v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 8,382 $ 2,445
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 38,659 39,495
Gain on sale of real estate 0 (1,902)
(Gain) loss on extinguishment of debt (498) 272
Amortization of above and below market leases, net (2,585) (1,490)
Noncash lease expense 1,694 1,796
Straight-lining of rent (778) (1,086)
Share-based compensation expense 2,707 2,421
Change in operating assets and liabilities:    
Tenant and other receivables (6,262) (1,661)
Deferred leasing costs (2,115) (2,415)
Prepaid expenses and other assets (3,169) (11,037)
Lease liabilities (1,607) (1,743)
Accounts payable, accrued expenses and other liabilities (1,846) (2,173)
Net cash provided by operating activities 32,582 22,922
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements (20,730) (20,194)
Proceeds from sale of real estate 0 8,230
Acquisitions of real estate 0 (32,338)
Net cash used in investing activities (20,730) (44,302)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (3,407) (102,141)
Dividends to common shareholders (23,874) (20,180)
Distributions to redeemable noncontrolling interests (1,662) (1,279)
Taxes withheld for vested restricted shares (273) (195)
Borrowings under unsecured credit facility 25,000 0
Proceeds from mortgage loan borrowings 0 50,000
Debt issuance costs (2) (1,251)
Proceeds (costs) related to the issuance of common shares, net (182) 17,229
Net cash used in financing activities (4,400) (57,817)
Net increase (decrease) in cash and cash equivalents and restricted cash 7,452 (79,197)
Cash and cash equivalents and restricted cash at beginning of period 90,640 174,248
Cash and cash equivalents and restricted cash at end of period 98,092 95,051
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $2,802 and $2,678, respectively 18,248 17,881
Cash payments for income taxes 9 9
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 16,220 18,407
Write-off of fully depreciated assets 21,329 7,493
Issuance of LTIP Units 5,580 0
Transfer of assets held for sale included in prepaid expenses and other assets 0 15,137
Cash and cash equivalents at beginning of period 41,373 101,123
Cash and cash equivalents at end of period 48,049 67,303
Restricted cash at beginning of period 49,267 73,125
Restricted cash at end of period 50,043 27,748
Cash and cash equivalents and restricted cash at beginning/end of period 98,092 95,051
Urban Edge Properties LP    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 8,382 2,445
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 38,659 39,495
Gain on sale of real estate 0 (1,902)
(Gain) loss on extinguishment of debt (498) 272
Amortization of above and below market leases, net (2,585) (1,490)
Noncash lease expense 1,694 1,796
Straight-lining of rent (778) (1,086)
Share-based compensation expense 2,707 2,421
Change in operating assets and liabilities:    
Tenant and other receivables (6,262) (1,661)
Deferred leasing costs (2,115) (2,415)
Prepaid expenses and other assets (3,169) (11,037)
Lease liabilities (1,607) (1,743)
Accounts payable, accrued expenses and other liabilities (1,846) (2,173)
Net cash provided by operating activities 32,582 22,922
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements (20,730) (20,194)
Proceeds from sale of real estate 0 8,230
Acquisitions of real estate 0 (32,338)
Net cash used in investing activities (20,730) (44,302)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (3,407) (102,141)
Distributions to partners (25,536) (21,459)
Taxes withheld for vested restricted shares (273) (195)
Borrowings under unsecured credit facility 25,000 0
Proceeds from mortgage loan borrowings 0 50,000
Debt issuance costs (2) (1,251)
Proceeds (costs) related to the issuance of common shares, net (182) 17,229
Net cash used in financing activities (4,400) (57,817)
Net increase (decrease) in cash and cash equivalents and restricted cash 7,452 (79,197)
Cash and cash equivalents and restricted cash at beginning of period 90,640 174,248
Cash and cash equivalents and restricted cash at end of period 98,092 95,051
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $2,802 and $2,678, respectively 18,248 17,881
Cash payments for income taxes 9 9
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 16,220 18,407
Write-off of fully depreciated assets 21,329 7,493
Issuance of LTIP Units 5,580 0
Transfer of assets held for sale included in prepaid expenses and other assets 0 15,137
Cash and cash equivalents at beginning of period 41,373 101,123
Cash and cash equivalents at end of period 48,049 67,303
Restricted cash at beginning of period 49,267 73,125
Restricted cash at end of period 50,043 27,748
Cash and cash equivalents and restricted cash at beginning/end of period $ 98,092 $ 95,051