v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 97,510 $ 75,442 $ 259,876
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 139,452 150,958 109,831
Gain on sale of real estate (49,695) (38,818) (217,708)
Amortization of above and below market leases, net (15,061) (10,136) (11,602)
Amortization of lease incentives 387 467 422
Noncash lease expense 6,575 7,333 6,590
Straight-lining of rent (2,779) (2,552) (3,687)
Share-based compensation expense 11,823 10,431 7,811
Real estate impairment loss 0 0 34,055
Loss (gain) on extinguishment of debt 534 (21,423) (41,144)
Amortization of deferred financing costs and premiums/discounts on debt obligations 5,692 4,031 2,937
Change in operating assets and liabilities:      
Tenant and other receivables (5,986) (5,967) 2,811
Deferred leasing costs (8,292) (6,417) (8,481)
Prepaid and other assets 1,776 349 12,387
Lease liabilities (6,256) (7,116) (6,330)
Accounts payable, accrued expenses and other liabilities 7,039 (3,405) 15,247
Net cash provided by operating activities 182,719 153,177 163,015
CASH FLOWS FROM INVESTING ACTIVITIES      
Real estate development and capital improvements (100,921) (110,627) (115,724)
Acquisitions of real estate (39,158) (184,467) (314,886)
Proceeds from sale of real estate 64,474 60,397 312,908
Net cash used in investing activities (75,605) (234,697) (117,702)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgage loan borrowings 123,600 211,000 469,704
Debt repayments (213,792) (387,353) (693,891)
Borrowings under unsecured credit facility 75,000 125,000 309,000
Dividends paid to common shareholders (95,542) (82,915) (75,192)
Distributions paid to redeemable noncontrolling interests (5,332) (4,401) (3,244)
Taxes withheld for vested restricted shares (273) (195) (119)
Debt issuance costs (2,847) (4,070) (8,466)
Proceeds related to the issuance of common shares, net (419) 136,556 372
Contributions from noncontrolling interests 716 4,290 1,997
Net cash (used in) provided by financing activities (118,889) (2,088) 161
Net (decrease) increase in cash and cash equivalents and restricted cash (11,775) (83,608) 45,474
Cash and cash equivalents and restricted cash at beginning of year 90,640 174,248 128,774
Cash and cash equivalents and restricted cash at end of year 78,865 90,640 174,248
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest net of amounts capitalized 72,516 80,711 69,040
Cash payments for income taxes 866 9,858 52
NON-CASH INVESTING AND FINANCING ACTIVITIES      
Mortgage debt modification 80,248 0 0
Write-off of fully depreciated and impaired assets 41,368 17,223 41,954
Accrued capital expenditures included in accounts payable and accrued expenses 23,666 16,133 21,628
Issuance of LTIP units 5,470 0 0
Assumption of debt through acquisition of real estate, net of debt mark-to-market 0 54,946 0
Assignment of debt through disposition of real estate 0 44,483 0
Mortgage debt forgiven 0 0 44,105
Transfer of assets held for sale included in prepaid expenses and other assets 0 10,286 0
Decrease in assets and liabilities in connection with foreclosure:      
Real estate, net 0 47,518 0
Mortgage debt, net 0 68,613 0
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 41,373 101,123 85,518
Cash and cash equivalents at end of year 48,881 41,373 101,123
Restricted cash at beginning of year 49,267 73,125 43,256
Restricted cash at end of year 29,984 49,267 73,125
Cash and cash equivalents and restricted cash at beginning/end of period 78,865 90,640 174,248
Urban Edge Properties LP      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income 97,510 75,442 259,876
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 139,452 150,958 109,831
Gain on sale of real estate (49,695) (38,818) (217,708)
Amortization of above and below market leases, net (15,061) (10,136) (11,602)
Amortization of lease incentives 387 467 422
Noncash lease expense 6,575 7,333 6,590
Straight-lining of rent (2,779) (2,552) (3,687)
Share-based compensation expense 11,823 10,431 7,811
Real estate impairment loss 0 0 34,055
Loss (gain) on extinguishment of debt 534 (21,423) (41,144)
Amortization of deferred financing costs and premiums/discounts on debt obligations 5,692 4,031 2,937
Change in operating assets and liabilities:      
Tenant and other receivables (5,986) (5,967) 2,811
Deferred leasing costs (8,292) (6,417) (8,481)
Prepaid and other assets 1,776 349 12,387
Lease liabilities (6,256) (7,116) (6,330)
Accounts payable, accrued expenses and other liabilities 7,039 (3,405) 15,247
Net cash provided by operating activities 182,719 153,177 163,015
CASH FLOWS FROM INVESTING ACTIVITIES      
Real estate development and capital improvements (100,921) (110,627) (115,724)
Acquisitions of real estate (39,158) (184,467) (314,886)
Proceeds from sale of real estate 64,474 60,397 312,908
Net cash used in investing activities (75,605) (234,697) (117,702)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgage loan borrowings 123,600 211,000 469,704
Debt repayments (213,792) (387,353) (693,891)
Borrowings under unsecured credit facility 75,000 125,000 309,000
Distributions paid to partners (100,874) (87,316) (78,436)
Taxes withheld for vested restricted shares (273) (195) (119)
Debt issuance costs (2,847) (4,070) (8,466)
Proceeds related to the issuance of common shares, net (419) 136,556 372
Contributions from noncontrolling interests 716 4,290 1,997
Net cash (used in) provided by financing activities (118,889) (2,088) 161
Net (decrease) increase in cash and cash equivalents and restricted cash (11,775) (83,608) 45,474
Cash and cash equivalents and restricted cash at beginning of year 90,640 174,248 128,774
Cash and cash equivalents and restricted cash at end of year 78,865 90,640 174,248
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest net of amounts capitalized 72,516 80,711 69,040
Cash payments for income taxes 866 9,858 52
NON-CASH INVESTING AND FINANCING ACTIVITIES      
Write-off of fully depreciated and impaired assets 41,368 17,223 41,954
Accrued capital expenditures included in accounts payable and accrued expenses 23,666 16,133 21,628
Issuance of LTIP units 5,470 0 0
Assumption of debt through acquisition of real estate, net of debt mark-to-market 0 54,946 0
Assignment of debt through disposition of real estate 0 44,483 0
Mortgage debt forgiven 0 0 44,105
Transfer of assets held for sale included in prepaid expenses and other assets 0 10,286 0
Decrease in assets and liabilities in connection with foreclosure:      
Real estate, net 0 47,518 0
Mortgage debt, net 0 68,613 0
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 41,373 101,123 85,518
Cash and cash equivalents at end of year 48,881 41,373 101,123
Restricted cash at beginning of year 49,267 73,125 43,256
Restricted cash at end of year 29,984 49,267 73,125
Cash and cash equivalents and restricted cash at beginning/end of period $ 78,865 $ 90,640 $ 174,248