) 23.17 — Outstanding at December 31, 2017 2,603,664 24.09 4.40 Granted 2,146,885 21.71 4.58 Exercised — — — Forfeited or expired — — — Outstanding at December 31, 2018 4,750,549 $ 23.02 4.48 Exercisable at December 31, 2018 807,352 $ 24.03 — The weighted average grant date fair value of options granted in 2018, 2017 and 2016 was $4.68 , $5.10 , and $3.56 , respectively. No options were exercised during the years ended December 31, 2017 and 2018. The total cash received from options exercised in the year ended December 31, 2016 was $0.2 million with an intrinsic value of $26 thousand . As of December 31, 2018, there was no intrinsic value for the outstanding and exercisable shares under option. During the years ended December 31, 2018 , 2017 and 2016 , the fair value of the options granted was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: February 8, 2016 February 24, 2017 February 22, 2018 September 27, 2018 Risk-free interest rate 1.31% 1.93% 2.73% 3.00% Expected option life 6.25 6.25 6.25 7.00 Expected volatility 23.94% 25.06% 32.23% 30.42% The options were granted with an exercise price equivalent to the average of the high and low share price on the grant date. Restricted Shares The following table presents information regarding restricted share activity during the years ended December 31, 2018 , 2017 , and 2016 : Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2016 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 Granted 104,698 27.69 Vested (53,236 ) 25.13 Forfeited (5,427 ) 24.64 Unvested at December 31, 2017 175,430 26.05 Granted 103,814 21.65 Vested (84,185 ) 25.67 Forfeited (32,482 ) 23.32 Unvested at December 31, 2018 162,577 $ 23.99 During the years ended December 31, 2018 , 2017 and 2016 , we granted 103,814 , 104,698 , and 117,399 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 84,185 , 53,236 , and 15,977 restricted shares vested during the years ended December 31, 2018 , 2017 and 2016 was $2.2 million , $1.3 million and $0.4 million , respectively. Restricted Units During the years ended December 31, 2018 and 2017, respectively, there were 444,954 and 31,734 additional LTIP units issued. During the years ended December 31, 2018 , 2017 and 2016, 24,722 , 16,789 , and 39,439 units vested, respectively. The remaining 480,227 units vest over a weighted average period of 4.0 years. Share-Based Compensation Expense Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Share-based compensation expense components: Restricted share expense $ 2,051 $ 1,961 $ 1,314 Stock option expense 2,778 2,569 2,437 LTIP expense (1) 2,218 557 473 Outperformance Plan (“OPP”) expense 2,530 2,050 1,209 DSU expense 164 — — Total Share-based compensation expense $ 9,741 $ 7,137 $ 5,433 (1) LTIP expense excludes the expense associated with LTIP units under the 2015 OPP, 2017 OPP and 2018 LTI Plan because we recognize these expenses as part of our OPP expense. As of December 31, 2018 , we had a total of $25.8 million of unrecognized compensation expense related to unvested and restricted share-based payment arrangements including unvested stock options, LTIP units, deferred share units, and restricted share awards which were granted under our Omnibus Share Plan as well as OPP awards. This expense is expected to be recognized over a weighted average period of 3.4 years. |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Total revenue $ 100,923 $ 112,214 $ 101,970 $ 99,053 Operating income 24,445 39,197 23,154 35,069 Net income 7,251 26,899 59,774 23,039 Net income attributable to noncontrolling interests in operating partnership (727 ) (2,688 ) (6,025 ) (2,328 ) Net income attributable to noncontrolling interests in consolidated subsidiaries (11 ) (11 ) (12 ) (11 ) Net income attributable to common shareholders 6,513 24,200 53,737 20,700 Net income attributable to unitholders 7,240 26,888 59,762 23,028 Earnings per common share - Basic 0.06 0.21 0.47 0.18 Earnings per common share - Diluted 0.06 0.21 0.47 0.18 Earnings per common unit - Basic 0.06 0.21 0.47 0.18 Earnings per common unit - Diluted 0.06 0.21 0.47 0.18 Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total revenue $ 97,376 $ 94,101 $ 89,501 $ 126,064 Operating income 30,742 33,190 28,515 69,317 Net (loss) income (15,873 ) 19,156 14,920 54,735 Net loss (income) attributable to noncontrolling interests in operating partnership 1,607 (1,967 ) (1,326 ) (4,138 ) Net income attributable to noncontrolling interests in consolidated subsidiaries (11 ) (11 ) (11 ) (11 ) Net (loss) income attributable to common shareholders (14,277 ) 17,178 13,583 50,586 Net (loss) income attributable to unitholders (15,884 ) 19,145 14,909 54,724 Earnings (loss) per common share - Basic (0.13 ) 0.15 0.13 0.51 Earnings (loss) per common share - Diluted (0.13 ) 0.15 0.13 0.50 Earnings (loss) per common unit - Basic (0.13 ) 0.15 0.13 0.51 Earnings (loss) per common unit - Diluted (0.13 ) 0.15 0.13 0.50 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, 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 Additions Uncollectible Balance Year Ended December 31, 2018: Allowance for doubtful accounts $ 5,431 $ 4,138 $ (2,949 ) $ 6,620 Year Ended December 31, 2017: Allowance for doubtful accounts 2,593 3,445 (607 ) 5,431 Year Ended December 31, 2016: Allowance for doubtful accounts 1,926 1,214 (547 ) 2,593 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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: Baltimore (Towson), MD — 581 3,227 18,603 581 21,830 22,411 (6,356 ) 1968 1968 Bensalem, PA — 2,727 6,698 2,042 2,727 8,740 11,467 (4,509 ) 1972/ 1999 1972 Bergen Town Center - East, Paramus, NJ — 6,305 — 42,336 6,305 42,336 48,641 (8,768 ) 1957/ 2009 2003 Bergen Town Center - West, Paramus, NJ 300,000 15,812 82,240 385,142 35,850 447,344 483,194 (121,024 ) 1957/ 2009 2003/ 2015 Bethlehem, PA — 827 5,200 1,915 837 7,105 7,942 (5,870 ) 1966 1966 Brick, NJ 50,000 1,391 11,179 13,342 1,391 24,521 25,912 (15,492 ) 1968 1968 Bronx (Bruckner Boulevard), NY — 66,100 259,503 591 61,618 264,576 326,194 (24,862 ) N/A 2007 Bronx (Shops at Bruckner), NY 11,582 — 32,979 38 — 33,017 33,017 (2,154 ) N/A 2017 Bronx (1750-1780 Gun Hill Road), NY 24,500 6,427 11,885 22,237 6,428 34,121 40,549 (9,502 ) 2009 2005 Broomall, PA — 850 2,171 1,399 850 3,570 4,420 (2,946 ) 1966 1966 Buffalo (Amherst), NY — 5,743 4,056 12,446 5,107 17,138 22,245 (8,916 ) 1968 1968 Cambridge (leased through 2033) (3) , MA — — — 97 — 97 97 (5 ) N/A 2007 Carlstadt (leased through 2050) (3) , NJ — — 16,458 133 — 16,591 16,591 (4,627 ) N/A 2007 Charleston (leased through 2063) (3) , SC — — 3,634 308 — 3,942 3,942 (1,123 ) N/A 2006 Cherry Hill (Cherry Hill Commons), NJ — 5,864 2,694 1,850 4,144 6,264 10,408 (3,970 ) 1964 1964 Cherry Hill (Plaza at Cherry Hill), NJ 28,930 14,602 33,666 (125) 14,602 33,541 48,143 (3,129 ) N/A 2017 Chicopee, MA — 895 — — 895 — 895 — 1969 1969 Commack (leased through 2021) (3) , NY — — 43 184 — 227 227 (243 ) N/A 2006 Dewitt (leased through 2041) (3) , NY — — 7,116 — — 7,116 7,116 (2,158 ) N/A 2006 Rockaway, NJ 27,800 559 6,363 5,403 559 11,766 12,325 (6,581 ) 1964 1964 East Brunswick, NJ 63,000 2,417 17,169 7,512 2,417 24,681 27,098 (18,152 ) 1957/ 1972 1957/ 1972 East Hanover (200 - 240 Route 10 West), NJ 63,000 2,232 18,241 19,349 2,671 37,151 39,822 (18,719 ) 1962 1962/ 1998 East Hanover (280 Route 10 West), NJ — — — 7,075 — 7,075 7,075 (2,543 ) N/A 1962/ 1998 East Rutherford, NJ 23,000 — 36,727 542 — 37,269 37,269 (8,109 ) 2007 2007 Freeport (240 West Sunrise Highway) (leased through 2040) (3) , NY — — — 260 — 260 260 (240 ) N/A 2005 Freeport (437 East Sunrise Highway), NY 43,100 1,231 4,747 4,765 1,382 9,361 10,743 (6,558 ) 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 40,300 45 8,068 45,110 44 53,179 53,223 (14,338 ) 2009 1998 Glen Burnie, MD — 462 2,571 3,950 462 6,521 6,983 (3,504 ) 1958 1958 Glenolden, PA — 850 1,820 741 850 2,561 3,411 (2,295 ) 1975 1975 Hackensack, NJ 66,400 692 10,219 7,145 692 17,364 18,056 (10,415 ) 1963 1963 Hazlet, NJ — 7,400 9,413 (2,135) 7,400 7,278 14,678 (2,098 ) N/A 2007 Huntington, NY — 21,200 33,667 6,385 21,200 40,052 61,252 (10,313 ) N/A 2007 Inwood, NY — 12,419 19,097 3,115 12,419 22,212 34,631 (7,755 ) N/A 2004 Jersey City (Hudson Commons), NJ 29,000 652 7,495 950 652 8,445 9,097 (3,584 ) 1965 1965 Jersey City (Hudson Mall), NJ 24,326 15,824 37,593 (3,922) 15,824 33,671 49,495 (3,215 ) N/A 2017 Kearny, NJ — 309 3,376 10,315 296 13,704 14,000 (4,855 ) 1938 1959 Lancaster, PA — 3,140 63 2,131 3,140 2,194 5,334 (886 ) 1966 1966 Las Catalinas, Puerto Rico 130,000 15,280 64,370 15,438 15,280 79,808 95,088 (38,631 ) 1996 2002 Lawnside, NJ — 1,226 3,164 2,896 1,226 6,060 7,286 (3,857 ) 1969 1969/ 2015 Lodi (Route 17 North), NJ — 238 9,446 42 238 9,488 9,726 (4,544 ) 1999 1975 Lodi (Washington Street), NJ — 7,606 13,125 2,754 7,606 15,879 23,485 (5,292 ) N/A 2004 Manalapan, NJ — 725 7,189 6,982 1,046 13,850 14,896 (9,912 ) 1971 1971 Manchester, MO 12,500 4,409 13,756 13 4,409 13,769 18,178 (696 ) N/A 2017 Marlton, NJ 37,400 1,611 3,464 14,140 1,454 17,761 19,215 (11,151 ) 1973 1973 Middletown, NJ 31,400 283 5,248 3,147 283 8,395 8,678 (6,722 ) 1963 1963 Milford (leased through July 2019) (3) , MA — — — — — — — — N/A 1976 Millburn, NJ 24,000 15,783 25,837 (911) 15,783 24,926 40,709 (2,096 ) N/A 2017 Montclair, NJ — 66 419 1,439 448 1,476 1,924 (743 ) 1972 1972 Montehiedra, Puerto Rico 114,860 9,182 66,751 27,829 9,267 94,495 103,762 (42,620 ) 1996/ 2015 1997 Morris Plains, NJ — 1,104 6,411 5,576 1,104 11,987 13,091 (7,181 ) 1961 1985 Mount Kisco, NY 13,987 22,700 26,700 1,840 22,614 28,626 51,240 (7,371 ) N/A 2007 New Hyde Park (leased through 2029) (3) , NY — — 4 — — 4 4 (4 ) 1970 1976 Newington, CT — 2,421 1,200 2,052 2,421 3,252 5,673 (1,401 ) 1965 1965 Norfolk (leased through 2069) (3) , VA — — 3,927 15 — 3,942 3,942 (3,686 ) N/A 2005 North Bergen (Kennedy Boulevard), NJ — 2,308 636 261 2,308 897 3,205 (575 ) 1993 1959 North Bergen (Tonnelle Avenue), NJ 100,000 24,493 — 73,062 33,988 63,567 97,555 (16,298 ) 2009 2006 North Plainfield, NJ 25,100 6,577 13,983 693 6,577 14,676 21,253 (4,056 ) 1955 1989 Oceanside, NY — 2,710 2,306 — 2,710 2,306 5,016 (668 ) N/A 2007 Paramus (leased through 2033) (3) , NJ — — — 12,569 — 12,569 12,569 (4,310 ) 1957/ 2009 2003 Queens, NY — 14,537 12,304 3,744 14,537 16,048 30,585 (1,258 ) N/A 2015 Rochester (Henrietta) (leased through 2056) (3) , NY — — 2,647 1,293 — 3,940 3,940 (3,604 ) 1971 1971 Rochester, NY — 2,172 — — 2,172 — 2,172 — 1966 1966 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 Rockville, MD — 3,470 20,599 2,736 3,470 23,335 26,805 (8,084 ) N/A 2005 Salem (leased through 2102) (3) , NH — 6,083 — (3,084) 2,994 5 2,999 — N/A 2006 Signal Hill, CA — 9,652 2,940 1 9,652 2,941 12,593 (901 ) N/A 2006 South Plainfield (leased through 2039) (3) , NJ — — 10,044 2,240 — 12,284 12,284 (3,659 ) N/A 2007 Springfield, MA — — — 80 — 80 80 (80 ) N/A 2005 Springfield (leased through 2025) (3) , PA — 2,797 2,471 1,244 2,797 3,715 6,512 (1,353 ) 1993 1966 Staten Island, NY — 11,446 21,262 4,378 11,446 25,640 37,086 (9,424 ) N/A 2004 Totowa, NJ 50,800 120 11,994 4,910 92 16,932 17,024 (14,008 ) 1957/ 1999 1957 Turnersville, NJ — 900 1,342 3,056 900 4,398 5,298 (2,341 ) 1974 1974 Tyson’s Corner (leased through 2035) (3) , VA — — — — — — — — N/A 2006 Union (2445 Springfield Avenue), NJ 45,600 19,700 45,090 — 19,700 45,090 64,790 (13,057 ) N/A 2007 Union (Route 22 and Morris Avenue), NJ — 3,025 7,470 2,780 3,025 10,250 13,275 (6,041 ) 1962 1962 Vallejo (leased through 2043) (3) , CA — — 2,945 221 — 3,166 3,166 (1,073 ) N/A 2006 Walnut Creek (1149 South Main Street), CA — 2,699 19,930 (1,000) 2,699 18,930 21,629 (1,552 ) N/A 2006 Walnut Creek (Mt. Diablo), CA — 5,909 — 1,540 5,908 1,541 7,449 (262 ) N/A 2007 Watchung, NJ 27,000 4,178 5,463 2,939 4,441 8,139 12,580 (5,715 ) 1994 1959 West Babylon, NY — 6,720 13,786 (4,160) 6,720 9,626 16,346 (8 ) N/A 2007 Westfield, NJ 4,730 5,728 4,305 (211) 5,728 4,094 9,822 (255 ) N/A 2017 Wheaton (leased through 2060) (3) , MD — — 5,367 — — 5,367 5,367 (1,644 ) N/A 2006 Wilkes-Barre (461 - 499 Mundy Street), PA — 6,053 26,646 1,932 6,053 28,578 34,631 (8,140 ) N/A 2007 Woodbridge (Woodbridge Commons), NJ 22,100 1,509 2,675 4,997 1,539 7,642 9,181 (3,094 ) 1959 1959 Woodbridge (Plaza at Woodbridge), NJ 55,340 21,547 75,017 (2,753) 17,280 76,531 93,811 (4,885 ) N/A 2017 Wyomissing (leased through 2065) (3) , PA — — 2,646 1,961 — 4,607 4,607 (3,887 ) N/A 2005 Yonkers, NY 31,704 63,341 110,635 15,010 63,461 125,525 188,986 (6,580 ) N/A 2017 York, PA — 409 2,568 2,504 409 5,072 5,481 (3,482 ) 1970 1970 WAREHOUSES: East Hanover, NJ 40,700 576 7,752 30,832 691 38,469 39,160 (18,352 ) 1972 1972 TOTAL UE PROPERTIES 1,562,159 508,849 1,385,212 868,256 525,819 2,236,498 2,762,317 (644,367 ) 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 Leasehold Improvements, Equipment and Other — — — 6,675 — 6,675 6,675 (1,505 ) TOTAL $ 1,562,159 $ 508,849 $ 1,385,212 $ 874,931 $ 525,819 $ 2,243,173 $ 2,768,992 $ (645,872 ) (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. (2) Adjusted tax basis for federal income tax purposes was $1.5 billion as of December 31, 2018. (3) The Company is a lessee under a ground or building lease. The building will revert to the lessor upon lease expiration. URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in thousands) The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2018 2017 2016 Real Estate Balance at beginning of period $ 2,671,854 $ 2,138,500 $ 2,084,642 Additions during the period: Land 4,120 142,305 2,667 Buildings & improvements 12,394 389,338 18,316 Construction in progress 118,389 34,525 47,234 2,806,757 2,704,668 2,152,859 Less: Impairments and assets sold or written-off (37,765 ) (32,814 ) (14,359 ) Balance at end of period $ 2,768,992 $ 2,671,854 $ 2,138,500 Accumulated Depreciation Balance at beginning of period $ 587,127 $ 541,077 $ 509,112 Additions charged to operating expenses 80,578 65,140 42,989 667,705 606,217 552,101 Less: Accumulated depreciation on assets written-off (21,833 ) (19,090 ) (11,024 ) Balance at end of period $ 645,872 $ 587,127 $ 541,077 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for annual financial information and with the instructions of Form 10-K |
Consolidation and Noncontrolling Interests | The consolidated financial statements as of and for the years ended December 31, 2018 , 2017 and 2016 reflect the consolidation of the Company, the Operating Partnership, wholly-owned subsidiaries and those entities in which we have a controlling financial interest. All intercompany transactions have been eliminated in consolidation. |
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. |
Real Estate | 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 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 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. 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. 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 on a relative fair value basis. 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. 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 financial statements. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. |
Real Estate Held for Sale | Real Estate Held For Sale — When a real estate asset is identified by management as held for sale, we cease depreciation of the asset and estimate its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). To date we have not experienced any losses on our invested cash. |
Restricted 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 Receivables and Allowance for Doubtful Accounts | 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 — 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 — 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. |
