Urban Edge Properties (UE) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36523
Entity Registrant Name	URBAN EDGE PROPERTIES
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-6311266
Entity Address, Address Line One	888 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	956-2556
Title of 12(b) Security	Common shares of beneficial interest, par value $0.01 per share
Trading Symbol	UE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		117,137,788
Entity Central Index Key	0001611547
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Urban Edge Properties LP
Entity Information [Line Items]
Entity File Number	333-212951-01
Entity Registrant Name	URBAN EDGE PROPERTIES LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4791544
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real estate, at cost:
Land	$ 557,890	$ 568,662
Buildings and improvements	2,364,061	2,326,450
Construction in progress	108,915	44,689
Furniture, fixtures and equipment	7,519	7,016
Total	3,038,385	2,946,817
Accumulated depreciation and amortization	(768,329)	(730,366)
Real estate, net	2,270,056	2,216,451
Operating lease right-of-use assets	75,654	80,997
Cash and cash equivalents	268,952	384,572
Restricted cash	53,840	34,681
Tenant and other receivables	18,178	15,673
Receivable arising from the straight-lining of rents	61,444	62,106
Identified intangible assets, net of accumulated amortization of $37,582 and $37,009, respectively	50,719	56,184
Deferred leasing costs, net of accumulated amortization of $16,915 and $16,419, respectively	17,413	18,585
Prepaid expenses and other assets	65,565	70,311
Total assets	2,881,821	2,939,560
Liabilities:
Mortgages payable, net	1,573,702	1,587,532
Operating lease liabilities	70,071	74,972
Accounts payable, accrued expenses and other liabilities	94,514	132,980
Identified intangible liabilities, net of accumulated amortization of $83,596 and $71,375, respectively	128,479	148,183
Total liabilities	1,866,766	1,943,667
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,137,788 and 117,014,317 shares issued and outstanding, respectively	1,170	1,169
Additional paid-in capital	997,085	989,863
Accumulated deficit	(31,968)	(39,467)
Noncontrolling interests:
Operating partnership	40,006	38,456
Partners’ capital:
Consolidated subsidiaries	8,762	5,872
Total equity	1,015,055	995,893
Total liabilities and equity	2,881,821	2,939,560
Urban Edge Properties LP
Real estate, at cost:
Buildings and improvements	2,364,061	2,326,450
Construction in progress	108,915	44,689
Furniture, fixtures and equipment	7,519	7,016
Total	3,038,385	2,946,817
Accumulated depreciation and amortization	(768,329)	(730,366)
Real estate, net	2,270,056	2,216,451
Operating lease right-of-use assets	75,654	80,997
Cash and cash equivalents	268,952	384,572
Restricted cash	53,840	34,681
Tenant and other receivables	18,178	15,673
Receivable arising from the straight-lining of rents	61,444	62,106
Identified intangible assets, net of accumulated amortization of $37,582 and $37,009, respectively	50,719	56,184
Deferred leasing costs, net of accumulated amortization of $16,915 and $16,419, respectively	17,413	18,585
Prepaid expenses and other assets	65,565	70,311
Total assets	2,881,821	2,939,560
Liabilities:
Mortgages payable, net	1,573,702	1,587,532
Operating lease liabilities	70,071	74,972
Accounts payable, accrued expenses and other liabilities	94,514	132,980
Identified intangible liabilities, net of accumulated amortization of $83,596 and $71,375, respectively	128,479	148,183
Total liabilities	1,866,766	1,943,667
Commitments and contingencies (Note 10)
Shareholders’ equity:
Accumulated deficit	(34,358)	(42,313)
Partners’ capital:
General partner: 117,137,788 and 117,014,317 units outstanding, respectively	998,255	991,032
Limited partners: 4,849,749 and 4,729,010 units outstanding, respectively	42,396	41,302
Total partners’ capital	1,006,293	990,021
Consolidated subsidiaries	8,762	5,872
Total equity	1,015,055	995,893
Total liabilities and equity	$ 2,881,821	$ 2,939,560

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accumulated depreciation, identifiable intangible assets	$ 37,582	$ 37,009
Accumulated amortization, deferred leasing costs	16,915	16,419
