☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | (Urban Edge Properties) | 47-6311266 | ||||||||||||
Delaware | (Urban Edge Properties LP) | 36-4791544 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
888 Seventh Avenue, | New York, | New York | 10019 | |||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number including area code: | (212) | 956‑2556 |
Title of Each Class | Trading symbol | Name of Each Exchange on Which Registered | ||||||
Common Shares, $.01 par value per share | UE | New York Stock Exchange |
Title of Each Class | Trading symbol | Name of Each Exchange on Which Registered | ||||||
None | N/A | N/A |
Large Accelerated Filer | ☒ | Accelerated Filer o | Non-Accelerated Filer o | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Large Accelerated Filer o | Accelerated Filer o | Non-Accelerated Filer | ☒ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Business | ||||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 1B. | Unresolved Staff Comments | |||||||||||||
Item 2. | Properties | |||||||||||||
Item 3. | Legal Proceedings | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
PART II | ||||||||||||||
Item 5. | Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||||||||
Item 6. | ||||||||||||||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |||||||||||||
Item 8. | Financial Statements and Supplementary Data | |||||||||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |||||||||||||
Item 9A. | Controls and Procedures | |||||||||||||
Item 9B. | Other Information | |||||||||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | |||||||||||||
PART III | ||||||||||||||
Item 10. | Directors, Executive Officers, and Corporate Governance | |||||||||||||
Item 11. | Executive Compensation | |||||||||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |||||||||||||
Item 14. | Principal Accounting Fees and Services | |||||||||||||
PART IV | ||||||||||||||
Item 15. | Exhibits and Financial Statement Schedules | |||||||||||||
Item 16. | Form 10-K Summary | |||||||||||||
Signatures | ||||||||||||||
Property | Total Square Feet (1) | Percent Leased(1) | Weighted Average Annual Rent per sq ft (2) | Major Tenants | |||||||||||||||||||
SHOPPING CENTERS AND MALLS: | |||||||||||||||||||||||
California: | |||||||||||||||||||||||
Walnut Creek (Olympic) | 31,000 | 100.0% | 80.50 | Anthropologie | |||||||||||||||||||
Walnut Creek (Mt. Diablo)(4) | 7,000 | 43.8% | 72.00 | Sweetgreen (lease not commenced) | |||||||||||||||||||
Connecticut: | |||||||||||||||||||||||
Newington | 189,000 | 90.0% | 9.75 | Walmart, Staples | |||||||||||||||||||
Maryland: | |||||||||||||||||||||||
Towson (Goucher Commons) | 155,000 | 92.5% | 24.25 | Staples, HomeGoods, Five Below, Ulta, Kirkland's, Sprouts, DSW | |||||||||||||||||||
Rockville | 94,000 | 98.0% | 25.01 | Regal Entertainment Group | |||||||||||||||||||
Wheaton (leased through 2060)(3) | 66,000 | 100.0% | 18.27 | Best Buy | |||||||||||||||||||
Woodmore Towne Centre(6) | 712,000 | 96.7% | 17.43 | Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack | |||||||||||||||||||
Massachusetts: | |||||||||||||||||||||||
Cambridge (leased through 2033)(3) | 48,000 | 62.1% | 31.46 | PetSmart | |||||||||||||||||||
Revere (Wonderland Marketplace) | 140,000 | 100.0% | 13.33 | Big Lots, Planet Fitness, Marshalls, Get Air | |||||||||||||||||||
Missouri: | |||||||||||||||||||||||
Manchester | 131,000 | 100.0% | 11.55 | Academy Sports, Bob's Discount Furniture, Pan-Asia Market | |||||||||||||||||||
New Hampshire: | |||||||||||||||||||||||
Salem (leased through 2102)(3) | 39,000 | 100.0% | 10.00 | Fun City | |||||||||||||||||||
New Jersey: | |||||||||||||||||||||||
Bergen Town Center - East, Paramus | 253,000 | 93.8% | 22.39 | Lowe's, REI, Best Buy | |||||||||||||||||||
Bergen Town Center - West, Paramus | 1,058,000 | 90.6% | 30.82 | Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's (lease not commenced) | |||||||||||||||||||
Brick | 278,000 | 97.0% | 19.95 | Kohl's, ShopRite, Marshalls, Old Navy | |||||||||||||||||||
Carlstadt (leased through 2050)(3) | 78,000 | 98.5% | 24.22 | Stop & Shop | |||||||||||||||||||
Cherry Hill (Plaza at Cherry Hill) | 422,000 | 73.0% | 14.40 | LA Fitness, Aldi, Raymour & Flanigan, Restoration Hardware, Total Wine, Guitar Center, Sam Ash Music | |||||||||||||||||||
East Brunswick | 427,000 | 100.0% | 14.76 | Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness | |||||||||||||||||||
East Hanover (200 - 240 Route 10 West) | 343,000 | 99.2% | 21.73 | The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls, Paper Store | |||||||||||||||||||
East Rutherford | 197,000 | 100.0% | 12.85 | Lowe's |
Property | Total Square Feet (1) | Percent Leased(1) | Weighted Average Annual Rent per sq ft (2) | Major Tenants | ||||
SHOPPING CENTERS AND MALLS: | ||||||||
California: | ||||||||
Signal Hill | 45,000 | 100.0% | $26.49 | Best Buy | ||||
Vallejo (leased through 2043)(3) | 45,000 | 100.0% | 12.00 | Best Buy | ||||
Walnut Creek (Olympic) | 31,000 | 100.0% | 70.00 | Anthropologie | ||||
Walnut Creek (Mt. Diablo)(4) | 7,000 | —% | — | |||||
Connecticut: | ||||||||
Newington | 189,000 | 100.0% | 9.97 | Walmart, Staples | ||||
Maryland: | ||||||||
Baltimore (Towson) | 155,000 | 98.6% | 24.47 | Staples, HomeGoods, Tuesday Morning, Five Below, Ulta, Kirkland's, Sprouts, DSW (lease not commenced) | ||||
Rockville | 94,000 | 98.0% | 27.17 | Regal Entertainment Group | ||||
Wheaton (leased through 2060)(3) | 66,000 | 100.0% | 16.70 | Best Buy | ||||
Massachusetts: | ||||||||
Cambridge (leased through 2033)(3) | 48,000 | 100.0% | 24.57 | PetSmart, A.C. Moore | ||||
Revere (Wonderland Marketplace) | 140,000 | 100.0% | 13.16 | Big Lots, Planet Fitness, Marshalls, Get Air | ||||
Missouri: | ||||||||
Manchester | 131,000 | 100.0% | 11.22 | Academy Sports, Bob's Discount Furniture, Pan-Asia Market | ||||
New Hampshire: | ||||||||
Salem (leased through 2102)(3) | 39,000 | 100.0% | 10.51 | Fun City (lease not commenced) | ||||
New Jersey: | ||||||||
Bergen Town Center - East, Paramus | 253,000 | 97.5% | 21.78 | Lowe's, REI, Kirkland's, Best Buy | ||||
Bergen Town Center - West, Paramus | 1,059,000 | 97.8% | 32.83 | Target, Century 21, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Nieman Marcus Last Call Studio | ||||
Brick | 278,000 | 94.7% | 19.32 | Kohl's, ShopRite, Marshalls, Kirkland's | ||||
Carlstadt (leased through 2050)(3) | 78,000 | 100.0% | 23.79 | Stop & Shop | ||||
Cherry Hill (Plaza at Cherry Hill) | 422,000 | 73.0% | 14.43 | LA Fitness, Aldi, Raymour & Flanigan, Restoration Hardware, Total Wine, Guitar Center, Sam Ash Music | ||||
East Brunswick | 427,000 | 100.0% | 14.52 | Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness | ||||
East Hanover (200 - 240 Route 10 West) | 343,000 | 99.2% | 21.68 | The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls, Paper Store |
Garfield | 298,000 | 100.0% | 15.82 | Walmart, Burlington, Marshalls, PetSmart, Ulta | |||||||||||||||||||
Hackensack | 275,000 | 99.4% | 23.97 | The Home Depot, Staples, Petco, 99 Ranch | |||||||||||||||||||
Hazlet | 95,000 | 100.0% | 3.70 | Stop & Shop(5) | |||||||||||||||||||
Jersey City (Hudson Mall) | 382,000 | 85.4% | 18.14 | Marshalls, Big Lots, Retro Fitness, Staples, Old Navy, National retailer (lease not commenced) | |||||||||||||||||||
Jersey City (Hudson Commons) | 236,000 | 100.0% | 13.90 | Lowe's, P.C. Richard & Son | |||||||||||||||||||
Kearny | 116,000 | 100.0% | 23.17 | LA Fitness, Marshalls, Ulta | |||||||||||||||||||
Lodi (Washington Street)(6) | 43,000 | 100.0% | 20.08 | Dollar Tree | |||||||||||||||||||
Manalapan | 208,000 | 87.7% | 20.44 | Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring | |||||||||||||||||||
Marlton | 218,000 | 100.0% | 16.49 | Kohl's, ShopRite, PetSmart | |||||||||||||||||||
Middletown (Town Brook Commons) | 231,000 | 98.9% | 13.92 | Kohl's, Stop & Shop | |||||||||||||||||||
Millburn | 104,000 | 88.3% | 28.70 | Trader Joe's, CVS, PetSmart | |||||||||||||||||||
Montclair | 18,000 | 100.0% | 32.00 | Whole Foods Market | |||||||||||||||||||
Morris Plains (Briarcliff Commons) | 179,000 | 94.8% | 23.08 | Kohl's, Uncle Giuseppe's | |||||||||||||||||||
North Bergen (Kennedy Commons) | 62,000 | 100.0% | 14.55 | Food Bazaar | |||||||||||||||||||
North Bergen (Tonnelle Commons) | 408,000 | 100.0% | 21.89 | Walmart, BJ's Wholesale Club, PetSmart | |||||||||||||||||||
North Plainfield (West End Commons) | 241,000 | 99.1% | 11.58 | Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis | |||||||||||||||||||
Paramus (leased through 2033)(3) | 63,000 | 100.0% | 44.56 | 24 Hour Fitness | |||||||||||||||||||
Rockaway | 189,000 | 93.1% | 14.51 | ShopRite, T.J. Maxx | |||||||||||||||||||
South Plainfield (Stelton Commons) (leased through 2039)(3) | 56,000 | 100.0% | 21.97 | Staples, Party City | |||||||||||||||||||
Totowa | 271,000 | 100.0% | 18.30 | The Home Depot, Bed Bath & Beyond, buybuy Baby, Marshalls, Staples | |||||||||||||||||||
Union (2445 Springfield Ave) | 232,000 | 100.0% | 17.85 | The Home Depot | |||||||||||||||||||
Union (West Branch Commons) | 278,000 | 98.7% | 16.60 | Lowe's, Burlington | |||||||||||||||||||
Watchung (Greenbrook Commons) | 170,000 | 100.0% | 18.54 | BJ's Wholesale Club | |||||||||||||||||||
Woodbridge (Woodbridge Commons) | 225,000 | 94.7% | 13.27 | Walmart, Charisma Furniture | |||||||||||||||||||
Woodbridge (Plaza at Woodbridge) | 332,000 | 91.9% | 19.04 | Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby | |||||||||||||||||||
New York: | |||||||||||||||||||||||
Bronx (Gun Hill Commons) | 81,000 | 100.0% | 36.85 | Planet Fitness, Aldi | |||||||||||||||||||
Bronx (Bruckner Commons)(6) | 396,000 | 39.4% | 44.96 | ShopRite, Burlington | |||||||||||||||||||
Bronx (Shops at Bruckner) | 115,000 | 85.2% | 38.73 | Marshalls, Old Navy, Aldi (lease not commenced), Five Below (lease not commenced) | |||||||||||||||||||
Brooklyn (Kingswood Center) | 129,000 | 84.3% | 35.83 | T.J. Maxx, Visiting Nurse Service of NY | |||||||||||||||||||
Brooklyn (Kingswood Crossing) | 107,000 | 69.5% | 41.72 | Target, Marshalls, Maimonides Medical | |||||||||||||||||||
Buffalo (Amherst Commons) | 311,000 | 98.1% | 10.94 | BJ's Wholesale Club, T.J. Maxx, Burlington, HomeGoods, LA Fitness | |||||||||||||||||||
Dewitt (Marshall Plaza) (leased through 2041)(3) | 46,000 | 100.0% | 24.62 | Best Buy | |||||||||||||||||||
Freeport (Meadowbrook Commons) (leased through 2040)(3) | 44,000 | 100.0% | 22.31 | Bob's Discount Furniture | |||||||||||||||||||
Freeport (Freeport Commons) | 173,000 | 100.0% | 26.32 | The Home Depot, Staples | |||||||||||||||||||
Huntington | 216,000 | 71.6% | 19.70 | Marshalls, ShopRite (lease not commenced), Old Navy, Petco | |||||||||||||||||||
Inwood (Burnside Commons) | 100,000 | 29.3% | 27.96 | ||||||||||||||||||||
Mt. Kisco | 189,000 | 98.5% | 17.20 | Target, Stop & Shop | |||||||||||||||||||
New Hyde Park (leased through 2029)(3) | 101,000 | 100.0% | 21.93 | Stop & Shop | |||||||||||||||||||
Queens (Cross Bay Commons) | 45,000 | 83.8% | 42.29 | Northwell Health | |||||||||||||||||||
Rochester (Henrietta) (leased through 2056)(3) | 165,000 | 100.0% | 4.65 | Kohl's | |||||||||||||||||||
Staten Island (Forest Commons) | 165,000 | 96.6% | 24.68 | Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School | |||||||||||||||||||
Yonkers Gateway Center | 448,000 | 91.6% | 15.80 | Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema | |||||||||||||||||||
East Hanover (280 Route 10 West) | 28,000 | 100.0% | 34.71 | REI | ||||
East Rutherford | 197,000 | 98.3% | 12.71 | Lowe's | ||||
Garfield | 289,000 | 100.0% | 15.22 | Walmart, Burlington, Marshalls, PetSmart, Ulta | ||||
Hackensack | 275,000 | 99.4% | 23.67 | The Home Depot, Staples, Petco, 99 Ranch | ||||
Hazlet | 95,000 | 100.0% | 3.70 | Stop & Shop(5) | ||||
Jersey City (Hudson Mall) | 382,000 | 80.8% | 16.94 | Marshalls, Big Lots, Retro Fitness, Staples, Old Navy | ||||
Jersey City (Hudson Commons) | 236,000 | 100.0% | 12.62 | Lowe's, P.C. Richard & Son | ||||
Kearny | 114,000 | 100.0% | 21.86 | LA Fitness, Marshalls, Ulta | ||||
Lawnside | 151,000 | 100.0% | 16.31 | The Home Depot, PetSmart | ||||
Lodi (Route 17 North) | 171,000 | —% | — | |||||
Lodi (Washington Street) | 85,000 | 87.6% | 22.06 | Blink Fitness, Aldi | ||||
Manalapan | 208,000 | 100.0% | 19.10 | Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring (lease not commenced) | ||||
Marlton | 218,000 | 100.0% | 15.96 | Kohl's, ShopRite, PetSmart | ||||
Middletown (Town Brook Commons) | 231,000 | 96.9% | 13.92 | Kohl's, Stop & Shop | ||||
Millburn | 104,000 | 98.8% | 26.41 | Trader Joe's, CVS, PetSmart | ||||
Montclair | 21,000 | 100.0% | 26.20 | Whole Foods Market | ||||
Morris Plains (Briarcliff Commons) | 182,000 | 70.2% | 25.59 | Kohl's | ||||
North Bergen (Kennedy Blvd) | 62,000 | 100.0% | 14.36 | Food Bazaar | ||||
North Bergen (Tonnelle Ave) | 410,000 | 99.5% | 21.73 | Walmart, BJ's Wholesale Club, PetSmart, Staples | ||||
North Plainfield (West End Commons) | 241,000 | 100.0% | 11.56 | Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis | ||||
Paramus (leased through 2033)(3) | 63,000 | 100.0% | 47.18 | 24 Hour Fitness | ||||
Rockaway | 189,000 | 95.2% | 14.71 | ShopRite, T.J. Maxx | ||||
South Plainfield (Stelton Commons) (leased through 2039)(3) | 56,000 | 96.3% | 21.36 | Staples, Party City | ||||
Totowa | 271,000 | 100.0% | 17.45 | The Home Depot, Bed Bath & Beyond, buybuy Baby, Marshalls, Staples | ||||
Turnersville | 98,000 | 100.0% | 9.94 | At Home, Verizon Wireless | ||||
Union (2445 Springfield Ave) | 232,000 | 100.0% | 17.85 | The Home Depot | ||||
Union (Route 22 and Morris Ave) | 278,000 | 98.9% | 17.11 | Lowe's, Burlington, Office Depot | ||||
Watchung (Greenbrook Commons) | 170,000 | 94.9% | 18.15 | BJ's Wholesale Club | ||||
Westfield (One Lincoln Plaza) | 22,000 | 89.9% | 33.00 | Five Guys, PNC Bank | ||||
Woodbridge (Woodbridge Commons) | 225,000 | 94.7% | 13.04 | Walmart, Charisma Furniture | ||||
Woodbridge (Plaza at Woodbridge) | 337,000 | 74.1% | 18.88 | Best Buy, Raymour & Flanigan, Lincoln Tech, Harbor Freight, Retro Fitness | ||||
New York: | ||||||||
Bronx (1750-1780 Gun Hill Road) | 81,000 | 100.0% | 35.30 | Planet Fitness, Aldi | ||||
Bronx (Bruckner Commons) | 375,000 | 82.1% | 27.09 | Kmart, ShopRite, Burlington | ||||
Bronx (Shops at Bruckner) | 115,000 | 100.0% | 37.51 | Marshalls, Old Navy, LA Fitness (lease not commenced) | ||||
Buffalo (Amherst Commons) | 311,000 | 98.1% | 10.94 | BJ's Wholesale Club, T.J. Maxx, Burlington, HomeGoods, LA Fitness | ||||
Commack (leased through 2021)(3) | 47,000 | 100.0% | 20.69 | PetSmart, Ace Hardware | ||||
Dewitt (Marshall Plaza) (leased through 2041)(3) | 46,000 | 100.0% | 22.38 | Best Buy | ||||
Freeport (Meadowbrook Commons) (leased through 2040)(3) | 44,000 | 100.0% | 22.31 | Bob's Discount Furniture | ||||
Freeport (Freeport Commons) | 173,000 | 100.0% | 22.23 | The Home Depot, Staples | ||||
Huntington | 204,000 | 43.8% | 22.84 | Marshalls, Old Navy, Petco | ||||
Inwood (Burnside Commons) | 100,000 | 96.5% | 19.42 | Stop & Shop | ||||
Mt. Kisco | 189,000 | 95.9% | 16.74 | Target, Stop & Shop | ||||
New Hyde Park (leased through 2029)(3) | 101,000 | 100.0% | 21.93 | Stop & Shop | ||||
Queens (Cross Bay Commons) | 46,000 | 78.7% | 41.64 | |||||
Rochester (Henrietta) (leased through 2056)(3) | 165,000 | 100.0% | 4.62 | Kohl's | ||||
Staten Island (Forest Commons) | 165,000 | 96.3% | 23.69 | Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School |
Yonkers Gateway Center | 437,000 | 97.2% | 17.15 | Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema | |||||||||||||||||||||||||||
Pennsylvania: | Pennsylvania: | ||||||||||||||||||||||||||||||
Bensalem (Marten Commons) | 185,000 | 96.6% | 12.73 | Kohl's, Ross Dress for Less, Staples, Petco | Bensalem (Marten Commons) | 185,000 | 96.6% | 14.59 | Kohl's, Ross Dress for Less, Staples, Petco | ||||||||||||||||||||||
Bethlehem (Easton Commons) | 153,000 | 94.5% | 8.50 | Giant Food, Petco | |||||||||||||||||||||||||||
Broomall | 169,000 | 100.0% | 10.31 | Giant Food(5), Planet Fitness, A.C. Moore, PetSmart | |||||||||||||||||||||||||||
Broomall(6) | Broomall(6) | 169,000 | 64.1% | 16.56 | National retailer (lease not commenced), Planet Fitness, PetSmart | ||||||||||||||||||||||||||
Glenolden (MacDade Commons) | 102,000 | 100.0% | 12.81 | Walmart | Glenolden (MacDade Commons) | 102,000 | 100.0% | 12.89 | Walmart | ||||||||||||||||||||||
Lancaster (Lincoln Plaza) | 228,000 | 100.0% | 4.94 | Lowe's, Community Aid, Mattress Firm | Lancaster (Lincoln Plaza) | 228,000 | 100.0% | 5.17 | Lowe's, Community Aid, Mattress Firm | ||||||||||||||||||||||
Springfield (leased through 2025)(3) | 41,000 | 100.0% | 22.99 | PetSmart | Springfield (leased through 2025)(3) | 41,000 | 100.0% | 25.29 | PetSmart | ||||||||||||||||||||||
Wilkes-Barre (461 - 499 Mundy Street) | 179,000 | 82.9% | 13.57 | Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Tuesday Morning | |||||||||||||||||||||||||||
Wilkes-Barre | Wilkes-Barre | 184,000 | 88.1% | 12.89 | Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchen (lease not commenced) | ||||||||||||||||||||||||||
Wyomissing (leased through 2065)(3) | 76,000 | 100.0% | 16.76 | LA Fitness, PetSmart | Wyomissing (leased through 2065)(3) | 76,000 | 100.0% | 14.70 | LA Fitness, PetSmart | ||||||||||||||||||||||
South Carolina: | South Carolina: | ||||||||||||||||||||||||||||||
Charleston (leased through 2063)(3) | 45,000 | 100.0% | 15.10 | Best Buy | Charleston (leased through 2063)(3) | 45,000 | 100.0% | 15.10 | Best Buy | ||||||||||||||||||||||
Virginia: | Virginia: | ||||||||||||||||||||||||||||||
Norfolk (leased through 2069)(3) | 114,000 | 100.0% | 7.08 | BJ's Wholesale Club | Norfolk (leased through 2069)(3) | 114,000 | 100.0% | 7.79 | BJ's Wholesale Club | ||||||||||||||||||||||
Puerto Rico: | Puerto Rico: | ||||||||||||||||||||||||||||||
Las Catalinas | 356,000 | 54.8% | 45.34 | Forever 21, Old Navy | Las Catalinas | 356,000 | 85.4% | 28.84 | Sector Sixty6 (lease not commenced), Forever 21, Old Navy | ||||||||||||||||||||||
Montehiedra | 539,000 | 95.3% | 18.64 | Kmart, The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy | |||||||||||||||||||||||||||
Montehiedra(6) | Montehiedra(6) | 540,000 | 69.0% | 20.80 | The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy | ||||||||||||||||||||||||||
Total Shopping Centers and Malls | 14,277,000 | 92.4% | $19.22 | Total Shopping Centers and Malls | 14,469,000 | 91.1% | $19.70 | ||||||||||||||||||||||||
WAREHOUSES: | |||||||||||||||||||||||||||||||
East Hanover Warehouses | 943,000 | 100.0% | 5.70 | J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Consolidated Simon Distributors, Givaudan Flavors, Reliable Tire, LineMart | |||||||||||||||||||||||||||
INDUSTRIAL: | INDUSTRIAL: | ||||||||||||||||||||||||||||||
East Hanover Warehouses(7) | East Hanover Warehouses(7) | 1,218,000 | 100.0% | 5.63 | J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Givaudan Flavors, Reliable Tire, LineMart, Nutra-Med | ||||||||||||||||||||||||||
Lodi (Route 17 North) | Lodi (Route 17 North) | 127,000 | 100.0% | 9.95 | AAA Wholesale Group | ||||||||||||||||||||||||||
Total Industrial | Total Industrial | 1,345,000 | 100.0% | $6.04 | |||||||||||||||||||||||||||
Massapequa, NY (Sunrise Mall) (portion leased through 2069)(3)(4)(6) | Massapequa, NY (Sunrise Mall) (portion leased through 2069)(3)(4)(6) | 1,217,000 | 49.2% | 8.50 | Macy's, Dick's Sporting Goods, Dave & Busters, Raymour & Flanigan | ||||||||||||||||||||||||||
Total Urban Edge Properties | 15,220,000 | 92.9% | $18.31 | Total Urban Edge Properties | 17,031,000 | 88.8% | $18.04 |
December 31, | ||||||||||||||||||||||||||||||||
2021(1) | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Total square feet | 14,469,000 | 15,221,000 | 14,277,000 | 15,407,000 | 15,743,000 | |||||||||||||||||||||||||||
Occupancy rate | 91.1 | % | 88.7 | % | 92.4 | % | 92.6 | % | 96.0 | % | ||||||||||||||||||||||
Average annual base rent per sf | $19.70 | $18.97 | $19.22 | $17.90 | $17.38 |
December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Total square feet | 14,277,000 | 15,407,000 | 15,743,000 | 13,831,000 | 13,901,000 | |||||||||||||||
Occupancy rate | 92.4 | % | 92.6 | % | 96.0 | % | 97.2 | % | 96.2 | % | ||||||||||
Average annual base rent per sf | $19.22 | $17.90 | $17.38 | $17.07 | $16.64 |