Revenue Recognition | Revenue Recognition — We have the following revenue sources and revenue recognition policies: • Rental revenue comprises revenue from property rentals and tenant expense reimbursements, as designated within tenant operating leases. ◦ Property Rentals: We generate revenue from minimum lease payments from tenant operating leases. These rents are recognized over the noncancelable terms of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases in accordance with ASC 840 Leases . We satisfy our performance obligations over time, under the noncancelable lease term, commencing 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 remaining term of the lease. The underlying leased asset remains on our consolidated balance sheet and continues to depreciate. In addition to minimum lease payments, certain rental income derived from our tenant leases is contingent and dependent on percentage rent. Percentage rents are earned by the Company in the event the tenant's gross sales exceed certain amounts. Terms of percentage rent are agreed upon in the tenant's lease and will vary based on the tenant's sales. ◦ Tenant expense reimbursements: In accordance with ASC 840, revenue arises 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 period the expenses are incurred. • Income from acquired leasehold interest: Income from acquired leasehold interest was revenue generated in connection with the write-off of an unamortized intangible liability balance related to the below-market ground lease as well as the balance of the straight-line receivable balance, upon acquisition of the leasehold interest of the property. This revenue was recognized in accordance with ASC 840. • Other Income: Other income is generated in connection with certain services provided to tenants for which we earn a fee. This revenue is recognized as the services are transferred in accordance with ASC 606, with the exception of lease termination fee income, which is recognized when received in accordance with ASC 840. • Management and development fees: We generate management and development fee income from contractual property management agreements with third parties. This revenue is recognized as the services are transferred in accordance with ASC 606. |
Noncontrolling Interest | Noncontrolling Interests — Noncontrolling interests in consolidated subsidiaries 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. Noncontrolling interests in Operating Partnership include OP units and limited partnership interests in the Operating Partnership in the form of long-term incentive plan (“LTIP”) unit awards classified as equity. |
Variable Interest Entities | 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 which do not have the obligation to absorb expected losses, do not have the right to receive expected residual returns, or 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 financial statements reflect the consolidation of VIEs in which the Company is the primary beneficiary. |
Earnings Per Share and Unit | 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 | Share-Based Compensation — We grant stock options, LTIP units, OP units, deferred share 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 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 | 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 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 | Concentration of Credit Risk — A concentration of credit risk arises in our business when a national or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our national or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. |
Recently Issued Accounting Literature | Recently Issued Accounting Literature Effective January 1, 2018, we adopted (“ASU 2017-09”) Scope of Modification Accounting , which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting will not apply if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. We applied these amendments prospectively to awards modified on and after the adoption date. The adoption of this standard resulted in no impact to our consolidated financial statements. If we encounter a change to the terms or conditions of any of our share-based payment awards we will evaluate the need to apply modification accounting based on the new guidance. The general treatment for modifications of share-based payment awards is to record the incremental value arising from the change as additional compensation cost in the period of modification. Effective January 1, 2018, we adopted (“ASU 2017-05”) Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, to clarify the scope and accounting for derecognition of nonfinancial assets using the modified retrospective approach. ASU 2017-05 eliminated the guidance specific to real estate sales and partial sales of real estate. ASU 2017-05 defines “in-substance nonfinancial assets” and includes guidance on partial sales of nonfinancial assets. The adoption of this standard resulted in no material impact to our consolidated financial statements. Effective January 1, 2018, we adopted (“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. We adopted the standard using the modified retrospective approach which requires applying the new standard to all existing contracts not yet completed as of the effective date. We have completed our evaluation of the standard’s impact on our revenue sources. The adoption of this standard did not have a material impact on our consolidated financial statements. Effective for the fiscal period beginning January 1, 2019, we adopted (“ASU 2016-02”) Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). We initially applied the standard at the beginning of the period of adoption through the transition method issued by (“ASU 2018-11”) Leases: Targeted Improvements . The new standard requires lessees to apply a two-model approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for the leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. We have completed our evaluation of the standard’s impact on the Company’s consolidated financial statements and accounting policies. For purposes of transition, we did not elect the hindsight practical expedient but did elect the practical expedient package, which has been applied consistently to all of our leases. From a lessee perspective, the adoption will result in the recognition of a right-of-use ("ROU") asset and lease liability for 24 leases of approximately $100 million , which will be presented on our consolidated balance sheet beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019. The standard's adoption will also impact the presentation of our consolidated income statement beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019, due to accounting for the lease and non-lease components as a single lease component, which will be presented as "lease expense" on the consolidated statement of income. Prior to the adoption of ASC 842, related lease expense amounts were recognized within ground rent and general administrative expenses on the consolidated statement of income. From a lessor perspective, the adoption will also result in additional general and administrative expenses, attributable to internal leasing department costs not meeting the definition of initial direct costs under ASC 842. Capitalized internal leasing costs were $0.7 million for the year ended December 31, 2018. The adoption of this standard will also result in additional quantitative and qualitative footnote disclosures beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on our consolidated financial statements. Recently Issued Accounting Literature Effective January 1, 2018, we adopted (“ASU 2017-09”) Scope of Modification Accounting , which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting will not apply if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. We applied these amendments prospectively to awards modified on and after the adoption date. The adoption of this standard resulted in no impact to our consolidated financial statements. If we encounter a change to the terms or conditions of any of our share-based payment awards we will evaluate the need to apply modification accounting based on the new guidance. The general treatment for modifications of share-based payment awards is to record the incremental value arising from the change as additional compensation cost in the period of modification. Effective January 1, 2018, we adopted (“ASU 2017-05”) Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, to clarify the scope and accounting for derecognition of nonfinancial assets using the modified retrospective approach. ASU 2017-05 eliminated the guidance specific to real estate sales and partial sales of real estate. ASU 2017-05 defines “in-substance nonfinancial assets” and includes guidance on partial sales of nonfinancial assets. The adoption of this standard resulted in no material impact to our consolidated financial statements. Effective January 1, 2018, we adopted (“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. We adopted the standard using the modified retrospective approach which requires applying the new standard to all existing contracts not yet completed as of the effective date. We have completed our evaluation of the standard’s impact on our revenue sources. The adoption of this standard did not have a material impact on our consolidated financial statements. Effective for the fiscal period beginning January 1, 2019, we adopted (“ASU 2016-02”) Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). We initially applied the standard at the beginning of the period of adoption through the transition method issued by (“ASU 2018-11”) Leases: Targeted Improvements . The new standard requires lessees to apply a two-model approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for the leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. We have completed our evaluation of the standard’s impact on the Company’s consolidated financial statements and accounting policies. For purposes of transition, we did not elect the hindsight practical expedient but did elect the practical expedient package, which has been applied consistently to all of our leases. From a lessee perspective, the adoption will result in the recognition of a right-of-use ("ROU") asset and lease liability for 24 leases of approximately $100 million , which will be presented on our consolidated balance sheet beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019. The standard's adoption will also impact the presentation of our consolidated income statement beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019, due to accounting for the lease and non-lease components as a single lease component, which will be presented as "lease expense" on the consolidated statement of income. Prior to the adoption of ASC 842, related lease expense amounts were recognized within ground rent and general administrative expenses on the consolidated statement of income. From a lessor perspective, the adoption will also result in additional general and administrative expenses, attributable to internal leasing department costs not meeting the definition of initial direct costs under ASC 842. Capitalized internal leasing costs were $0.7 million for the year ended December 31, 2018. The adoption of this standard will also result in additional quantitative and qualitative footnote disclosures beginning with the Quarterly Report on Form 10-Q for the period ending March 31, 2019. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on our consolidated financial statements. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Closed Acquisitions | During the year ended December 31, 2018 and December 31, 2017 , we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (in thousands) January 26, 2018 938 Spring Valley Road Maywood NJ 2,000 $ 719 February 23, 2018 116 Sunrise Highway Freeport NY 4,750 447 February 28, 2018 197 West Spring Valley Ave Maywood NJ 16,300 2,799 May 24, 2018 7 Francis Place Montclair NJ 3,000 966 2018 Total $ 4,931 (1) January 4, 2017 Yonkers Gateway Center Yonkers NY — (2) $ 51,902 January 17, 2017 Shops at Bruckner Bronx NY 114,000 32,269 February 2, 2017 Hudson Mall Jersey City NJ 383,000 44,273 May 24, 2017 Yonkers Gateway Center Yonkers NY 437,000 (2) 101,825 May 24, 2017 The Plaza at Cherry Hill Cherry Hill NJ 413,000 53,535 May 24, 2017 Manchester Plaza Manchester MO 131,000 20,162 May 24, 2017 Millburn Gateway Center Millburn NJ 102,000 45,583 May 24, 2017 21 E Broad St / One Lincoln Plaza Westfield NJ 22,000 10,158 May 25, 2017 The Plaza at Woodbridge Woodbridge NJ 411,000 103,962 2017 Total $ 463,669 (1) (1) The total purchase prices for the properties acquired in the year ended December 31, 2018 and December 31, 2017 , respectively, include $0.1 million and $11.3 million of transaction costs incurred in relation to the transactions. (2) On January 4, 2017, we acquired fee and leasehold interests, including the lessor position under an operating lease for the whole property. On May 24, 2017, we purchased the remaining fee and leasehold interests not previously acquired, including the lessee position under the operating lease for the whole property. |
Schedule of Aggregate Purchase Price Allocations | The aggregate purchase price of the above property acquisitions has been allocated as follows: Property Name Land Buildings and improvements Identified intangible assets (1) Identified intangible liabilities (1) Debt premium Total Purchase Price (in thousands) 938 Spring Valley Road $ 519 $ 200 $ — $ — $ — $ 719 116 Sunrise Highway 151 296 — — — 447 197 West Spring Valley Ave 1,768 1,031 — — — 2,799 7 Francis Place 381 585 — — — 966 2018 Total $ 2,819 $ 2,112 $ — $ — $ — $ 4,931 Yonkers Gateway Center $ 40,699 $ — $ 25,858 $ (14,655 ) $ — $ 51,902 Shops at Bruckner — 32,979 12,029 (12,709 ) (30 ) 32,269 Hudson Mall 15,824 37,593 9,930 (17,344 ) (1,730 ) 44,273 Yonkers Gateway Center 22,642 110,635 38,162 (68,694 ) (920 ) 101,825 The Plaza at Cherry Hill 14,602 33,666 7,800 (2,533 ) — 53,535 Manchester Plaza 4,409 13,756 3,256 (1,259 ) — 20,162 Millburn Gateway Center 15,783 25,387 5,360 (947 ) — 45,583 21 E Broad St / One Lincoln Plaza 5,728 4,305 679 (554 ) — 10,158 The Plaza at Woodbridge 21,547 75,017 11,596 (4,198 ) — 103,962 2017 Total $ 141,234 $ 333,338 $ 114,670 $ (122,893 ) $ (2,680 ) $ 463,669 (1) As of December 31, 2018 , the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2017 were 16.9 years and 15.1 years, respectively. As of December 31, 2017 , the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2017 were 17.9 years and 16.6 years, respectively. |
IDENTIFIED INTANGIBLE ASSETS _2
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities | The following table summarizes our identified intangible assets and liabilities: (Amounts in thousands) December 31, 2018 December 31, 2017 In-place leases $ 75,454 $ 88,355 Accumulated amortization (24,713 ) (21,557 ) Below-market ground leases (1) 23,730 23,730 Accumulated amortization (11,791 ) (10,819 ) Above-market leases 7,129 7,356 Accumulated amortization (2,565 ) (1,228 ) Other intangible assets 1,635 1,635 Accumulated amortization (457 ) (223 ) Identified intangible assets, net of accumulated amortization 68,422 87,249 Below-market leases 209,316 246,791 Accumulated amortization (65,058 ) (65,832 ) Identified intangible liabilities, net of accumulated amortization $ 144,258 $ 180,959 (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 expense related to intangible assets and liabilities for the five succeeding years commencing January 1, 2019: (Amounts in thousands) Below-Market Above-Market Below-Market Year Operating Lease Income Operating Lease Expense In-Place Leases Ground Leases 2019 $ 10,005 $ 1,289 $ 7,431 $ 972 2020 9,837 1,014 6,194 972 2021 9,699 807 4,982 622 2022 9,622 433 4,049 590 2023 9,575 327 3,717 590 |
MORTGAGES PAYABLE (Tables)