Accumulated amortization, deferred financing costs	5,653	4,819
Accumulated amortization, identified intangible liabilities	$ 83,596	$ 71,375
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	500,000,000
Common stock, shares, outstanding (in shares)	117,137,788	117,014,317
Urban Edge Properties LP
Accumulated depreciation, identifiable intangible assets	$ 37,582	$ 37,009
Accumulated amortization, deferred leasing costs	16,915	16,419
Accumulated amortization, identified intangible liabilities	$ 83,596	$ 71,375
Common stock, shares, outstanding (in shares)	117,137,788	117,014,317
Limited Partners, units outstanding (in units)	4,849,749	4,729,010

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUE
Rental revenue	$ 105,985	$ 75,359	$ 294,257	$ 241,624
Total revenue	106,839	75,838	296,506	242,817
EXPENSES
Depreciation and amortization	23,171	22,888	68,534	69,658
Real estate taxes	15,862	14,916	47,826	44,778
Property operating	15,692	13,436	51,874	39,867
General and administrative	10,134	8,700	28,286	36,600
Casualty and impairment loss	372	0	372	0
Lease expense	3,164	3,415	9,665	10,200
Total expenses	68,395	63,355	206,557	201,103
Gain on sale of real estate	6,926	0	18,648	39,775
Interest income	77	282	303	2,387
Interest and debt expense	(14,638)	(18,136)	(44,193)	(53,884)
Income (loss) before income taxes	30,809	(5,371)	64,707	64,900
Income tax (expense) benefit	(704)	(459)	(905)	13,103
Net income (loss)	30,105	(5,830)	63,802	78,003
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(1,149)	225	(2,608)	(3,373)
Consolidated subsidiaries	(1,190)	0	(961)	0
Net income (loss) attributable to common shareholders	$ 27,766	$ (5,605)	$ 60,233	$ 74,630
Earnings per common share - Basic (in dollars per share)	$ 0.24	$ (0.05)	$ 0.51	$ 0.63
Earnings per common share - Diluted (in dollars per share)	$ 0.24	$ (0.05)	$ 0.51	$ 0.63
Weighted average shares outstanding - Basic (in shares)	117,087	116,625	117,009	118,033
Weighted average shares outstanding - Diluted (in shares)	117,137	116,625	122,212	118,111
Casualty and impairment loss	$ 372	$ 0	$ 372	$ 0
Management and development fees
REVENUE
Revenues	280	404	911	1,003
Other income
REVENUE
Revenues	574	75	1,338	190
Urban Edge Properties LP
REVENUE
Rental revenue	105,985	75,359	294,257	241,624
Total revenue	106,839	75,838	296,506	242,817
EXPENSES
Depreciation and amortization	23,171	22,888	68,534	69,658
Real estate taxes	15,862	14,916	47,826	44,778
Property operating	15,692	13,436	51,874	39,867
General and administrative	10,134	8,700	28,286	36,600
Casualty and impairment loss	372	0	372	0
Lease expense	3,164	3,415	9,665	10,200
Total expenses	68,395	63,355	206,557	201,103
Gain on sale of real estate	6,926	0	18,648	39,775
Interest income	77	282	303	2,387
Interest and debt expense	(14,638)	(18,136)	(44,193)	(53,884)
Income (loss) before income taxes	30,809	(5,371)	64,707	64,900
Income tax (expense) benefit	(704)	(459)	(905)	13,103
Net income (loss)	30,105	(5,830)	63,802	78,003
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(1,190)	0	(961)	0
Net income (loss) attributable to common shareholders	$ 28,915	$ (5,830)	$ 62,841	$ 78,003
Earnings per common share - Basic (in dollars per share)	$ 0.24	$ (0.05)	$ 0.52	$ 0.64
Earnings per common share - Diluted (in dollars per share)	$ 0.24	$ (0.05)	$ 0.51	$ 0.63
Weighted average shares outstanding - Basic (in shares)	120,903	120,618	120,839	122,332
Weighted average shares outstanding - Diluted (in shares)	121,987	120,618	122,212	123,174
Casualty and impairment loss	$ 372	$ 0	$ 372	$ 0
Urban Edge Properties LP | Management and development fees
REVENUE
Revenues	280	404	911	1,003
Urban Edge Properties LP | Other income
REVENUE
Revenues	$ 574	$ 75	$ 1,338	$ 190

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Urban Edge Properties LP	Urban Edge Properties LPAccumulated Earnings (Deficit)	Urban Edge Properties LPNCI in Consolidated Subsidiaries	Urban Edge Properties LPGeneral Partner	Urban Edge Properties LPLimited Partners		Common Shares	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Operating Partnership	NCI in Consolidated Subsidiaries	Operating PartnershipUrban Edge Properties LPLimited Partners