December 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Total square feet | 1,345,000 | 1,070,000 | 943,000 | 942,000 | 942,000 | |||||||||||||||||||||||||||
Occupancy rate | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Average annual base rent per sf | $6.04 | $6.34 | $5.70 | $5.34 | $5.15 |
December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Total square feet | 943,000 | 942,000 | 942,000 | 942,000 | 942,000 | |||||||||||||||
Occupancy rate | 100.0 | % | 100.0 | % | 100.0 | % | 91.7 | % | 79.1 | % | ||||||||||
Average annual base rent per sf | $5.70 | $5.34 | $5.15 | $4.77 | $4.80 |
Tenant | Number of Stores | Square Feet | % of Total Square Feet | 2019 Revenues (in thousands) | % of Total Revenues | Tenant | Number of Stores | Square Feet | % of Total Square Feet | 2021 Revenues(1) (in thousands) | % of Total Revenues | |||||||||||||||||||||||||||||||||||
The TJX Companies, Inc.(2) | The TJX Companies, Inc.(2) | 22 | 714,731 | 4.2% | $20,589 | 4.8% | ||||||||||||||||||||||||||||||||||||||||
The Home Depot, Inc. | 7 | 920,000 | 6.0% | $ | 23,032 | 5.9% | The Home Depot, Inc. | 6 | 808,926 | 4.8% | 19,904 | 4.7% | ||||||||||||||||||||||||||||||||||
The TJX Companies, Inc.(1) | 19 | 646,000 | 4.2% | 14,778 | 3.8% | |||||||||||||||||||||||||||||||||||||||||
Lowe's Companies, Inc. | 6 | 976,000 | 6.4% | 13,372 | 3.4% | Lowe's Companies, Inc. | 6 | 976,415 | 5.7% | 13,570 | 3.2% | |||||||||||||||||||||||||||||||||||
Walmart Inc. | Walmart Inc. | 5 | 708,435 | 4.2% | 12,692 | 3.0% | ||||||||||||||||||||||||||||||||||||||||
Burlington Stores, Inc. | Burlington Stores, Inc. | 7 | 415,828 | 2.4% | 10,106 | 2.4% | ||||||||||||||||||||||||||||||||||||||||
Best Buy Co., Inc. | 9 | 405,000 | 2.7% | 11,836 | 3.1% | Best Buy Co., Inc. | 8 | 359,551 | 2.1% | 9,731 | 2.3% | |||||||||||||||||||||||||||||||||||
Ahold Delhaize(2) | 8 | 590,000 | 3.9% | 11,706 | 3.0% | |||||||||||||||||||||||||||||||||||||||||
Walmart Inc. | 5 | 727,000 | 4.8% | 10,460 | 2.7% | |||||||||||||||||||||||||||||||||||||||||
Kohl's Corporation | 7 | 633,000 | 4.2% | 9,539 | 2.5% | Kohl's Corporation | 7 | 633,345 | 3.7% | 9,087 | 2.1% | |||||||||||||||||||||||||||||||||||
PetSmart, Inc. | 12 | 287,000 | 1.9% | 9,044 | 2.3% | |||||||||||||||||||||||||||||||||||||||||
BJ's Wholesale Club | 4 | 454,000 | 3.0% | 8,395 | 2.2% | BJ's Wholesale Club | 4 | 454,297 | 2.7% | 8,263 | 1.9% | |||||||||||||||||||||||||||||||||||
Wakefern (ShopRite) | 4 | 296,000 | 1.9% | 7,385 | 1.9% | Wakefern (ShopRite) | 4 | 296,018 | 1.7% | 7,284 | 1.7% | |||||||||||||||||||||||||||||||||||
PetSmart, Inc. | PetSmart, Inc. | 10 | 228,869 | 1.3% | 7,137 | 1.7% |
Percentage of | Weighted Average Annual | Percentage of | Weighted Average Annual | ||||||||||||||||||||||||||||||||||||||||||||||
Number of | Square Feet of | Retail Properties | Base Rent of Expiring Leases | Number of | Square Feet of | Retail Properties | Base Rent of Expiring Leases | ||||||||||||||||||||||||||||||||||||||||||
Year | Expiring Leases | Expiring Leases | Square Feet | Total | Per Square Foot | Year | Expiring Leases | Expiring Leases | Square Feet | Total | Per Square Foot | ||||||||||||||||||||||||||||||||||||||
Month-To-Month | 26 | 77,000 | 0.5% | $ | 2,110,570 | $27.41 | Month-To-Month | 29 | 113,000 | 0.8% | $ | 2,853,250 | $25.25 | ||||||||||||||||||||||||||||||||||||
2020 | 100 | 667,000 | 4.7% | 14,547,270 | 21.81 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 97 | 811,000 | 5.7% | 20,566,960 | 25.36 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 85 | 1,100,000 | 7.7% | 18,854,000 | 17.14 | 2022 | 83 | 486,000 | 3.4% | 13,379,580 | 27.53 | ||||||||||||||||||||||||||||||||||||||
2023 | 89 | 1,639,000 | 11.5% | 31,190,170 | 19.03 | 2023 | 106 | 1,145,000 | 7.9% | 25,361,750 | 22.15 | ||||||||||||||||||||||||||||||||||||||
2024 | 102 | 1,495,000 | 10.5% | 30,542,850 | 20.43 | 2024 | 104 | 1,551,000 | 10.7% | 31,314,690 | 20.19 | ||||||||||||||||||||||||||||||||||||||
2025 | 59 | 1,091,000 | 7.6% | 17,870,580 | 16.38 | 2025 | 80 | 1,234,000 | 8.5% | 23,248,560 | 18.84 | ||||||||||||||||||||||||||||||||||||||
2026 | 63 | 626,000 | 4.4% | 10,585,660 | 16.91 | 2026 | 97 | 891,000 | 6.2% | 20,635,560 | 23.16 | ||||||||||||||||||||||||||||||||||||||
2027 | 51 | 706,000 | 5.0% | 14,663,620 | 20.77 | 2027 | 84 | 1,065,000 | 7.4% | 17,540,550 | 16.47 | ||||||||||||||||||||||||||||||||||||||
2028 | 43 | 491,000 | 3.4% | 13,595,790 | 27.69 | 2028 | 47 | 653,000 | 4.5% | 18,395,010 | 28.17 | ||||||||||||||||||||||||||||||||||||||
2029 | 59 | 1,490,000 | 10.4% | 29,829,800 | 20.02 | 2029 | 70 | 1,526,000 | 10.5% | 33,358,360 | 21.86 | ||||||||||||||||||||||||||||||||||||||
2030 | 26 | 862,000 | 6.0% | 13,447,200 | 15.60 | 2030 | 43 | 1,191,000 | 8.2% | 18,543,870 | 15.57 | ||||||||||||||||||||||||||||||||||||||
2031 | 2031 | 32 | 909,000 | 6.3% | 15,053,040 | 16.56 | |||||||||||||||||||||||||||||||||||||||||||
2032 | 2032 | 35 | 347,000 | 2.4% | 7,318,230 | 21.09 | |||||||||||||||||||||||||||||||||||||||||||
Thereafter | 42 | 2,144,000 | 15.0% | 32,160,000 | 15.00 | Thereafter | 48 | 2,064,000 | 14.3% | 31,909,440 | 15.46 | ||||||||||||||||||||||||||||||||||||||
Sub-total/Average | 842 | 13,199,000 | 92.4% | $ | 252,892,840 | $19.16 | |||||||||||||||||||||||||||||||||||||||||||
Subtotal/Average | Subtotal/Average | 858 | 13,175,000 | 91.1% | $ | 259,547,500 | $19.70 | ||||||||||||||||||||||||||||||||||||||||||
Vacant | 147 | 1,078,000 | 7.6% | N/A | N/A | Vacant | 185 | 1,294,000 | 8.9% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Total(1) | 989 | 14,277,000 | 100.0% | $ | 252,892,840 | N/A | Total(1) | 1,043 | 14,469,000 | 100.0% | $ | 259,547,500 | N/A |
Total Distribution per Share | Ordinary Dividends | Long Term Capital Gains | Return of Capital | ||||||||||||||||||||
2021 | $ | 0.60 | $ | 0.60 | $ | — | $ | — | |||||||||||||||
2020 | 0.68 | 0.68 | — | — |
Total Distribution per Share | Ordinary Dividends | Long Term Capital Gains | Return of Capital | ||||||||||||
2019 | $ | 0.88 | $ | 0.73 | $ | 0.15 | $ | — | |||||||
2018 | 0.88 | 0.88 | — | — |
Cumulative(1) Total Return % | Total Return $ as of | Cumulative(1) Total Return % | Total Return $ as of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock/Index | 1/15/2015 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | Stock/Index | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UE | (2.4) | 100 | 101.4 | 122.6 | 118.7 | 80.7 | 97.6 | UE | 2.7 | 100 | 120.9 | 116.0 | 78.9 | 95.4 | 67.7 | 102.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 | 79.5 | 100 | 104.7 | 117.2 | 142.8 | 136.5 | 179.5 | S&P 500 | 161.3 | 100 | 112.0 | 136.4 | 130.4 | 171.5 | 203.0 | 261.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell 2000 | 54.9 | 100 | 99.7 | 120.9 | 138.7 | 123.4 | 154.9 | Russell 2000 | 114.0 | 100 | 121.3 | 139.1 | 123.8 | 155.4 | 186.4 | 214.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
SNL U.S. REIT Equity | 40.3 | 100 | 97.1 | 105.7 | 114.5 | 108.9 | 140.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SNL U.S. REIT Retail Shopping Center | (3.1) | 100 | 98.9 | 102.4 | 91.1 | 76.4 | 96.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dow Jones Equity All REIT | Dow Jones Equity All REIT | 96.4 | 100 | 108.9 | 118.3 | 113.5 | 146.1 | 139.1 | 196.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dow Jones US Real Estate Strip Centers | Dow Jones US Real Estate Strip Centers | (1.0) | 100 | 103.3 | 92.4 | 78.9 | 100.2 | 68.8 | 99.0 |
Year Ended December 31, | |||||||||||||||||||
(Amounts in thousands, except per share amounts) | 2019 | 2018 | 2017 | 2016 | 2015(4) | ||||||||||||||
Operating Data: | |||||||||||||||||||
Rental revenue(1) | $ | 384,405 | $ | 411,298 | $ | 365,082 | $ | 321,719 | $ | 316,484 | |||||||||
Management and development fees | 1,900 | 1,469 | 1,535 | 1,759 | 2,261 | ||||||||||||||
Income from acquired leasehold interest | — | — | 39,215 | — | — | ||||||||||||||
Other income | 1,344 | 1,393 | 1,210 | 2,498 | 4,200 | ||||||||||||||
Total revenue | 387,649 | 414,160 | 407,042 | 325,976 | 322,945 | ||||||||||||||
Total expenses | 283,781 | 292,295 | 245,278 | 192,958 | 224,869 | ||||||||||||||
Net income | 116,197 | 116,963 | 72,938 | 96,630 | 41,348 | ||||||||||||||
Net income attributable to operating partnership | (6,699 | ) | (11,768 | ) | (5,824 | ) | (5,812 | ) | (2,547 | ) | |||||||||
Net (income) loss attributable to consolidated subsidiaries | 25 | (45 | ) | (44 | ) | (3 | ) | (16 | ) | ||||||||||
Net income attributable to common shareholders(2) | $ | 109,523 | $ | 105,150 | $ | 67,070 | $ | 90,815 | $ | 38,785 | |||||||||
Earnings per common share - Basic(3): | 0.91 | 0.92 | 0.62 | 0.91 | 0.39 | ||||||||||||||
Earnings per common share - Diluted(3): | 0.91 | 0.92 | 0.61 | 0.91 | 0.39 | ||||||||||||||
Weighted average shares outstanding - Basic(3) | 119,751 | 113,863 | 107,132 | 99,364 | 99,252 | ||||||||||||||
Weighted average shares outstanding - Diluted(3) | 119,896 | 114,051 | 118,390 | 99,794 | 99,278 | ||||||||||||||
Dividends declared per common share | 0.88 | 0.88 | 0.88 | 0.82 | 0.80 |
Year Ended December 31, | |||||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Balance Sheet Data as of period end: | |||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 2,076,839 | $ | 2,123,120 | $ | 2,084,727 | $ | 1,597,423 | $ | 1,575,530 | |||||||||
Total assets(1) | 2,846,358 | 2,798,994 | 2,820,808 | 1,904,138 | 1,918,931 | ||||||||||||||
Mortgages payable, net | 1,546,195 | 1,550,242 | 1,564,542 | 1,197,513 | 1,233,983 | ||||||||||||||
Total liabilities(1) | 1,831,582 | 1,793,017 | 1,830,267 | 1,408,021 | 1,447,477 | ||||||||||||||
Noncontrolling interests in operating partnership | 46,536 | 100,822 | 100,218 | 35,451 | 33,177 | ||||||||||||||
Total equity | 1,014,776 | 1,005,977 | 990,541 | 496,117 | 471,454 | ||||||||||||||
Other Data: | |||||||||||||||||||
Cash flow Statement Data: | |||||||||||||||||||
Provided by operating activities | 156,400 | 137,040 | 157,898 | 137,249 | 138,078 | ||||||||||||||
Used in investing activities | (2,521 | ) | (64,803 | ) | (295,732 | ) | (59,230 | ) | (66,415 | ) | |||||||||
(Used in) provided by financing activities | (126,265 | ) | (115,556 | ) | 498,489 | (115,858 | ) | 93,795 |
Year Ended December 31, | |||||||||||||||||||
(Amounts in thousands, except per unit amounts) | 2019 | 2018 | 2017 | 2016 | 2015(4) | ||||||||||||||
Operating Data: | |||||||||||||||||||
Rental revenue(1) | $ | 384,405 | $ | 411,298 | $ | 365,082 | $ | 321,719 | $ | 316,484 | |||||||||
Management and development fees | 1,900 | 1,469 | 1,535 | 1,759 | 2,261 | ||||||||||||||
Income from acquired leasehold interest | — | — | 39,215 | — | — | ||||||||||||||
Other income | 1,344 | 1,393 | 1,210 | 2,498 | 4,200 | ||||||||||||||
Total revenue | 387,649 | 414,160 | 407,042 | 325,976 | 322,945 | ||||||||||||||
Total expenses | 283,781 | 292,295 | 245,278 | 192,958 | 224,869 | ||||||||||||||
Net income | 116,197 | 116,963 | 72,938 | 96,630 | 41,348 | ||||||||||||||
Net (income) loss attributable to consolidated subsidiaries | 25 | (45 | ) | (44 | ) | (3 | ) | (16 | ) | ||||||||||
Net income attributable to unitholders(2) | $ | 116,222 | $ | 116,918 | $ | 72,894 | $ | 96,627 | $ | 41,332 | |||||||||
Earnings per unit - Basic(3): | 0.92 | 0.92 | 0.62 | 0.91 | 0.39 | ||||||||||||||
Earnings per unit - Diluted(3): | 0.92 | 0.92 | 0.61 | 0.91 | 0.39 | ||||||||||||||
Weighted average units outstanding - Basic(3) | 126,333 | 126,198 | 117,779 | 105,455 | 105,276 | ||||||||||||||
Weighted average units outstanding - Diluted(3) | 126,478 | 126,386 | 118,390 | 106,099 | 105,374 | ||||||||||||||
Distributions declared per unit | 0.88 | 0.88 | 0.88 | 0.82 | 0.80 |
Year Ended December 31, | |||||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Balance Sheet Data as of period end: | |||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 2,076,839 | $ | 2,123,120 | $ | 2,084,727 | $ | 1,597,423 | $ | 1,575,530 | |||||||||
Total assets(1) | 2,846,358 | 2,798,994 | 2,820,808 | 1,904,138 | 1,918,931 | ||||||||||||||
Mortgages payable, net | 1,546,195 | 1,550,242 | 1,564,542 | 1,197,513 | 1,233,983 | ||||||||||||||
Total liabilities(1) | 1,831,582 | 1,793,017 | 1,830,267 | 1,408,021 | 1,447,477 | ||||||||||||||
Total equity | 1,014,776 | 1,005,977 | 990,541 | 496,117 | 471,454 | ||||||||||||||
Other Data: | |||||||||||||||||||
Cash flow Statement Data: | |||||||||||||||||||
Provided by operating activities | 156,400 | 137,040 | 157,898 | 137,249 | 138,078 | ||||||||||||||
Used in investing activities | (2,521 | ) | (64,803 | ) | (295,732 | ) | (59,230 | ) | (66,415 | ) | |||||||||
(Used in) provided by financing activities | (126,265 | ) | (115,556 | ) | 498,489 | (115,858 | ) | 93,795 |
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
25 |
•Terminated our remaining leases with Kmart and Sears at Bruckner Commons, The Outlets at Montehiedra, and Sunrise Mall for $20 million, effective October 15, 2021. Controlling these anchor spaces is a critical aspect of the plans we have under way to reposition and redevelop these spaces; •Stabilized five redevelopment projects aggregating $29.3 million, two of which stabilized during the fourth quarter. The 102,000 sf CubeSmart self-storage facility developed on excess land at Tonnelle Commons reached 87% occupancy. Additionally, the build-out of Fun City was completed at our property in Salem, NH, which opened in November 2021; •Activated six new redevelopment projects related to anchor leases executed during the year. These projects have an estimated cost of $102.2 million, of which $95.2 million remains to be funded as of December 31, 2021 and are expected to generate an approximate 8% unleveraged yield; •Signed 57 new leases totaling 677,817 square feet, including 46 new leases |
(1) | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | (Amounts in thousands) | 2021 | 2020 | |||||||||||||
Net income | $ | 116,197 | $ | 116,963 | Net income | $ | 107,815 | $ | 97,750 | |||||||||
FFO applicable to diluted common shareholders(1) | 167,123 | 168,511 | FFO applicable to diluted common shareholders(1) | 180,270 | 156,326 | |||||||||||||
Cash NOI(2) | 234,288 | 226,965 | ||||||||||||||||
Same-property cash NOI(2) | 199,865 | 203,621 | ||||||||||||||||
NOI(2) | NOI(2) | 223,811 | 200,383 | |||||||||||||||
Same-property NOI(2) | Same-property NOI(2) | 196,005 | 171,453 |
For the year Ended December 31, | For the year Ended December 31, | |||||||||||||||||||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | $ Change | (Amounts in thousands) | 2021 | 2020 | $ Change | |||||||||||||||||||||||||||
Total revenue | $ | 387,649 | $ | 414,160 | $ | (26,511 | ) | Total revenue | $ | 425,082 | $ | 330,095 | $ | 94,987 | ||||||||||||||||||||
Depreciation and amortization | 94,116 | 99,422 | (5,306 | ) | ||||||||||||||||||||||||||||||
Real estate taxes | 60,179 | 63,655 | (3,476 | ) | Real estate taxes | 63,844 | 60,049 | $ | 3,795 | |||||||||||||||||||||||||
Property operating expenses | 64,062 | 78,360 | (14,298 | ) | Property operating expenses | 68,531 | 56,126 | 12,405 | ||||||||||||||||||||||||||
General and administrative | 38,220 | 34,984 | 3,236 | General and administrative | 39,152 | 48,682 | (9,530) | |||||||||||||||||||||||||||
Casualty and impairment loss, net | 12,738 | 4,426 | 8,312 | Casualty and impairment loss, net | 468 | 3,055 | (2,587) | |||||||||||||||||||||||||||
Lease expense | 14,466 | 11,448 | 3,018 | |||||||||||||||||||||||||||||||
Gain on sale of real estate | 68,632 | 52,625 | 16,007 | Gain on sale of real estate | 18,648 | 39,775 | (21,127) | |||||||||||||||||||||||||||
Gain on sale of lease | 1,849 | — | 1,849 | |||||||||||||||||||||||||||||||
Interest income | 9,774 | 8,336 | 1,438 | Interest income | 360 | 2,599 | (2,239) | |||||||||||||||||||||||||||
Interest and debt expense | 66,639 | 64,868 | 1,771 | Interest and debt expense | 57,938 | 71,015 | (13,077) | |||||||||||||||||||||||||||
Gain on extinguishment of debt | — | 2,524 | (2,524 | ) | Gain on extinguishment of debt | — | 34,908 | (34,908) | ||||||||||||||||||||||||||
Income tax expense | 1,287 | 3,519 | (2,232 | ) | ||||||||||||||||||||||||||||||
Income tax (benefit) expense | Income tax (benefit) expense | 1,139 | (38,996) | 40,135 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | (Amounts in thousands) | 2021 | 2020 | |||||||||||||
Net income | $ | 116,197 | $ | 116,963 | Net income | $ | 107,815 | $ | 97,750 | |||||||||
Management and development fee income from non-owned properties | (1,900 | ) | (1,469 | ) | Management and development fee income from non-owned properties | (1,169) | (1,283) | |||||||||||
Other expense (income) | 1,065 | (146 | ) | |||||||||||||||
Other expense | Other expense | 608 | 672 | |||||||||||||||
Depreciation and amortization | 94,116 | 99,422 | Depreciation and amortization | 92,331 | 96,029 | |||||||||||||
General and administrative expense | 38,220 | 34,984 | General and administrative expense | 39,152 | 48,682 | |||||||||||||
Casualty and impairment loss, net(1) | 12,738 | 4,426 | ||||||||||||||||
Real estate impairment loss | Real estate impairment loss | 468 | 3,055 | |||||||||||||||
Gain on sale of real estate | (68,632 | ) | (52,625 | ) | Gain on sale of real estate | (18,648) | (39,775) | |||||||||||
Gain on sale of lease | (1,849 | ) | — | |||||||||||||||
Interest income | (9,774 | ) | (8,336 | ) | Interest income | (360) | (2,599) | |||||||||||
Interest and debt expense | 66,639 | 64,868 | Interest and debt expense | 57,938 | 71,015 | |||||||||||||
Gain on extinguishment of debt | — | (2,524 | ) | Gain on extinguishment of debt | — | (34,908) | ||||||||||||
Income tax expense | 1,287 | 3,519 | ||||||||||||||||
Income tax (benefit) expense | Income tax (benefit) expense | 1,139 | (38,996) | |||||||||||||||
Non-cash revenue and expenses | (13,819 | ) | (32,117 | ) | Non-cash revenue and expenses | (55,463) | 741 | |||||||||||
Cash NOI | 234,288 | 226,965 | ||||||||||||||||
NOI | NOI | 223,811 | 200,383 | |||||||||||||||
Adjustments: | Adjustments: | |||||||||||||||||
Non-same property cash NOI(2) | (34,137 | ) | (38,731 | ) | ||||||||||||||
Non-same property NOI and other(1) | Non-same property NOI and other(1) | (26,493) | (27,836) | |||||||||||||||
Tenant bankruptcy settlement income and lease termination income | (1,643 | ) | (1,028 | ) | Tenant bankruptcy settlement income and lease termination income | (1,313) | (1,094) | |||||||||||
Environmental remediation costs | 1,357 | 584 | ||||||||||||||||
Construction rental abatement | — | 291 | ||||||||||||||||
Lease termination payment | — | 15,500 | ||||||||||||||||
Natural disaster related operating loss | — | 40 | ||||||||||||||||
Same-property cash NOI | $ | 199,865 | $ | 203,621 | ||||||||||||||
Same-property NOI | Same-property NOI | $ | 196,005 | $ | 171,453 | |||||||||||||
Adjustments: | Adjustments: | |||||||||||||||||
Cash NOI related to properties being redeveloped | 23,049 | 20,431 | ||||||||||||||||
Same-property cash NOI including properties in redevelopment | $ | 222,914 | $ | 224,052 | ||||||||||||||
NOI related to properties being redeveloped | NOI related to properties being redeveloped | 20,915 | 18,621 | |||||||||||||||
Same-property NOI including properties in redevelopment | Same-property NOI including properties in redevelopment | $ | 216,920 | $ | 190,074 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | (Amounts in thousands) | 2021 | 2020 | |||||||||||||
Net income | $ | 116,197 | $ | 116,963 | Net income | $ | 107,815 | $ | 97,750 | |||||||||
Less net (income) loss attributable to noncontrolling interests in: | Less net (income) loss attributable to noncontrolling interests in: | |||||||||||||||||
Operating partnership | (6,699 | ) | (11,768 | ) | Operating partnership | (4,296) | (4,160) | |||||||||||
Consolidated subsidiaries | 25 | (45 | ) | Consolidated subsidiaries | (833) | (1) | ||||||||||||
Net income attributable to common shareholders | 109,523 | 105,150 | Net income attributable to common shareholders | 102,686 | 93,589 | |||||||||||||
Adjustments: | Adjustments: | |||||||||||||||||
Rental property depreciation and amortization | 93,212 | 98,644 | Rental property depreciation and amortization | 91,468 | 95,297 | |||||||||||||