MORTGAGES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages Payable | The following is a summary of mortgages payable as of December 31, 2018 and December 31, 2017 . Interest Rate at December 31, December 31, (Amounts in thousands) Maturity December 31, 2018 2018 2017 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 3.95% $ 28,930 $ 28,930 Westfield (One Lincoln Plaza) (1) 5/24/2022 3.95% 4,730 4,730 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 3.95% 55,340 55,340 Jersey City (Hudson Commons) (2) 11/15/2024 4.25% 29,000 29,000 Watchung (2) 11/15/2024 4.25% 27,000 27,000 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 4.25% 24,500 24,500 Total variable rate debt 169,500 169,500 Fixed rate Montehiedra (senior loan) 7/6/2021 5.33% 84,860 86,236 Montehiedra (junior loan) 7/6/2021 3.00% 30,000 30,000 Bergen Town Center - West, Paramus 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 11,582 12,162 Jersey City (Hudson Mall) (5) 12/1/2023 5.07% 24,326 25,004 Yonkers Gateway Center (6) 4/6/2024 4.16% 31,704 33,227 Las Catalinas 8/6/2024 4.43% 130,000 130,000 Brick 12/10/2024 3.87% 50,000 50,000 North Plainfield 12/10/2025 3.99% 25,100 25,100 Middletown 12/1/2026 3.78% 31,400 31,400 Rockaway 12/1/2026 3.78% 27,800 27,800 East Hanover (200 - 240 Route 10 West) 12/10/2026 4.03% 63,000 63,000 North Bergen (Tonnelle Ave) (4) 4/1/2027 4.18% 100,000 100,000 Manchester 6/1/2027 4.32% 12,500 12,500 Millburn 6/1/2027 3.97% 24,000 24,000 Totowa 12/1/2027 4.33% 50,800 50,800 Woodbridge (Woodbridge Commons) 12/1/2027 4.36% 22,100 22,100 East Brunswick 12/6/2027 4.38% 63,000 63,000 East Rutherford 1/6/2028 4.49% 23,000 23,000 Hackensack 3/1/2028 4.36% 66,400 66,400 Marlton 12/1/2028 3.86% 37,400 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,700 40,700 Union (2445 Springfield Ave) 12/10/2028 4.01% 45,600 45,600 Freeport (Freeport Commons) 12/10/2029 4.07% 43,100 43,100 Garfield 12/1/2030 4.14% 40,300 40,300 Mt Kisco (3) 11/15/2034 6.40% 13,987 14,451 Englewood (7) — —% — 11,537 Total fixed rate debt 1,392,659 1,408,817 Total mortgages payable 1,562,159 1,578,317 Unamortized debt issuance costs (11,917 ) (13,775 ) Total mortgages payable, net of unamortized debt issuance costs $ 1,550,242 $ 1,564,542 (1) Bears interest at one month LIBOR plus 160 bps. (2) Bears interest at one month LIBOR plus 190 bps. (3) The mortgage payable balance on the loan secured by Mount Kisco (Target) includes $1.0 million of unamortized debt discount as of both December 31, 2018 and December 31, 2017 , respectively. The effective interest rate including amortization of the debt discount is 7.30% as of December 31, 2018 . (4) On March 29, 2017, we refinanced the $74 million , 4.59% mortgage loan secured by our Tonnelle Commons property in North Bergen, NJ, increasing the principal balance to $100 million with a 10 -year fixed rate mortgage, at 4.18% . As a result, we recognized a loss on extinguishment of debt of $1.3 million during the year ended December 31, 2017 , comprised of a $1.1 million prepayment penalty and write-off of $0.2 million of unamortized deferred financing fees on the original loan. (5) The mortgage payable balance on the loan secured by Hudson Mall includes $1.2 million and $1.5 million of unamortized debt premium as of December 31, 2018 and December 31, 2017 , respectively. The effective interest rate including amortization of the debt premium is 3.88% as of December 31, 2018 . (6) The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.7 million and $0.8 million of unamortized debt premium as of both December 31, 2018 and December 31, 2017 , respectively. The effective interest rate including amortization of the debt premium is 3.71% as of December 31, 2018 . (7) On January 31, 2018 , our property in Englewood, NJ was sold at a foreclosure sale and on February 23, 2018 , the court order was received approving the sale and discharging the receiver of all assets and liabilities related to the property. |
Schedule of Principal Repayments | As of December 31, 2018 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2019 $ 4,239 2020 7,567 2021 123,211 2022 100,896 2023 344,423 2024 274,370 Thereafter 707,453 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Status of Dividends Paid | The Company satisfied its REIT distribution requirement by distributing $0.88 per common share in 2018. The taxability of such dividends are as follows: Year Ended December 31, 2018 2017 2016 Dividend paid per share $ 0.88 $ 0.88 $ 0.82 Ordinary income 100 % 58 % 100 % Return of capital — % — % — % Capital gains — % 42 % — % |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Income tax expense (benefit): Current: U.S. federal income tax $ 154 $ — $ — U.S. state and local income tax 101 22 — Puerto Rico income tax 560 674 609 Total current 815 696 609 Deferred: Puerto Rico income tax 2,704 (974 ) 195 Total deferred 2,704 (974 ) 195 Total income tax expense (benefit) $ 3,519 $ (278 ) $ 804 |
Schedule of Net Deferred Income Tax Liability | Below is a table summarizing the net deferred income tax liability balance as of December 31, 2018 and 2017 : (Amounts in thousands) Balance at January 1, 2017 $ (3,802 ) Change in deferred tax assets: Depreciation (312 ) Amortization of deferred financing costs (46 ) Provision for doubtful accounts 514 Insurance claims receivable 501 Change in deferred tax liabilities: Depreciation 102 Straight-line rent 207 Amortization of acquired leases 8 Balance at December 31, 2017 (2,828 ) Change in deferred tax assets: Amortization of deferred financing costs (46 ) Provision for doubtful accounts (200 ) Insurance claims receivable (42 ) Charitable contribution 5 Change in deferred tax liabilities: Depreciation (2,261 ) Straight-line rent (181 ) Amortization of acquired leases 21 Balance at December 31, 2018 $ (5,532 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017 . As of December 31, 2018 As of December 31, 2017 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 440,430 $ 440,430 $ 490,279 $ 490,279 Liabilities: Mortgages payable (1) $ 1,562,159 $ 1,543,963 $ 1,578,317 $ 1,579,839 (1) Carrying amounts exclude unamortized debt issuance costs of $11.9 million and $13.8 million as of December 31, 2018 and December 31, 2017 , respectively. |
Schedule of Interest Rates Used for Fair Value of Mortgages Payable | The following market spreads were used by the Company to estimate the fair value of mortgages payable: December 31, 2018 December 31, 2017 Low High Low High Mortgages payable 1.7% 1.9% 1.7% 2.1% |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of future minimum rental receivable | Future base rental revenue under these non-cancelable operating leases is as follows: (Amounts in thousands) Year Ending December 31, 2019 $ 256,598 2020 235,652 2021 216,247 2022 198,449 2023 176,282 Thereafter 986,865 |
Schedule of future minimum lease payments | Future lease payments under these agreements are as follows: (Amounts in thousands) Year Ending December 31, 2019 $ 10,640 2020 9,614 2021 8,957 2022 8,982 2023 8,850 Thereafter 85,535 |
PREPAID EXPENSES AND OTHER AS_2
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of 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, 2018 December 31, 2017 Other assets $ 2,615 $ 3,771 Real estate held for sale — 3,285 Deposits for acquisitions 150 406 Prepaid expenses: Real estate taxes 6,911 7,094 Insurance 2,509 2,793 Rent, licenses/fees 783 1,210 Total Prepaid expenses and other assets $ 12,968 $ 18,559 |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities | The following is a summary of the composition of accounts payable, accrued expenses and other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2018 December 31, 2017 Deferred tenant revenue $ 28,697 $ 28,663 Accrued capital expenditures and leasing costs 29,754 18,024 Accrued interest payable 8,950 9,018 Deferred ground rent expense 7,070 6,499 Accrued payroll expenses 5,747 5,692 Security deposits 5,396 5,272 Deferred tax liability, net 5,532 2,828 Other liabilities and accrued expenses 7,371 8,770 Total accounts payable, accrued expenses and other liabilities $ 98,517 $ 84,766 |
INTEREST AND DEBT EXPENSE (Tabl
INTEREST AND DEBT EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest and Debt Expense | The following table sets forth the details of interest and debt expense: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Interest expense $ 61,989 $ 53,342 $ 49,051 Amortization of deferred financing costs 2,879 2,876 2,830 Total Interest and debt expense $ 64,868 $ 56,218 $ 51,881 |
EARNINGS PER SHARE AND UNIT (Ta
EARNINGS PER SHARE AND UNIT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share and Unit | 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) 2018 2017 2016 Numerator: Net income attributable to common shareholders $ 105,150 $ 67,070 $ 90,815 Less: Earnings allocated to unvested participating securities (184 ) (155 ) (114 ) Net income available for common shareholders - basic $ 104,966 $ 66,915 $ 90,701 Impact of assumed conversions: OP and LTIP units — 5,782 53 Net income available for common shareholders - dilutive $ 104,966 $ 72,697 $ 90,754 Denominator: Weighted average common shares outstanding - basic 113,863 107,132 99,364 Effect of dilutive securities: Stock options using the treasury stock method — 168 257 Restricted share awards 188 167 114 Assumed conversion of OP and LTIP units — 10,923 59 Weighted average common shares outstanding - diluted 114,051 118,390 99,794 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.92 $ 0.62 $ 0.91 Earnings per common share - Diluted $ 0.92 $ 0.61 $ 0.91 Operating Partnership Earnings per Unit 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) 2018 2017 2016 Numerator: Net income attributable to unitholders $ 116,918 $ 72,894 $ 96,627 Less: net income attributable to participating securities (200 ) (155 ) (211 ) Net income available for unitholders $ 116,718 $ 72,739 $ 96,416 Denominator: Weighted average units outstanding - basic 126,198 117,779 105,455 Effect of dilutive securities issued by Urban Edge 188 335 371 Unvested LTIP units — 276 273 Weighted average units outstanding - diluted 126,386 118,390 106,099 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.92 $ 0.62 $ 0.91 Earnings per unit - Diluted $ 0.92 $ 0.61 $ 0.91 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options Activity | The following table presents stock option activity for the years ended December 31, 2018 , 2017 , and 2016 : Shares Under Options Weighted Average Exercise Price per Share Weighted Average Remaining Expected Term (In years) Outstanding at January 1, 2016 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 Granted 137,259 28.36 6.01 Exercised — — — Forfeited or expired (5,879 ) 23.17 — Outstanding at December 31, 2017 2,603,664 24.09 4.40 Granted 2,146,885 21.71 4.58 Exercised — — — Forfeited or expired — — — Outstanding at December 31, 2018 4,750,549 $ 23.02 4.48 Exercisable at December 31, 2018 807,352 $ 24.03 — |
Schedule of Assumptions Used to Estimate Fair Value of Options Granted | During the years ended December 31, 2018 , 2017 and 2016 , the fair value of the options granted was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: February 8, 2016 February 24, 2017 February 22, 2018 September 27, 2018 Risk-free interest rate 1.31% 1.93% 2.73% 3.00% Expected option life 6.25 6.25 6.25 7.00 Expected volatility 23.94% 25.06% 32.23% 30.42% |
Schedule of Restricted Share Activity | The following table presents information regarding restricted share activity during the years ended December 31, 2018 , 2017 , and 2016 : Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2016 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 Granted 104,698 27.69 Vested (53,236 ) 25.13 Forfeited (5,427 ) 24.64 Unvested at December 31, 2017 175,430 26.05 Granted 103,814 21.65 Vested (84,185 ) 25.67 Forfeited (32,482 ) 23.32 Unvested at December 31, 2018 162,577 $ 23.99 |
Summary of Share-based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Share-based compensation expense components: Restricted share expense $ 2,051 $ 1,961 $ 1,314 Stock option expense 2,778 2,569 2,437 LTIP expense (1) 2,218 557 473 Outperformance Plan (“OPP”) expense 2,530 2,050 1,209 DSU expense 164 — — Total Share-based compensation expense $ 9,741 $ 7,137 $ 5,433 (1) LTIP expense excludes the expense associated with LTIP units under the 2015 OPP, 2017 OPP and 2018 LTI Plan |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Total revenue $ 100,923 $ 112,214 $ 101,970 $ 99,053 Operating income 24,445 39,197 23,154 35,069 Net income 7,251 26,899 59,774 23,039 Net income attributable to noncontrolling interests in operating partnership (727 ) (2,688 ) (6,025 ) (2,328 ) Net income attributable to noncontrolling interests in consolidated subsidiaries (11 ) (11 ) (12 ) (11 ) Net income attributable to common shareholders 6,513 24,200 53,737 20,700 Net income attributable to unitholders 7,240 26,888 59,762 23,028 Earnings per common share - Basic 0.06 0.21 0.47 0.18 Earnings per common share - Diluted 0.06 0.21 0.47 0.18 Earnings per common unit - Basic 0.06 0.21 0.47 0.18 Earnings per common unit - Diluted 0.06 0.21 0.47 0.18 Three Months Ended, (Amounts in thousands, except per share/unit amounts) December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total revenue $ 97,376 $ 94,101 $ 89,501 $ 126,064 Operating income 30,742 33,190 28,515 69,317 Net (loss) income (15,873 ) 19,156 14,920 54,735 Net loss (income) attributable to noncontrolling interests in operating partnership 1,607 (1,967 ) (1,326 ) (4,138 ) Net income attributable to noncontrolling interests in consolidated subsidiaries (11 ) (11 ) (11 ) (11 ) Net (loss) income attributable to common shareholders (14,277 ) 17,178 13,583 50,586 Net (loss) income attributable to unitholders (15,884 ) 19,145 14,909 54,724 Earnings (loss) per common share - Basic (0.13 ) 0.15 0.13 0.51 Earnings (loss) per common share - Diluted (0.13 ) 0.15 0.13 0.50 Earnings (loss) per common unit - Basic (0.13 ) 0.15 0.13 0.51 Earnings (loss) per common unit - Diluted (0.13 ) 0.15 0.13 0.50 |
ORGANIZATION (Details)
ORGANIZATION (Details) ft² in Millions | Jan. 15, 2015 | Dec. 31, 2018ft²property |
Real Estate Properties [Line Items] | ||
Noncontrolling interest percentage | 10.10% | |
Area of real estate property (in sq ft) | ft² | 16.3 | |
Warehouses | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 1 | |
Wholly owned properties | Shopping Center | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 83 | |
Wholly owned properties | Mall | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 4 | |
Parent | Vornado Realty L.P. | ||
Real Estate Properties [Line Items] | ||
Noncontrolling interest percentage | 5.40% | 90.00% |
BASIS OF PRESENTATION AND PRI_2
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) ft² in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($)ft²propertymall | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)ft²propertymall | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||||
Impairment loss on real estate | $ 5,574,000 | $ 5,637,000 | $ 0 | |||||||||
Term of share-based compensation awards | 10 years | |||||||||||
Area of real estate property (in sq ft) | ft² | 16,300 | 16,300 | ||||||||||
Revenues | $ 100,923,000 | $ 112,214,000 | $ 101,970,000 | $ 99,053,000 | $ 97,376,000 | $ 94,101,000 | $ 89,501,000 | $ 126,064,000 | $ 414,160,000 | 407,042,000 | $ 325,976,000 | |
Number of properties subject to lease | property | 24 | 24 | ||||||||||
Capitalized internal leasing overhead | $ 700,000 | |||||||||||
The Home Depot | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Number of malls | property | 7 | 7 | ||||||||||
Area of real estate property (in sq ft) | ft² | 920 | 920 | ||||||||||
Customer Concentration Risk | Sales Revenue, Net | The Home Depot | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Concentration risk percentage | 5.50% | |||||||||||
Revenues | $ 22,600,000 | |||||||||||
Puerto Rico | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Number of malls | mall | 2 | 2 | ||||||||||
Minimum | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Estimated useful lives of real estate property | 3 years | |||||||||||
Maximum | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Estimated useful lives of real estate property | 40 years | |||||||||||
Revolving Credit Facility | Revolving Credit Agreement | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Amounts drawn under credit facility | $ 0 | $ 0 | ||||||||||
Eatontown, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Impairment loss on real estate | $ 3,500,000 | |||||||||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event | Scenario, Forecast | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Lease liability | $ 100,000,000 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands | May 24, 2018USD ($)ft² | Feb. 28, 2018USD ($)ft² | Feb. 23, 2018USD ($)ft² | Jan. 26, 2018USD ($)ft² | May 24, 2017USD ($)ft² | Feb. 02, 2017USD ($)ft² | Jan. 17, 2017USD ($)ft² | Jan. 04, 2017USD ($)ft² | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | May 25, 2017ft² |
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 16,300,000 | ||||||||||
Purchase Price | $ 4,931 | $ 463,669 | |||||||||
Transaction costs | $ 100 | $ 11,300 | |||||||||
938 Spring Valley Road | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 2,000 | ||||||||||
Purchase Price | $ 719 | ||||||||||
116 Sunrise Highway | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 4,750 | ||||||||||
Purchase Price | $ 447 | ||||||||||
197 West Spring Valley Ave | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 16,000 | ||||||||||
Purchase Price | $ 2,799 | ||||||||||
7 Francis Place | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 3,000 | ||||||||||
Purchase Price | $ 966 | ||||||||||
Yonkers Gateway Center | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 0 | ||||||||||
Purchase Price | $ 51,902 | ||||||||||
Transaction costs | $ 200 | ||||||||||
Shops at Bruckner | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 114,000 | ||||||||||
Purchase Price | $ 32,269 | ||||||||||
Transaction costs | $ 300 | ||||||||||
Hudson Mall | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 383,000 | ||||||||||
Purchase Price | $ 44,273 | ||||||||||
Transaction costs | $ 600 | ||||||||||
Yonkers Gateway Center | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 437,000 | ||||||||||
Purchase Price | $ 101,825 | ||||||||||
The Plaza at Cherry Hill | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 413,000 | ||||||||||
Purchase Price | $ 53,535 | ||||||||||
