v3.25.2
EARNINGS PER SHARE AND UNIT
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND UNIT EARNINGS PER SHARE AND UNIT
Urban Edge Earnings per Share
We calculate 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. The effect of the redemption of OP and vested LTIP Units is not reflected in the computation of basic and diluted EPS, 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. The assumed redemption of OP and vested LTIP Units is included in the determination of diluted earnings per share when they have a dilutive effect on the calculation.
The following table sets forth the computation of our basic and diluted EPS:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands, except per share amounts)2025202420252024
Numerator:
Net income attributable to common shareholders$57,978 $30,759 $66,176 $33,362 
Less: earnings allocated to unvested participating securities(36)(29)(42)(31)
Net income available for common shareholders - basic$57,942 $30,730 $66,134 $33,331 
Impact of assumed conversions:
OP and LTIP Units21 10 53 — 
Net income available for common shareholders - dilutive$57,963 $30,740 $66,187 $33,331 
Denominator:
Weighted average common shares outstanding - basic125,688 118,859 125,601 118,466 
Effect of dilutive securities(1):
Stock options using the treasury stock method— — 84 — 
Restricted share awards78 112 95 109 
Weighted average common shares outstanding - diluted125,766 118,971 125,780 118,575 
Earnings per share available to common shareholders:
Earnings per common share - Basic$0.46 $0.26 $0.53 $0.28 
Earnings per common share - Diluted$0.46 $0.26 $0.53 $0.28 
(1) For the three and six months ended June 30, 2025, the effect of the redemption of certain OP and LTIP Units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for these periods.
Operating Partnership Earnings per Unit
The following table sets forth the computation of basic and diluted earnings per unit:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands, except per unit amounts)2025202420252024
Numerator:
Net income attributable to unitholders$61,036 $32,498 $69,666 $35,219 
Less: net income attributable to participating securities(319)(29)(678)(31)
Net income available for unitholders$60,717 $32,469 $68,988 $35,188 
Denominator:
Weighted average units outstanding - basic130,474 123,572 130,297 123,109 
Effect of dilutive securities issued by Urban Edge149 112 179 109 
Unvested LTIP Units(1)
— 201 — — 
Weighted average units outstanding - diluted130,623 123,885 130,476 123,218 
Earnings per unit available to unitholders:
Earnings per unit - Basic$0.47 $0.26 $0.53 $0.29 
Earnings per unit - Diluted$0.46 $0.26 $0.53 $0.29 
(1) For the three and six months ended June 30, 2025, the effect of the redemption of certain OP and LTIP Units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPU. Accordingly, the impact of such redemption has not been included in the determination of diluted EPU for these periods.