Gain on sale of real estate | (68,632 | ) | (52,625 | ) | Gain on sale of real estate | (18,648) | (39,775) | |||||||||||
Real estate impairment loss | 26,321 | 5,574 | Real estate impairment loss | 468 | 3,055 | |||||||||||||
Limited partnership interests in operating partnership(1) | 6,699 | 11,768 | Limited partnership interests in operating partnership(1) | 4,296 | 4,160 | |||||||||||||
FFO applicable to diluted common shareholders | $ | 167,123 | $ | 168,511 | FFO applicable to diluted common shareholders | $ | 180,270 | $ | 156,326 |
Year Ended December 31, | |||
(Amounts in thousands) | 2019 | ||
Revolving credit agreement(1) | |||
Total commitment amount | $ | 600,000 | |
Available capacity | $ | 600,000 | |
Maturity | January 29, 2024 |
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2021 | 2020 | |||||||||||||||
Net cash provided by operating activities | $ | 135,273 | $ | 112,822 | |||||||||||||
Net cash used in investing activities | (311,160) | (98,460) | |||||||||||||||
Net cash used in financing activities | (23,530) | (80,245) |
Year Ended December 31, | |||||||||||
(Amounts in thousands) | 2019 | 2018 | 2017 | ||||||||
Net cash provided by operating activities | $ | 156,400 | $ | 137,040 | $ | 157,898 | |||||
Net cash used in investing activities | (2,521 | ) | (64,803 | ) | (295,732 | ) | |||||
Net cash (used in) provided by financing activities | (126,265 | ) | (115,556 | ) | 498,489 |
Year Ended December 31, | ||||||||||||||
(Amounts in thousands) | 2021 | 2020 | ||||||||||||
Capital expenditures: | ||||||||||||||
Development and redevelopment costs | $ | 76,750 | $ | 15,468 | ||||||||||
Capital improvements | 14,944 | 10,704 | ||||||||||||
Tenant improvements and allowances | 3,683 | 2,350 | ||||||||||||
Total capital expenditures | $ | 95,377 | $ | 28,522 |
(Amounts in thousands) | Principal balance at December 31, 2019 | Weighted Average Interest Rate at December 31, 2019 | ||||
Mortgages payable: | ||||||
Fixed rate debt | $ | 1,386,748 | 4.12% | |||
Variable rate debt(1) | 169,500 | 3.45% | ||||
Total mortgages payable | 1,556,248 | 4.04% | ||||
Unamortized debt issuance costs | (10,053 | ) | ||||
Total mortgages payable, net of unamortized debt issuance costs | $ | 1,546,195 |
Commitments Due by Period | ||||||||||||||||||||
(Amounts in thousands) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||
Contractual cash obligations | ||||||||||||||||||||
Long-term debt obligations(1) | $ | 1,918,134 | $ | 70,599 | $ | 343,358 | $ | 702,977 | $ | 801,200 | ||||||||||
Operating lease obligations | 112,603 | 9,235 | 17,313 | 16,936 | 69,119 | |||||||||||||||
Finance lease obligations | 7,078 | 109 | 218 | 218 | 6,533 | |||||||||||||||
$ | 2,037,815 | $ | 79,943 | $ | 360,889 | $ | 720,131 | $ | 876,852 |
Commitments Due by Period | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||||||||||||
Contractual cash obligations | ||||||||||||||||||||||||||||||||
Long-term debt obligations(1) | $ | 1,981,997 | $ | 155,249 | $ | 602,943 | $ | 345,191 | $ | 878,614 | ||||||||||||||||||||||
Operating lease obligations(2) | 89,351 | 9,089 | 16,437 | 12,416 | 51,409 | |||||||||||||||||||||||||||
Finance lease obligations(2) | 6,859 | 109 | 218 | 233 | 6,299 | |||||||||||||||||||||||||||
$ | 2,078,207 | $ | 164,447 | $ | 619,598 | $ | 357,840 | $ | 936,322 |
Year Ended December 31, | ||||||||
(Amounts in thousands) | 2019 | 2018 | ||||||
Capital expenditures: | ||||||||
Development and redevelopment costs(1) | $ | 72,331 | $ | 91,330 | ||||
Capital improvements | 14,252 | 20,577 | ||||||
Tenant improvements and allowances | 4,718 | 5,079 | ||||||
Total capital expenditures | $ | 91,301 | $ | 116,986 |
2019 | 2018 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | December 31, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | (Amounts in thousands) | December 31, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||
Variable Rate | $ | 169,500 | 3.45% | $ | 1,695 | $ | 169,500 | 4.09% | Variable Rate | $ | 161,084 | 1.85% | $ | 1,611 | $ | 169,371 | 1.90% | |||||||||||||||||||||||||||
Fixed Rate | 1,386,748 | 4.12% | — | (2) | 1,392,659 | 4.12% | Fixed Rate | 1,534,324 | 4.10% | — | (2) | 1,428,026 | 4.16% | |||||||||||||||||||||||||||||||
$ | 1,556,248 | (1) | $ | 1,695 | $ | 1,562,159 | (1) | $ | 1,695,408 | (1) | $ | 1,611 | $ | 1,597,397 | (1) |
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Page | ||||||||
CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
Report of Independent Registered Public Accounting Firm for Urban Edge Properties (PCAOB ID No. 34) | ||||||||
Report of Independent Registered Public Accounting Firm for Urban Edge Properties LP (PCAOB ID No. 34) | ||||||||
Urban Edge Properties Consolidated Balance Sheets as of December 31, | ||||||||
Urban Edge Properties Consolidated Statements of Income for the years ended December 31, | ||||||||
Urban Edge Properties Consolidated | ||||||||
Urban Edge Properties Consolidated Statements of Cash Flows for the years ended December 31, | ||||||||
Urban Edge Properties LP Consolidated Balance Sheets as of December 31, | ||||||||
Urban Edge Properties LP Consolidated Statements of Income for the years ended December 31, | ||||||||
Urban Edge Properties LP Consolidated | ||||||||
Urban Edge Properties LP Consolidated Statements of Cash Flows for the years ended December 31, | ||||||||
Notes to Consolidated Financial Statements | ||||||||
CONSOLIDATED FINANCIAL STATEMENT SCHEDULES | ||||||||
Schedule III – Real Estate and Accumulated Depreciation |
December 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 543,827 | $ | 568,662 | |||||||
Buildings and improvements | 2,441,797 | 2,326,450 | |||||||||
Construction in progress | 212,296 | 44,689 | |||||||||
Furniture, fixtures and equipment | 7,530 | 7,016 | |||||||||
Total | 3,205,450 | 2,946,817 | |||||||||
Accumulated depreciation and amortization | (753,947) | (730,366) | |||||||||
Real estate, net | 2,451,503 | 2,216,451 | |||||||||
Operating lease right-of-use assets | 69,361 | 80,997 | |||||||||
Cash and cash equivalents | 164,478 | 384,572 | |||||||||
Restricted cash | 55,358 | 34,681 | |||||||||
Tenant and other receivables | 15,812 | 15,673 | |||||||||
Receivables arising from the straight-lining of rents | 62,692 | 62,106 | |||||||||
Identified intangible assets, net of accumulated amortization of $37,361 and $37,009, respectively | 71,107 | 56,184 | |||||||||
Deferred leasing costs, net of accumulated amortization of $17,641 and $16,419, respectively | 20,694 | 18,585 | |||||||||
Prepaid expenses and other assets | 74,111 | 70,311 | |||||||||
Total assets | $ | 2,985,116 | $ | 2,939,560 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgages payable, net | $ | 1,687,190 | $ | 1,587,532 | |||||||
Operating lease liabilities | 64,578 | 74,972 | |||||||||
Accounts payable, accrued expenses and other liabilities | 84,829 | 132,980 | |||||||||
Identified intangible liabilities, net of accumulated amortization of $35,029 and $71,375, respectively | 100,625 | 148,183 | |||||||||
Total liabilities | 1,937,222 | 1,943,667 | |||||||||
Commitments and contingencies (Note 10) | 0 | 0 | |||||||||
Shareholders’ equity: | |||||||||||
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,147,986 and 117,014,317 shares issued and outstanding, respectively | 1,170 | 1,169 | |||||||||
Additional paid-in capital | 1,001,253 | 989,863 | |||||||||
Accumulated deficit | (7,091) | (39,467) | |||||||||
Noncontrolling interests: | |||||||||||
Operating partnership | 39,616 | 38,456 | |||||||||
Consolidated subsidiaries | 12,946 | 5,872 | |||||||||
Total equity | 1,047,894 | 995,893 | |||||||||
Total liabilities and equity | $ | 2,985,116 | $ | 2,939,560 |
December 31, | December 31, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Real estate, at cost: | |||||||
Land | $ | 515,621 | $ | 525,819 | |||
Buildings and improvements | 2,197,076 | 2,156,113 | |||||
Construction in progress | 28,522 | 80,385 | |||||
Furniture, fixtures and equipment | 7,566 | 6,675 | |||||
Total | 2,748,785 | 2,768,992 | |||||
Accumulated depreciation and amortization | (671,946 | ) | (645,872 | ) | |||
Real estate, net | 2,076,839 | 2,123,120 | |||||
Operating lease right-of-use assets | 81,768 | — | |||||
Cash and cash equivalents | 432,954 | 440,430 | |||||
Restricted cash | 52,182 | 17,092 | |||||
Tenant and other receivables, net of allowance for doubtful accounts of $6,486 as of December 31, 2018 | 21,565 | 28,563 | |||||
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $134 as of December 31, 2018 | 73,878 | 84,903 | |||||
Identified intangible assets, net of accumulated amortization of $30,942 and $39,526, respectively | 48,121 | 68,422 | |||||
Deferred leasing costs, net of accumulated amortization of $16,560 and $16,826, respectively | 21,474 | 21,277 | |||||
Deferred financing costs, net of accumulated amortization of $3,765 and $2,764, respectively | 3,877 | 2,219 | |||||
Prepaid expenses and other assets | 33,700 | 12,968 | |||||
Total assets | $ | 2,846,358 | $ | 2,798,994 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Mortgages payable, net | $ | 1,546,195 | $ | 1,550,242 | |||
Operating lease liabilities | 79,913 | — | |||||
Accounts payable, accrued expenses and other liabilities | 76,644 | 98,517 | |||||
Identified intangible liabilities, net of accumulated amortization of $62,610 and $65,058, respectively | 128,830 | 144,258 | |||||
Total liabilities | 1,831,582 | 1,793,017 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity: | |||||||
Common shares: $0.01 par value; 500,000,000 shares authorized and 121,370,125 and 114,345,565 shares issued and outstanding, respectively | 1,213 | 1,143 | |||||
Additional paid-in capital | 1,019,149 | 956,420 | |||||
Accumulated deficit | (52,546 | ) | (52,857 | ) | |||
Noncontrolling interests: | |||||||
Operating partnership | 46,536 | 100,822 | |||||
Consolidated subsidiaries | 424 | 449 | |||||
Total equity | 1,014,776 | 1,005,977 | |||||
Total liabilities and equity | $ | 2,846,358 | $ | 2,798,994 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
REVENUE | REVENUE | |||||||||||||||||||||||||||
Rental revenue | $ | 384,405 | $ | 411,298 | $ | 365,082 | Rental revenue | $ | 422,467 | $ | 328,280 | $ | 384,405 | |||||||||||||||
Management and development fees | 1,900 | 1,469 | 1,535 | Management and development fees | 1,169 | 1,283 | 1,900 | |||||||||||||||||||||
Income from acquired leasehold interest | — | — | 39,215 | |||||||||||||||||||||||||
Other income | 1,344 | 1,393 | 1,210 | Other income | 1,446 | 532 | 1,344 | |||||||||||||||||||||
Total revenue | 387,649 | 414,160 | 407,042 | Total revenue | 425,082 | 330,095 | 387,649 | |||||||||||||||||||||
EXPENSES | EXPENSES | |||||||||||||||||||||||||||
Depreciation and amortization | 94,116 | 99,422 | 82,281 | Depreciation and amortization | 92,331 | 96,029 | 94,116 | |||||||||||||||||||||
Real estate taxes | 60,179 | 63,655 | 59,737 | Real estate taxes | 63,844 | 60,049 | 60,179 | |||||||||||||||||||||
Property operating | 64,062 | 78,360 | 54,339 | Property operating | 68,531 | 56,126 | 64,062 | |||||||||||||||||||||
General and administrative | 38,220 | 34,984 | 30,691 | General and administrative | 39,152 | 48,682 | 38,220 | |||||||||||||||||||||
Casualty and impairment loss, net(1) | 12,738 | 4,426 | 7,382 | Casualty and impairment loss, net(1) | 468 | 3,055 | 12,738 | |||||||||||||||||||||
Lease expense | 14,466 | 11,448 | 10,848 | Lease expense | 12,872 | 13,667 | 14,466 | |||||||||||||||||||||
Total expenses | 283,781 | 292,295 | 245,278 | Total expenses | 277,198 | 277,608 | 283,781 | |||||||||||||||||||||
Gain on sale of real estate | 68,632 | 52,625 | 202 | Gain on sale of real estate | 18,648 | 39,775 | 68,632 | |||||||||||||||||||||
Gain on sale of lease | 1,849 | — | — | Gain on sale of lease | — | — | 1,849 | |||||||||||||||||||||
Interest income | 9,774 | 8,336 | 2,248 | Interest income | 360 | 2,599 | 9,774 | |||||||||||||||||||||
Interest and debt expense | (66,639 | ) | (64,868 | ) | (56,218 | ) | Interest and debt expense | (57,938) | (71,015) | (66,639) | ||||||||||||||||||
Gain (loss) on extinguishment of debt | — | 2,524 | (35,336 | ) | ||||||||||||||||||||||||
Gain on extinguishment of debt | Gain on extinguishment of debt | — | 34,908 | — | ||||||||||||||||||||||||
Income before income taxes | 117,484 | 120,482 | 72,660 | Income before income taxes | 108,954 | 58,754 | 117,484 | |||||||||||||||||||||
Income tax (expense) benefit | (1,287 | ) | (3,519 | ) | 278 | Income tax (expense) benefit | (1,139) | 38,996 | (1,287) | |||||||||||||||||||
Net income | 116,197 | 116,963 | 72,938 | Net income | 107,815 | 97,750 | 116,197 | |||||||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in: | Less net (income) loss attributable to noncontrolling interests in: | Less net (income) loss attributable to noncontrolling interests in: | ||||||||||||||||||||||||||
Operating partnership | (6,699 | ) | (11,768 | ) | (5,824 | ) | Operating partnership | (4,296) | (4,160) | (6,699) | ||||||||||||||||||
Consolidated subsidiaries | 25 | (45 | ) | (44 | ) | Consolidated subsidiaries | (833) | (1) | 25 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 109,523 | $ | 105,150 | $ | 67,070 | Net income attributable to common shareholders | $ | 102,686 | $ | 93,589 | $ | 109,523 | |||||||||||||||
Earnings per common share - Basic: | $ | 0.91 | $ | 0.92 | $ | 0.62 | Earnings per common share - Basic: | $ | 0.88 | $ | 0.79 | $ | 0.91 | |||||||||||||||
Earnings per common share - Diluted: | $ | 0.91 | $ | 0.92 | $ | 0.61 | Earnings per common share - Diluted: | $ | 0.88 | $ | 0.79 | $ | 0.91 | |||||||||||||||
Weighted average shares outstanding - Basic | 119,751 | 113,863 | 107,132 | Weighted average shares outstanding - Basic | 117,029 | 117,722 | 119,751 | |||||||||||||||||||||
Weighted average shares outstanding - Diluted | 119,896 | 114,051 | 118,390 | Weighted average shares outstanding - Diluted | 121,447 | 117,902 | 119,896 |
Common Shares | Noncontrolling Interests (“NCI”) | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Additional Paid-In Capital | Accumulated Earnings (Deficit) | Operating Partnership | Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 114,345,565 | $ | 1,143 | $ | 956,420 | $ | (52,857) | $ | 100,822 | $ | 449 | $ | 1,005,977 | ||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 109,523 | — | — | 109,523 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | — | — | — | 6,699 | (25) | 6,674 | ||||||||||||||||||||||||||||||||||
Impact of ASC 842 adoption | — | — | — | (2,918) | — | — | (2,918) | ||||||||||||||||||||||||||||||||||
Limited partnership interests: | |||||||||||||||||||||||||||||||||||||||||
Units redeemed for common shares | 6,995,941 | 69 | 55,788 | — | (4,279) | — | 51,578 | ||||||||||||||||||||||||||||||||||
Units redeemed for cash | — | — | (3,422) | — | (2,556) | — | (5,978) | ||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests | — | — | 4,521 | — | (56,099) | — | (51,578) | ||||||||||||||||||||||||||||||||||
Common shares issued | 59,895 | 1 | 569 | (131) | — | — | 439 | ||||||||||||||||||||||||||||||||||
Dividends to common shareholders ($0.88 per share) | — | — | — | (106,163) | — | — | (106,163) | ||||||||||||||||||||||||||||||||||
Distributions to redeemable NCI ($0.88 per unit) | — | — | — | — | (5,694) | — | (5,694) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 5,906 | — | 7,643 | — | 13,549 | ||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | (31,276) | — | (633) | — | — | — | (633) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 121,370,125 | 1,213 | 1,019,149 | (52,546) | 46,536 | 424 | 1,014,776 | ||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 93,589 | — | — | 93,589 | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | 4,160 | 1 | 4,161 | ||||||||||||||||||||||||||||||||||
Limited partnership interests: | |||||||||||||||||||||||||||||||||||||||||
Units redeemed for common shares | 1,579,389 | 15 | 11,129 | — | — | — | 11,144 | ||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests | — | — | 8,833 | — | (19,977) | — | (11,144) | ||||||||||||||||||||||||||||||||||
Common shares issued | 66,588 | 1 | 427 | (30) | — | — | 398 | ||||||||||||||||||||||||||||||||||
Repurchase of common shares | (5,873,923) | (59) | (54,082) | — | — | — | (54,141) | ||||||||||||||||||||||||||||||||||
Dividends to common shareholders ($0.68 per share) | — | — | — | (80,480) | — | — | (80,480) | ||||||||||||||||||||||||||||||||||
Distributions to redeemable NCI ($0.68 per unit) | — | — | — | — | (3,386) | — | (3,386) | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 5,447 | 5,447 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 5,871 | — | 11,123 | — | 16,994 | ||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | (127,862) | (1) | (1,464) | — | — | — | (1,465) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 117,014,317 | $ | 1,169 | $ | 989,863 | $ | (39,467) | $ | 38,456 | $ | 5,872 | $ | 995,893 | ||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 102,686 | — | — | 102,686 | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | 4,296 | 833 | 5,129 | ||||||||||||||||||||||||||||||||||
Limited partnership interests: | |||||||||||||||||||||||||||||||||||||||||
Units redeemed for common shares | 100,000 | — | 840 | — | (6,302) | — | (5,462) | ||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests | — | — | 8,206 | — | (2,744) | — | 5,462 | ||||||||||||||||||||||||||||||||||
Common shares issued | 46,731 | 1 | 509 | (144) | — | — | 366 | ||||||||||||||||||||||||||||||||||
Dividends to common shareholders ($0.60 per share) | — | — | — | (70,166) | — | — | (70,166) | ||||||||||||||||||||||||||||||||||
Distributions to redeemable NCI ($0.60 per unit) | — | — | — | — | (2,864) | — | (2,864) | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 6,241 | 6,241 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 2,045 | — | 8,774 | — | 10,819 | ||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | (13,062) | — | (210) | — | — | — | (210) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 117,147,986 | $ | 1,170 | $ | 1,001,253 | $ | (7,091) | $ | 39,616 | $ | 12,946 | $ | 1,047,894 |
Common Shares | Noncontrolling Interests (“NCI”) | |||||||||||||||||||||||||
Shares | Amount | Additional Paid-In Capital | Accumulated Earnings (Deficit) | Operating Partnership | Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||
Balance, January 1, 2017 | 99,754,900 | $ | 997 | $ | 488,375 | $ | (29,066 | ) | $ | 35,451 | $ | 360 | $ | 496,117 | ||||||||||||
Net income attributable to common shareholders | — | — | — | 67,070 | — | — | 67,070 | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | 5,824 | 44 | 5,868 | |||||||||||||||||||
Limited partnership units issued | — | — | 105,200 | — | 65,884 | — | 171,084 | |||||||||||||||||||
Common shares issued | 14,083,137 | 141 | 348,582 | (319 | ) | — | — | 348,404 | ||||||||||||||||||
Dividends on common shares ($0.88 per share) | — | — | — | (95,381 | ) | — | — | (95,381 | ) | |||||||||||||||||
Distributions to redeemable NCI ($0.88 per unit) | — | — | — | — | (9,471 | ) | — | (9,471 | ) | |||||||||||||||||
Share-based compensation expense | — | — | 4,532 | 75 | 2,530 | — | 7,137 | |||||||||||||||||||
Share-based awards retained for taxes | (10,508 | ) | — | (287 | ) | — | — | — | (287 | ) | ||||||||||||||||
Balance, December 31, 2017 | 113,827,529 | 1,138 | 946,402 | (57,621 | ) | 100,218 | 404 | 990,541 | ||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 105,150 | — | — | 105,150 | |||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | 11,768 | 45 | 11,813 | |||||||||||||||||||
Limited partnership interests: | ||||||||||||||||||||||||||
Units redeemed for common shares | 429,110 | 4 | 3,500 | — | — | — | 3,504 | |||||||||||||||||||
Reallocation of noncontrolling interests | — | — | 1,263 | — | (4,767 | ) | — | (3,504 | ) | |||||||||||||||||
Common shares issued | 106,116 | 2 | 647 | (172 | ) | — | — | 477 | ||||||||||||||||||
Dividends to common shareholders ($0.88 per share) | — | — | — | (100,244 | ) | — | — | (100,244 | ) | |||||||||||||||||
Distributions to redeemable NCI ($0.88 per unit) | — | — | — | — | (11,116 | ) | — | (11,116 | ) | |||||||||||||||||
Share-based compensation expense | — | — | 4,992 | 30 | 4,719 | — | 9,741 | |||||||||||||||||||
