v3.25.2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUE        
Total revenue $ 114,084 $ 106,546 $ 232,249 $ 216,172
EXPENSES        
Depreciation and amortization 32,602 39,679 69,797 78,253
Real estate taxes 16,582 17,472 32,940 34,475
Property operating 17,531 18,260 40,263 38,766
General and administrative 11,717 9,368 21,248 18,414
Lease expense 3,290 3,115 6,661 6,243
Other expense 1,343 0 2,670 0
Total expenses 83,065 87,894 173,579 176,151
Gain on sale of real estate 49,462 13,447 49,462 15,349
Interest income 667 661 1,274 1,349
Interest and debt expense (19,537) (21,896) (39,292) (42,473)
(Loss) gain on extinguishment of debt (175) 21,699 323 21,427
Income before income taxes 61,436 32,563 70,437 35,673
Income tax expense (643) (539) (1,262) (1,204)
Net income 60,793 32,024 69,175 34,469
Less net (income) loss attributable to NCI in:        
Operating partnership (3,058) (1,739) (3,490) (1,857)
Consolidated subsidiaries 243 474 491 750
Net income (loss) attributable to common shareholders $ 57,978 $ 30,759 $ 66,176 $ 33,362
Earnings (loss) per common share - Basic (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.28
Earnings (loss) per common share - Diluted (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.28
Weighted average shares outstanding - Basic (in shares) 125,688 118,859 125,601 118,466
Weighted average shares outstanding - Diluted (in shares) 125,766 118,971 125,780 118,575
Net income $ 60,793 $ 32,024 $ 69,175 $ 34,469
Effective portion of change in fair value of derivatives (198) (53) (386) 240
Comprehensive income 60,595 31,971 68,789 34,709
Less comprehensive income (loss) attributable to NCI in Operating partnership 10 3 19 (11)
Less net (income) loss attributable to NCI in Operating partnership (3,058) (1,739) (3,490) (1,857)
Less net (income) loss attributable to NCI in Consolidated subsidiaries 243 474 491 750
Comprehensive income attributable to common shareholders 57,790 30,709 65,809 33,591
Rental Revenue        
REVENUE        
Revenues 113,912 106,358 232,004 215,905
Other income        
REVENUE        
Revenues 172 188 245 267
Urban Edge Properties LP        
REVENUE        
Total revenue 114,084 106,546 232,249 216,172
EXPENSES        
Depreciation and amortization 32,602 39,679 69,797 78,253
Real estate taxes 16,582 17,472 32,940 34,475
Property operating 17,531 18,260 40,263 38,766
General and administrative 11,717 9,368 21,248 18,414
Lease expense 3,290 3,115 6,661 6,243
Other expense 1,343 0 2,670 0
Total expenses 83,065 87,894 173,579 176,151
Gain on sale of real estate 49,462 13,447 49,462 15,349
Interest income 667 661 1,274 1,349
Interest and debt expense (19,537) (21,896) (39,292) (42,473)
(Loss) gain on extinguishment of debt (175) 21,699 323 21,427
Income before income taxes 61,436 32,563 70,437 35,673
Income tax expense (643) (539) (1,262) (1,204)
Net income 60,793 32,024 69,175 34,469
Less net (income) loss attributable to NCI in:        
Consolidated subsidiaries 243 474 491 750
Net income (loss) attributable to common shareholders $ 61,036 $ 32,498 $ 69,666 $ 35,219
Earnings (loss) per common share - Basic (in dollars per share) $ 0.47 $ 0.26 $ 0.53 $ 0.29
Earnings (loss) per common share - Diluted (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.29
Weighted average shares outstanding - Basic (in shares) 130,474 123,572 130,297 123,109
Weighted average shares outstanding - Diluted (in shares) 130,623 123,885 130,476 123,218
Net income $ 60,793 $ 32,024 $ 69,175 $ 34,469
Effective portion of change in fair value of derivatives (198) (53) (386) 240
Comprehensive income 60,595 31,971 68,789 34,709
Less net (income) loss attributable to NCI in Consolidated subsidiaries 243 474 491 750
Comprehensive income attributable to common shareholders 60,838 32,445 69,280 35,459
Urban Edge Properties LP | Rental Revenue        
REVENUE        
Revenues 113,912 106,358 232,004 215,905
Urban Edge Properties LP | Other income        
REVENUE        
Revenues $ 172 $ 188 $ 245 $ 267