Manchester Plaza | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 131,000 | ||||||||||
Purchase Price | $ 20,162 | ||||||||||
Millburn Gateway Center | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 102,000 | ||||||||||
Purchase Price | $ 45,583 | ||||||||||
21 E Broad St / One Lincoln Plaza | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 22,000 | ||||||||||
Purchase Price | $ 10,158 | ||||||||||
The Plaza at Woodbridge | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Square Feet | ft² | 411,000 | ||||||||||
Purchase Price | $ 103,962 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) $ / shares in Units, ft² in Thousands, $ in Thousands, shares in Millions | Jul. 05, 2018USD ($) | Sep. 08, 2017USD ($) | May 25, 2017USD ($)ft²$ / sharesshares | Feb. 02, 2017USD ($)ft² | Jan. 17, 2017USD ($)ft² | Jan. 04, 2017USD ($)ft²$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 23, 2018USD ($) | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Area of real estate property (in sq ft) | ft² | 16,300 | |||||||||||
Business acquisition, transaction costs | $ 100 | $ 11,300 | ||||||||||
Income from acquired leasehold interest | 0 | 39,215 | $ 0 | |||||||||
Business acquisition, consideration paid | 4,931 | 463,669 | ||||||||||
Impairment loss on real estate | 5,574 | 5,637 | 0 | |||||||||
Gain on sale of real estate | 52,625 | 202 | $ 15,618 | |||||||||
Eatontown, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Impairment loss on real estate | 3,500 | |||||||||||
Consideration received on sale of real estate part of disposal group | $ 4,800 | |||||||||||
Kearny, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration received on sale of real estate part of disposal group | $ 300 | |||||||||||
Gain on sale of real estate | $ 200 | |||||||||||
Allentown, PA | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration received on sale of real estate part of disposal group | $ 54,300 | |||||||||||
Gain on sale of real estate | 50,400 | |||||||||||
West Babylon, NY | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Impairment loss on real estate | $ 2,500 | |||||||||||
Yonkers Gateway Center | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash acquisition price | $ 2,900 | |||||||||||
Area of real estate property (in sq ft) | ft² | 0 | |||||||||||
Business acquisition, equity interest issued or issuable, value | $ 48,800 | |||||||||||
Business acquisition, equity interest issued or issuable, units (in shares) | shares | 1.8 | |||||||||||
Business acquisition, unit price (in dollars per share) | $ / shares | $ 27.09 | |||||||||||
Business acquisition, transaction costs | $ 200 | |||||||||||
Business acquisition, consideration paid | $ 51,902 | |||||||||||
Shops at Bruckner | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash acquisition price | $ 19,400 | |||||||||||
Area of real estate property (in sq ft) | ft² | 114 | |||||||||||
Business acquisition, transaction costs | $ 300 | |||||||||||
Income from acquired leasehold interest | $ 39,200 | |||||||||||
Business acquisition, consideration paid | 32,269 | |||||||||||
Shops at Bruckner | Mortgages | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, debt assumed | $ 12,600 | |||||||||||
Hudson Mall | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash acquisition price | $ 19,900 | |||||||||||
Area of real estate property (in sq ft) | ft² | 383 | |||||||||||
Business acquisition, transaction costs | $ 600 | |||||||||||
Business acquisition, consideration paid | 44,273 | |||||||||||
Hudson Mall | Mortgages | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, debt assumed | $ 23,800 | |||||||||||
Ackerman Portfolio | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash acquisition price | $ 44,000 | |||||||||||
Business acquisition, equity interest issued or issuable, value | $ 122,000 | |||||||||||
Business acquisition, equity interest issued or issuable, units (in shares) | shares | 4.5 | |||||||||||
Business acquisition, unit price (in dollars per share) | $ / shares | $ 27.02 | |||||||||||
Business acquisition, transaction costs | $ 10,200 | |||||||||||
Business acquisition, debt assumed | $ 33,000 | |||||||||||
Area of land (in sq ft/acres) | ft² | 1,500 | |||||||||||
Business acquisition, consideration paid | $ 325,000 | |||||||||||
Percentage of leased area | 83.00% | |||||||||||
Ackerman Portfolio | Mortgages | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, non-recourse debt issued | $ 126,000 | |||||||||||
Office Building in Maywood, NJ | Scenario, Forecast | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, consideration paid | $ 7,100 | |||||||||||
Kearny, NJ | Excess Land Cherry Hill, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration received on sale of real estate part of disposal group | $ 3,300 | |||||||||||
Gain on sale of real estate | $ 2,200 |
ACQUISITIONS AND DISPOSITIONS_3
ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Land | $ 2,819 | $ 141,234 |
Buildings and improvements | 2,112 | 333,338 |
Identified intangible assets | 0 | 114,670 |
Identified intangible liabilities | 0 | (122,893) |
Debt premium | 0 | (2,680) |
Total purchase price | $ 4,931 | $ 463,669 |
Remaining weighted average amortization period of acquired intangibles | 16 years 10 months 7 days | 17 years 10 months 24 days |
Remaining weighted average amortization period of acquired intangibles liabilities | 15 years 1 month 1 day | 16 years 6 months 24 days |
938 Spring Valley Road | ||
Business Acquisition [Line Items] | ||
Land | $ 519 | |
Buildings and improvements | 200 | |
Identified intangible assets | 0 | |
Identified intangible liabilities | 0 | |
Debt premium | 0 | |
Total purchase price | 719 | |
116 Sunrise Highway | ||
Business Acquisition [Line Items] | ||
Land | 151 | |
Buildings and improvements | 296 | |
Identified intangible assets | 0 | |
Identified intangible liabilities | 0 | |
Debt premium | 0 | |
Total purchase price | 447 | |
197 West Spring Valley Ave | ||
Business Acquisition [Line Items] | ||
Land | 1,768 | |
Buildings and improvements | 1,031 | |
Identified intangible assets | 0 | |
Identified intangible liabilities | 0 | |
Debt premium | 0 | |
Total purchase price | 2,799 | |
7 Francis Place | ||
Business Acquisition [Line Items] | ||
Land | 381 | |
Buildings and improvements | 585 | |
Identified intangible assets | 0 | |
Identified intangible liabilities | 0 | |
Debt premium | 0 | |
Total purchase price | $ 966 | |
Yonkers Gateway Center | ||
Business Acquisition [Line Items] | ||
Land | $ 40,699 | |
Buildings and improvements | 0 | |
Identified intangible assets | 25,858 | |
Identified intangible liabilities | (14,655) | |
Debt premium | 0 | |
Total purchase price | 51,902 | |
Shops at Bruckner | ||
Business Acquisition [Line Items] | ||
Land | 0 | |
Buildings and improvements | 32,979 | |
Identified intangible assets | 12,029 | |
Identified intangible liabilities | (12,709) | |
Debt premium | (30) | |
Total purchase price | 32,269 | |
Hudson Mall | ||
Business Acquisition [Line Items] | ||
Land | 15,824 | |
Buildings and improvements | 37,593 | |
Identified intangible assets | 9,930 | |
Identified intangible liabilities | (17,344) | |
Debt premium | (1,730) | |
Total purchase price | 44,273 | |
Yonkers Gateway Center | ||
Business Acquisition [Line Items] | ||
Land | 22,642 | |
Buildings and improvements | 110,635 | |
Identified intangible assets | 38,162 | |
Identified intangible liabilities | (68,694) | |
Debt premium | (920) | |
Total purchase price | 101,825 | |
The Plaza at Cherry Hill | ||
Business Acquisition [Line Items] | ||
Land | 14,602 | |
Buildings and improvements | 33,666 | |
Identified intangible assets | 7,800 | |
Identified intangible liabilities | (2,533) | |
Debt premium | 0 | |
Total purchase price | 53,535 | |
Manchester Plaza | ||
Business Acquisition [Line Items] | ||
Land | 4,409 | |
Buildings and improvements | 13,756 | |
Identified intangible assets | 3,256 | |
Identified intangible liabilities | (1,259) | |
Debt premium | 0 | |
Total purchase price | 20,162 | |
Millburn Gateway Center | ||
Business Acquisition [Line Items] | ||
Land | 15,783 | |
Buildings and improvements | 25,387 | |
Identified intangible assets | 5,360 | |
Identified intangible liabilities | (947) | |
Debt premium | 0 | |
Total purchase price | 45,583 | |
21 E Broad St / One Lincoln Plaza | ||
Business Acquisition [Line Items] | ||
Land | 5,728 | |
Buildings and improvements | 4,305 | |
Identified intangible assets | 679 | |
Identified intangible liabilities | (554) | |
Debt premium | 0 | |
Total purchase price | 10,158 | |
The Plaza at Woodbridge | ||
Business Acquisition [Line Items] | ||
Land | 21,547 | |
Buildings and improvements | 75,017 | |
Identified intangible assets | 11,596 | |
Identified intangible liabilities | (4,198) | |
Debt premium | 0 | |
Total purchase price | $ 103,962 |
IDENTIFIED INTANGIBLE ASSETS _3
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Identifiable Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
In-place leases, gross | $ 75,454 | $ 88,355 |
Accumulated amortization, identified intangible assets | (39,526) | (33,827) |
Identified intangible assets, net of accumulated amortization | 68,422 | 87,249 |
Below-market lease liability, gross | 209,316 | 246,791 |
Accumulated amortization, below-market lease liabilities | (65,058) | (65,832) |
Identified intangible liabilities, net of accumulated amortization | 144,258 | 180,959 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization, identified intangible assets | (24,713) | (21,557) |
Below-market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization, identified intangible assets | (11,791) | (10,819) |
Below and above-market leases and other intangibles, gross | 23,730 | 23,730 |
Above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization, identified intangible assets | (2,565) | (1,228) |
Below and above-market leases and other intangibles, gross | 7,129 | 7,356 |
Accumulated amortization | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization, identified intangible assets | (457) | (223) |
Below and above-market leases and other intangibles, gross | $ 1,635 | $ 1,635 |
IDENTIFIED INTANGIBLE ASSETS _4
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Identified intangible assets, net of accumulated amortization | $ 68,422 | $ 87,249 | |
Identified intangible liabilities, net of accumulated amortization | 144,258 | 180,959 | |
Amortization of acquired below-market leases, net of above-market leases | 34,000 | 9,500 | $ 7,800 |
Amortization expense of intangible assets | 15,100 | 9,300 | 2,000 |
Amortization of below-market Lease | $ 1,000 | $ 1,000 | $ 1,000 |
IDENTIFIED INTANGIBLE ASSETS _5
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Below-Market Operating Leases | |
2,018 | $ 10,005 |
2,019 | 9,837 |
2,020 | 9,699 |
2,021 | 9,622 |
2,022 | 9,575 |
Below-Market Ground Leases | |
2,018 | 972 |
2,019 | 972 |
2,020 | 622 |
2,021 | 590 |
2,022 | 590 |
Above-market leases | |
Operating Leases | |
2,018 | 1,289 |
2,019 | 1,014 |
2,020 | 807 |
2,021 | 433 |
2,022 | 327 |
In-place leases | |
Operating Leases | |
2,018 | 7,431 |
2,019 | 6,194 |
2,020 | 4,982 |
2,021 | 4,049 |
2,022 | $ 3,717 |
MORTGAGES PAYABLE - Summary of
MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands | Mar. 29, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 23, 2018 | Mar. 28, 2017 |
Debt Instrument [Line Items] | ||||||
Total mortgages payable, net of unamortized debt issuance costs | $ 1,550,242 | $ 1,564,542 | ||||
Gain (loss) on extinguishment of debt | 2,524 | (35,336) | $ 0 | |||
Mortgages | First Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Total mortgages payable | 1,562,159 | 1,578,317 | ||||
Unamortized debt issuance costs | (11,917) | (13,775) | ||||
Total mortgages payable, net of unamortized debt issuance costs | 1,550,242 | 1,564,542 | ||||
Mortgages | First Mortgage | Variable rate | ||||||
Debt Instrument [Line Items] | ||||||
Total mortgages payable | $ 169,500 | 169,500 | ||||
Mortgages | First Mortgage | Variable rate | The Plaza at Cherry Hill | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.95% | |||||
Total mortgages payable | $ 28,930 | $ 28,930 | ||||
Mortgages | First Mortgage | Variable rate | The Plaza at Cherry Hill | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 160.00% | 160.00% | ||||
Mortgages | First Mortgage | Variable rate | Westfield - One Lincoln Plaza | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.95% | |||||
Total mortgages payable | $ 4,730 | $ 4,730 | ||||
Mortgages | First Mortgage | Variable rate | Westfield - One Lincoln Plaza | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 160.00% | 160.00% | ||||
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.95% | |||||
Total mortgages payable | $ 55,340 | $ 55,340 | ||||
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 160.00% | 160.00% | ||||
Mortgages | First Mortgage | Variable rate | Hudson Commons | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.25% | |||||
Total mortgages payable | $ 29,000 | $ 29,000 | ||||
Mortgages | First Mortgage | Variable rate | Hudson Commons | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 190.00% | |||||
Mortgages | First Mortgage | Variable rate | Watchung, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.25% | |||||
Total mortgages payable | $ 27,000 | 27,000 | ||||
Mortgages | First Mortgage | Variable rate | Watchung, NJ | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 190.00% | |||||
Mortgages | First Mortgage | Variable rate | Bronx (1750-1780 Gun Hill Road), NY | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.25% | |||||
Total mortgages payable | $ 24,500 | 24,500 | ||||
Mortgages | First Mortgage | Variable rate | Bronx (1750-1780 Gun Hill Road), NY | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 190.00% | |||||
Mortgages | First Mortgage | Fixed rate | ||||||
Debt Instrument [Line Items] | ||||||
Total mortgages payable | $ 1,392,659 | 1,408,817 | ||||
Mortgages | First Mortgage | Fixed rate | Montehiedra Town Center | Senior Loan | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.33% | |||||
Total mortgages payable | $ 84,860 | 86,236 | ||||
Mortgages | First Mortgage | Fixed rate | Montehiedra Town Center | Junior Loan | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.00% | |||||
Total mortgages payable | $ 30,000 | 30,000 | ||||
Mortgages | First Mortgage | Fixed rate | Bergen Town Center | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.56% | |||||
Total mortgages payable | $ 300,000 | 300,000 | ||||
Mortgages | First Mortgage | Fixed rate | Shops at Bruckner | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.90% | |||||
Total mortgages payable | $ 11,582 | 12,162 | ||||
Mortgages | First Mortgage | Fixed rate | Hudson Mall | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.07% | |||||
Total mortgages payable | $ 24,326 | 25,004 | ||||
Effective interest rate | 3.88% | |||||
Unamortized debt premium | $ 1,200 | 1,500 | ||||
Mortgages | First Mortgage | Fixed rate | Yonkers Gateway Center | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.16% | |||||
Total mortgages payable | $ 31,704 | 33,227 | ||||
Effective interest rate | 3.71% | |||||
Unamortized debt premium | $ 700 | 800 | ||||
Mortgages | First Mortgage | Fixed rate | Las Catalinas | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.43% | |||||
Total mortgages payable | $ 130,000 | 130,000 | ||||
Mortgages | First Mortgage | Fixed rate | Brick, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.87% | |||||
Total mortgages payable | $ 50,000 | 50,000 | ||||
Mortgages | First Mortgage | Fixed rate | North Plainfield, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.99% | |||||
Total mortgages payable | $ 25,100 | 25,100 | ||||
Mortgages | First Mortgage | Fixed rate | Middletown, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.78% | |||||
Total mortgages payable | $ 31,400 | 31,400 | ||||
Mortgages | First Mortgage | Fixed rate | Rockaway | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.78% | |||||
Total mortgages payable | $ 27,800 | 27,800 | ||||
Mortgages | First Mortgage | Fixed rate | East Hanover (200 - 240 Route 10 West), NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.03% | |||||
Total mortgages payable | $ 63,000 | 63,000 | ||||
Mortgages | First Mortgage | Fixed rate | North Bergen (Tonnelle Avenue), NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.18% | 4.18% | 4.59% | |||
Total mortgages payable | $ 100,000 | $ 100,000 | 100,000 | $ 74,000 | ||
Debt instrument, term | 10 years | |||||
Gain (loss) on extinguishment of debt | (1,300) | |||||
Prepayment penalty | 1,100 | |||||
Write-off of unamortized deferred financing fees | 200 | |||||
Mortgages | First Mortgage | Fixed rate | Manchester Plaza | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.32% | |||||