Share-based awards retained for taxes | (17,190 | ) | (1 | ) | (384 | ) | — | — | — | (385 | ) | |||||||||||||||
Balance, December 31, 2018 | 114,345,565 | 1,143 | 956,420 | (52,857 | ) | 100,822 | 449 | 1,005,977 | ||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 109,523 | — | — | 109,523 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | — | — | — | — | 6,699 | (25 | ) | 6,674 | ||||||||||||||||||
Impact of ASC 842 adoption | — | — | — | (2,918 | ) | — | — | (2,918 | ) | |||||||||||||||||
Limited partnership interests: | ||||||||||||||||||||||||||
Units redeemed for common shares | 6,995,941 | 69 | 55,788 | — | (4,279 | ) | — | 51,578 | ||||||||||||||||||
Units redeemed for cash | — | — | (3,422 | ) | — | (2,556 | ) | — | (5,978 | ) | ||||||||||||||||
Reallocation of noncontrolling interests | — | — | 4,521 | — | (56,099 | ) | — | (51,578 | ) | |||||||||||||||||
Common shares issued | 59,895 | 1 | 569 | (131 | ) | — | — | 439 | ||||||||||||||||||
Dividends to common shareholders ($0.88 per share) | — | — | — | (106,163 | ) | — | — | (106,163 | ) | |||||||||||||||||
Distributions to redeemable NCI ($0.88 per unit) | — | — | — | — | (5,694 | ) | — | (5,694 | ) | |||||||||||||||||
Share-based compensation expense | — | — | 5,906 | — | 7,643 | — | 13,549 | |||||||||||||||||||
Share-based awards retained for taxes | (31,276 | ) | — | (633 | ) | — | — | — | (633 | ) | ||||||||||||||||
Balance, December 31, 2019 | 121,370,125 | $ | 1,213 | $ | 1,019,149 | $ | (52,546 | ) | $ | 46,536 | $ | 424 | $ | 1,014,776 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 107,815 | $ | 97,750 | $ | 116,197 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 94,135 | 97,751 | 96,641 | ||||||||||||||
Casualty and impairment loss, net | 468 | 3,055 | 12,738 | ||||||||||||||
Gain on sale of real estate | (18,648) | (39,775) | (68,632) | ||||||||||||||
Gain on sale of lease | — | — | (1,849) | ||||||||||||||
Gain on extinguishment of debt | — | (34,908) | — | ||||||||||||||
Amortization of below market leases, net | (55,173) | (10,624) | (15,940) | ||||||||||||||
Noncash lease expense | 6,802 | 7,522 | 8,205 | ||||||||||||||
Straight-lining of rent | (878) | 10,523 | 1,021 | ||||||||||||||
Share-based compensation expense | 10,819 | 16,994 | 13,549 | ||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Tenant and other receivables | (139) | 5,892 | 8,119 | ||||||||||||||
Deferred leasing costs | (5,818) | (1,218) | (4,303) | ||||||||||||||
Prepaid and other assets | 5,661 | (41,982) | (3,331) | ||||||||||||||
Lease liabilities | (6,227) | (6,680) | (7,107) | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | (3,544) | 8,522 | 1,092 | ||||||||||||||
Net cash provided by operating activities | 135,273 | 112,822 | 156,400 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Real estate development and capital improvements | (95,377) | (28,522) | (91,301) | ||||||||||||||
Acquisitions of real estate | (252,632) | (124,340) | (47,356) | ||||||||||||||
Proceeds from sale of operating properties | 34,482 | 54,402 | 116,510 | ||||||||||||||
Proceeds from sale of operating lease | 2,367 | — | 6,949 | ||||||||||||||
Insurance proceeds | — | — | 12,677 | ||||||||||||||
Net cash used in investing activities | (311,160) | (98,460) | (2,521) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Debt repayments | (18,192) | (89,302) | (5,587) | ||||||||||||||
Dividends paid to common shareholders | (123,998) | (26,647) | (106,163) | ||||||||||||||
Distributions paid to redeemable noncontrolling interests | (4,937) | (1,314) | (5,694) | ||||||||||||||
Taxes withheld for vested restricted shares | (210) | (1,465) | (633) | ||||||||||||||
Debt issuance costs | — | (3,471) | (2,649) | ||||||||||||||
Payment for redemption of units | — | — | (5,978) | ||||||||||||||
Proceeds related to the issuance of common shares | 366 | 398 | 439 | ||||||||||||||
Cash paid to repurchase shares | — | (54,141) | — | ||||||||||||||
Contributions from noncontrolling interests | 6,241 | 5,447 | — | ||||||||||||||
Proceeds from borrowings | 117,200 | 90,250 | — | ||||||||||||||
Net cash used in financing activities | (23,530) | (80,245) | (126,265) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (199,417) | (65,883) | 27,614 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 419,253 | 485,136 | 457,522 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 219,836 | $ | 419,253 | $ | 485,136 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 116,197 | $ | 116,963 | $ | 72,938 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 93,785 | 100,063 | 82,511 | ||||||||
Income from acquired leasehold interest | — | — | (39,215 | ) | |||||||
Casualty and impairment loss, net | 12,738 | 5,574 | 5,637 | ||||||||
Gain on sale of real estate | (68,632 | ) | (52,625 | ) | (202 | ) | |||||
Gain on sale of lease | (1,849 | ) | — | — | |||||||
(Gain) loss on extinguishment of debt | — | (2,524 | ) | 35,336 | |||||||
Amortization of deferred financing costs | 2,856 | 2,879 | 2,876 | ||||||||
Amortization of below market leases, net | (15,940 | ) | (33,975 | ) | (9,502 | ) | |||||
Noncash lease expense | 8,205 | — | — | ||||||||
Straight-lining of rent | 1,021 | (735 | ) | 352 | |||||||
Share-based compensation expense | 13,549 | 9,741 | 7,137 | ||||||||
Credit losses related to operating lease receivables | 1,385 | 4,138 | 3,445 | ||||||||
Change in operating assets and liabilities: | |||||||||||
Tenant and other receivables | 6,734 | (13,327 | ) | (13,749 | ) | ||||||
Deferred leasing costs | (4,303 | ) | (4,675 | ) | (4,110 | ) | |||||
Prepaid and other assets | (3,331 | ) | 1,867 | (4,432 | ) | ||||||
Lease liabilities | (7,107 | ) | — | — | |||||||
Accounts payable, accrued expenses and other liabilities | 1,092 | 3,676 | 18,876 | ||||||||
Net cash provided by operating activities | 156,400 | 137,040 | 157,898 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Real estate development and capital improvements | (91,301 | ) | (118,765 | ) | (89,344 | ) | |||||
Acquisition of real estate | (47,356 | ) | (4,931 | ) | (211,393 | ) | |||||
Proceeds from sale of operating properties | 116,510 | 57,593 | 5,005 | ||||||||
Proceeds from sale of operating lease | 6,949 | — | — | ||||||||
Insurance proceeds | 12,677 | 1,300 | — | ||||||||
Net cash used in investing activities | (2,521 | ) | (64,803 | ) | (295,732 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Debt repayments | (5,587 | ) | (4,288 | ) | (129,640 | ) | |||||
Dividends to common shareholders | (106,163 | ) | (100,244 | ) | (95,381 | ) | |||||
Distributions to redeemable noncontrolling interests | (5,694 | ) | (11,116 | ) | (9,471 | ) | |||||
Taxes withheld for vested restricted shares | (633 | ) | (385 | ) | (287 | ) | |||||
Debt issuance costs | (2,649 | ) | — | (13,193 | ) | ||||||
Payment for redemption of units | (5,978 | ) | — | — | |||||||
Proceeds related to the issuance of common shares | 439 | 477 | 348,404 | ||||||||
Payment on extinguishment of debt | — | — | (1,138 | ) | |||||||
Purchase of marketable securities in connection with debt defeasance | — | — | (536,505 | ) | |||||||
Proceeds from borrowings | — | — | 935,700 | ||||||||
Net cash (used in) provided by financing activities | (126,265 | ) | (115,556 | ) | 498,489 | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 27,614 | (43,319 | ) | 360,655 | |||||||
Cash and cash equivalents and restricted cash at beginning of year | 457,522 | 500,841 | 140,186 | ||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 485,136 | $ | 457,522 | $ | 500,841 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||||||||||||||||||
Cash payments for interest net of amounts capitalized of $1,425, $3,313 and $3,926, respectively | $ | 64,751 | $ | 65,699 | $ | 55,140 | ||||||||||||||||||||||
Cash payments for interest net of amounts capitalized of $2,023, $715 and $1,425, respectively | Cash payments for interest net of amounts capitalized of $2,023, $715 and $1,425, respectively | $ | 58,621 | $ | 68,113 | $ | 64,751 | |||||||||||||||||||||
Cash payments for income taxes | 1,601 | 757 | 1,237 | Cash payments for income taxes | 4,663 | 499 | 1,601 | |||||||||||||||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 5,056 | 25,661 | 14,651 | Accrued capital expenditures included in accounts payable and accrued expenses | 18,702 | 5,808 | 5,056 | |||||||||||||||||||||
Write-off of fully depreciated assets | 56,199 | 24,307 | 3,286 | |||||||||||||||||||||||||
Mortgage debt forgiven in foreclosure | — | 11,537 | — | |||||||||||||||||||||||||
Acquisition of real estate through issuance of OP units | — | — | 171,084 | |||||||||||||||||||||||||
Acquisition of real estate through assumption of debt | — | — | 69,659 | |||||||||||||||||||||||||
Marketable securities transferred in connection with debt defeasance | — | — | 536,590 | |||||||||||||||||||||||||
Defeasance of mortgages payable | — | — | (505,473 | ) | ||||||||||||||||||||||||
Write-off of fully depreciated and impaired assets | Write-off of fully depreciated and impaired assets | 10,706 | 21,447 | 56,199 | ||||||||||||||||||||||||
Forgiveness of mortgage debt | Forgiveness of mortgage debt | — | 30,000 | — | ||||||||||||||||||||||||
Assumption of debt from the acquisition of real estate | Assumption of debt from the acquisition of real estate | — | 72,473 | — | ||||||||||||||||||||||||
Dividend/distribution declared and paid in subsequent period | Dividend/distribution declared and paid in subsequent period | — | 55,905 | — | ||||||||||||||||||||||||
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | $ | 440,430 | $ | 490,279 | $ | 131,654 | Cash and cash equivalents at beginning of year | $ | 384,572 | $ | 432,954 | $ | 440,430 | |||||||||||||||
Restricted cash at beginning of year | 17,092 | 10,562 | 8,532 | Restricted cash at beginning of year | 34,681 | 52,182 | 17,092 | |||||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | $ | 457,522 | $ | 500,841 | $ | 140,186 | Cash and cash equivalents and restricted cash at beginning of year | $ | 419,253 | $ | 485,136 | $ | 457,522 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 432,954 | $ | 440,430 | $ | 490,279 | Cash and cash equivalents at end of year | $ | 164,478 | $ | 384,572 | $ | 432,954 | |||||||||||||||
Restricted cash at end of year | 52,182 | 17,092 | 10,562 | Restricted cash at end of year | 55,358 | 34,681 | 52,182 | |||||||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 485,136 | $ | 457,522 | $ | 500,841 | Cash and cash equivalents and restricted cash at end of year | $ | 219,836 | $ | 419,253 | $ | 485,136 |
December 31, | December 31, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Real estate, at cost: | |||||||
Land | $ | 515,621 | $ | 525,819 | |||
Buildings and improvements | 2,197,076 | 2,156,113 | |||||
Construction in progress | 28,522 | 80,385 | |||||
Furniture, fixtures and equipment | 7,566 | 6,675 | |||||
Total | 2,748,785 | 2,768,992 | |||||
Accumulated depreciation and amortization | (671,946 | ) | (645,872 | ) | |||
Real estate, net | 2,076,839 | 2,123,120 | |||||
Operating lease right-of-use assets | 81,768 | — | |||||
Cash and cash equivalents | 432,954 | 440,430 | |||||
Restricted cash | 52,182 | 17,092 | |||||
Tenant and other receivables, net of allowance for doubtful accounts of $6,486 as of December 31, 2018 | 21,565 | 28,563 | |||||
Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $134 as of December 31, 2018 | 73,878 | 84,903 | |||||
Identified intangible assets, net of accumulated amortization of $30,942 and $39,526, respectively | 48,121 | 68,422 | |||||
Deferred leasing costs, net of accumulated amortization of $16,560 and $16,826, respectively | 21,474 | 21,277 | |||||
Deferred financing costs, net of accumulated amortization of $3,765 and $2,764, respectively | 3,877 | 2,219 | |||||
Prepaid expenses and other assets | 33,700 | 12,968 | |||||
Total assets | $ | 2,846,358 | $ | 2,798,994 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Mortgages payable, net | $ | 1,546,195 | $ | 1,550,242 | |||
Operating lease liabilities | 79,913 | — | |||||
Accounts payable, accrued expenses and other liabilities | 76,644 | 98,517 | |||||
Identified intangible liabilities, net of accumulated amortization of $62,610 and $65,058, respectively | 128,830 | 144,258 | |||||
Total liabilities | 1,831,582 | 1,793,017 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Partners’ capital: | |||||||
General partner: 121,370,125 and 114,345,565 units outstanding, respectively | 1,020,362 | 957,563 | |||||
Limited partners: 5,833,318 and 12,736,633 units outstanding, respectively | 50,156 | 105,447 | |||||
Accumulated deficit | (56,166 | ) | (57,482 | ) | |||
Total partners’ capital | 1,014,352 | 1,005,528 | |||||
Noncontrolling interest in consolidated subsidiaries | 424 | 449 | |||||
Total equity | 1,014,776 | 1,005,977 | |||||
Total liabilities and equity | $ | 2,846,358 | $ | 2,798,994 |
December 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 543,827 | $ | 568,662 | |||||||
Buildings and improvements | 2,441,797 | 2,326,450 | |||||||||
Construction in progress | 212,296 | 44,689 | |||||||||
Furniture, fixtures and equipment | 7,530 | 7,016 | |||||||||
Total | 3,205,450 | 2,946,817 | |||||||||
Accumulated depreciation and amortization | (753,947) | (730,366) | |||||||||
Real estate, net | 2,451,503 | 2,216,451 | |||||||||
Operating lease right-of-use assets | 69,361 | 80,997 | |||||||||
Cash and cash equivalents | 164,478 | 384,572 | |||||||||
Restricted cash | 55,358 | 34,681 | |||||||||
Tenant and other receivables | 15,812 | 15,673 | |||||||||
Receivables arising from the straight-lining of rents | 62,692 | 62,106 | |||||||||
Identified intangible assets, net of accumulated amortization of $37,361 and $37,009, respectively | 71,107 | 56,184 | |||||||||
Deferred leasing costs, net of accumulated amortization of $17,641 and $16,419, respectively | 20,694 | 18,585 | |||||||||
Prepaid expenses and other assets | 74,111 | 70,311 | |||||||||
Total assets | $ | 2,985,116 | $ | 2,939,560 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgages payable, net | $ | 1,687,190 | $ | 1,587,532 | |||||||
Operating lease liabilities | 64,578 | 74,972 | |||||||||
Accounts payable, accrued expenses and other liabilities | 84,829 | 132,980 | |||||||||
Identified intangible liabilities, net of accumulated amortization of $35,029 and $71,375, respectively | 100,625 | 148,183 | |||||||||
Total liabilities | 1,937,222 | 1,943,667 | |||||||||
Commitments and contingencies (Note 10) | 0 | 0 | |||||||||
Equity: | |||||||||||
Partners’ capital: | |||||||||||
General partner: 117,147,986 and 117,014,317 units outstanding, respectively | 1,002,423 | 991,032 | |||||||||
Limited partners: 4,662,654 and 4,729,010 units outstanding, respectively | 41,030 | 41,302 | |||||||||
Accumulated deficit | (8,505) | (42,313) | |||||||||
Total partners’ capital | 1,034,948 | 990,021 | |||||||||
Noncontrolling interest in consolidated subsidiaries | 12,946 | 5,872 | |||||||||
Total equity | 1,047,894 | 995,893 | |||||||||
Total liabilities and equity | $ | 2,985,116 | $ | 2,939,560 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
REVENUE | REVENUE | |||||||||||||||||||||||||||
Rental revenue | $ | 384,405 | $ | 411,298 | $ | 365,082 | Rental revenue | $ | 422,467 | $ | 328,280 | $ | 384,405 | |||||||||||||||
Management and development fees | 1,900 | 1,469 | 1,535 | Management and development fees | 1,169 | 1,283 | 1,900 | |||||||||||||||||||||
Income from acquired leasehold interest | — | — | 39,215 | |||||||||||||||||||||||||
Other income | 1,344 | 1,393 | 1,210 | Other income | 1,446 | 532 | 1,344 | |||||||||||||||||||||
Total revenue | 387,649 | 414,160 | 407,042 | Total revenue | 425,082 | 330,095 | 387,649 | |||||||||||||||||||||
EXPENSES | EXPENSES | |||||||||||||||||||||||||||
Depreciation and amortization | 94,116 | 99,422 | 82,281 | Depreciation and amortization | 92,331 | 96,029 | 94,116 | |||||||||||||||||||||
Real estate taxes | 60,179 | 63,655 | 59,737 | Real estate taxes | 63,844 | 60,049 | 60,179 | |||||||||||||||||||||
Property operating | 64,062 | 78,360 | 54,339 | Property operating | 68,531 | 56,126 | 64,062 | |||||||||||||||||||||
General and administrative | 38,220 | 34,984 | 30,691 | General and administrative | 39,152 | 48,682 | 38,220 | |||||||||||||||||||||
Casualty and impairment loss, net(1) | 12,738 | 4,426 | 7,382 | Casualty and impairment loss, net(1) | 468 | 3,055 | 12,738 | |||||||||||||||||||||
Lease expense | 14,466 | 11,448 | 10,848 | Lease expense | 12,872 | 13,667 | 14,466 | |||||||||||||||||||||
Total expenses | 283,781 | 292,295 | 245,278 | Total expenses | 277,198 | 277,608 | 283,781 | |||||||||||||||||||||
Gain on sale of real estate | 68,632 | 52,625 | 202 | Gain on sale of real estate | 18,648 | 39,775 | 68,632 | |||||||||||||||||||||
Gain on sale of lease | 1,849 | — | — | Gain on sale of lease | — | — | 1,849 | |||||||||||||||||||||
Interest income | 9,774 | 8,336 | 2,248 | Interest income | 360 | 2,599 | 9,774 | |||||||||||||||||||||
Interest and debt expense | (66,639 | ) | (64,868 | ) | (56,218 | ) | Interest and debt expense | (57,938) | (71,015) | (66,639) | ||||||||||||||||||
Gain (loss) on extinguishment of debt | — | 2,524 | (35,336 | ) | ||||||||||||||||||||||||
Gain on extinguishment of debt | Gain on extinguishment of debt | — | 34,908 | — | ||||||||||||||||||||||||
Income before income taxes | 117,484 | 120,482 | 72,660 | Income before income taxes | 108,954 | 58,754 | 117,484 | |||||||||||||||||||||
Income tax (expense) benefit | (1,287 | ) | (3,519 | ) | 278 | Income tax (expense) benefit | (1,139) | 38,996 | (1,287) | |||||||||||||||||||
Net income | 116,197 | 116,963 | 72,938 | Net income | 107,815 | 97,750 | 116,197 | |||||||||||||||||||||
Less: net (income) loss attributable to NCI in consolidated subsidiaries | 25 | (45 | ) | (44 | ) | Less: net (income) loss attributable to NCI in consolidated subsidiaries | (833) | (1) | 25 | |||||||||||||||||||
Net income attributable to unitholders | $ | 116,222 | $ | 116,918 | $ | 72,894 | Net income attributable to unitholders | $ | 106,982 | $ | 97,749 | $ | 116,222 | |||||||||||||||
Earnings per unit - Basic: | $ | 0.92 | $ | 0.92 | $ | 0.62 | Earnings per unit - Basic: | $ | 0.88 | $ | 0.80 | $ | 0.92 | |||||||||||||||
Earnings per unit - Diluted: | $ | 0.92 | $ | 0.92 | $ | 0.61 | Earnings per unit - Diluted: | $ | 0.88 | $ | 0.80 | $ | 0.92 | |||||||||||||||
Weighted average units outstanding - Basic | 126,333 | 126,198 | 117,779 | Weighted average units outstanding - Basic | 120,966 | 121,957 | 126,333 | |||||||||||||||||||||
Weighted average units outstanding - Diluted | 126,478 | 126,386 | 118,390 | Weighted average units outstanding - Diluted | 122,107 | 122,811 | 126,478 |
Total Shares | General Partner | Total Units | Limited Partners(1) | Accumulated Earnings (Deficit) | NCI in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Shares | General Partner | Total Units | Limited Partners(1) | Accumulated Earnings (Deficit) | NCI in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2017 | 99,754,900 | $ | 489,372 | 6,378,704 | $ | 37,081 | $ | (30,696 | ) | $ | 360 | $ | 496,117 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to unitholders | — | — | — | — | 72,894 | — | 72,894 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | 44 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common units issued as a result of common shares issued by Urban Edge | 14,083,137 | 348,723 | — | — | (319 | ) | — | 348,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnership units issued, net | — | 105,200 | 6,434,250 | 65,884 | — | — | 171,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Partners ($0.88 per unit) | — | — | — | — | (104,852 | ) | — | (104,852 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 4,532 | — | 2,530 | 75 | — | 7,137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | (10,508 | ) | (287 | ) | — | — | — | — | (287 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 113,827,529 | 947,540 | 12,812,954 | 105,495 | (62,898 | ) | 404 | 990,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to unitholders | — | — | — | — | 116,918 | — | 116,918 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | 45 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common units issued as a result of common shares issued by Urban Edge | 106,116 | 649 | — | — | (172 | ) | — | 477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity redemption of OP Units | 429,110 | 3,504 | (429,110 | ) | — | — | — | 3,504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnership units issued, net | — | — | 352,789 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests | — | 1,263 | — | (4,767 | ) | — | — | (3,504 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Partners ($0.88 per unit) | — | — | — | — | (111,360 | ) | — | (111,360 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 4,992 | — | 4,719 | 30 | — | 9,741 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | (17,190 | ) | (385 | ) | — | — | — | — | (385 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 114,345,565 | 957,563 | 12,736,633 | 105,447 | (57,482 | ) | 449 | 1,005,977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | Balance, January 1, 2019 | 114,345,565 | $ | 957,563 | 12,736,633 | $ | 105,447 | $ | (57,482) | $ | 449 | $ | 1,005,977 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to unitholders | — | — | — | — | 116,222 | — | 116,222 | Net income attributable to unitholders | — | — | — | — | 116,222 | — | 116,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | — | — | (25 | ) | (25 | ) | Net loss attributable to noncontrolling interests | — | — | — | — | — | (25) | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||
