v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 69,175 $ 34,469
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 72,810 80,151
Gain on sale of real estate (49,462) (15,349)
Gain on extinguishment of debt (323) (21,427)
Amortization of above and below market leases, net (5,040) (2,143)
Noncash lease expense 3,375 3,569
Straight-lining of rent (1,164) (1,503)
Share-based compensation expense 6,273 4,863
Change in operating assets and liabilities:    
Tenant and other receivables (4,600) (1,475)
Deferred leasing costs (5,055) (3,626)
Prepaid expenses and other assets (567) (2,887)
Lease liabilities (3,212) (3,463)
Accounts payable, accrued expenses and other liabilities (6,171) (7,021)
Net cash provided by operating activities 76,039 64,158
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements (44,543) (41,564)
Proceeds from sale of real estate 64,353 35,183
Acquisitions of real estate 0 (115,549)
Net cash provided by (used in) investing activities 19,810 (121,930)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (92,566) (168,502)
Dividends to common shareholders (47,755) (40,396)
Distributions to redeemable noncontrolling interests (2,893) (2,336)
Taxes withheld for vested restricted shares (273) (195)
Contributions from noncontrolling interests 204 901
Borrowings under unsecured credit facility 75,000 60,000
Proceeds from mortgage loan borrowings 0 100,000
Debt issuance costs (20) (2,012)
Proceeds related to the issuance of common shares, net 15 37,270
Net cash used in financing activities (68,288) (15,270)
Net increase (decrease) in cash and cash equivalents and restricted cash 27,561 (73,042)
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 118,201 101,206
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $5,772 and $5,307, respectively 36,767 44,430
Cash payments for income taxes 597 8,901
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 25,244 17,510
Write-off of fully depreciated assets 28,926 10,084
Issuance of LTIP Units 5,470 0
Decrease in assets and liabilities in connection with foreclosure:    
Real estate, net 0 47,518
Mortgage debt, net 0 68,613
Cash and cash equivalents at beginning of period 41,373 101,123
Cash and cash equivalents at end of period 52,962 78,615
Restricted cash at beginning of period 49,267 73,125
Restricted cash at end of period 65,239 22,591
Cash and cash equivalents and restricted cash at beginning/end of period 118,201 101,206
Urban Edge Properties LP    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 69,175 34,469
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 72,810 80,151
Gain on sale of real estate (49,462) (15,349)
Gain on extinguishment of debt (323) (21,427)
Amortization of above and below market leases, net (5,040) (2,143)
Noncash lease expense 3,375 3,569
Straight-lining of rent (1,164) (1,503)
Share-based compensation expense 6,273 4,863
Change in operating assets and liabilities:    
Tenant and other receivables (4,600) (1,475)
Deferred leasing costs (5,055) (3,626)
Prepaid expenses and other assets (567) (2,887)
Lease liabilities (3,212) (3,463)
Accounts payable, accrued expenses and other liabilities (6,171) (7,021)
Net cash provided by operating activities 76,039 64,158
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements (44,543) (41,564)
Proceeds from sale of real estate 64,353 35,183
Acquisitions of real estate 0 (115,549)
Net cash provided by (used in) investing activities 19,810 (121,930)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (92,566) (168,502)
Distributions to partners (50,648) (42,732)
Taxes withheld for vested restricted shares (273) (195)
Contributions from noncontrolling interests 204 901
Borrowings under unsecured credit facility 75,000 60,000
Proceeds from mortgage loan borrowings 0 100,000
Debt issuance costs (20) (2,012)
Proceeds related to the issuance of common shares, net 15 37,270
Net cash used in financing activities (68,288) (15,270)
Net increase (decrease) in cash and cash equivalents and restricted cash 27,561 (73,042)
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 118,201 101,206
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $5,772 and $5,307, respectively 36,767 44,430
Cash payments for income taxes 597 8,901
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 25,244 17,510
Write-off of fully depreciated assets 28,926 10,084
Issuance of LTIP Units 5,470 0
Decrease in assets and liabilities in connection with foreclosure:    
Real estate, net 0 47,518
Mortgage debt, net 0 68,613
Cash and cash equivalents at beginning of period 41,373 101,123
Cash and cash equivalents at end of period 52,962 78,615
Restricted cash at beginning of period 49,267 73,125
Restricted cash at end of period 65,239 22,591
Cash and cash equivalents and restricted cash at beginning/end of period $ 118,201 $ 101,206