Total mortgages payable | $ 12,500 | 12,500 | ||||
Mortgages | First Mortgage | Fixed rate | Millburn | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.97% | |||||
Total mortgages payable | $ 24,000 | 24,000 | ||||
Mortgages | First Mortgage | Fixed rate | Totowa, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.33% | |||||
Total mortgages payable | $ 50,800 | 50,800 | ||||
Mortgages | First Mortgage | Fixed rate | Woodbridge Commons | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.36% | |||||
Total mortgages payable | $ 22,100 | 22,100 | ||||
Mortgages | First Mortgage | Fixed rate | East Brunswick, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.38% | |||||
Total mortgages payable | $ 63,000 | 63,000 | ||||
Mortgages | First Mortgage | Fixed rate | East Rutherford, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.49% | |||||
Total mortgages payable | $ 23,000 | 23,000 | ||||
Mortgages | First Mortgage | Fixed rate | Hackensack, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.36% | |||||
Total mortgages payable | $ 66,400 | 66,400 | ||||
Mortgages | First Mortgage | Fixed rate | Marlton, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.86% | |||||
Total mortgages payable | $ 37,400 | 37,400 | ||||
Mortgages | First Mortgage | Fixed rate | East Hanover Warehouses | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.09% | |||||
Total mortgages payable | $ 40,700 | 40,700 | ||||
Mortgages | First Mortgage | Fixed rate | Union (2445 Springfield Avenue), NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.01% | |||||
Total mortgages payable | $ 45,600 | 45,600 | ||||
Mortgages | First Mortgage | Fixed rate | Freeport (437 East Sunrise Highway), NY | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.07% | |||||
Total mortgages payable | $ 43,100 | 43,100 | ||||
Mortgages | First Mortgage | Fixed rate | Garfield, NJ | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.14% | |||||
Total mortgages payable | $ 40,300 | 40,300 | ||||
Mortgages | First Mortgage | Fixed rate | Mount Kisco (Target) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.40% | |||||
Total mortgages payable | $ 13,987 | 14,451 | ||||
Unamortized debt discount | $ (1,000) | (1,000) | ||||
Effective interest rate | 7.30% | |||||
Mortgages | First Mortgage | Fixed rate | Englewood | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 0.00% | |||||
Total mortgages payable | $ 0 | $ 11,537 | $ 11,500 | |||
Gain (loss) on extinguishment of debt | $ 2,500 |
MORTGAGES PAYABLE - Additional
MORTGAGES PAYABLE - Additional Information (Details) | Mar. 07, 2017USD ($)extension_option | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 23, 2018USD ($) | Jan. 15, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Net carrying amount of real estate collateralizing indebtedness | $ 1,300,000,000 | |||||
Gain (loss) on extinguishment of debt | 2,524,000 | $ (35,336,000) | $ 0 | |||
Increase in credit facility | $ 100,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 600,000,000 | |||||
Revolving Credit Facility | Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 500,000,000 | |||||
Number of extension options | extension_option | 2 | |||||
Term of each extension option | 6 months | |||||
Amounts drawn under credit facility | 0 | |||||
Borrowing rate | 1.15% | |||||
Facility fee | 200.00% | |||||
Gross debt issuance costs | 2,200,000 | 3,200,000 | ||||
Revolving Credit Facility | Revolving Credit Agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Financial covenants, maximum leverage ratio | 0.6 | |||||
Facility fee | 35.00% | |||||
Revolving Credit Facility | Revolving Credit Agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Financial covenants, minimum fixed charge coverage ratio | 1.5 | |||||
Facility fee | 15.00% | |||||
Revolving Credit Facility | Revolving Credit Agreement | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 1.55% | |||||
Revolving Credit Facility | Revolving Credit Agreement | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread on variable rate | 1.10% | |||||
First Mortgage | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Total mortgages payable | 1,562,159,000 | 1,578,317,000 | ||||
First Mortgage | Mortgages | Fixed rate | ||||||
Debt Instrument [Line Items] | ||||||
Total mortgages payable | 1,392,659,000 | 1,408,817,000 | ||||
First Mortgage | Mortgages | Englewood, NJ | Fixed rate | ||||||
Debt Instrument [Line Items] | ||||||
Gain (loss) on extinguishment of debt | 2,500,000 | |||||
Total mortgages payable | $ 0 | $ 11,537,000 | $ 11,500,000 | |||
Borrowing rate | 0.00% |
MORTGAGES PAYABLE - Schedule of
MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 4,239 |
2,020 | 7,567 |
2,021 | 123,211 |
2,022 | 100,896 |
2,023 | 344,423 |
2,024 | 274,370 |
Thereafter | $ 707,453 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)mall$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | |
Income Tax Contingency [Line Items] | |||
Distributions to redeemable NCI (in dollars per unit) | $ / shares | $ 0.88 | $ 0.88 | $ 0.82 |
Dividends paid (in dollars per share) | $ / shares | $ 0.88 | $ 0.88 | $ 0.82 |
Income tax (benefit) expense | $ 3,519,000 | $ (278,000) | $ 804,000 |
Deferred tax liability, net | 5,532,000 | 2,828,000 | |
Deferred tax asset valuation allowance | $ 0 | ||
Commonwealth of Puerto Rico | |||
Income Tax Contingency [Line Items] | |||
Non-resident withholding tax percentage | 29.00% | ||
Income tax (benefit) expense | $ 3,300,000 | (300,000) | 800,000 |
Deferred tax liabilities, gross | 6,600,000 | ||
Deferred tax assets, net | 1,100,000 | ||
Deferred tax liabilities, tax depreciation in excess of GAAP | 4,500,000 | ||
Deferred tax liabilities, straight-line rent | 1,900,000 | ||
Deferred tax liabilities, amortization of acquired leases | 200,000 | ||
Deferred tax assets, insurance claims receivable | 500,000 | ||
Deferred tax asset, amortization of deferred financing fees | 100,000 | ||
Deferred tax assets, excess of bad debt expense for tax purposes | 500,000 | ||
Commonwealth of Puerto Rico | Other Liabilities | |||
Income Tax Contingency [Line Items] | |||
Deferred tax liability, net | $ 5,532,000 | $ 2,828,000 | $ 3,802,000 |
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% | ||
Allentown, PA | |||
Income Tax Contingency [Line Items] | |||
Income tax (benefit) expense | $ 200,000 |
INCOME TAXES - Tax Status of Di
INCOME TAXES - Tax Status of Dividends Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Dividend paid per share | $ 0.88 | $ 0.88 | $ 0.82 |
Ordinary income | 100.00% | 58.00% | 100.00% |
Return of capital | 0.00% | 0.00% | 0.00% |
Capital gains | 0.00% | 42.00% | 0.00% |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
U.S. federal income tax | $ 154 | $ 0 | $ 0 |
U.S. state and local income tax | 101 | 22 | 0 |
Total current | 815 | 696 | 609 |
Deferred: | |||
Total deferred | 2,704 | (974) | 195 |
Total income tax expense (benefit) | 3,519 | (278) | 804 |
Commonwealth of Puerto Rico | |||
Current: | |||
Puerto Rico income tax | 560 | 674 | 609 |
Deferred: | |||
Puerto Rico income tax | 2,704 | (974) | 195 |
Total income tax expense (benefit) | $ 3,300 | $ (300) | $ 800 |
INCOME TAXES - Net Deferred Inc
INCOME TAXES - Net Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Liabilities, Net [Roll Forward] | ||
Deferred tax liability, net, beginning balance | $ (2,828) | |
Change in deferred tax liabilities: | ||
Deferred tax liability, net, ending balance | (5,532) | $ (2,828) |
Commonwealth of Puerto Rico | ||
Change in deferred tax assets: | ||
Depreciation | (312) | |
Amortization of deferred financing costs | (46) | (46) |
Provision for doubtful accounts | (200) | 514 |
Insurance claims receivable | (42) | 501 |
Charitable contribution | 5 | |
Change in deferred tax liabilities: | ||
Depreciation | (2,261) | 102 |
Straight-line rent | (181) | 207 |
Amortization of acquired leases | 21 | 8 |
Commonwealth of Puerto Rico | Other Liabilities | ||
Deferred Tax Liabilities, Net [Roll Forward] | ||
Deferred tax liability, net, beginning balance | (2,828) | (3,802) |
Change in deferred tax liabilities: | ||
Deferred tax liability, net, ending balance | $ (5,532) | $ (2,828) |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss on real estate | $ 5,574 | $ 5,637 | $ 0 |
Salem, NH | Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss on real estate | 3,100 | ||
West Babylon, NY | Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss on real estate | 2,500 | ||
Eatontown, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss on real estate | 3,500 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets measured at fair value | 0 | 0 | |
Financial liabilities measured at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets measured at fair value | 0 | 0 | |
Financial liabilities measured at fair value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Balan
FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 440,430 | $ 490,279 | $ 131,654 | $ 168,983 |
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 440,430 | 490,279 | ||
Carrying Amount | Mortgages | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgages payable | 1,562,159 | 1,578,317 | ||
Unamortized debt issuance costs | (11,900) | (13,800) | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 440,430 | 490,279 | ||
Fair Value | Mortgages | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgages payable | $ 1,543,963 | $ 1,579,839 |
FAIR VALUE MEASUREMENTS - Inter
FAIR VALUE MEASUREMENTS - Interest Rates Used for Fair Value of Mortgages Payable (Details) - Mortgages | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Low | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, interest rate | 1.70% | 1.70% |
High | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input, interest rate | 1.90% | 2.10% |
LEASES - Future Rental Revenues
LEASES - Future Rental Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2,019 | $ 256,598 | ||
2,020 | 235,652 | ||
2,021 | 216,247 | ||
2,022 | 198,449 | ||
2,023 | 176,282 | ||
Thereafter | 986,865 | ||
Additional rent based on percentage of tenants' sales or reimbursements | 2,000 | $ 1,200 | $ 800 |
Tenant Expense Reimbursements | |||
Capital Leased Assets [Line Items] | |||
Revenues | $ 108,700 | $ 99,100 | $ 84,900 |
LEASES - Future Lease Payments
LEASES - Future Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 10,640 |
2,020 | 9,614 |
2,021 | 8,957 |
2,022 | 8,982 |
2,023 | 8,850 |
Thereafter | $ 85,535 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) ft² in Thousands | Jan. 19, 2019USD ($) | Oct. 24, 2018USD ($)ft²property | Oct. 15, 2018USD ($)ft²property | Mar. 14, 2018USD ($)property | Dec. 31, 2018USD ($)ft²propertymall | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 06, 2018ft²property | Sep. 20, 2017mall |
Loss Contingencies [Line Items] | |||||||||
Real estate redevelopment in process | $ 196,500,000 | ||||||||
Estimated cost to complete development and redevelopment projects | $ 50,500,000 | ||||||||
Development in process, estimated duration to complete | 2 years | ||||||||
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 | 5,000,000 | ||||||||
Casualty and impairment loss | 5,574,000 | $ 5,637,000 | $ 0 | ||||||
Provision (reversal) of provision for doubtful accounts | 4,138,000 | 3,445,000 | $ 1,214,000 | ||||||
Accrued environmental remediation costs | $ 1,700,000 | 1,200,000 | |||||||
Number of properties subject to lease | property | 24 | ||||||||
Area of real estate property (in sq ft) | ft² | 16,300 | ||||||||
Toys “R” Us | Property Subject to Operating Lease | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of properties subject to lease | property | 9 | ||||||||
Annual gross rents | $ 7,600,000 | ||||||||
Sears (Kmart) | Property Subject to Operating Lease | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of properties subject to lease | property | 4 | ||||||||
Area of real estate property (in sq ft) | ft² | 547 | ||||||||
Annual gross rents | $ 8,500,000 | ||||||||
Sears (Kmart) | Property Subject to Operating Lease | Subsequent Event | |||||||||
Loss Contingencies [Line Items] | |||||||||
Consideration receivable on sales of stores under bankruptcy proceedings by lessee | $ 5,200,000,000 | ||||||||
National Wholesale Liquidators | Property Subject to Operating Lease | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of properties subject to lease | property | 1 | ||||||||
Area of real estate property (in sq ft) | ft² | 171 | ||||||||
Annual gross rents | $ 3,100,000 | ||||||||
Write-off of receivables from straight-line rents and reserves | $ 800,000 | ||||||||
Environmental Remediation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Cost of services, environmental remediation | 600,000 | ||||||||
Hudson Mall in Jersey City, NJ and Bruckner Commons in the Bronx, NY [Member] | Toys “R” Us | Property Leased by Customer in Bankruptcy | |||||||||
Loss Contingencies [Line Items] | |||||||||
Proceeds from lease payments | 15,500,000 | ||||||||
Woodbridge, NJ, Union, NJ, Amherst, NY and Wilkes-Barre, PA, Cherry Hill, NJ and Salem, NH | Toys “R” Us | Property Leased by Customer in Bankruptcy | |||||||||
Loss Contingencies [Line Items] | |||||||||
Annual gross rents | 5,700,000 | ||||||||
Write-off of below-market lease intangible | 21,600,000 | ||||||||
Write-off of receivables from straight-line rents and reserves | 1,000,000 | ||||||||
Bronx (Shops at Bruckner), NY | Fallas | Property Subject to Operating Lease | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of properties subject to lease | property | 1 | ||||||||
Area of real estate property (in sq ft) | ft² | 38 | ||||||||
Annual gross rents | 1,400,000 | ||||||||
Write-off of below-market lease intangible | $ 800,000 | ||||||||
Puerto Rico | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of malls | mall | 2 | ||||||||
Puerto Rico | Hurricane Maria | Hurricane | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of malls | mall | 2 | ||||||||
Casualty and impairment loss | 2,200,000 | ||||||||
Hurricane-related expenses | 1,700,000 | ||||||||
Loss contingency, insurance proceeds received | $ 1,500,000 | ||||||||
Rent abatements and tenant expense reimbursements | 700,000 | 900,000 | |||||||
Provision (reversal) of provision for doubtful accounts | (400,000) | 1,300,000 | |||||||
Puerto Rico | Hurricane Maria | Hurricane | Business Interruption | |||||||||
Loss Contingencies [Line Items] | |||||||||
Hurricane-related expenses | 300,000 | ||||||||
Net casualty gains | 1,200,000 | ||||||||
Business interruption losses | 300,000 | 2,200,000 | |||||||
Cash advance received from insurance | $ 1,800,000 | ||||||||
Puerto Rico | Montehiedra Town Center and Las Catalinas Mall | Hurricane Maria | |||||||||
Loss Contingencies [Line Items] | |||||||||
Insurance coverage, rental value insurance, limit per occurrence | $ 139,000,000 |
PREPAID EXPENSES AND OTHER AS_3
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other assets | $ 2,615 | $ 3,771 |
Real estate held for sale | 0 | 3,285 |
Deposits for acquisitions | 150 | 406 |
Prepaid expenses: | ||
Real estate taxes | 6,911 | 7,094 |
Insurance | 2,509 | 2,793 |
Rent, licenses/fees | 783 | 1,210 |
Total Prepaid expenses and other assets | $ 12,968 | $ 18,559 |
ACCOUNTS PAYABLE, ACCRUED EXP_3
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Deferred tenant revenue | $ 28,697 | $ 28,663 |
Accrued capital expenditures and leasing costs | 29,754 | 18,024 |
Accrued interest payable | 8,950 | 9,018 |
Deferred ground rent expense | 7,070 | 6,499 |
Accrued payroll expenses | 5,747 | 5,692 |
Security deposits | 5,396 | 5,272 |
Deferred tax liability, net | 5,532 | 2,828 |
Other liabilities and accrued expenses | 7,371 | 8,770 |
Total accounts payable, accrued expenses and other liabilities | $ 98,517 | $ 84,766 |
INTEREST AND DEBT EXPENSE (Deta
INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Interest expense | $ 61,989 | $ 53,342 | $ 49,051 |
Amortization of deferred financing costs | 2,879 | 2,876 | 2,830 |
Total Interest and debt expense | $ 64,868 | $ 56,218 | $ 51,881 |
EQUITY AND NONCONTROLLING INT_2
EQUITY AND NONCONTROLLING INTEREST (Details) | Jan. 15, 2015 | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Aug. 08, 2016USD ($)$ / shares |
Noncontrolling Interest [Line Items] | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Noncontrolling interest percentage | 10.10% | ||||
Distributions to redeemable NCI (in dollars per unit) | $ / shares | $ 0.88 | $ 0.88 | $ 0.82 | ||
Common limited partnership units issued (in shares) | 5,700,000 | ||||
Conversion rate to common shares | 1 | ||||
LTIP Units | |||||
Noncontrolling Interest [Line Items] | |||||
Number of equity awards issued (in shares) | 444,954 | 31,734 | |||