Impact of ASC 842 adoption | — | — | — | — | (2,918 | ) | — | (2,918 | ) | Impact of ASC 842 adoption | — | — | — | — | (2,918) | — | (2,918) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common units issued as a result of common shares issued by Urban Edge | 59,895 | 570 | — | — | (131 | ) | — | 439 | Common units issued as a result of common shares issued by Urban Edge | 59,895 | 570 | — | — | (131) | — | 439 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity redemption of OP Units | 6,995,941 | 55,857 | (6,995,941 | ) | (4,279 | ) | — | — | 51,578 | Equity redemption of OP Units | 6,995,941 | 55,857 | (6,995,941) | (4,279) | — | — | 51,578 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity redemption for cash | — | (3,422 | ) | (357,998 | ) | (2,556 | ) | — | — | (5,978 | ) | Equity redemption for cash | — | (3,422) | (357,998) | (2,556) | — | — | (5,978) | |||||||||||||||||||||||||||||||||||||||||||||||
Limited partnership units issued, net | — | — | 450,624 | — | — | — | — | Limited partnership units issued, net | — | — | 450,624 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests | — | 4,521 | — | (56,099 | ) | — | — | (51,578 | ) | Reallocation of noncontrolling interests | — | 4,521 | — | (56,099) | — | — | (51,578) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Partners ($0.88 per unit) | — | — | — | — | (111,857 | ) | — | (111,857 | ) | Distributions to Partners ($0.88 per unit) | — | — | — | — | (111,857) | — | (111,857) | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 5,906 | — | 7,643 | — | — | 13,549 | Share-based compensation expense | — | 5,906 | — | 7,643 | — | — | 13,549 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | (31,276 | ) | (633 | ) | — | — | — | — | (633 | ) | Share-based awards retained for taxes | (31,276) | (633) | — | — | — | — | (633) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 121,370,125 | $ | 1,020,362 | 5,833,318 | $ | 50,156 | $ | (56,166 | ) | $ | 424 | $ | 1,014,776 | Balance, December 31, 2019 | 121,370,125 | 1,020,362 | 5,833,318 | 50,156 | (56,166) | 424 | 1,014,776 | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to unitholders | Net income attributable to unitholders | — | — | — | — | 97,749 | — | 97,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common units issued as a result of common shares issued by Urban Edge | Common units issued as a result of common shares issued by Urban Edge | 66,588 | 428 | 475,081 | — | (30) | — | 398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity redemption of OP Units | Equity redemption of OP Units | 1,579,389 | 11,144 | (1,579,389) | — | — | — | 11,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | (5,873,923) | (54,141) | — | — | — | — | (54,141) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests | Reallocation of noncontrolling interests | — | 8,833 | — | (19,977) | — | — | (11,144) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Partners ($0.68 per unit) | Distributions to Partners ($0.68 per unit) | — | — | — | — | (83,866) | — | (83,866) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | — | — | — | — | — | 5,447 | 5,447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 5,871 | — | 11,123 | — | — | 16,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | Share-based awards retained for taxes | (127,862) | (1,465) | — | — | — | — | (1,465) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | Balance, December 31, 2020 | 117,014,317 | $ | 991,032 | 4,729,010 | $ | 41,302 | $ | (42,313) | $ | 5,872 | $ | 995,893 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to unitholders | Net income attributable to unitholders | — | — | — | — | 106,982 | — | 106,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | — | — | — | — | — | 833 | 833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common units issued as a result of common shares issued by Urban Edge | Common units issued as a result of common shares issued by Urban Edge | 46,731 | 510 | 33,644 | — | (144) | — | 366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity redemption of OP units | Equity redemption of OP units | 100,000 | 840 | (100,000) | (6,302) | — | — | (5,462) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests | Reallocation of noncontrolling interests | — | 8,206 | — | (2,744) | — | — | 5,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Partners ($0.60 per unit) | Distributions to Partners ($0.60 per unit) | — | — | — | — | (73,030) | — | (73,030) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | — | — | — | — | — | 6,241 | 6,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 2,045 | — | 8,774 | — | — | 10,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | Share-based awards retained for taxes | (13,062) | (210) | — | — | — | — | (210) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | 117,147,986 | $ | 1,002,423 | 4,662,654 | $ | 41,030 | $ | (8,505) | $ | 12,946 | $ | 1,047,894 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 107,815 | $ | 97,750 | $ | 116,197 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 94,135 | 97,751 | 96,641 | ||||||||||||||
Casualty and impairment loss, net | 468 | 3,055 | 12,738 | ||||||||||||||
Gain on sale of real estate | (18,648) | (39,775) | (68,632) | ||||||||||||||
Gain on sale of lease | — | — | (1,849) | ||||||||||||||
Gain on extinguishment of debt | — | (34,908) | — | ||||||||||||||
Amortization of below market leases, net | (55,173) | (10,624) | (15,940) | ||||||||||||||
Noncash lease expense | 6,802 | 7,522 | 8,205 | ||||||||||||||
Straight-lining of rent | (878) | 10,523 | 1,021 | ||||||||||||||
Share-based compensation expense | 10,819 | 16,994 | 13,549 | ||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Tenant and other receivables | (139) | 5,892 | 8,119 | ||||||||||||||
Deferred leasing costs | (5,818) | (1,218) | (4,303) | ||||||||||||||
Prepaid and other assets | 5,661 | (41,982) | (3,331) | ||||||||||||||
Lease liabilities | (6,227) | (6,680) | (7,107) | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | (3,544) | 8,522 | 1,092 | ||||||||||||||
Net cash provided by operating activities | 135,273 | 112,822 | 156,400 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Real estate development and capital improvements | (95,377) | (28,522) | (91,301) | ||||||||||||||
Acquisitions of real estate | (252,632) | (124,340) | (47,356) | ||||||||||||||
Proceeds from sale of operating properties | 34,482 | 54,402 | 116,510 | ||||||||||||||
Proceeds from sale of operating lease | 2,367 | — | 6,949 | ||||||||||||||
Insurance proceeds | — | — | 12,677 | ||||||||||||||
Net cash used in investing activities | (311,160) | (98,460) | (2,521) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Debt repayments | (18,192) | (89,302) | (5,587) | ||||||||||||||
Distributions paid to partners | (128,935) | (27,961) | (111,857) | ||||||||||||||
Taxes withheld for vested restricted units | (210) | (1,465) | (633) | ||||||||||||||
Debt issuance costs | — | (3,471) | (2,649) | ||||||||||||||
Payment for redemption of units | — | — | (5,978) | ||||||||||||||
Proceeds related to the issuance of common shares | 366 | 398 | 439 | ||||||||||||||
Cash paid to repurchase shares | — | (54,141) | — | ||||||||||||||
Contributions from noncontrolling interests | 6,241 | 5,447 | — | ||||||||||||||
Proceeds from borrowings | 117,200 | 90,250 | — | ||||||||||||||
Net cash used in financing activities | (23,530) | (80,245) | (126,265) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (199,417) | (65,883) | 27,614 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 419,253 | 485,136 | 457,522 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 219,836 | $ | 419,253 | $ | 485,136 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 116,197 | $ | 116,963 | $ | 72,938 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 93,785 | 100,063 | 82,511 | ||||||||
Income from acquired leasehold interest | — | — | (39,215 | ) | |||||||
Casualty and impairment loss, net | 12,738 | 5,574 | 5,637 | ||||||||
Gain on sale of real estate | (68,632 | ) | (52,625 | ) | (202 | ) | |||||
Gain on sale of lease | (1,849 | ) | — | — | |||||||
(Gain) loss on extinguishment of debt | — | (2,524 | ) | 35,336 | |||||||
Amortization of deferred financing costs | 2,856 | 2,879 | 2,876 | ||||||||
Amortization of below market leases, net | (15,940 | ) | (33,975 | ) | (9,502 | ) | |||||
Noncash lease expense | 8,205 | — | — | ||||||||
Straight-lining of rent | 1,021 | (735 | ) | 352 | |||||||
Share-based compensation expense | 13,549 | 9,741 | 7,137 | ||||||||
Credit losses related to operating lease receivables | 1,385 | 4,138 | 3,445 | ||||||||
Change in operating assets and liabilities: | |||||||||||
Tenant and other receivables | 6,734 | (13,327 | ) | (13,749 | ) | ||||||
Deferred leasing costs | (4,303 | ) | (4,675 | ) | (4,110 | ) | |||||
Prepaid and other assets | (3,331 | ) | 1,867 | (4,432 | ) | ||||||
Lease liabilities | (7,107 | ) | — | — | |||||||
Accounts payable, accrued expenses and other liabilities | 1,092 | 3,676 | 18,876 | ||||||||
Net cash provided by operating activities | 156,400 | 137,040 | 157,898 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Real estate development and capital improvements | (91,301 | ) | (118,765 | ) | (89,344 | ) | |||||
Acquisition of real estate | (47,356 | ) | (4,931 | ) | (211,393 | ) | |||||
Proceeds from sale of operating properties | 116,510 | 57,593 | 5,005 | ||||||||
Proceeds from sale of operating lease | 6,949 | — | — | ||||||||
Insurance proceeds | 12,677 | 1,300 | — | ||||||||
Net cash used in investing activities | (2,521 | ) | (64,803 | ) | (295,732 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Debt repayments | (5,587 | ) | (4,288 | ) | (129,640 | ) | |||||
Distributions to partners | (111,857 | ) | (111,360 | ) | (104,852 | ) | |||||
Taxes withheld for vested restricted units | (633 | ) | (385 | ) | (287 | ) | |||||
Debt issuance costs | (2,649 | ) | — | (13,193 | ) | ||||||
Payment for redemption of units | (5,978 | ) | — | — | |||||||
Proceeds related to the issuance of common shares | 439 | 477 | 348,404 | ||||||||
Payment on extinguishment of debt | — | — | (1,138 | ) | |||||||
Purchase of marketable securities in connection with debt defeasance | — | — | (536,505 | ) | |||||||
Proceeds from borrowings | — | — | 935,700 | ||||||||
Net cash (used in) provided by financing activities | (126,265 | ) | (115,556 | ) | 498,489 | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 27,614 | (43,319 | ) | 360,655 | |||||||
Cash and cash equivalents and restricted cash at beginning of year | 457,522 | 500,841 | 140,186 | ||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 485,136 | $ | 457,522 | $ | 500,841 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||||||||||||||||||
Cash payments for interest net of amounts capitalized of $1,425, $3,313 and $3,926, respectively | $ | 64,751 | $ | 65,699 | $ | 55,140 | ||||||||||||||||||||||
Cash payments for interest net of amounts capitalized of $2,023, $715 and $1,425, respectively | Cash payments for interest net of amounts capitalized of $2,023, $715 and $1,425, respectively | $ | 58,621 | $ | 68,113 | $ | 64,751 | |||||||||||||||||||||
Cash payments for income taxes | 1,601 | 757 | 1,237 | Cash payments for income taxes | 4,663 | 499 | 1,601 | |||||||||||||||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 5,056 | 25,661 | 14,651 | Accrued capital expenditures included in accounts payable and accrued expenses | 18,702 | 5,808 | 5,056 | |||||||||||||||||||||
Write-off of fully depreciated assets | 56,199 | 24,307 | 3,286 | |||||||||||||||||||||||||
Mortgage debt forgiven in foreclosure | — | 11,537 | — | |||||||||||||||||||||||||
Acquisition of real estate through issuance of OP units | — | — | 171,084 | |||||||||||||||||||||||||
Acquisition of real estate through assumption of debt | — | — | 69,659 | |||||||||||||||||||||||||
Marketable securities transferred in connection with debt defeasance | — | — | 536,590 | |||||||||||||||||||||||||
Defeasance of mortgages payable | — | — | (505,473 | ) | ||||||||||||||||||||||||
Write-off of fully depreciated and impaired assets | Write-off of fully depreciated and impaired assets | 10,706 | 21,447 | 56,199 | ||||||||||||||||||||||||
Forgiveness of mortgage debt | Forgiveness of mortgage debt | — | 30,000 | — | ||||||||||||||||||||||||
Assumption of debt from the acquisition of real estate | Assumption of debt from the acquisition of real estate | — | 72,473 | — | ||||||||||||||||||||||||
Dividend/distribution declared and paid in subsequent period | Dividend/distribution declared and paid in subsequent period | — | 55,905 | — | ||||||||||||||||||||||||
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | $ | 440,430 | $ | 490,279 | $ | 131,654 | Cash and cash equivalents at beginning of year | $ | 384,572 | $ | 432,954 | $ | 440,430 | |||||||||||||||
Restricted cash at beginning of year | 17,092 | 10,562 | 8,532 | Restricted cash at beginning of year | 34,681 | 52,182 | 17,092 | |||||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | $ | 457,522 | $ | 500,841 | $ | 140,186 | Cash and cash equivalents and restricted cash at beginning of year | $ | 419,253 | $ | 485,136 | $ | 457,522 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 432,954 | $ | 440,430 | $ | 490,279 | Cash and cash equivalents at end of year | $ | 164,478 | $ | 384,572 | $ | 432,954 | |||||||||||||||
Restricted cash at end of year | 52,182 | 17,092 | 10,562 | Restricted cash at end of year | 55,358 | 34,681 | 52,182 | |||||||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 485,136 | $ | 457,522 | $ | 500,841 | Cash and cash equivalents and restricted cash at end of year | $ | 219,836 | $ | 419,253 | $ | 485,136 |
•Rental revenue: Rental revenue comprises revenue |
• |
Date Purchased | Property Name | City | State | Square Feet | Purchase Price | |||||||||
(in thousands) | ||||||||||||||
November 1, 2019 | 25 East Spring Valley Ave | Maywood | NJ | 43,800 | $ | 7,162 | ||||||||
November 8, 2019 | Wonderland Marketplace | Revere | MA | 139,500 | 24,209 | |||||||||
December 9, 2019 | 150 Route 4 East | Paramus | NJ | 12,000 | 7,118 | |||||||||
2019 Total | $ | 38,489 | (1) | |||||||||||
January 26, 2018 | 938 Spring Valley Road | Maywood | NJ | 2,000 | $ | 719 | ||||||||
February 23, 2018 | 116 Sunrise Highway | Freeport | NY | 4,750 | 447 | |||||||||
February 28, 2018 | 197 West Spring Valley Ave | Maywood | NJ | 16,300 | 2,799 | |||||||||
May 24, 2018 | 7 Francis Place | Montclair | NJ | 3,000 | 966 | |||||||||
2018 Total | $ | 4,931 | (1) |
Date Purchased | Property Name | City | State | Square Feet | Purchase Price | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
August 10, 2021 | 601 Murray Road | East Hanover | NJ | 88,000 | $ | 18,312 | |||||||||||||||||||||||||||||
August 19, 2021 | 151 Ridgedale Avenue | East Hanover | NJ | 187,000 | 37,759 | ||||||||||||||||||||||||||||||
December 23, 2021 | Woodmore Towne Centre | Glenarden | MD | 712,000 | 198,055 | ||||||||||||||||||||||||||||||
2021 Total | $ | 254,126 | (1) | ||||||||||||||||||||||||||||||||
February 12, 2020 | Kingswood Center | Brooklyn | NY | 130,000 | $ | 90,212 | |||||||||||||||||||||||||||||
February 12, 2020 | Kingswood Crossing | Brooklyn | NY | 110,000 | 77,077 | ||||||||||||||||||||||||||||||
December 11, 2020 | 51 East Spring Valley Ave | Maywood | NJ | 3,000 | 662 | ||||||||||||||||||||||||||||||
December 31, 2020 | Sunrise Mall | Massapequa | NY | 1,211,000 | 31,545 | ||||||||||||||||||||||||||||||
2020 Total | $ | 199,496 | (1) |
Property Name | Land | Buildings and improvements | Identified intangible assets(1) | Identified intangible liabilities(1) | ROU asset net of lease liability | Total Purchase Price | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
25 East Spring Valley Ave(2) | $ | — | $ | 6,824 | $ | 623 | $ | (31 | ) | $ | (254 | ) | $ | 7,162 | ||||||||||
Wonderland Marketplace | 6,323 | 17,130 | 2,947 | (2,191 | ) | — | 24,209 | |||||||||||||||||
150 Route 4 East | 7,118 | — | — | — | — | 7,118 | ||||||||||||||||||
2019 Total | $ | 13,441 | $ | 23,954 | $ | 3,570 | $ | (2,222 | ) | $ | (254 | ) | $ | 38,489 | ||||||||||
938 Spring Valley Road | $ | 519 | $ | 200 | $ | — | $ | — | $ | — | $ | 719 | ||||||||||||
116 Sunrise Highway | 151 | 296 | — | — | — | 447 | ||||||||||||||||||
197 West Spring Valley Ave | 1,768 | 1,031 | — | — | — | 2,799 | ||||||||||||||||||
7 Francis Place | 381 | 585 | — | — | — | 966 | ||||||||||||||||||
2018 Total | $ | 2,819 | $ | 2,112 | $ | — | $ | — | $ | — | $ | 4,931 |
Property Name | Land | Buildings and improvements | Identified intangible assets(1) | Identified intangible liabilities(1) | Debt Premium | ROU assets net of lease liabilities | Other assets, net | Total Purchase Price | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
601 Murray Road | $ | 2,075 | $ | 14,733 | $ | 1,722 | $ | (218) | $ | — | — | — | 18,312 | |||||||||||||||||||||||||||||||||||||
151 Ridgedale Avenue | 2,990 | 35,509 | — | (740) | — | — | — | 37,759 | ||||||||||||||||||||||||||||||||||||||||||
Woodmore Towne Centre(3) | 28,398 | 144,834 | 23,128 | (8,035) | — | — | $ | 9,730 | 198,055 | |||||||||||||||||||||||||||||||||||||||||
2021 Total | $ | 33,463 | $ | 195,076 | $ | 24,850 | $ | (8,993) | $ | — | $ | — | $ | 9,730 | $ | 254,126 | ||||||||||||||||||||||||||||||||||
Kingswood Center | $ | 15,690 | $ | 76,766 | $ | 9,263 | $ | (4,534) | $ | (6,973) | $ | — | $ | — | $ | 90,212 | ||||||||||||||||||||||||||||||||||
Kingswood Crossing | 8,150 | 64,159 | 4,768 | — | — | — | — | 77,077 | ||||||||||||||||||||||||||||||||||||||||||
51 East Spring Valley Ave | 662 | — | — | — | — | — | — | 662 | ||||||||||||||||||||||||||||||||||||||||||
Sunrise Mall(2) | 44,035 | 3,084 | 5,495 | (26,495) | — | 5,012 | 414 | 31,545 | ||||||||||||||||||||||||||||||||||||||||||
2020 Total | $ | 68,537 | $ | 144,009 | $ | 19,526 | $ | (31,029) | $ | (6,973) | $ | 5,012 | $ | 414 | $ | 199,496 |
(Amounts in thousands) | December 31, 2019 | December 31, 2018 | (Amounts in thousands) | December 31, 2021 | December 31, 2020 | |||||||||||||
In-place leases | $ | 71,328 | $ | 75,454 | In-place leases | $ | 96,648 | $ | 82,303 | |||||||||
Accumulated amortization | (27,254 | ) | (24,713 | ) | Accumulated amortization | (33,057) | (32,515) | |||||||||||
Below-market ground leases(1) | — | 23,730 | ||||||||||||||||
Accumulated amortization(1) | — | (11,791 | ) | |||||||||||||||
Above-market leases | 6,100 | 7,129 | Above-market leases | 10,185 | 9,255 | |||||||||||||
Accumulated amortization | (2,998 | ) | (2,565 | ) | Accumulated amortization | (3,147) | (3,570) | |||||||||||
Other intangible assets | 1,635 | 1,635 | Other intangible assets | 1,635 | 1,635 | |||||||||||||
Accumulated amortization | (690 | ) | (457 | ) | Accumulated amortization | (1,157) | (924) | |||||||||||
Identified intangible assets, net of accumulated amortization | 48,121 | 68,422 | Identified intangible assets, net of accumulated amortization | 71,107 | 56,184 | |||||||||||||