Award vesting period | 2 years | ||||
Noncontrolling Interest | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest percentage | 5.00% | ||||
DRIP | |||||
Noncontrolling Interest [Line Items] | |||||
Number of equity awards issued (in shares) | 8,419 | 12,788 | 12,564 | ||
Vornado Realty L.P. | Urban Edge Properties LP | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest percentage | 4.50% | ||||
Vornado Realty L.P. | Parent | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest percentage | 5.40% | 90.00% | |||
ATM | |||||
Noncontrolling Interest [Line Items] | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Aggregate shares subscription price | $ | $ 250,000,000 | ||||
Common stock remaining amount available for issuance | $ | $ 241,300,000 | ||||
Common shares issued during period (in shares) | 0 | 0 |
EARNINGS PER SHARE AND UNIT - A
EARNINGS PER SHARE AND UNIT - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2018shares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015shares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Options outstanding (in shares) | 4,750,549 | 2,603,664 | 2,472,284 | 2,289,139 |
Conversion ration of common shares | 1 | |||
Stock options using the treasury stock method | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Stock options using treasure stock method and restricted stock awards (in shares) | 0 | 167,933 | 256,917 | |
Restricted share awards | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Stock options using treasure stock method and restricted stock awards (in shares) | 188,329 | 167,100 | 114,354 | |
Unvested restricted shares outstanding (in shares) | 162,577 | |||
Stock options using the treasury stock method | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Exercise price of options, lower range limit (in dollars per share) | $ / shares | $ 22.83 | |||
Exercise price of options, upper range limit (in dollars per share) | $ / shares | $ 28.36 |
EARNINGS PER SHARE AND UNIT - C
EARNINGS PER SHARE AND UNIT - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income attributable to common shareholders | $ 6,513 | $ 24,200 | $ 53,737 | $ 20,700 | $ (14,277) | $ 17,178 | $ 13,583 | $ 50,586 | $ 105,150 | $ 67,070 | $ 90,815 |
Less: Earnings allocated to unvested participating securities | (184) | (155) | (114) | ||||||||
Net income available for common shareholders - basic | 104,966 | 66,915 | 90,701 | ||||||||
OP and LTIP units | 0 | 5,782 | 53 | ||||||||
Net income available for common shareholders - dilutive | $ 104,966 | $ 72,697 | $ 90,754 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 113,863,000 | 107,132,000 | 99,364,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Assumed conversion of OP and LTIP units (in shares) | 0 | 10,923,000 | 59,000 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 114,051,000 | 118,390,000 | 99,794,000 | ||||||||
Earnings per share available to common shareholders: | |||||||||||
Earnings per common share - Basic (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.51 | $ 0.92 | $ 0.62 | $ 0.91 |
Earnings per common share - Diluted (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.50 | $ 0.92 | $ 0.61 | $ 0.91 |
Urban Edge Properties LP | |||||||||||
Numerator: | |||||||||||
Net income attributable to common shareholders | $ 7,240 | $ 26,888 | $ 59,762 | $ 23,028 | $ (15,884) | $ 19,145 | $ 14,909 | $ 54,724 | $ 116,918 | $ 72,894 | $ 96,627 |
Less: Earnings allocated to unvested participating securities | (200) | (155) | (211) | ||||||||
Net income available for common shareholders - basic | $ 116,718 | $ 72,739 | $ 96,416 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 126,198,000 | 117,779,000 | 105,455,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options using treasure stock method and restricted stock awards (in shares) | 188,000 | 335,000 | 371,000 | ||||||||
Assumed conversion of OP and LTIP units (in shares) | 0 | 276,000 | 273,000 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 126,386,000 | 118,390,000 | 106,099,000 | ||||||||
Earnings per share available to common shareholders: | |||||||||||
Earnings per common share - Basic (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.51 | $ 0.92 | $ 0.62 | $ 0.91 |
Earnings per common share - Diluted (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.50 | $ 0.92 | $ 0.61 | $ 0.91 |
Stock options using the treasury stock method | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options using treasure stock method and restricted stock awards (in shares) | 0 | 167,933 | 256,917 | ||||||||
Restricted share awards | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options using treasure stock method and restricted stock awards (in shares) | 188,000 | 167,000 | 114,000 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) | Sep. 27, 2018 | Feb. 22, 2018USD ($)companyshares | Feb. 24, 2017 | Feb. 08, 2016 | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares | Jan. 07, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized share-based compensation expense for nonvested awards | $ 25,800,000 | ||||||||
Period for recognition of share-based compensation expense for nonvested awards | 3 years 5 months 4 days | ||||||||
Term of share-based compensation awards | 10 years | ||||||||
Weighted average remaining contractual term of options outstanding | 8 years 1 month 3 days | ||||||||
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares | $ 4.68 | $ 5.10 | $ 3.56 | ||||||
Number of options exercised (in shares) | shares | 0 | 0 | 8,501 | ||||||
Cash received from options exercised | $ 200,000 | ||||||||
Intrinsic value of options exercised | $ 26,000 | ||||||||
Intrinsic value of options outstanding | $ 0 | ||||||||
Intrinsic value of options exercisable | $ 0 | ||||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expected option life | 7 years | 6 years 3 months | 6 years 3 months | 6 years 3 months | |||||
Expected volatility | 30.42% | 32.23% | 25.06% | 23.94% | |||||
Risk-free interest rate | 3.00% | 2.73% | 1.93% | 1.31% | |||||
Term of share-based compensation awards | 10 years | ||||||||
Stock Options | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 3 years | ||||||||
Stock Options | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted (in shares) | shares | 103,814 | 104,698 | 117,399 | ||||||
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares | $ 21.65 | $ 27.69 | $ 24.55 | ||||||
Number of awards vested (in shares) | shares | 84,185 | 53,236 | 15,977 | ||||||
Grant date fair value of vested awards | $ 2,200,000 | $ 1,300,000 | $ 400,000 | ||||||
Number of unvested awards (in shares) | shares | 162,577 | 175,430 | 129,395 | 30,717 | |||||
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 equity awards issued (in shares) | shares | 444,954 | 31,734 | |||||||
Award vesting period | 2 years | ||||||||
Number of awards vested (in shares) | shares | 24,722 | 16,789 | 39,439 | ||||||
Number of unvested awards (in shares) | shares | 480,227 | ||||||||
Weighted average remaining contractual period of nonvested awards | 4 years | ||||||||
DSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of equivalent shares per common stock (in shares) | shares | 1 | ||||||||
Omnibus Share Plan 2015 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | shares | 15,000,000 | ||||||||
Omnibus Share Plan 2015 | DSUs | Trustees | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation expense | $ 200,000 | ||||||||
Number of awards granted (in shares) | shares | 13,656 | ||||||||
Weighted average grant date fair value of options granted (in dollars per share) | $ / shares | $ 19.33 | ||||||||
2015 OPP | OPP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate notional amount | $ 10,200,000 | ||||||||
Grant date fair value of plan | $ 3,900,000 | ||||||||
Expected volatility | 25.00% | ||||||||
Risk-free interest rate | 1.20% | ||||||||
2015 OPP | OPP Units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expected daily return rate compared to peers | 19.00% | ||||||||
2015 OPP | OPP Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expected daily return rate compared to peers | 27.00% | ||||||||
2017 OPP | OPP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate notional amount | $ 12,000,000 | ||||||||
Grant date fair value of plan | $ 4,100,000 | ||||||||
Expected volatility | 19.70% | ||||||||
Risk-free interest rate | 1.50% | ||||||||
2015 and 2017 OPPs | OPP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
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 | ||||||||
Expected dividend rate | 10.00% | ||||||||
Expected option life | 3 years | ||||||||
Period for recognition of nonvested awards | 5 years | ||||||||
Share-based compensation expense | $ 1,700,000 | $ 2,000,000 | $ 1,100,000 | ||||||
Unrecognized share-based compensation expense for nonvested awards | $ 2,400,000 | ||||||||
Period for recognition of share-based compensation expense for nonvested awards | 1 year 5 months 3 days | ||||||||
2015 and 2017 OPPs | OPP Units | Year three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting rights percentage | 50.00% | ||||||||
2015 and 2017 OPPs | OPP Units | Year four | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting rights percentage | 25.00% | ||||||||
2015 and 2017 OPPs | OPP Units | Year five | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting rights percentage | 25.00% | ||||||||
2018 LTI Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity award percentage of absolute component of TSR equal to 18% | 18.00% | ||||||||
Equity award percentage of absolute component of TSR equal to 27% | 27.00% | ||||||||
Equity award percentage of absolute component of TSR equal to 36% | 36.00% | ||||||||
Number of REIT peer groups | company | 14 | ||||||||
Equity award percentage of relative component TSR equal to 35 percentile of peer group | 3500.00% | ||||||||
Equity award percentage of relative component TSR equal to 55 percentile of peer group | 5500.00% | ||||||||
Equity award percentage of relative component TSR equal to 75 percentile of peer group | 7500.00% | ||||||||
2018 LTI Plan | LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of equity awards issued (in shares) | shares | 328,107 | ||||||||
Equity award earned percentage based on absolute TSR component equal to 18% | 40.00% | ||||||||
Equity award earned percentage based on absolute TSR component equal to 27% | 100.00% | ||||||||
Equity award earned percentage based on absolute TSR component equal to 36% | 165.00% | ||||||||
Equity award earned percentage based on relative TSR component of 35 percentile of peer group | 40.00% | ||||||||
Equity award earned percentage based on relative TSR component of 55 percentile of peer group | 100.00% | ||||||||
Equity award earned percentage based on relative TSR component of 75 percentile of peer group | 165.00% | ||||||||
2018 LTI Plan | Performance-Based Shares | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
OPP award threshold, TSR multi-year duration | 3 years | ||||||||
Grant date fair value of plan | $ 3,600,000 | ||||||||
Weighted percentage of equity awards | $ 0.8 | ||||||||
Equity award earned percentage based on absolute TSR component equal to 18% | 25.00% | ||||||||
Equity award earned percentage based on relative TSR component of 35 percentile of peer group | 75.00% | ||||||||
2018 LTI Plan | Time-Based Shares | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value of plan | $ 700,000 | ||||||||
Weighted percentage of equity awards | $ 0.2 | ||||||||
Number of awards granted (in shares) | shares | 33,172 | ||||||||
2018 LTI Plan | Time-Based Shares | Board of Directors Chairman | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 3 years | ||||||||
2018 LTI Plan | Time-Based Shares | Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 4 years | ||||||||
2018 Inducement Equity Plan | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value of plan | $ 9,300,000 | ||||||||
Number of awards granted (in shares) | shares | 2,000,000 | ||||||||
2018 Inducement Equity Plan | Restricted LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value of plan | $ 7,200,000 | ||||||||
Number of awards granted (in shares) | shares | 352,890 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock Options Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares Under Options | ||||
Outstanding at January 1 (in shares) | 2,603,664 | 2,472,284 | 2,289,139 | |
Granted (in shares) | 2,146,885 | 137,259 | 196,713 | |
Exercised (in shares) | 0 | 0 | (8,501) | |
Forfeited or expired (in shares) | 0 | (5,879) | (5,067) | |
Outstanding at December 31 (in shares) | 4,750,549 | 2,603,664 | 2,472,284 | 2,289,139 |
Weighted Average Exercise Price per Share | ||||
Outstanding at January 1 (in dollars per share) | $ 24.09 | $ 23.86 | $ 23.89 | |
Granted (in dollars per share) | 21.71 | 28.36 | 23.52 | |
Exercised (in dollars per share) | 0 | 0 | 24.46 | |
Forfeited or expired (in dollars per share) | 0 | 23.17 | 24.46 | |
Outstanding at December 31 (in dollars per share) | $ 23.02 | $ 24.09 | $ 23.86 | $ 23.89 |
Outstanding, weighted average expected remaining term (in years) | 4 years 5 months 22 days | 4 years 4 months 25 days | 5 years 4 months | 6 years 1 month 24 days |
Granted, weighted average expected remaining term (in years) | 4 years 6 months 30 days | 6 years 2 days | 6 years | |
Exercisable at December 31, 2018 (in shares) | 807,352 | |||
Exercisable at December 31, 2018, weighted average exercised price per share (in dollars per share) | $ 24.03 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair Value Assumptions of Options Granted (Details) - Stock Options | Sep. 27, 2018 | Feb. 22, 2018 | Feb. 24, 2017 | Feb. 08, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 3.00% | 2.73% | 1.93% | 1.31% |
Expected option life | 7 years | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 30.42% | 32.23% | 25.06% | 23.94% |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Unvested at January 1 (in shares) | 175,430 | 129,395 | 30,717 |
Granted (in shares) | 103,814 | 104,698 | 117,399 |
Vested (in shares) | (84,185) | (53,236) | (15,977) |
Forfeited (in shares) | (32,482) | (5,427) | (2,744) |
Unvested at December 31 (in shares) | 162,577 | 175,430 | 129,395 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested at January 1 (in dollars per share) | $ 26.05 | $ 24.29 | $ 22.62 |
Granted (in dollars per share) | 21.65 | 27.69 | 24.55 |
Granted (in dollars per share) | 25.67 | 25.13 | 23.17 |
Granted (in dollars per share) | 23.32 | 24.64 | 23.55 |
Unvested at December 31 (in dollars per share) | $ 23.99 | $ 26.05 | $ 24.29 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | $ 9,741 | $ 7,137 | $ 5,433 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 2,051 | 1,961 | 1,314 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 2,778 | 2,569 | 2,437 |
LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 2,218 | 557 | 473 |
OPP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | 2,530 | 2,050 | 1,209 |
DSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total Share-based compensation expense | $ 164 | $ 0 | $ 0 |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 100,923 | $ 112,214 | $ 101,970 | $ 99,053 | $ 97,376 | $ 94,101 | $ 89,501 | $ 126,064 | $ 414,160 | $ 407,042 | $ 325,976 |
Operating income | 24,445 | 39,197 | 23,154 | 35,069 | 30,742 | 33,190 | 28,515 | 69,317 | 121,865 | 161,764 | 133,018 |
Net income | 7,251 | 26,899 | 59,774 | 23,039 | (15,873) | 19,156 | 14,920 | 54,735 | 116,963 | 72,938 | 96,630 |
Net income attributable to noncontrolling interests in operating partnership | (727) | (2,688) | (6,025) | (2,328) | 1,607 | (1,967) | (1,326) | (4,138) | |||
Net income attributable to noncontrolling interests in consolidated subsidiaries | (11) | (11) | (12) | (11) | (11) | (11) | (11) | (11) | (45) | (44) | (3) |
Net income (loss) attributable to common shareholders and unitholders | $ 6,513 | $ 24,200 | $ 53,737 | $ 20,700 | $ (14,277) | $ 17,178 | $ 13,583 | $ 50,586 | $ 105,150 | $ 67,070 | $ 90,815 |
Earnings per common share - Basic (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.51 | $ 0.92 | $ 0.62 | $ 0.91 |
Earnings per common share - Diluted (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.50 | $ 0.92 | $ 0.61 | $ 0.91 |
Urban Edge Properties LP | |||||||||||
Revenues | $ 414,160 | $ 407,042 | $ 325,976 | ||||||||
Operating income | 121,865 | 161,764 | 133,018 | ||||||||
Net income | 116,963 | 72,938 | 96,630 | ||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | (45) | (44) | (3) | ||||||||
Net income (loss) attributable to common shareholders and unitholders | $ 7,240 | $ 26,888 | $ 59,762 | $ 23,028 | $ (15,884) | $ 19,145 | $ 14,909 | $ 54,724 | $ 116,918 | $ 72,894 | $ 96,627 |
Earnings per common share - Basic (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.51 | $ 0.92 | $ 0.62 | $ 0.91 |
Earnings per common share - Diluted (in dollars per share) | $ 0.06 | $ 0.21 | $ 0.47 | $ 0.18 | $ (0.13) | $ 0.15 | $ 0.13 | $ 0.50 | $ 0.92 | $ 0.61 | $ 0.91 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 5,431 | $ 2,593 | $ 1,926 |
Additions (Reversals) Expensed | 4,138 | 3,445 | 1,214 |
Uncollectible Accounts Written-Off | (2,949) | (607) | (547) |
Balance at End of Year | $ 6,620 | $ 5,431 | $ 2,593 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Real Estate Property (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,562,159 | |||
Initial cost to company | ||||
Land | 508,849 | |||
Building and improvements | 1,385,212 | |||
Costs capitalized subsequent to acquisition | 874,931 | |||
Gross amount at which carried at close of period | ||||
Land | 525,819 | |||
Building and improvements | 2,243,173 | |||
Total | 2,768,992 | $ 2,671,854 | $ 2,138,500 | $ 2,084,642 |
Accumulated depreciation and amortization | (645,872) | (587,127) | $ (541,077) | $ (509,112) |
Aggregate cost for federal income tax purposes | 1,500,000 | |||
Real Estate | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,562,159 | |||
Initial cost to company | ||||
Land | 508,849 | |||
Building and improvements | 1,385,212 | |||
Costs capitalized subsequent to acquisition | 868,256 | |||
Gross amount at which carried at close of period | ||||
Land | 525,819 | |||
Building and improvements | 2,236,498 | |||
Total | 2,762,317 | |||
Real Estate | Bethlehem, PA | ||||
Gross amount at which carried at close of period | ||||
Accumulated depreciation and amortization | (644,367) | |||
Real Estate | Shopping Centers and Malls | Baltimore (Towson), MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 581 | |||
Building and improvements | 3,227 | |||
Costs capitalized subsequent to acquisition | 18,603 | |||
Gross amount at which carried at close of period | ||||
Land | 581 | |||
Building and improvements | 21,830 | |||
Total | 22,411 | |||
Accumulated depreciation and amortization | (6,356) | |||
Real Estate | Shopping Centers and Malls | Bensalem, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | 2,727 | |||
Building and improvements | 8,740 | |||
Total | 11,467 | |||
Accumulated depreciation and amortization | (4,509) | |||
Real Estate | Shopping Centers and Malls | Bergen Town Center - East, Paramus, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 42,336 | |||
Gross amount at which carried at close of period | ||||
Land | 6,305 | |||
Building and improvements | 42,336 | |||
Total | 48,641 | |||
Accumulated depreciation and amortization | (8,768) | |||
Real Estate | Shopping Centers and Malls | Bergen Town Center - West, Paramus, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 385,142 | |||
Gross amount at which carried at close of period | ||||
Land | 35,850 | |||
Building and improvements | 447,344 | |||
Total | 483,194 | |||
Accumulated depreciation and amortization | (121,024) | |||
Real Estate | Shopping Centers and Malls | Bethlehem, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 827 | |||
Building and improvements | 5,200 | |||
Costs capitalized subsequent to acquisition | 1,915 | |||
Gross amount at which carried at close of period | ||||
Land | 837 | |||
Building and improvements | 7,105 | |||
Total | 7,942 | |||
Accumulated depreciation and amortization | (5,870) | |||
Real Estate | Shopping Centers and Malls | Brick, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 50,000 | |||
Initial cost to company | ||||
Land | 1,391 | |||
Building and improvements | 11,179 | |||
Costs capitalized subsequent to acquisition | 13,342 | |||
Gross amount at which carried at close of period | ||||
Land | 1,391 | |||
Building and improvements | 24,521 | |||
Total | 25,912 | |||
Accumulated depreciation and amortization | (15,492) | |||
Real Estate | Shopping Centers and Malls | Bronx (Shops at Bruckner), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 591 | |||
Gross amount at which carried at close of period | ||||
Land | 61,618 | |||
Building and improvements | 264,576 | |||
Total | 326,194 | |||
Accumulated depreciation and amortization | (24,862) | |||
Real Estate | Shopping Centers and Malls | Bronx (Shops at Bruckner), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,582 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 32,979 | |||
Costs capitalized subsequent to acquisition | 38 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 33,017 | |||
Total | 33,017 | |||
Accumulated depreciation and amortization | (2,154) | |||
Real Estate | Shopping Centers and Malls | Bronx (1750-1780 Gun Hill Road), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,500 | |||
Initial cost to company | ||||
Land | 6,427 | |||
Building and improvements | 11,885 | |||
Costs capitalized subsequent to acquisition | 22,237 | |||
Gross amount at which carried at close of period | ||||
Land | 6,428 | |||
Building and improvements | 34,121 | |||
Total | 40,549 | |||
Accumulated depreciation and amortization | (9,502) | |||
Real Estate | Shopping Centers and Malls | Broomall, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | (2,946) | |||
Real Estate | Shopping Centers and Malls | Buffalo (Amherst), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 5,743 | |||
Building and improvements | 4,056 | |||
Costs capitalized subsequent to acquisition | 12,446 | |||
Gross amount at which carried at close of period | ||||
Land | 5,107 | |||
Building and improvements | 17,138 | |||
Total | 22,245 | |||
Accumulated depreciation and amortization | (8,916) | |||
Real Estate | Shopping Centers and Malls | Cambridge (leased through 2033, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 97 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 97 | |||
Total | 97 | |||
Accumulated depreciation and amortization | (5) | |||
Real Estate | Shopping Centers and Malls | Carlstadt (leased through 2050), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 133 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 16,591 | |||
Total | 16,591 | |||
Accumulated depreciation and amortization | (4,627) | |||
Real Estate | Shopping Centers and Malls | Charleston (leased through 2063), SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 308 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,942 | |||
Total | 3,942 | |||
Accumulated depreciation and amortization | (1,123) | |||
Real Estate | Shopping Centers and Malls | Cherry Hill (Cherry Hill Commons), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 5,864 | |||
Building and improvements | 2,694 | |||
Costs capitalized subsequent to acquisition | 1,850 | |||
Gross amount at which carried at close of period | ||||
Land | 4,144 | |||
Building and improvements | 6,264 | |||
Total | 10,408 | |||
Accumulated depreciation and amortization | (3,970) | |||
Real Estate | Shopping Centers and Malls | Cherry Hill (Plaza at Cherry Hill), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 28,930 | |||
Initial cost to company | ||||
Land | 14,602 | |||
Building and improvements | 33,666 | |||
Costs capitalized subsequent to acquisition | (125) | |||
Gross amount at which carried at close of period | ||||
Land | 14,602 | |||
Building and improvements | 33,541 | |||
Total | 48,143 | |||
Accumulated depreciation and amortization | (3,129) | |||
Real Estate | Shopping Centers and Malls | Chicopee, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 895 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 895 | |||
Building and improvements | 0 | |||
Total | 895 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Shopping Centers and Malls | Commack (leased through 2021), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (243) | |||
Real Estate | Shopping Centers and Malls | Dewitt (leased through 2041), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (2,158) | |||
Real Estate | Shopping Centers and Malls | Rockaway, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,800 | |||
Initial cost to company | ||||
Land | 559 | |||
Building and improvements | 6,363 | |||
Costs capitalized subsequent to acquisition | 5,403 | |||
Gross amount at which carried at close of period | ||||
Land | 559 | |||
Building and improvements | 11,766 | |||
Total | 12,325 | |||
Accumulated depreciation and amortization | (6,581) | |||
Real Estate | Shopping Centers and Malls | East Brunswick, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 63,000 | |||
Initial cost to company | ||||
Land | 2,417 | |||
Building and improvements | 17,169 | |||
Costs capitalized subsequent to acquisition | 7,512 | |||
Gross amount at which carried at close of period | ||||
Land | 2,417 | |||
Building and improvements | 24,681 | |||
Total | 27,098 | |||
Accumulated depreciation and amortization | (18,152) | |||
Real Estate | Shopping Centers and Malls | East Hanover (200 - 240 Route 10 West), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 63,000 | |||
Initial cost to company | ||||
Land | 2,232 | |||
Building and improvements | 18,241 | |||
Costs capitalized subsequent to acquisition | 19,349 | |||
Gross amount at which carried at close of period | ||||
Land | 2,671 | |||
Building and improvements | 37,151 | |||
Total | 39,822 | |||
Accumulated depreciation and amortization | (18,719) | |||
Real Estate | Shopping Centers and Malls | East Hanover (280 Route 10 West), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | (2,543) | |||
Real Estate | Shopping Centers and Malls | East Rutherford, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,000 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 36,727 | |||
Costs capitalized subsequent to acquisition | 542 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 37,269 | |||
Total | 37,269 | |||
Accumulated depreciation and amortization | (8,109) | |||
Real Estate | Shopping Centers and Malls | Freeport (240 West Sunrise Highway) (leased through 2040), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (240) | |||
Real Estate | Shopping Centers and Malls | Freeport (437 East Sunrise Highway), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 43,100 | |||
Initial cost to company | ||||
Land | 1,231 | |||
Building and improvements | 4,747 | |||
Costs capitalized subsequent to acquisition | 4,765 | |||
Gross amount at which carried at close of period | ||||
Land | 1,382 | |||
Building and improvements | 9,361 | |||
Total | 10,743 | |||
Accumulated depreciation and amortization | (6,558) | |||
Real Estate | Shopping Centers and Malls | Garfield, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40,300 | |||
Initial cost to company | ||||
Land | 45 | |||
Building and improvements | 8,068 | |||
Costs capitalized subsequent to acquisition | 45,110 | |||
Gross amount at which carried at close of period | ||||
Land | 44 | |||
Building and improvements | 53,179 | |||
Total | 53,223 | |||
Accumulated depreciation and amortization | (14,338) | |||
Real Estate | Shopping Centers and Malls | Glen Burnie, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 3,950 | |||
Gross amount at which carried at close of period | ||||
Land | 462 | |||
Building and improvements | 6,521 | |||
Total | 6,983 | |||
Accumulated depreciation and amortization | (3,504) | |||
Real Estate | Shopping Centers and Malls | Glenolden, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 850 | |||
Building and improvements | 1,820 | |||
Costs capitalized subsequent to acquisition | 741 | |||
Gross amount at which carried at close of period | ||||
Land | 850 | |||
Building and improvements | 2,561 | |||
Total | 3,411 | |||
Accumulated depreciation and amortization | (2,295) | |||
Real Estate | Shopping Centers and Malls | Hackensack, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 66,400 | |||
Initial cost to company | ||||
Land | 692 | |||
Building and improvements | 10,219 | |||
Costs capitalized subsequent to acquisition | 7,145 | |||
Gross amount at which carried at close of period | ||||
Land | 692 | |||
Building and improvements | 17,364 | |||
Total | 18,056 | |||
Accumulated depreciation and amortization | (10,415) | |||
Real Estate | Shopping Centers and Malls | Hazlet, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (2,135) | |||
Gross amount at which carried at close of period | ||||
Land | 7,400 | |||
Building and improvements | 7,278 | |||
Total | 14,678 | |||
Accumulated depreciation and amortization | (2,098) | |||
Real Estate | Shopping Centers and Malls | Huntington, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 21,200 | |||
Building and improvements | 33,667 | |||
Costs capitalized subsequent to acquisition | 6,385 | |||
Gross amount at which carried at close of period | ||||
Land | 21,200 | |||
Building and improvements | 40,052 | |||
Total | 61,252 | |||
Accumulated depreciation and amortization | (10,313) | |||
Real Estate | Shopping Centers and Malls | Inwood, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 3,115 | |||
Gross amount at which carried at close of period | ||||
Land | 12,419 | |||
Building and improvements | 22,212 | |||
Total | 34,631 | |||
Accumulated depreciation and amortization | (7,755) | |||
Real Estate | Shopping Centers and Malls | Jersey City (Hudson Commons), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,000 | |||
Initial cost to company | ||||
Land | 652 | |||
Building and improvements | 7,495 | |||
Costs capitalized subsequent to acquisition | 950 | |||
Gross amount at which carried at close of period | ||||
Land | 652 | |||
Building and improvements | 8,445 | |||
Total | 9,097 | |||
Accumulated depreciation and amortization | (3,584) | |||
Real Estate | Shopping Centers and Malls | Jersey City (Hudson Mall), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,326 | |||
Initial cost to company | ||||
Land | 15,824 | |||
Building and improvements | 37,593 | |||
Costs capitalized subsequent to acquisition | (3,922) | |||
Gross amount at which carried at close of period | ||||
Land | 15,824 | |||
Building and improvements | 33,671 | |||
Total | 49,495 | |||
Accumulated depreciation and amortization | (3,215) | |||
Real Estate | Shopping Centers and Malls | Kearny, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 10,315 | |||
Gross amount at which carried at close of period | ||||
Land | 296 | |||
Building and improvements | 13,704 | |||
Total | 14,000 | |||
Accumulated depreciation and amortization | (4,855) | |||
Real Estate | Shopping Centers and Malls | Lancaster, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 3,140 | |||
Building and improvements | 63 | |||
Costs capitalized subsequent to acquisition | 2,131 | |||
Gross amount at which carried at close of period | ||||
Land | 3,140 | |||
Building and improvements | 2,194 | |||
Total | 5,334 | |||
Accumulated depreciation and amortization | (886) | |||
Real Estate | Shopping Centers and Malls | Las Catalinas, Puerto Rico | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 15,438 | |||
Gross amount at which carried at close of period | ||||
Land | 15,280 | |||
Building and improvements | 79,808 | |||
Total | 95,088 | |||
Accumulated depreciation and amortization | (38,631) | |||
Real Estate | Shopping Centers and Malls | Lawnside, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 1,226 | |||
Building and improvements | 3,164 | |||
Costs capitalized subsequent to acquisition | 2,896 | |||
Gross amount at which carried at close of period | ||||
Land | 1,226 | |||
Building and improvements | 6,060 | |||
Total | 7,286 | |||
Accumulated depreciation and amortization | (3,857) | |||
Real Estate | Shopping Centers and Malls | Lodi (Route 17 North), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 238 | |||
Building and improvements | 9,446 | |||
Costs capitalized subsequent to acquisition | 42 | |||
Gross amount at which carried at close of period | ||||
Land | 238 | |||
Building and improvements | 9,488 | |||
Total | 9,726 | |||
Accumulated depreciation and amortization | (4,544) | |||
Real Estate | Shopping Centers and Malls | Lodi (Washington Street), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 2,754 | |||
Gross amount at which carried at close of period | ||||
Land | 7,606 | |||
Building and improvements | 15,879 | |||
Total | 23,485 | |||
Accumulated depreciation and amortization | (5,292) | |||
Real Estate | Shopping Centers and Malls | Manalapan, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 725 | |||
Building and improvements | 7,189 | |||
Costs capitalized subsequent to acquisition | 6,982 | |||
Gross amount at which carried at close of period | ||||
Land | 1,046 | |||
Building and improvements | 13,850 | |||
Total | 14,896 | |||
Accumulated depreciation and amortization | (9,912) | |||
Real Estate | Shopping Centers and Malls | Manchester, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,500 | |||