Below-market leases | 191,440 | 209,316 | Below-market leases | 135,654 | 219,558 | |||||||||||||
Accumulated amortization | (62,610 | ) | (65,058 | ) | Accumulated amortization | (35,029) | (71,375) | |||||||||||
Identified intangible liabilities, net of accumulated amortization | $ | 128,830 | $ | 144,258 | Identified intangible liabilities, net of accumulated amortization | $ | 100,625 | $ | 148,183 |
(Amounts in thousands) | Below-Market | Above-Market | In-Place Lease | |||||||||||||||||
Year | Operating Lease Amortization | Operating Lease Amortization | Amortization | |||||||||||||||||
2022 | $ | 7,817 | $ | (1,154) | $ | (10,103) | ||||||||||||||
2023 | 7,771 | (1,092) | (8,355) | |||||||||||||||||
2024 | 7,536 | (996) | (7,127) | |||||||||||||||||
2025 | 7,354 | (803) | (6,082) | |||||||||||||||||
2026 | 6,976 | (683) | (5,469) |
(Amounts in thousands) | Below-Market | Above-Market | ||||||||||
Year | Operating Lease Amortization | Operating Lease Amortization | In-Place Leases | |||||||||
2020 | $ | 9,648 | $ | (998 | ) | $ | (6,506 | ) | ||||
2021 | 9,509 | (799 | ) | (5,212 | ) | |||||||
2022 | 9,433 | (435 | ) | (4,285 | ) | |||||||
2023 | 9,381 | (325 | ) | (3,814 | ) | |||||||
2024 | 9,146 | (262 | ) | (3,341 | ) |
Interest Rate at | December 31, | December 31, | ||||||||||||||||||||||||
(Amounts in thousands) | Maturity | December 31, 2021 | 2021 | 2020 | ||||||||||||||||||||||
First mortgages secured by: | ||||||||||||||||||||||||||
Variable rate | ||||||||||||||||||||||||||
Cherry Hill (Plaza at Cherry Hill)(1) | 5/24/2022 | 1.70% | $ | 28,244 | $ | 28,930 | ||||||||||||||||||||
Woodbridge (Plaza at Woodbridge)(1) | 5/25/2022 | 1.70% | 54,029 | 55,340 | ||||||||||||||||||||||
Jersey City (Hudson Commons)(2) | 11/15/2024 | 2.00% | 28,034 | 28,586 | ||||||||||||||||||||||
Watchung(2) | 11/15/2024 | 2.00% | 26,097 | 26,613 | ||||||||||||||||||||||
Bronx (1750-1780 Gun Hill Road)(2) | 12/1/2024 | 2.00% | 24,680 | 25,172 | ||||||||||||||||||||||
Westfield (One Lincoln Plaza)(3) | — | —% | — | 4,730 | ||||||||||||||||||||||
Total variable rate debt | 161,084 | 169,371 | ||||||||||||||||||||||||
Fixed rate | ||||||||||||||||||||||||||
Paramus (Bergen Town Center - West) | 4/8/2023 | 3.56% | 300,000 | 300,000 | ||||||||||||||||||||||
Bronx (Shops at Bruckner) | 5/1/2023 | 3.90% | 9,698 | 10,351 | ||||||||||||||||||||||
Jersey City (Hudson Mall) | 12/1/2023 | 5.07% | 22,154 | 22,904 | ||||||||||||||||||||||
Yonkers Gateway Center | 4/6/2024 | 4.16% | 26,774 | 28,482 | ||||||||||||||||||||||
Brick | 12/10/2024 | 3.87% | 49,554 | 50,000 | ||||||||||||||||||||||
North Plainfield | 12/10/2025 | 3.99% | 25,100 | 25,100 | ||||||||||||||||||||||
Las Catalinas | 2/1/2026 | 4.43% | 123,977 | 127,669 | ||||||||||||||||||||||
Middletown | 12/1/2026 | 3.78% | 31,400 | 31,400 | ||||||||||||||||||||||
Rockaway | 12/1/2026 | 3.78% | 27,800 | 27,800 | ||||||||||||||||||||||
East Hanover (200 - 240 Route 10 West) | 12/10/2026 | 4.03% | 63,000 | 63,000 | ||||||||||||||||||||||
North Bergen (Tonnelle Ave) | 4/1/2027 | 4.18% | 100,000 | 100,000 | ||||||||||||||||||||||
Manchester | 6/1/2027 | 4.32% | 12,500 | 12,500 | ||||||||||||||||||||||
Millburn | 6/1/2027 | 3.97% | 22,944 | 23,381 | ||||||||||||||||||||||
Totowa | 12/1/2027 | 4.33% | 50,800 | 50,800 | ||||||||||||||||||||||
Woodbridge (Woodbridge Commons) | 12/1/2027 | 4.36% | 22,100 | 22,100 | ||||||||||||||||||||||
East Brunswick | 12/6/2027 | 4.38% | 63,000 | 63,000 | ||||||||||||||||||||||
East Rutherford | 1/6/2028 | 4.49% | 23,000 | 23,000 | ||||||||||||||||||||||
Brooklyn (Kingswood Center) | 2/6/2028 | 5.07% | 70,815 | 71,696 | ||||||||||||||||||||||
Hackensack | 3/1/2028 | 4.36% | 66,400 | 66,400 | ||||||||||||||||||||||
Marlton | 12/1/2028 | 3.86% | 37,400 | 37,400 | ||||||||||||||||||||||
East Hanover Warehouses | 12/1/2028 | 4.09% | 40,700 | 40,700 | ||||||||||||||||||||||
Union (2445 Springfield Ave) | 12/10/2028 | 4.01% | 45,600 | 45,600 | ||||||||||||||||||||||
Freeport (Freeport Commons) | 12/10/2029 | 4.07% | 43,100 | 43,100 | ||||||||||||||||||||||
Montehiedra | 6/1/2030 | 5.00% | 79,381 | 81,141 | ||||||||||||||||||||||
Montclair | 8/15/2030 | 3.15% | 7,250 | 7,250 | ||||||||||||||||||||||
Garfield | 12/1/2030 | 4.14% | 40,300 | 40,300 | ||||||||||||||||||||||
Woodmore Towne Centre | 1/6/2032 | 3.39% | 117,200 | — | ||||||||||||||||||||||
Mt Kisco | 11/15/2034 | 6.40% | 12,377 | 12,952 | ||||||||||||||||||||||
Total fixed rate debt | 1,534,324 | 1,428,026 | ||||||||||||||||||||||||
Total mortgages payable | 1,695,408 | 1,597,397 | ||||||||||||||||||||||||
Unamortized debt issuance costs | (8,218) | (9,865) | ||||||||||||||||||||||||
Total mortgages payable, net of unamortized debt issuance costs | $ | 1,687,190 | $ | 1,587,532 |
Interest Rate at | December 31, | December 31, | ||||||||||
(Amounts in thousands) | Maturity | December 31, 2019 | 2019 | 2018 | ||||||||
First mortgages secured by: | ||||||||||||
Variable rate | ||||||||||||
Cherry Hill (Plaza at Cherry Hill)(1) | 5/24/2022 | 3.31% | $ | 28,930 | $ | 28,930 | ||||||
Westfield (One Lincoln Plaza)(1) | 5/24/2022 | 3.31% | 4,730 | 4,730 | ||||||||
Woodbridge (Plaza at Woodbridge)(1) | 5/25/2022 | 3.31% | 55,340 | 55,340 | ||||||||
Jersey City (Hudson Commons)(2) | 11/15/2024 | 3.61% | 29,000 | 29,000 | ||||||||
Watchung(2) | 11/15/2024 | 3.61% | 27,000 | 27,000 | ||||||||
Bronx (1750-1780 Gun Hill Road)(2) | 12/1/2024 | 3.61% | 24,500 | 24,500 | ||||||||
Total variable rate debt | 169,500 | 169,500 | ||||||||||
Fixed rate | ||||||||||||
Montehiedra (senior loan) | 7/6/2021 | 5.33% | 83,202 | 84,860 | ||||||||
Montehiedra (junior loan) | 7/6/2021 | 3.00% | 30,000 | 30,000 | ||||||||
Bergen Town Center - West, Paramus | 4/8/2023 | 3.56% | 300,000 | 300,000 | ||||||||
Bronx (Shops at Bruckner) | 5/1/2023 | 3.90% | 10,978 | 11,582 | ||||||||
Jersey City (Hudson Mall)(5) | 12/1/2023 | 5.07% | 23,625 | 24,326 | ||||||||
Yonkers Gateway Center(6) | 4/6/2024 | 4.16% | 30,122 | 31,704 | ||||||||
Las Catalinas | 8/6/2024 | 4.43% | 129,335 | 130,000 | ||||||||
Brick | 12/10/2024 | 3.87% | 50,000 | 50,000 | ||||||||
North Plainfield | 12/10/2025 | 3.99% | 25,100 | 25,100 | ||||||||
Middletown | 12/1/2026 | 3.78% | 31,400 | 31,400 | ||||||||
Rockaway | 12/1/2026 | 3.78% | 27,800 | 27,800 | ||||||||
East Hanover (200 - 240 Route 10 West) | 12/10/2026 | 4.03% | 63,000 | 63,000 | ||||||||
North Bergen (Tonnelle Ave)(4) | 4/1/2027 | 4.18% | 100,000 | 100,000 | ||||||||
Manchester | 6/1/2027 | 4.32% | 12,500 | 12,500 | ||||||||
Millburn | 6/1/2027 | 3.97% | 23,798 | 24,000 | ||||||||
Totowa | 12/1/2027 | 4.33% | 50,800 | 50,800 | ||||||||
Woodbridge (Woodbridge Commons) | 12/1/2027 | 4.36% | 22,100 | 22,100 | ||||||||
East Brunswick | 12/6/2027 | 4.38% | 63,000 | 63,000 | ||||||||
East Rutherford | 1/6/2028 | 4.49% | 23,000 | 23,000 | ||||||||
Hackensack | 3/1/2028 | 4.36% | 66,400 | 66,400 | ||||||||
Marlton | 12/1/2028 | 3.86% | 37,400 | 37,400 | ||||||||
East Hanover Warehouses | 12/1/2028 | 4.09% | 40,700 | 40,700 | ||||||||
Union (2445 Springfield Ave) | 12/10/2028 | 4.01% | 45,600 | 45,600 | ||||||||
Freeport (Freeport Commons) | 12/10/2029 | 4.07% | 43,100 | 43,100 | ||||||||
Garfield | 12/1/2030 | 4.14% | 40,300 | 40,300 | ||||||||
Mt Kisco(3) | 11/15/2034 | 6.40% | 13,488 | 13,987 | ||||||||
Total fixed rate debt | 1,386,748 | 1,392,659 | ||||||||||
Total mortgages payable | 1,556,248 | 1,562,159 | ||||||||||
Unamortized debt issuance costs | (10,053 | ) | (11,917 | ) | ||||||||
Total mortgages payable, net of unamortized debt issuance costs | $ | 1,546,195 | $ | 1,550,242 |
(Amounts in thousands) | ||||||||
Year Ending December 31, | ||||||||
2022 | $ | 98,915 | ||||||
2023 | 349,814 | |||||||
2024 | 163,721 | |||||||
2025 | 40,946 | |||||||
2026 | 230,694 | |||||||
Thereafter | 811,318 |
(Amounts in thousands) | ||||
Year Ending December 31, | ||||
2020 | $ | 7,515 | ||
2021 | 122,628 | |||
2022 | 99,711 | |||
2023 | 344,367 | |||
2024 | 274,316 | |||
2025 | 32,306 | |||
Thereafter | 675,405 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Dividend paid per share(1) | $ | 0.60 | $ | 0.68 | $ | 0.88 | |||||||||||
Ordinary income | 100 | % | 100 | % | 83 | % | |||||||||||
Return of capital | — | % | — | % | — | % | |||||||||||
Capital gains | — | % | — | % | 17 | % |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Dividend paid per share | $ | 0.88 | $ | 0.88 | $ | 0.88 | |||||
Ordinary income | 83 | % | 100 | % | 58 | % | |||||
Return of capital | — | % | — | % | — | % | |||||
Capital gains | 17 | % | — | % | 42 | % |
Year Ended December 31, | |||||||||||
(Amounts in thousands) | 2019 | 2018 | 2017 | ||||||||
Income tax expense (benefit): | |||||||||||
Current: | |||||||||||
U.S. federal income tax | $ | — | $ | 154 | $ | — | |||||
U.S. state and local income tax | 66 | 101 | 22 | ||||||||
Puerto Rico income tax | 851 | 560 | 674 | ||||||||
Total current | 917 | 815 | 696 | ||||||||
Deferred: | |||||||||||
Puerto Rico income tax(1) | 370 | 2,704 | (974 | ) | |||||||
Total deferred | 370 | 2,704 | (974 | ) | |||||||
Total income tax expense (benefit) | $ | 1,287 | $ | 3,519 | $ | (278 | ) |
Year Ended December 31, | |||||||||||
(Amounts in thousands) | 2019 | 2018 | 2017 | ||||||||
Federal provision at statutory tax rate(1) | $ | 24,672 | $ | 25,301 | $ | 25,431 | |||||
Income before income taxes not subject to federal tax provision | (24,677 | ) | (14,390 | ) | (25,431 | ) | |||||
TRS permanent book to tax adjustments | — | (10,740 | ) | — | |||||||
State and local income tax provision, net of federal benefit | 66 | 84 | 22 | ||||||||
Puerto Rico income tax provision | 1,221 | 3,264 | (300 | ) | |||||||
Change in valuation allowance | 5 | — | — | ||||||||
Total income tax expense (benefit) | $ | 1,287 | $ | 3,519 | $ | (278 | ) |
Balance at | |||||||
(Amounts in thousands) | December 31, 2019 | December 31, 2018 | |||||
Deferred tax assets: | |||||||
Amortization of deferred financing costs | $ | 69 | $ | 115 | |||
Credit losses related to operating lease receivables | 461 | 522 | |||||
Hurricane insurance claims receivable | — | 460 | |||||
Charitable contribution | 5 | 5 | |||||
Net operating loss | 5 | — | |||||
Valuation allowance | (5 | ) | — | ||||
Total deferred tax assets | 535 | 1,102 | |||||
Deferred tax liabilities: | |||||||
Depreciation | (4,416 | ) | (4,489 | ) | |||
Straight line rent | (1,051 | ) | (1,920 | ) | |||
Amortization of acquired leases | (205 | ) | (225 | ) | |||
Total deferred tax liabilities | (5,672 | ) | (6,634 | ) | |||
Net deferred tax liabilities | $ | (5,137 | ) | $ | (5,532 | ) |
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Income tax expense (benefit): | |||||||||||||||||
Current: | |||||||||||||||||
U.S. state and local income tax | (1,228) | 4,525 | 66 | ||||||||||||||
Puerto Rico income tax | 110 | 1,293 | 851 | ||||||||||||||
Total current | (1,118) | 5,818 | 917 | ||||||||||||||
Deferred: | |||||||||||||||||
U.S. federal income tax | 5 | (6) | — | ||||||||||||||
Puerto Rico income tax(1) | 2,252 | (44,808) | 370 | ||||||||||||||
Total deferred | 2,257 | (44,814) | 370 | ||||||||||||||
Total income tax expense (benefit) | $ | 1,139 | $ | (38,996) | $ | 1,287 |
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Federal provision at statutory tax rate(1) | $ | 22,880 | $ | 12,338 | $ | 24,672 | |||||||||||
REIT income before income taxes not subject to federal tax provision | (22,875) | (12,339) | (24,677) | ||||||||||||||
State and local income tax provision, net of federal benefit | 225 | 11 | 66 | ||||||||||||||
Puerto Rico income tax provision | 2,362 | (43,515) | 1,221 | ||||||||||||||
Change in valuation allowance | (1,453) | 4,509 | 5 | ||||||||||||||
Total income tax expense (benefit) | $ | 1,139 | $ | (38,996) | $ | 1,287 |
Balance at | |||||||||||
(Amounts in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Deferred tax assets: | |||||||||||
Depreciation | $ | 40,793 | $ | 41,942 | |||||||
Amortization of deferred financing costs | 860 | 1,105 | |||||||||
Rental revenue deemed uncollectible | 735 | 2,109 | |||||||||
Charitable contribution | 7 | 7 | |||||||||
Net operating loss | 1,425 | 107 | |||||||||
Valuation allowance | (3,061) | (4,514) | |||||||||
Total deferred tax assets | 40,759 | 40,756 | |||||||||
Deferred tax liabilities: | |||||||||||
Mortgage liability | (1,394) | — | |||||||||
Straight line rent | (961) | (738) | |||||||||
Amortization of acquired leases | (205) | (228) | |||||||||
Accrued interest expense | (779) | (113) | |||||||||
Total deferred tax liabilities | (3,339) | (1,079) | |||||||||
Net deferred tax assets | $ | 37,420 | $ | 39,677 |
Year Ended December 31, | |||||||||||
(Amounts in thousands) | 2021 | 2020 | |||||||||
Rental Revenue | |||||||||||
Fixed lease revenue | $ | 318,585 | $ | 235,488 | |||||||
Variable lease revenue | 103,882 | 92,792 | |||||||||
Total rental revenue | $ | 422,467 | $ | 328,280 |
(Amounts in thousands) | Year Ended December 31, 2019 | ||
Rental Revenue | |||
Fixed lease revenue | $ | 274,397 | |
Variable lease revenue | 110,008 | ||
Total rental revenue | $ | 384,405 |
(Amounts in thousands) | ||||||||
Year Ending December 31, | ||||||||
2022 | $ | 258,992 | ||||||
2023 | 247,248 | |||||||
2024 | 216,275 | |||||||
2025 | 192,115 | |||||||
2026 | 171,170 | |||||||
Thereafter | 748,432 | |||||||
Total undiscounted cash flows | $ | 1,834,232 |
(Amounts in thousands) | ||||
Year Ending December 31, | ||||
2020 | $ | 259,487 | ||
2021 | 242,651 | |||
2022 | 225,251 | |||
2023 | 201,736 | |||
2024 | 167,281 | |||
2025 | 142,947 | |||
Thereafter | 757,446 | |||
Total undiscounted cash flows | $ | 1,996,799 |
(Amounts in thousands) | ||||
Year Ending December 31, | ||||
2019 | $ | 256,598 | ||
2020 | 235,652 | |||
2021 | 216,247 | |||
2022 | 198,449 | |||
2023 | 176,282 | |||
Thereafter | 986,865 |
Year Ended December 31, | ||||||||||||||
(Amounts in thousands) | Year Ended December 31, 2019 | (Amounts in thousands) | 2021 | 2020 | ||||||||||
Lease expense | Lease expense | |||||||||||||
Operating lease cost(1) | $ | 11,730 | Operating lease cost(1) | $ | 10,162 | $ | 10,875 | |||||||
Variable lease cost | 2,736 | Variable lease cost | 2,710 | 2,792 | ||||||||||
Total lease expense | $ | 14,466 | Total lease expense | $ | 12,872 | $ | 13,667 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Supplemental noncash information | Operating leases | Finance lease | Operating leases | Finance lease | |||||||||||||||||||
Weighted-average remaining lease term | 14.8 years | 34.2 years | 15.7 years | 35.2 years | |||||||||||||||||||
Weighted-average discount rates | 3.98 | % | 4.01 | % | 3.99 | % | 4.01 | % |
December 31, 2019 | |||||
Supplemental noncash information | Operating leases | Finance lease | |||
Weighted-average remaining lease term | 15.3 years | 36.2 years | |||
Weighted-average discount rates | 4.03 | % | 4.01 | % |
(Amounts in thousands) | Year Ended December 31, | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | 2021 | 2020 | |||||||||
Operating cash flows from operating leases | $ | 9,584 | $ | 10,033 | |||||||
Operating cash flows from finance lease | 120 | 120 | |||||||||
Financing cash flows from finance lease | 11 | 11 | |||||||||
Right-of-use assets obtained in exchange for lease liabilities: | |||||||||||
Operating leases | $ | 772 | $ | 1,740 | |||||||
(Amounts in thousands) | Year Ended December 31, 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 10,698 | |
Operating cash flows from finance lease | 10 | ||
Financing cash flows from finance lease | 8 | ||
Right-of-use assets obtained in exchange for lease liabilities: | |||
Operating leases | 98,980 | ||
Finance lease | 2,991 |
(Amounts in thousands) | Operating | Finance | ||||||||||||
Year Ending December 31, | leases | lease | ||||||||||||
2022 | $ | 9,089 | $ | 109 | ||||||||||
2023 | 8,212 | 109 | ||||||||||||
2024 | 8,225 | 109 | ||||||||||||
2025 | 6,324 | 109 | ||||||||||||
2026 | 6,092 | 124 | ||||||||||||
Thereafter | 51,409 | 6,299 | ||||||||||||
Total undiscounted cash flows | 89,351 | 6,859 | ||||||||||||
Present value discount | (24,773) | (3,855) | ||||||||||||
Discounted cash flows | $ | 64,578 | $ | 3,004 |
(Amounts in thousands) | Operating | Finance | ||||||
Year Ending December 31, | leases | lease | ||||||
2020 | $ | 9,235 | $ | 109 | ||||
2021 | 8,647 | 109 | ||||||
2022 | 8,666 | 109 | ||||||
2023 | 8,466 | 109 | ||||||
2024 | 8,470 | 109 | ||||||
2025 | 6,568 | 109 | ||||||
Thereafter | 62,551 | 6,424 | ||||||
Total undiscounted cash flows | 112,603 | 7,078 | ||||||
Present value discount | (32,690 | ) | (4,096 | ) | ||||
Discounted cash flows | $ | 79,913 | $ | 2,982 |
(Amounts in thousands) | ||||
Year Ending December 31, | ||||
2019 | $ | 10,640 | ||
2020 | 9,614 | |||
2021 | 8,957 | |||
2022 | 8,982 | |||
2023 | 8,850 | |||
Thereafter | 85,535 |
As of December 31, 2019 | As of December 31, 2018 | |||||||||||||||
(Amounts in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 432,954 | $ | 432,954 | $ | 440,430 | $ | 440,430 | ||||||||
Liabilities: | ||||||||||||||||
Mortgages payable(1) | $ | 1,556,248 | $ | 1,590,503 | $ | 1,562,159 | $ | 1,543,963 |
As of December 31, 2021 | As of As of December 31, 2020 | |||||||||||||||||||||||||
(Amounts in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Mortgages payable(1) | $ | 1,695,408 | $ | 1,692,674 | $ | 1,597,397 | $ | 1,611,868 |
Balance at | |||||||||||
(Amounts in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Other assets | $ | 19,712 | $ | 5,953 | |||||||
Deferred tax asset, net | 37,420 | 39,677 | |||||||||
Real estate held for sale | — | 7,056 | |||||||||
Finance lease right-of-use asset | 2,724 | 2,724 | |||||||||
Deferred financing costs, net of accumulated amortization of $5,932 and $4,819, respectively | 2,234 | 3,347 | |||||||||
Prepaid expenses: | |||||||||||
Real estate taxes | 9,982 | 8,093 | |||||||||
Insurance | 1,088 | 1,583 | |||||||||
Rent, licenses/fees | 951 | 1,878 | |||||||||
Total Prepaid expenses and other assets | $ | 74,111 | $ | 70,311 |
Balance at | |||||||
(Amounts in thousands) | December 31, 2019 | December 31, 2018 | |||||
Other assets | $ | 7,460 | $ | 2,615 | |||
Real estate held for sale | 6,574 | — | |||||
Deposits for acquisitions | 10,000 | 150 | |||||
Prepaid expenses: | |||||||
Real estate taxes | 6,491 | 6,911 | |||||
Insurance | 1,520 | 2,509 | |||||
Rent, licenses/fees | 1,655 | 783 | |||||
Total Prepaid expenses and other assets | $ | 33,700 | $ | 12,968 |
Balance at | |||||||||||
(Amounts in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Dividend payable | $ | — | $ | 55,905 | |||||||
Deferred tenant revenue | 28,898 | 26,594 | |||||||||
Accrued capital expenditures and leasing costs | 19,164 | 7,797 | |||||||||
Finance lease liability | 3,004 | 2,993 | |||||||||
Accrued interest payable | 9,879 | 11,095 | |||||||||
Security deposits | 6,693 | 5,884 | |||||||||
Accrued payroll expenses | 9,134 | 5,797 | |||||||||
Other liabilities and accrued expenses | 8,057 | 16,915 | |||||||||
Total accounts payable, accrued expenses and other liabilities | $ | 84,829 | $ | 132,980 |
Balance at | |||||||
(Amounts in thousands) | December 31, 2019 | December 31, 2018 | |||||
Deferred tenant revenue | $ | 26,224 | $ | 28,697 | |||
Accrued capital expenditures and leasing costs | 7,893 | 29,754 | |||||
Accrued interest payable | 9,729 | 8,950 | |||||
Security deposits | 5,814 | 5,396 | |||||
Deferred tax liability, net | 5,137 | 5,532 | |||||
Accrued payroll expenses | 5,851 | 5,747 | |||||
Other liabilities and accrued expenses | 15,996 | 14,441 | |||||
Total accounts payable, accrued expenses and other liabilities | $ | 76,644 | $ | 98,517 |
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Interest expense | $ | 54,946 | $ | 68,184 | $ | 63,783 | |||||||||||
Amortization of deferred financing costs | 2,992 | 2,831 | 2,856 | ||||||||||||||
Total Interest and debt expense | $ | 57,938 | $ | 71,015 | $ | 66,639 |
Year Ended December 31, | |||||||||||
(Amounts in thousands) | 2019 | 2018 | 2017 | ||||||||
Interest expense | $ | 63,783 | $ | 61,989 | $ | 53,342 | |||||
Amortization of deferred financing costs | 2,856 | 2,879 | 2,876 | ||||||||
Total Interest and debt expense | $ | 66,639 | $ | 64,868 | $ | 56,218 |
Shares Under Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Expected Term | |||||||
(In years) | |||||||||
Outstanding at January 1, 2017 | 2,472,284 | $ | 23.86 | 5.33 | |||||
Granted | 137,259 | 28.36 | 6.01 | ||||||
Exercised | — | — | — | ||||||
Forfeited or expired | (5,879 | ) | 23.17 | — | |||||
Outstanding at December 31, 2017 | 2,603,664 | 24.09 | 4.40 | ||||||
Granted | 2,146,885 | 21.71 | 4.58 | ||||||
Exercised | — | — | — | ||||||
Forfeited or expired | — | — | — | ||||||
Outstanding at December 31, 2018 | 4,750,549 | 23.02 | 4.48 | ||||||
Granted | 180,213 | 19.53 | 3.88 | ||||||
Exercised | — | — | — | ||||||
Forfeited or expired | — | — | — | ||||||
Outstanding at December 31, 2019 | 4,930,762 | $ | 22.89 | 4.46 | |||||
Exercisable at December 31, 2019 | 1,500,793 | $ | 24.00 | — |
Shares Under Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term | |||||||||||||||
(in years) | |||||||||||||||||
Outstanding at January 1, 2021 | 4,930,762 | $22.89 | — | ||||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | — | — | — | ||||||||||||||
Forfeited or expired | (1,000,000) | 21.72 | — | ||||||||||||||
Outstanding at December 31, 2021 | 3,930,762 | $23.19 | 3.56 | ||||||||||||||
Exercisable at December 31, 2021 | 3,156,449 | $23.61 | — |
February 24, 2017 | February 22, 2018 | September 27, 2018 | February 27, 2019 | ||||
Risk-free interest rate | 1.93% | 2.73% | 3.00% | 2.54% | |||
Expected option life | 6.25 | 6.25 | 7.00 | 6.25 | |||
Expected volatility | 25.06% | 32.23% | 30.42% | 30.98% |
Shares | Weighted Average Grant Date Fair Value per Share | |||||
Unvested at January 1, 2017 | 129,395 | $ | 24.29 | |||
Granted | 104,698 | 27.69 | ||||
Vested | (53,236 | ) | 25.13 | |||
Forfeited | (5,427 | ) | 24.64 | |||
Unvested at December 31, 2017 | 175,430 | 26.05 | ||||
Granted | 103,814 | 21.65 | ||||
Vested | (84,185 | ) | 25.67 | |||
Forfeited | (32,482 | ) | 23.32 | |||
Unvested at December 31, 2018 | 162,577 | 23.99 | ||||
Granted | 34,638 | 19.15 | ||||
Vested | (96,378 | ) | 24.19 | |||
Forfeited | (5,672 | ) | 22.11 | |||
Unvested at December 31, 2019 | 95,165 | $ | 22.16 |
Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||
Unvested at January 1, 2021 | 72,393 | 19.03 | |||||||||
Granted | 17,933 | 15.58 | |||||||||
Vested | (35,674) | 20.06 | |||||||||
Forfeited | (5,305) | 18.03 | |||||||||
Unvested at December 31, 2021 | 49,347 | $ | 17.23 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
(Amounts in thousands) | 2019 | 2018 | 2017 | (Amounts in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||||||
Share-based compensation expense components: | Share-based compensation expense components: | |||||||||||||||||||||||||||
Restricted share expense | $ | 1,697 | $ | 2,051 | $ | 1,961 | Restricted share expense | $ | 461 | $ | 832 | $ | 1,697 | |||||||||||||||
Stock option expense | 4,055 | 2,778 | 2,569 | Stock option expense | 1,435 | 4,991 | 4,055 | |||||||||||||||||||||
LTIP expense(1) | 4,477 | 2,218 | 557 | LTIP expense(1) | 4,909 | 7,331 | 4,477 | |||||||||||||||||||||
Performance-based LTI expense(2) | 3,164 | 2,530 | 2,050 | Performance-based LTI expense(2) | 3,865 | 3,792 | 3,164 | |||||||||||||||||||||
DSU expense | 156 | 164 | — | DSU expense | 149 | 48 | 156 | |||||||||||||||||||||
Total Share-based compensation expense | $ | 13,549 | $ | 9,741 | $ | 7,137 | Total Share-based compensation expense | $ | 10,819 | $ | 16,994 | $ | 13,549 |
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands, except per share amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to common shareholders | $ | 102,686 | $ | 93,589 | $ | 109,523 | |||||||||||
Less: Earnings allocated to unvested participating securities | (47) | (62) | (92) | ||||||||||||||
Net income available for common shareholders - basic | $ | 102,639 | $ | 93,527 | $ | 109,431 | |||||||||||
Impact of assumed conversions: | |||||||||||||||||
OP and LTIP units | 3,675 | 81 | 5 | ||||||||||||||
Net income available for common shareholders - dilutive | $ | 106,314 | $ | 93,608 | $ | 109,436 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding - basic | 117,029 | 117,722 | 119,751 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Restricted share awards | 55 | 77 | 100 | ||||||||||||||
Assumed conversion of OP and LTIP units | 4,363 | 103 | 45 | ||||||||||||||
Weighted average common shares outstanding - diluted | 121,447 | 117,902 | 119,896 | ||||||||||||||
Earnings per share available to common shareholders: | |||||||||||||||||
Earnings per common share - Basic | $ | 0.88 | $ | 0.79 | $ | 0.91 | |||||||||||
Earnings per common share - Diluted | $ | 0.88 | $ | 0.79 | $ | 0.91 |
Year Ended December 31, | |||||||||||
(Amounts in thousands, except per share amounts) | 2019 | 2018 | 2017 | ||||||||
Numerator: | |||||||||||
Net income attributable to common shareholders | $ | 109,523 | $ | 105,150 | $ | 67,070 | |||||
Less: Earnings allocated to unvested participating securities | (92 | ) | (184 | ) | (155 | ) | |||||
Net income available for common shareholders - basic | $ | 109,431 | $ | 104,966 | $ | 66,915 | |||||
Impact of assumed conversions: | |||||||||||
OP and LTIP units | 5 | — | 5,782 | ||||||||
Net income available for common shareholders - dilutive | $ | 109,436 | $ | 104,966 | $ | 72,697 | |||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic | 119,751 | 113,863 | 107,132 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options using the treasury stock method | — | — | 168 | ||||||||
Restricted share awards | 100 | 188 | 167 | ||||||||
Assumed conversion of OP and LTIP units | 45 | — | 10,923 | ||||||||
Weighted average common shares outstanding - diluted | 119,896 | 114,051 | 118,390 | ||||||||
Earnings per share available to common shareholders: | |||||||||||
Earnings per common share - Basic | $ | 0.91 | $ | 0.92 | $ | 0.62 | |||||
Earnings per common share - Diluted | $ | 0.91 | $ | 0.92 | $ | 0.61 |
Year Ended December 31, | |||||||||||||||||
(Amounts in thousands, except per unit amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to unitholders | $ | 106,982 | $ | 97,749 | $ | 116,222 | |||||||||||
Less: net income attributable to participating securities | (47) | (62) | (92) | ||||||||||||||
Net income available for unitholders | $ | 106,935 | $ | 97,687 | $ | 116,130 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average units outstanding - basic | 120,966 | 121,957 | 126,333 | ||||||||||||||
Effect of dilutive securities issued by Urban Edge | 55 | 77 | 100 | ||||||||||||||
Unvested LTIP units | 1,086 | 777 | 45 | ||||||||||||||
Weighted average units outstanding - diluted | 122,107 | 122,811 | 126,478 | ||||||||||||||
Earnings per unit available to unitholders: | |||||||||||||||||
Earnings per unit - Basic | $ | 0.88 | $ | 0.80 | $ | 0.92 | |||||||||||
Earnings per unit - Diluted | $ | 0.88 | $ | 0.80 | $ | 0.92 |
Year Ended December 31, | |||||||||||
(Amounts in thousands, except per unit amounts) | 2019 | 2018 | 2017 | ||||||||
Numerator: | |||||||||||
Net income attributable to unitholders | $ | 116,222 | $ | 116,918 | $ | 72,894 | |||||
Less: net income attributable to participating securities | (92 | ) | (200 | ) | (155 | ) | |||||
Net income available for unitholders | $ | 116,130 | $ | 116,718 | $ | 72,739 | |||||
Denominator: | |||||||||||
Weighted average units outstanding - basic | 126,333 | 126,198 | 117,779 | ||||||||
Effect of dilutive securities issued by Urban Edge | 100 | 188 | 335 | ||||||||
Unvested LTIP units | 45 | — | 276 | ||||||||
Weighted average units outstanding - diluted | 126,478 | 126,386 | 118,390 | ||||||||
Earnings per unit available to unitholders: | |||||||||||
Earnings per unit - Basic | $ | 0.92 | $ | 0.92 | $ | 0.62 | |||||
Earnings per unit - Diluted | $ | 0.92 | $ | 0.92 | $ | 0.61 |
Three Months Ended, | |||||||||||||||
(Amounts in thousands, except per share/unit amounts) | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||
Total revenue | $ | 95,927 | $ | 91,243 | $ | 102,747 | $ | 97,732 | |||||||
Total expenses | 78,098 | 61,900 | 71,222 | 72,561 | |||||||||||
Net income | 3,538 | 56,700 | 28,067 | 27,892 | |||||||||||
Net income attributable to noncontrolling interests in operating partnership | (164 | ) | (2,662 | ) | (1,518 | ) | (2,355 | ) | |||||||
Net loss attributable to noncontrolling interests in consolidated subsidiaries | 1 | 2 | 22 | — | |||||||||||
Net income attributable to common shareholders | 3,375 | 54,040 | 26,571 | 25,537 | |||||||||||
Net income attributable to unitholders | 3,539 | 56,702 | 28,089 | 27,892 | |||||||||||
Earnings per common share - Basic | 0.03 | 0.45 | 0.22 | 0.22 | |||||||||||
Earnings per common share - Diluted | 0.03 | 0.45 | 0.22 | 0.22 | |||||||||||
Earnings per common unit - Basic | 0.03 | 0.45 | 0.22 | 0.22 | |||||||||||
Earnings per common unit - Diluted | 0.03 | 0.45 | 0.22 | 0.22 |
Three Months Ended, | |||||||||||||||
(Amounts in thousands, except per share/unit amounts) | December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||||
Total revenue | $ | 100,923 | $ | 112,214 | $ | 101,970 | $ | 99,053 | |||||||
Total expenses | 76,478 | 73,017 | 78,816 | 63,984 | |||||||||||
Net income | 7,251 | 26,899 | 59,774 | 23,039 | |||||||||||
Net income attributable to noncontrolling interests in operating partnership | (727 | ) | (2,688 | ) | (6,025 | ) | (2,328 | ) | |||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | (11 | ) | (11 | ) | (12 | ) | (11 | ) | |||||||
Net income attributable to common shareholders | 6,513 | 24,200 | 53,737 | 20,700 | |||||||||||
Net income attributable to unitholders | 7,240 | 26,888 | 59,762 | 23,028 | |||||||||||
Earnings per common share - Basic | 0.06 | 0.21 | 0.47 | 0.18 | |||||||||||
Earnings per common share - Diluted | 0.06 | 0.21 | 0.47 | 0.18 | |||||||||||
Earnings per common unit - Basic | 0.06 | 0.21 | 0.47 | 0.18 | |||||||||||
Earnings per common unit - Diluted | 0.06 | 0.21 | 0.47 | 0.18 |
ITEM 9B. OTHER INFORMATION |
(a) | (b) | (c) | (a) | (b) | (c) | ||||||||||||||||||||||||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights (2) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) | Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights (2) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) | ||||||||||||||||||||||||||||
Equity compensation plans approved by security holders | 3,549,423 | (1) | $ | 20.04 | 4,074,804 | (3 | ) | Equity compensation plans approved by security holders | 2,821,917 | (1) | $ | 20.04 | 4,151,073 | (3) | |||||||||||||||||||||
Equity compensation plans not approved by security holders | 2,323,444 | (4) | 21.72 | N/A | Equity compensation plans not approved by security holders | 1,019,557 | (4) | 21.72 | N/A | ||||||||||||||||||||||||||
Total | 5,872,867 | $ | 20.71 | 4,074,804 | Total | 3,841,474 | $ | 20.49 | 4,151,073 |
Exhibit Number | Exhibit Description | |||||||
10. | ||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL* | Inline XBRL Extension Calculation Linkbase | |||||||
101.LAB* | Inline XBRL Extension Labels Linkbase | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) |
URBAN EDGE PROPERTIES | |||||
(Registrant) | |||||
/s/ Mark Langer | |||||
Mark Langer, Chief Financial Officer | |||||
Date: February | |||||
URBAN EDGE PROPERTIES LP | |||||
By: Urban Edge Properties, General Partner | |||||
/s/ Mark Langer | |||||
Mark Langer, Chief Financial Officer | |||||
Date: February | |||||
Signature | Title | Date | |||||||||||||||
By: | /s/ Jeffrey S. Olson | Chairman of the Board of Trustees | February 16, 2022 | ||||||||||||||
Jeffrey S. Olson | and Chief Executive Officer | ||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||
By: | |||||||||||||||||
/s/ Mark Langer | Chief Financial Officer | February | |||||||||||||||
Mark Langer | (Principal Financial Officer) | ||||||||||||||||
By: | /s/ Jennifer Holmes | Chief Accounting Officer | February | ||||||||||||||
Jennifer Holmes | (Principal Accounting Officer) | ||||||||||||||||
By: | /s/ Susan Givens | Trustee | February 16, 2022 | ||||||||||||||
Susan Givens | |||||||||||||||||
By: | /s/ Michael A. Gould | Trustee | February | ||||||||||||||
Michael A. Gould | |||||||||||||||||
By: | /s/ Steven H. Grapstein | Trustee | February | ||||||||||||||
Steven H. Grapstein | |||||||||||||||||
By: | /s/ Steven J. Guttman | Trustee | February | ||||||||||||||
Steven J. Guttman | |||||||||||||||||
By: | /s/ Norman K. Jenkins | Trustee | February 16, 2022 | ||||||||||||||
Norman K. Jenkins | |||||||||||||||||
By: | /s/ Amy B. Lane | Trustee | February | ||||||||||||||
Amy B. Lane | |||||||||||||||||
By: | /s/ Kevin P. O’Shea | Trustee | February | ||||||||||||||
Kevin P. O’Shea | |||||||||||||||||
By: | /s/ Steven Roth | Trustee | February | ||||||||||||||
Steven Roth | |||||||||||||||||
By: | /s/ Douglas W. Sesler | Trustee | February 16, 2022 | ||||||||||||||
Douglas W. Sesler |
Column A | Column B | Column C | Column D | Column E | ||||||||||||
Description | Balance at Beginning of Year | Additions (Reversals) Expensed | Uncollectible Accounts Written-Off | Balance at End of Year | ||||||||||||
Year Ended December 31, 2019: | ||||||||||||||||
Allowance for doubtful accounts(1) | $ | — | $ | — | $ | — | $ | — | ||||||||
Year Ended December 31, 2018: | ||||||||||||||||
Allowance for doubtful accounts | 5,431 | 4,138 | (2,949 | ) | 6,620 | |||||||||||
Year Ended December 31, 2017: | ||||||||||||||||
Allowance for doubtful accounts | 2,593 | 3,445 | (607 | ) | 5,431 |
Initial cost to company | Gross amount at which carried at close of period | |||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Building and improvements | Costs capitalized subsequent to acquisition | Land | Building and improvements | Total(2) | Accumulated depreciation and amortization(1) | Date of construction | Date acquired | ||||||||||||||||||||||||||
SHOPPING CENTERS AND MALLS: | ||||||||||||||||||||||||||||||||||||
Baltimore (Towson), MD | — | 581 | 3,227 | 18,592 | 581 | 21,819 | 22,400 | (7,144 | ) | 1968 | 1968 | |||||||||||||||||||||||||
Bensalem, PA | — | 2,727 | 6,698 | 1,617 | 2,727 | 8,315 | 11,042 | (4,297 | ) | 1972/ 1999 | 1972 | |||||||||||||||||||||||||
Bergen Town Center - East, Paramus, NJ | — | 6,305 | 6,824 | 41,993 | 6,305 | 48,817 | 55,122 | (10,125 | ) | 1957/ 2009 | 2003/ 2019 | |||||||||||||||||||||||||
Bergen Town Center - West, Paramus, NJ | 300,000 | 22,930 | 89,358 | 387,208 | 42,968 | 456,528 | 499,496 | (132,711 | ) | 1957/ 2009 | 2003/ 2015 | |||||||||||||||||||||||||
Bethlehem, PA | — | 827 | 5,200 | (6,027 | ) | — | — | — | — | 1966 | 1966/ 2018/ 2019 | |||||||||||||||||||||||||
Brick, NJ | 50,000 | 1,391 | 11,179 | 13,948 | 1,391 | 25,127 | 26,518 | (16,338 | ) | 1968 | 1968 | |||||||||||||||||||||||||
Bronx (Bruckner Boulevard), NY | — | 66,100 | 259,503 | 6,320 | 61,618 | 270,305 | 331,923 | (33,385 | ) | N/A | 2007 | |||||||||||||||||||||||||
Bronx (Shops at Bruckner), NY | 10,978 | — | 32,979 | (271 | ) | — | 32,708 | 32,708 | (2,780 | ) | N/A | 2017 | ||||||||||||||||||||||||
Bronx (1750-1780 Gun Hill Road), NY | 24,500 | 6,427 | 11,885 | 23,363 | 6,428 | 35,247 | 41,675 | (10,568 | ) | 2009 | 2005 | |||||||||||||||||||||||||
Broomall, PA | — | 850 | 2,171 | 1,623 | 850 | 3,794 | 4,644 | (2,998 | ) | 1966 | 1966 | |||||||||||||||||||||||||
Buffalo (Amherst), NY | — | 5,743 | 4,056 | 16,559 | 5,107 | 21,251 | 26,358 | (9,018 | ) | 1968 | 1968 | |||||||||||||||||||||||||
Cambridge (leased through 2033)(3), MA | — | — | — | 1,002 | — | 1,002 | 1,002 | (101 | ) | N/A | 2007 | |||||||||||||||||||||||||
Carlstadt (leased through 2050)(3), NJ | — | — | 16,458 | 133 | — | 16,591 | 16,591 | (5,053 | ) | N/A | 2007 | |||||||||||||||||||||||||
Charleston (leased through 2063)(3), SC | — | — | 3,634 | 308 | — | 3,942 | 3,942 | (1,230 | ) | N/A | 2006 | |||||||||||||||||||||||||
Cherry Hill (Plaza at Cherry Hill), NJ | 28,930 | 14,602 | 33,666 | (3,065 | ) | 14,602 | 30,601 | 45,203 | (3,967 | ) | N/A | 2017 | ||||||||||||||||||||||||
Commack (leased through 2021)(3), NY | — | — | 43 | 160 | — | 203 | 203 | (247 | ) | N/A | 2006 | |||||||||||||||||||||||||
Dewitt (leased through 2041)(3), NY | — | — | 7,116 | — | — | 7,116 | 7,116 | (2,334 | ) | N/A | 2006 | |||||||||||||||||||||||||
Rockaway, NJ | 27,800 | 559 | 6,363 | 5,340 | 559 | 11,703 | 12,262 | (7,008 | ) | 1964 | 1964 | |||||||||||||||||||||||||
East Brunswick, NJ | 63,000 | 2,417 | 17,169 | 7,580 | 2,417 | 24,749 | 27,166 | (18,745 | ) | 1957/ 1972 | 1957/ 1972 | |||||||||||||||||||||||||
East Hanover (200 - 240 Route 10 West), NJ | 63,000 | 2,232 | 18,241 | 16,347 | 2,671 | 34,149 | 36,820 | (17,610 | ) | 1962 | 1962/ 1998 | |||||||||||||||||||||||||
East Hanover (280 Route 10 West), NJ | — | — | — | 6,063 | — | 6,063 | 6,063 | (1,834 | ) | N/A | 1962/ 1998 | |||||||||||||||||||||||||
East Rutherford, NJ | 23,000 | — | 36,727 | 1,256 | — | 37,983 | 37,983 | (8,876 | ) | 2007 | 2007 | |||||||||||||||||||||||||
Freeport (Meadowbrook Commons) (leased through 2040)(3), NY | — | — | — | 260 | — | 260 | 260 | (260 | ) | N/A | 2005 | |||||||||||||||||||||||||
Freeport (Freeport Commons), NY | 43,100 | 1,231 | 4,747 | 4,679 | 1,593 | 9,064 | 10,657 | (6,851 | ) | 1981 | 1981 | |||||||||||||||||||||||||
Garfield, NJ | 40,300 | 45 | 8,068 | 46,294 | 44 | 54,363 | 54,407 | (16,547 | ) | 2009 | 1998 | |||||||||||||||||||||||||
Glenolden, PA | — | 850 | 1,820 | 741 | 850 | 2,561 | 3,411 | (2,320 | ) | 1975 | 1975 |
Initial cost to company | Gross amount at which carried at close of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Building and improvements | Costs capitalized subsequent to acquisition | Land | Building and improvements | Total(2) | Accumulated depreciation and amortization(1) | Date of construction | Date acquired | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SHOPPING CENTERS AND MALLS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore (Towson), MD | — | 581 | 3,227 | 19,637 | 581 | 22,864 | 23,445 | (9,516) | 1968 | 1968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bensalem, PA | — | 2,727 | 6,698 | 1,610 | 2,727 | 8,308 | 11,035 | (4,656) | 1972/ 1999 | 1972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bergen Town Center - East, Paramus, NJ | — | 6,305 | 6,824 | 41,465 | 6,305 | 48,289 | 54,594 | (12,174) | 1957/ 2009 | 2003/ 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bergen Town Center - West, Paramus, NJ | 300,000 | 22,930 | 89,358 | 384,257 | 32,371 | 464,174 | 496,545 | (137,991) | 1957/ 2009 | 2003/ 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Brick, NJ | 49,554 | 1,391 | 11,179 | 14,579 | 1,391 | 25,758 | 27,149 | (17,867) | 1968 | 1968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bronx (Bruckner Boulevard), NY | — | 66,100 | 259,503 | 3,730 | 55,295 | 274,038 | 329,333 | (50,679) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bronx (Shops at Bruckner), NY | 9,698 | — | 32,979 | 5,112 | — | 38,091 | 38,091 | (2,895) | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bronx (1750-1780 Gun Hill Road), NY | 24,680 | 6,427 | 11,885 | 23,702 | 6,428 | 35,586 | 42,014 | (12,985) | 2009 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Brooklyn (Kingswood Center), NY | 70,815 | 15,690 | 76,766 | (2,096) | 15,690 | 74,670 | 90,360 | (4,660) | N/A | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Brooklyn (Kingswood Crossing), NY | — | 8,150 | 64,159 | 1,509 | 8,150 | 65,668 | 73,818 | (3,741) | N/A | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broomall, PA | — | 850 | 2,171 | 8,042 | 321 | 10,742 | 11,063 | (1,849) | 1966 | 1966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Buffalo (Amherst), NY | — | 5,743 | 4,056 | 16,578 | 5,107 | 21,270 | 26,377 | (11,016) | 1968 | 1968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cambridge (leased through 2033)(3), MA | — | — | — | 97 | — | 97 | 97 | (24) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Carlstadt (leased through 2050)(3), NJ | — | — | 16,458 | 137 | — | 16,595 | 16,595 | (5,905) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Charleston (leased through 2063)(3), SC | — | — | 3,634 | 308 | — | 3,942 | 3,942 | (1,442) | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherry Hill (Plaza at Cherry Hill), NJ | 28,244 | 14,602 | 33,666 | (2,679) | 14,602 | 30,987 | 45,589 | (6,140) | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dewitt (leased through 2041)(3), NY | — | — | 7,116 | — | — | 7,116 | 7,116 | (2,787) | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rockaway, NJ | 27,800 | 559 | 6,363 | 4,868 | 559 | 11,231 | 11,790 | (7,315) | 1964 | 1964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