Initial cost to company | ||||
Land | 4,409 | |||
Building and improvements | 13,756 | |||
Costs capitalized subsequent to acquisition | 13 | |||
Gross amount at which carried at close of period | ||||
Land | 4,409 | |||
Building and improvements | 13,769 | |||
Total | 18,178 | |||
Accumulated depreciation and amortization | (696) | |||
Real Estate | Shopping Centers and Malls | Marlton, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,400 | |||
Initial cost to company | ||||
Land | 1,611 | |||
Building and improvements | 3,464 | |||
Costs capitalized subsequent to acquisition | 14,140 | |||
Gross amount at which carried at close of period | ||||
Land | 1,454 | |||
Building and improvements | 17,761 | |||
Total | 19,215 | |||
Accumulated depreciation and amortization | (11,151) | |||
Real Estate | Shopping Centers and Malls | Middletown, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,400 | |||
Initial cost to company | ||||
Land | 283 | |||
Building and improvements | 5,248 | |||
Costs capitalized subsequent to acquisition | 3,147 | |||
Gross amount at which carried at close of period | ||||
Land | 283 | |||
Building and improvements | 8,395 | |||
Total | 8,678 | |||
Accumulated depreciation and amortization | (6,722) | |||
Real Estate | Shopping Centers and Malls | Milford (leased through 2019), MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Shopping Centers and Malls | Millburn, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,000 | |||
Initial cost to company | ||||
Land | 15,783 | |||
Building and improvements | 25,837 | |||
Costs capitalized subsequent to acquisition | (911) | |||
Gross amount at which carried at close of period | ||||
Land | 15,783 | |||
Building and improvements | 24,926 | |||
Total | 40,709 | |||
Accumulated depreciation and amortization | (2,096) | |||
Real Estate | Shopping Centers and Malls | Montclair, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 66 | |||
Building and improvements | 419 | |||
Costs capitalized subsequent to acquisition | 1,439 | |||
Gross amount at which carried at close of period | ||||
Land | 448 | |||
Building and improvements | 1,476 | |||
Total | 1,924 | |||
Accumulated depreciation and amortization | (743) | |||
Real Estate | Shopping Centers and Malls | Montehiedra, Puerto Rico | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 114,860 | |||
Initial cost to company | ||||
Land | 9,182 | |||
Building and improvements | 66,751 | |||
Costs capitalized subsequent to acquisition | 27,829 | |||
Gross amount at which carried at close of period | ||||
Land | 9,267 | |||
Building and improvements | 94,495 | |||
Total | 103,762 | |||
Accumulated depreciation and amortization | (42,620) | |||
Real Estate | Shopping Centers and Malls | Morris Plains, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 1,104 | |||
Building and improvements | 6,411 | |||
Costs capitalized subsequent to acquisition | 5,576 | |||
Gross amount at which carried at close of period | ||||
Land | 1,104 | |||
Building and improvements | 11,987 | |||
Total | 13,091 | |||
Accumulated depreciation and amortization | (7,181) | |||
Real Estate | Shopping Centers and Malls | Mount Kisco, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,987 | |||
Initial cost to company | ||||
Land | 22,700 | |||
Building and improvements | 26,700 | |||
Costs capitalized subsequent to acquisition | 1,840 | |||
Gross amount at which carried at close of period | ||||
Land | 22,614 | |||
Building and improvements | 28,626 | |||
Total | 51,240 | |||
Accumulated depreciation and amortization | (7,371) | |||
Real Estate | Shopping Centers and Malls | New Hyde Park (leased through 2029), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (4) | |||
Real Estate | Shopping Centers and Malls | Newington, CT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 2,421 | |||
Building and improvements | 1,200 | |||
Costs capitalized subsequent to acquisition | 2,052 | |||
Gross amount at which carried at close of period | ||||
Land | 2,421 | |||
Building and improvements | 3,252 | |||
Total | 5,673 | |||
Accumulated depreciation and amortization | (1,401) | |||
Real Estate | Shopping Centers and Malls | Norfolk (leased through 2020), VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (3,686) | |||
Real Estate | Shopping Centers and Malls | North Bergen (Kennedy Boulevard), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 2,308 | |||
Building and improvements | 636 | |||
Costs capitalized subsequent to acquisition | 261 | |||
Gross amount at which carried at close of period | ||||
Land | 2,308 | |||
Building and improvements | 897 | |||
Total | 3,205 | |||
Accumulated depreciation and amortization | (575) | |||
Real Estate | Shopping Centers and Malls | North Bergen (Tonnelle Avenue), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 100,000 | |||
Initial cost to company | ||||
Land | 24,493 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 73,062 | |||
Gross amount at which carried at close of period | ||||
Land | 33,988 | |||
Building and improvements | 63,567 | |||
Total | 97,555 | |||
Accumulated depreciation and amortization | (16,298) | |||
Real Estate | Shopping Centers and Malls | North Plainfield, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,100 | |||
Initial cost to company | ||||
Land | 6,577 | |||
Building and improvements | 13,983 | |||
Costs capitalized subsequent to acquisition | 693 | |||
Gross amount at which carried at close of period | ||||
Land | 6,577 | |||
Building and improvements | 14,676 | |||
Total | 21,253 | |||
Accumulated depreciation and amortization | (4,056) | |||
Real Estate | Shopping Centers and Malls | Oceanside, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (668) | |||
Real Estate | Shopping Centers and Malls | Paramus (leased through 2033), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (4,310) | |||
Real Estate | Shopping Centers and Malls | Queens, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 3,744 | |||
Gross amount at which carried at close of period | ||||
Land | 14,537 | |||
Building and improvements | 16,048 | |||
Total | 30,585 | |||
Accumulated depreciation and amortization | (1,258) | |||
Real Estate | Shopping Centers and Malls | Rochester (Henrietta) (leased through 2026), NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,293 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 3,940 | |||
Total | 3,940 | |||
Accumulated depreciation and amortization | (3,604) | |||
Real Estate | Shopping Centers and Malls | Rochester, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | Shopping Centers and Malls | Rockville, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 2,736 | |||
Gross amount at which carried at close of period | ||||
Land | 3,470 | |||
Building and improvements | 23,335 | |||
Total | 26,805 | |||
Accumulated depreciation and amortization | (8,084) | |||
Real Estate | Shopping Centers and Malls | Salem (leased through 2061), NH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (3,084) | |||
Gross amount at which carried at close of period | ||||
Land | 2,994 | |||
Building and improvements | 5 | |||
Total | 2,999 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Shopping Centers and Malls | Signal Hill, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (901) | |||
Real Estate | Shopping Centers and Malls | South Plainfield (leased through 2039)(3), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 10,044 | |||
Costs capitalized subsequent to acquisition | 2,240 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 12,284 | |||
Total | 12,284 | |||
Accumulated depreciation and amortization | (3,659) | |||
Real Estate | Shopping Centers and Malls | Springfield, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | Shopping Centers and Malls | Springfield (leased through 2025), PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 2,797 | |||
Building and improvements | 2,471 | |||
Costs capitalized subsequent to acquisition | 1,244 | |||
Gross amount at which carried at close of period | ||||
Land | 2,797 | |||
Building and improvements | 3,715 | |||
Total | 6,512 | |||
Accumulated depreciation and amortization | (1,353) | |||
Real Estate | Shopping Centers and Malls | Staten Island, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 4,378 | |||
Gross amount at which carried at close of period | ||||
Land | 11,446 | |||
Building and improvements | 25,640 | |||
Total | 37,086 | |||
Accumulated depreciation and amortization | (9,424) | |||
Real Estate | Shopping Centers and Malls | Totowa, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 50,800 | |||
Initial cost to company | ||||
Land | 120 | |||
Building and improvements | 11,994 | |||
Costs capitalized subsequent to acquisition | 4,910 | |||
Gross amount at which carried at close of period | ||||
Land | 92 | |||
Building and improvements | 16,932 | |||
Total | 17,024 | |||
Accumulated depreciation and amortization | (14,008) | |||
Real Estate | Shopping Centers and Malls | Turnersville, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 3,056 | |||
Gross amount at which carried at close of period | ||||
Land | 900 | |||
Building and improvements | 4,398 | |||
Total | 5,298 | |||
Accumulated depreciation and amortization | (2,341) | |||
Real Estate | Shopping Centers and Malls | Tyson’s Corner (leased through 2035), VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation and amortization | 0 | |||
Real Estate | Shopping Centers and Malls | Union (2445 Springfield Avenue), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 45,600 | |||
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 | (13,057) | |||
Real Estate | Shopping Centers and Malls | Union (Route 22 and Morris Avenue), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 3,025 | |||
Building and improvements | 7,470 | |||
Costs capitalized subsequent to acquisition | 2,780 | |||
Gross amount at which carried at close of period | ||||
Land | 3,025 | |||
Building and improvements | 10,250 | |||
Total | 13,275 | |||
Accumulated depreciation and amortization | (6,041) | |||
Real Estate | Shopping Centers and Malls | Vallejo (leased through 2043), CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (1,073) | |||
Real Estate | Shopping Centers and Malls | Walnut Creek (1149 South Main Street), CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (1,000) | |||
Gross amount at which carried at close of period | ||||
Land | 2,699 | |||
Building and improvements | 18,930 | |||
Total | 21,629 | |||
Accumulated depreciation and amortization | (1,552) | |||
Real Estate | Shopping Centers and Malls | Walnut Creek (Mt. Diablo), CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,540 | |||
Gross amount at which carried at close of period | ||||
Land | 5,908 | |||
Building and improvements | 1,541 | |||
Total | 7,449 | |||
Accumulated depreciation and amortization | (262) | |||
Real Estate | Shopping Centers and Malls | Watchung, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,000 | |||
Initial cost to company | ||||
Land | 4,178 | |||
Building and improvements | 5,463 | |||
Costs capitalized subsequent to acquisition | 2,939 | |||
Gross amount at which carried at close of period | ||||
Land | 4,441 | |||
Building and improvements | 8,139 | |||
Total | 12,580 | |||
Accumulated depreciation and amortization | (5,715) | |||
Real Estate | Shopping Centers and Malls | West Babylon, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (4,160) | |||
Gross amount at which carried at close of period | ||||
Land | 6,720 | |||
Building and improvements | 9,626 | |||
Total | 16,346 | |||
Accumulated depreciation and amortization | (8) | |||
Real Estate | Shopping Centers and Malls | Westfield, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,730 | |||
Initial cost to company | ||||
Land | 5,728 | |||
Building and improvements | 4,305 | |||
Costs capitalized subsequent to acquisition | (211) | |||
Gross amount at which carried at close of period | ||||
Land | 5,728 | |||
Building and improvements | 4,094 | |||
Total | 9,822 | |||
Accumulated depreciation and amortization | (255) | |||
Real Estate | Shopping Centers and Malls | Wheaton (leased through 2060)(3), MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | (1,644) | |||
Real Estate | Shopping Centers and Malls | Wilkes-Barre (461 - 499 Mundy Street), PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,932 | |||
Gross amount at which carried at close of period | ||||
Land | 6,053 | |||
Building and improvements | 28,578 | |||
Total | 34,631 | |||
Accumulated depreciation and amortization | (8,140) | |||
Real Estate | Shopping Centers and Malls | Woodbridge (Woodbridge Commons), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,100 | |||
Initial cost to company | ||||
Land | 1,509 | |||
Building and improvements | 2,675 | |||
Costs capitalized subsequent to acquisition | 4,997 | |||
Gross amount at which carried at close of period | ||||
Land | 1,539 | |||
Building and improvements | 7,642 | |||
Total | 9,181 | |||
Accumulated depreciation and amortization | (3,094) | |||
Real Estate | Shopping Centers and Malls | Woodbridge (Plaza at Woodbridge), NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 55,340 | |||
Initial cost to company | ||||
Land | 21,547 | |||
Building and improvements | 75,017 | |||
Costs capitalized subsequent to acquisition | (2,753) | |||
Gross amount at which carried at close of period | ||||
Land | 17,280 | |||
Building and improvements | 76,531 | |||
Total | 93,811 | |||
Accumulated depreciation and amortization | (4,885) | |||
Real Estate | Shopping Centers and Malls | Wyomissing (leased through 2025), PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,961 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 4,607 | |||
Total | 4,607 | |||
Accumulated depreciation and amortization | (3,887) | |||
Real Estate | Shopping Centers and Malls | Yonkers, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,704 | |||
Initial cost to company | ||||
Land | 63,341 | |||
Building and improvements | 110,635 | |||
Costs capitalized subsequent to acquisition | 15,010 | |||
Gross amount at which carried at close of period | ||||
Land | 63,461 | |||
Building and improvements | 125,525 | |||
Total | 188,986 | |||
Accumulated depreciation and amortization | (6,580) | |||
Real Estate | Shopping Centers and Malls | York, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 409 | |||
Building and improvements | 2,568 | |||
Costs capitalized subsequent to acquisition | 2,504 | |||
Gross amount at which carried at close of period | ||||
Land | 409 | |||
Building and improvements | 5,072 | |||
Total | 5,481 | |||
Accumulated depreciation and amortization | $ (3,482) | |||
Real Estate | Warehouses | East Hanover, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40,700 | |||
Initial cost to company | ||||
Land | 576 | |||
Building and improvements | 7,752 | |||
Costs capitalized subsequent to acquisition | 30,832 | |||
Gross amount at which carried at close of period | ||||
Land | 691 | |||
Building and improvements | 38,469 | |||
Total | 39,160 | |||
Accumulated depreciation and amortization | (18,352) | |||
Leasehold Improvements, Equipment and Other | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company | ||||
Land | 0 | |||
Building and improvements | 0 | |||
Costs capitalized subsequent to acquisition | 6,675 | |||
Gross amount at which carried at close of period | ||||
Land | 0 | |||
Building and improvements | 6,675 | |||
Total | 6,675 | |||
Accumulated depreciation and amortization | $ (1,505) | |||
Buildings & improvements | ||||
Gross amount at which carried at close of period | ||||
Life used for depreciation | 40 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate | |||
Balance at beginning of period | $ 2,671,854 | $ 2,138,500 | $ 2,084,642 |
Real estate before impairments and assets written-off | 2,806,757 | 2,704,668 | 2,152,859 |
Less: Impairments and assets sold or written-off | (37,765) | (32,814) | (14,359) |
Balance at end of period | 2,768,992 | 2,671,854 | 2,138,500 |
Accumulated Depreciation | |||
Balance at beginning of period | 645,872 | 587,127 | 541,077 |
Additions charged to operating expenses | 80,578 | 65,140 | 42,989 |
Accumulated depreciation before depreciation of assets written-off | 667,705 | 606,217 | 552,101 |
Less: Accumulated depreciation on assets written-off | (21,833) | (19,090) | (11,024) |
Balance at end of period | 587,127 | 541,077 | 509,112 |
Land | |||
Real Estate | |||
Additions during the period: | 4,120 | 142,305 | 2,667 |
Buildings & improvements | |||
Real Estate | |||
Additions during the period: | 12,394 | 389,338 | 18,316 |
Construction in progress | |||
Real Estate | |||
Additions during the period: | $ 118,389 | $ 34,525 | $ 47,234 |