East Brunswick, NJ | 63,000 | 2,417 | 17,169 | 7,524 | 2,417 | 24,693 | 27,110 | (19,717) | 1957/ 1972 | 1957/ 1972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
East Hanover (200 - 240 Route 10 West), NJ | 63,000 | 2,232 | 18,241 | 16,690 | 2,671 | 34,492 | 37,163 | (20,946) | 1962 | 1962/ 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
East Rutherford, NJ | 23,000 | — | 36,727 | 1,303 | — | 38,030 | 38,030 | (10,431) | 2007 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Freeport (Meadowbrook Commons) (leased through 2040)(3), NY | — | — | — | 927 | — | 927 | 927 | (22) | N/A | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Freeport (Freeport Commons), NY | 43,100 | 1,231 | 4,747 | 4,631 | 1,593 | 9,016 | 10,609 | (6,839) | 1981 | 1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Garfield, NJ | 40,300 | 45 | 8,068 | 46,545 | 44 | 54,614 | 54,658 | (21,052) | 2009 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Glenarden, MD (Woodmore Towne Centre) | 117,200 | 28,397 | 144,834 | — | 28,397 | 144,834 | 173,231 | (131) | N/A | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Glenolden, PA | — | 850 | 1,820 | 824 | 850 | 2,644 | 3,494 | (2,373) | 1975 | 1975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hackensack, NJ | 66,400 | 692 | 10,219 | 7,601 | 692 | 17,820 | 18,512 | (12,415) | 1963 | 1963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hazlet, NJ | — | 7,400 | 9,413 | (8,028) | 5,211 | 3,574 | 8,785 | (79) | N/A | 2007 |
Initial cost to company | Gross amount at which carried at close of period | |||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Building and improvements | Costs capitalized subsequent to acquisition | Land | Building and improvements | Total(2) | Accumulated depreciation and amortization(1) | Date of construction | Date acquired | ||||||||||||||||||||||||||
Hackensack, NJ | 66,400 | 692 | 10,219 | 7,573 | 692 | 17,792 | 18,484 | (11,108 | ) | 1963 | 1963 | |||||||||||||||||||||||||
Hazlet, NJ | — | 7,400 | 9,413 | (8,082 | ) | 5,211 | 3,520 | 8,731 | — | N/A | 2007 | |||||||||||||||||||||||||
Huntington, NY | — | 21,200 | 33,667 | 8,588 | 21,200 | 42,255 | 63,455 | (11,361 | ) | N/A | 2007 | |||||||||||||||||||||||||
Inwood, NY | — | 12,419 | 19,097 | 3,115 | 12,419 | 22,212 | 34,631 | (8,521 | ) | N/A | 2004 | |||||||||||||||||||||||||
Jersey City (Hudson Commons), NJ | 29,000 | 652 | 7,495 | 950 | 652 | 8,445 | 9,097 | (3,792 | ) | 1965 | 1965 | |||||||||||||||||||||||||
Jersey City (Hudson Mall), NJ | 23,625 | 15,824 | 37,593 | (3,463 | ) | 15,824 | 34,130 | 49,954 | (4,803 | ) | N/A | 2017 | ||||||||||||||||||||||||
Kearny, NJ | — | 309 | 3,376 | 16,996 | 296 | 20,385 | 20,681 | (5,517 | ) | 1938 | 1959 | |||||||||||||||||||||||||
Lancaster, PA | — | 3,140 | 63 | 2,059 | 3,140 | 2,122 | 5,262 | (922 | ) | 1966 | 1966 | |||||||||||||||||||||||||
Las Catalinas, Puerto Rico | 129,335 | 15,280 | 64,370 | 15,858 | 15,280 | 80,228 | 95,508 | (40,475 | ) | 1996 | 2002 | |||||||||||||||||||||||||
Lawnside, NJ | — | 1,226 | 3,164 | (4,390 | ) | — | — | — | — | 1969 | 1969/ 2015 | |||||||||||||||||||||||||
Lodi (Route 17 North), NJ | — | 238 | 9,446 | 519 | 238 | 9,965 | 10,203 | (4,780 | ) | 1999 | 1975 | |||||||||||||||||||||||||
Lodi (Washington Street), NJ | — | 7,606 | 13,125 | 2,855 | 7,606 | 15,980 | 23,586 | (5,747 | ) | N/A | 2004 | |||||||||||||||||||||||||
Manalapan, NJ | — | 725 | 7,189 | 6,278 | 1,046 | 13,146 | 14,192 | (9,620 | ) | 1971 | 1971 | |||||||||||||||||||||||||
Manchester, MO | 12,500 | 4,409 | 13,756 | (6,799 | ) | 2,858 | 8,508 | 11,366 | (127 | ) | N/A | 2017 | ||||||||||||||||||||||||
Marlton, NJ | 37,400 | 1,611 | 3,464 | 14,416 | 1,454 | 18,037 | 19,491 | (11,913 | ) | 1973 | 1973 | |||||||||||||||||||||||||
Middletown, NJ | 31,400 | 283 | 5,248 | 2,836 | 283 | 8,084 | 8,367 | (6,555 | ) | 1963 | 1963 | |||||||||||||||||||||||||
Millburn, NJ | 23,798 | 15,783 | 25,837 | 400 | 15,783 | 26,237 | 42,020 | (3,312 | ) | N/A | 2017 | |||||||||||||||||||||||||
Montclair, NJ | — | 66 | 419 | 1,439 | 448 | 1,476 | 1,924 | (771 | ) | 1972 | 1972 | |||||||||||||||||||||||||
Montehiedra, Puerto Rico | 113,202 | 9,182 | 66,751 | 29,548 | 9,267 | 96,214 | 105,481 | (46,129 | ) | 1996/ 2015 | 1997 | |||||||||||||||||||||||||
Morris Plains, NJ | — | 1,104 | 6,411 | 8,870 | 1,104 | 15,281 | 16,385 | (7,404 | ) | 1961 | 1985 | |||||||||||||||||||||||||
Mount Kisco, NY | 13,488 | 22,700 | 26,700 | 4,106 | 22,942 | 30,564 | 53,506 | (8,140 | ) | N/A | 2007 | |||||||||||||||||||||||||
New Hyde Park (leased through 2029)(3), NY | — | — | 4 | — | — | 4 | 4 | (4 | ) | 1970 | 1976 | |||||||||||||||||||||||||
Newington, CT | — | 2,421 | 1,200 | 2,052 | 2,421 | 3,252 | 5,673 | (1,578 | ) | 1965 | 1965 | |||||||||||||||||||||||||
Norfolk (leased through 2069)(3), VA | — | — | 3,927 | 15 | — | 3,942 | 3,942 | (3,886 | ) | N/A | 2005 | |||||||||||||||||||||||||
North Bergen (Kennedy Boulevard), NJ | — | 2,308 | 636 | 261 | 2,308 | 897 | 3,205 | (616 | ) | 1993 | 1959 | |||||||||||||||||||||||||
North Bergen (Tonnelle Avenue), NJ | 100,000 | 24,978 | 10,462 | 66,176 | 34,473 | 67,143 | 101,616 | (18,058 | ) | 2009 | 2006 | |||||||||||||||||||||||||
North Plainfield, NJ | 25,100 | 6,577 | 13,983 | 627 | 6,577 | 14,610 | 21,187 | (4,568 | ) | 1955 | 1989 | |||||||||||||||||||||||||
Paramus (leased through 2033)(3), NJ | — | — | — | 12,569 | — | 12,569 | 12,569 | (4,923 | ) | 1957/ 2009 | 2003 | |||||||||||||||||||||||||
Queens, NY | — | 14,537 | 12,304 | 3,733 | 14,537 | 16,037 | 30,574 | (1,721 | ) | N/A | 2015 | |||||||||||||||||||||||||
Rochester (Henrietta) (leased through 2056)(3), NY | — | — | 2,647 | 1,293 | — | 3,940 | 3,940 | (3,664 | ) | 1971 | 1971 | |||||||||||||||||||||||||
Rockville, MD | — | 3,470 | 20,599 | 2,851 | 3,470 | 23,450 | 26,920 | (8,895 | ) | N/A | 2005 | |||||||||||||||||||||||||
Revere (Wonderland), MA | — | 6,323 | 17,130 | — | 6,323 | 17,130 | 23,453 | (163 | ) | N/A | 2019 | |||||||||||||||||||||||||
Salem (leased through 2102)(3), NH | — | 6,083 | — | (3,084 | ) | 2,994 | 5 | 2,999 | — | N/A | 2006 | |||||||||||||||||||||||||
Signal Hill, CA | — | 9,652 | 2,940 | 1 | 9,652 | 2,941 | 12,593 | (974 | ) | N/A | 2006 | |||||||||||||||||||||||||
South Plainfield (leased through 2039)(3), NJ | — | — | 10,044 | 1,926 | — | 11,970 | 11,970 | (3,700 | ) | N/A | 2007 |
Initial cost to company | Gross amount at which carried at close of period | |||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Building and improvements | Costs capitalized subsequent to acquisition | Land | Building and improvements | Total(2) | Accumulated depreciation and amortization(1) | Date of construction | Date acquired | ||||||||||||||||||||||||||
Springfield (leased through 2025)(3), PA | — | — | — | 80 | — | 80 | 80 | (80 | ) | N/A | 2005 | |||||||||||||||||||||||||
Staten Island, NY | — | 11,446 | 21,262 | 4,658 | 11,446 | 25,920 | 37,366 | (10,251 | ) | N/A | 2004 | |||||||||||||||||||||||||
Totowa, NJ | 50,800 | 120 | 11,994 | 4,883 | 92 | 16,905 | 16,997 | (14,446 | ) | 1957/ 1999 | 1957 | |||||||||||||||||||||||||
Turnersville, NJ | — | 900 | 1,342 | 4,057 | 900 | 5,399 | 6,299 | (2,428 | ) | 1974 | 1974 | |||||||||||||||||||||||||
Union (2445 Springfield Avenue), NJ | 45,600 | 19,700 | 45,090 | — | 19,700 | 45,090 | 64,790 | (14,184 | ) | N/A | 2007 | |||||||||||||||||||||||||
Union (Route 22 and Morris Avenue), NJ | — | 3,025 | 7,470 | 7,106 | 3,025 | 14,576 | 17,601 | (5,516 | ) | 1962 | 1962 | |||||||||||||||||||||||||
Vallejo (leased through 2043)(3), CA | — | — | 2,945 | 221 | — | 3,166 | 3,166 | (1,178 | ) | N/A | 2006 | |||||||||||||||||||||||||
Walnut Creek (1149 South Main Street), CA | — | 2,699 | 19,930 | (1,003 | ) | 2,699 | 18,927 | 21,626 | (2,221 | ) | N/A | 2006 | ||||||||||||||||||||||||
Walnut Creek (Mt. Diablo), CA | — | 5,909 | — | 1,340 | 5,908 | 1,341 | 7,249 | (251 | ) | N/A | 2007 | |||||||||||||||||||||||||
Watchung, NJ | 27,000 | 4,178 | 5,463 | 2,738 | 4,441 | 7,938 | 12,379 | (5,957 | ) | 1994 | 1959 | |||||||||||||||||||||||||
Westfield, NJ | 4,730 | 5,728 | 4,305 | (4,459 | ) | 3,349 | 2,225 | 5,574 | (38 | ) | N/A | 2017 | ||||||||||||||||||||||||
Wheaton (leased through 2060)(3), MD | — | — | 5,367 | — | — | 5,367 | 5,367 | (1,778 | ) | N/A | 2006 | |||||||||||||||||||||||||
Wilkes-Barre (461 - 499 Mundy Street), PA | — | 6,053 | 26,646 | (18,630 | ) | 3,133 | 10,936 | 14,069 | (410 | ) | N/A | 2007 | ||||||||||||||||||||||||
Woodbridge (Woodbridge Commons), NJ | 22,100 | 1,509 | 2,675 | 5,483 | 1,539 | 8,128 | 9,667 | (3,376 | ) | 1959 | 1959 | |||||||||||||||||||||||||
Woodbridge (Plaza at Woodbridge), NJ | 55,340 | 21,547 | 75,017 | 304 | 21,547 | 75,321 | 96,868 | (7,213 | ) | N/A | 2017 | |||||||||||||||||||||||||
Wyomissing (leased through 2065)(3), PA | — | — | 2,646 | 1,810 | — | 4,456 | 4,456 | (4,004 | ) | N/A | 2005 | |||||||||||||||||||||||||
Yonkers, NY | 30,122 | 63,341 | 110,635 | 16,339 | 65,942 | 124,373 | 190,315 | (10,976 | ) | N/A | 2017 | |||||||||||||||||||||||||
WAREHOUSES: | ||||||||||||||||||||||||||||||||||||
East Hanover, NJ | 40,700 | 576 | 7,752 | 31,081 | 691 | 38,718 | 39,409 | (19,448 | ) | 1972 | 1972 | |||||||||||||||||||||||||
TOTAL UE PROPERTIES | 1,556,248 | 500,746 | 1,400,350 | 840,123 | 515,621 | 2,225,598 | 2,741,219 | (669,849 | ) | |||||||||||||||||||||||||||
Leasehold Improvements, Equipment and Other | — | — | — | 7,566 | — | 7,566 | 7,566 | (2,097 | ) | |||||||||||||||||||||||||||
TOTAL | $ | 1,556,248 | $ | 500,746 | $ | 1,400,350 | $ | 847,689 | $ | 515,621 | $ | 2,233,164 | $ | 2,748,785 | $ | (671,946 | ) |
Initial cost to company | Gross amount at which carried at close of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Building and improvements | Costs capitalized subsequent to acquisition | Land | Building and improvements | Total(2) | Accumulated depreciation and amortization(1) | Date of construction | Date acquired | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Huntington, NY | — | 21,200 | 33,667 | 17,005 | 11,332 | 60,540 | 71,872 | (8,239) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Inwood, NY | — | 12,419 | 19,097 | 2,829 | 12,419 | 21,926 | 34,345 | (9,786) | N/A | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jersey City (Hudson Commons), NJ | 28,034 | 652 | 7,495 | 1,130 | 652 | 8,625 | 9,277 | (4,231) | 1965 | 1965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jersey City (Hudson Mall), NJ | 22,154 | 15,824 | 37,593 | (3,267) | 14,289 | 35,861 | 50,150 | (6,951) | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kearny, NJ | — | 309 | 3,376 | 18,287 | 296 | 21,676 | 21,972 | (7,232) | 1938 | 1959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lancaster, PA | — | 3,140 | 63 | 2,059 | 3,140 | 2,122 | 5,262 | (1,135) | 1966 | 1966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Las Catalinas, Puerto Rico | 123,977 | 15,280 | 64,370 | 5,740 | 11,490 | 73,900 | 85,390 | (34,602) | 1996 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lodi (Washington Street), NJ | — | 7,606 | 13,125 | (8,813) | 3,823 | 8,095 | 11,918 | (3,217) | N/A | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Manalapan, NJ | — | 725 | 7,189 | 7,240 | 1,046 | 14,108 | 15,154 | (10,605) | 1971 | 1971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Manchester, MO | 12,500 | 4,409 | 13,756 | (6,799) | 2,858 | 8,508 | 11,366 | (708) | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marlton, NJ | 37,400 | 1,611 | 3,464 | 14,759 | 1,454 | 18,380 | 19,834 | (13,006) | 1973 | 1973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Massapequa, (portion leased through 2069)(3), NY | — | 44,035 | 3,084 | 29,423 | 30,077 | 46,465 | 76,542 | (56) | N/A | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Middletown, NJ | 31,400 | 283 | 5,248 | 2,869 | 283 | 8,117 | 8,400 | (6,902) | 1963 | 1963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Millburn, NJ | 22,944 | 15,783 | 25,837 | (578) | 15,783 | 25,259 | 41,042 | (4,414) | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Montclair, NJ | 7,250 | 66 | 419 | 472 | 66 | 891 | 957 | (776) | 1972 | 1972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Montehiedra, Puerto Rico | 79,381 | 9,182 | 66,751 | 30,012 | 7,951 | 97,994 | 105,945 | (52,018) | 1996/ 2015 | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Morris Plains, NJ | — | 1,104 | 6,411 | 18,339 | 1,082 | 24,772 | 25,854 | (8,426) | 1961 | 1985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mount Kisco, NY | 12,377 | 22,700 | 26,700 | 4,403 | 23,297 | 30,506 | 53,803 | (9,877) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New Hyde Park (leased through 2029)(3), NY | — | — | 4 | — | — | 4 | 4 | (4) | 1970 | 1976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Newington, CT | — | 2,421 | 1,200 | 1,658 | 2,421 | 2,858 | 5,279 | (1,460) | 1965 | 1965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Norfolk (leased through 2069)(3), VA | — | — | 3,927 | 15 | — | 3,942 | 3,942 | (3,937) | N/A | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North Bergen (Kennedy Boulevard), NJ | — | 2,308 | 636 | 261 | 2,308 | 897 | 3,205 | (699) | 1993 | 1959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North Bergen (Tonnelle Avenue), NJ | 100,000 | 24,978 | 10,462 | 67,385 | 33,211 | 69,614 | 102,825 | (21,231) | 2009 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North Plainfield, NJ | 25,100 | 6,577 | 13,983 | 795 | 6,577 | 14,778 | 21,355 | (5,518) | 1955 | 1989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramus (leased through 2033)(3), NJ | — | — | — | 12,569 | — | 12,569 | 12,569 | (6,151) | 1957/ 2009 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Queens, NY | — | 14,537 | 12,304 | 4,284 | 14,537 | 16,588 | 31,125 | (2,832) | N/A | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rochester (Henrietta) (leased through 2056)(3), NY | — | — | 2,647 | 1,181 | — | 3,828 | 3,828 | (3,634) | 1971 | 1971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rockville, MD | — | 3,470 | 20,599 | 3,262 | 3,470 | 23,861 | 27,331 | (10,523) | N/A | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revere (Wonderland), MA | — | 6,323 | 17,130 | 28 | 6,323 | 17,158 | 23,481 | (2,396) | N/A | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Salem (leased through 2102)(3), NH | — | 6,083 | — | (1,823) | 2,994 | 1,266 | 4,260 | (24) | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
South Plainfield (leased through 2039)(3), NJ | — | — | 10,044 | 1,926 | — | 11,970 | 11,970 | (4,409) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Springfield (leased through 2025)(3), PA | — | — | — | 80 | — | 80 | 80 | (80) | N/A | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Staten Island, NY | — | 11,446 | 21,262 | 5,072 | 11,446 | 26,334 | 37,780 | (11,973) | N/A | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Totowa, NJ | 50,800 | 120 | 11,994 | 5,024 | 92 | 17,046 | 17,138 | (15,322) | 1957/ 1999 | 1957 |
Initial cost to company | Gross amount at which carried at close of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Building and improvements | Costs capitalized subsequent to acquisition | Land | Building and improvements | Total(2) | Accumulated depreciation and amortization(1) | Date of construction | Date acquired | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Union (2445 Springfield Avenue), NJ | 45,600 | 19,700 | 45,090 | — | 19,700 | 45,090 | 64,790 | (16,439) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Union (Route 22 and Morris Avenue), NJ | — | 3,025 | 7,470 | 7,192 | 3,025 | 14,662 | 17,687 | (6,561) | 1962 | 1962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Walnut Creek (1149 South Main Street), CA | — | 2,699 | 19,930 | (1,003) | 2,699 | 18,927 | 21,626 | (3,559) | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Walnut Creek (Mt. Diablo), CA | — | 5,909 | — | 1,784 | — | 7,693 | 7,693 | — | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Watchung, NJ | 26,097 | 4,178 | 5,463 | 2,929 | 4,441 | 8,129 | 12,570 | (6,638) | 1994 | 1959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wheaton (leased through 2060)(3), MD | — | — | 5,367 | — | — | 5,367 | 5,367 | (2,046) | N/A | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilkes-Barre (461 - 499 Mundy Street), PA | — | 6,053 | 26,646 | (15,463) | 2,823 | 14,413 | 17,236 | (264) | N/A | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Woodbridge (Woodbridge Commons), NJ | 22,100 | 1,509 | 2,675 | 5,637 | 1,539 | 8,282 | 9,821 | (4,013) | 1959 | 1959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Woodbridge (Plaza at Woodbridge), NJ | 54,029 | 21,547 | 75,017 | 8,498 | 21,547 | 83,515 | 105,062 | (10,870) | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wyomissing (leased through 2065)(3), PA | — | — | 2,646 | 403 | — | 3,049 | 3,049 | (2,655) | N/A | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Yonkers, NY | 26,774 | 63,341 | 110,635 | 14,596 | 65,940 | 122,632 | 188,572 | (16,782) | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
INDUSTRIAL: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Hanover, NJ(4) | 40,700 | 5,589 | 57,485 | 30,750 | 5,756 | 88,068 | 93,824 | (22,177) | 1972 | 1972 / 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lodi (Route 17 North), NJ | — | 238 | 9,446 | 4,212 | 238 | 13,658 | 13,896 | (127) | 1999 | 1975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL UE PROPERTIES | 1,695,408 | 583,698 | 1,718,987 | 895,235 | 543,827 | 2,654,093 | 3,197,920 | (752,152) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold Improvements, Equipment and Other | — | — | — | 7,530 | — | 7,530 | 7,530 | (1,795) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | $ | 1,695,408 | $ | 583,698 | $ | 1,718,987 | $ | 902,765 | $ | 543,827 | $ | 2,661,623 | $ | 3,205,450 | $ | (753,947) |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Real Estate | ||||||||||||||||||||
Balance at beginning of period | $ | 2,946,817 | $ | 2,748,785 | $ | 2,768,992 | ||||||||||||||
Additions during the period: | ||||||||||||||||||||
Land | 33,473 | 68,536 | 13,441 | |||||||||||||||||
Buildings & improvements | 200,289 | 145,800 | 31,806 | |||||||||||||||||
Construction in progress | 97,401 | 27,550 | 61,641 | |||||||||||||||||
3,277,980 | 2,990,671 | 2,875,880 | ||||||||||||||||||
Less: Impairments, assets sold, written-off or reclassified as held for sale | (72,530) | (43,854) | (127,095) | |||||||||||||||||
Balance at end of period | $ | 3,205,450 | $ | 2,946,817 | $ | 2,748,785 | ||||||||||||||
Accumulated Depreciation | ||||||||||||||||||||
Balance at beginning of period | $ | 730,366 | $ | 671,946 | $ | 645,872 | ||||||||||||||
Additions charged to operating expenses | 80,288 | 81,691 | 80,774 | |||||||||||||||||
810,654 | 753,637 | 726,646 | ||||||||||||||||||
Less: Accumulated depreciation on assets sold, written-off or reclassified as held for sale | (56,707) | (23,271) | (54,700) | |||||||||||||||||
Balance at end of period | $ | 753,947 | $ | 730,366 | $ | 671,946 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Real Estate | ||||||||||||
Balance at beginning of period | $ | 2,768,992 | $ | 2,671,854 | $ | 2,138,500 | ||||||
Additions during the period: | ||||||||||||
Land | 13,441 | 4,120 | 142,305 | |||||||||
Buildings & improvements | 31,806 | 12,394 | 389,338 | |||||||||
Construction in progress | 61,641 | 118,389 | 34,525 | |||||||||
2,875,880 | 2,806,757 | 2,704,668 | ||||||||||
Less: Impairments and assets sold or written-off | (127,095 | ) | (37,765 | ) | (32,814 | ) | ||||||
Balance at end of period | $ | 2,748,785 | $ | 2,768,992 | $ | 2,671,854 | ||||||
Accumulated Depreciation | ||||||||||||
Balance at beginning of period | $ | 645,872 | $ | 587,127 | $ | 541,077 | ||||||
Additions charged to operating expenses | 80,774 | 80,578 | 65,140 | |||||||||
726,646 | 667,705 | 606,217 | ||||||||||
Less: Accumulated depreciation on assets written-off | (54,700 | ) | (21,833 | ) | (19,090 | ) | ||||||
Balance at end of period | $ | 671,946 | $ | 645,872 | $ | 587,127 |