Beginning balance (in shares) at Dec. 31, 2019								121,370,125
Beginning balance (in shares) at Dec. 31, 2019					121,370,125	5,833,318
Beginning balance at Dec. 31, 2019	$ 1,014,776	$ 1,014,776	$ (56,166)	$ 424	$ 1,020,362	$ 50,156		$ 1,213	$ 1,019,149	$ (52,546)	$ 46,536	$ 424
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	74,630	78,003	78,003							74,630
Net loss attributable to noncontrolling interests	3,373										3,373
Common units issued as a result of common shares issued by Urban Edge (in shares)					53,193	122,858
Common units issued as a result of common shares issued by Urban Edge		(205)	30		$ (235)
Units redeemed for common shares (in shares)					1,279,389	(1,279,389)		1,279,389
Equity redemption of OP units	$ 8,628	8,628	0		$ 8,628			$ 11	8,617
Repurchase of common shares (in shares)	(5,873,923)				5,873,923	0
Limited partnership units issued, net	$ (54,141)	(54,141)			$ 54,141	$ 0		$ (59)	(54,082)
Reallocation of noncontrolling interests	(8,628)	(8,628)			9,724	(18,352)			9,724		(18,352)
Common shares issued (in shares)								53,193
Common shares issued	205							$ 1	234	(30)
Dividends to common shareholders	(26,647)									(26,647)
Distributions to redeemable NCI	(1,314)										(1,314)
Distributions to Partners		(27,961)	(27,961)
Share-based compensation expense	14,463	14,463			$ 5,255	$ 9,208			5,255		9,208
Share-based awards retained for taxes (in shares)					(127,473)			(127,473)
Share-based awards retained for taxes	(1,461)	(1,461)			$ (1,461)				(1,461)
Ending balance (in shares) at Sep. 30, 2020					116,701,311	4,676,787		116,701,311
Ending balance (in shares) at Sep. 30, 2020					116,701,311	4,676,787
Ending balance at Sep. 30, 2020	1,023,884	1,023,884	(6,154)	424	$ 988,602	$ 41,012	[1]	$ 1,166	987,436	(4,593)	39,451	424
Beginning balance (in shares) at Jun. 30, 2020					116,701,311	4,676,787		116,701,311
Beginning balance at Jun. 30, 2020	1,027,110	1,027,110	(324)	424	$ 986,099	$ 40,911	[1]	$ 1,166	984,933	1,012	39,575	424
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	(5,605)	(5,830)	(5,830)							(5,605)
Net loss attributable to noncontrolling interests	(225)										(225)
Reallocation of noncontrolling interests	0	0			1,866	(1,866)	[1]		1,866		(1,866)
Share-based compensation expense	2,604	2,604			$ 637	$ 1,967	[1]		637		1,967
Ending balance (in shares) at Sep. 30, 2020					116,701,311	4,676,787		116,701,311
Ending balance (in shares) at Sep. 30, 2020					116,701,311	4,676,787
Ending balance at Sep. 30, 2020	$ 1,023,884	$ 1,023,884	(6,154)	424	$ 988,602	$ 41,012	[1]	$ 1,166	987,436	(4,593)	39,451	424
Noncontrolling interest percentage													3.90%
Beginning balance (in shares) at Dec. 31, 2020	117,014,317	117,014,317						117,014,317
Beginning balance (in shares) at Dec. 31, 2020					117,014,317	4,729,010
Beginning balance at Dec. 31, 2020	$ 995,893	$ 995,893	(42,313)	5,872	$ 991,032	$ 41,302		$ 1,169	989,863	(39,467)	38,456	5,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	60,233	62,841	62,841							60,233
Net loss attributable to noncontrolling interests	3,569	961		961							2,608	961
Common units issued as a result of common shares issued by Urban Edge (in shares)					36,533	220,739
Common units issued as a result of common shares issued by Urban Edge		(185)	124		$ (309)
Units redeemed for common shares (in shares)					100,000	(100,000)		100,000
Equity redemption of OP units	$ (5,462)	(5,462)			$ 840	$ (6,302)			840		(6,302)
Repurchase of common shares (in shares)	0
Reallocation of noncontrolling interests	$ 5,462	5,462			4,614	848			4,614		848
Common shares issued (in shares)								36,533
Common shares issued	185							$ 1	308	(124)
Dividends to common shareholders	(52,610)									(52,610)
Distributions to redeemable NCI	(2,152)										(2,152)
Distributions to Partners		(54,762)	(54,762)
Contributions from noncontrolling interests	1,929	1,929		1,929								1,929
Share-based compensation expense	8,218	8,218			$ 1,670	$ 6,548			1,670		6,548
Share-based awards retained for taxes (in shares)					(13,062)			(13,062)
Share-based awards retained for taxes	$ (210)	$ (210)			$ (210)				(210)
Ending balance (in shares) at Sep. 30, 2021	117,137,788	117,137,788						117,137,788
Ending balance (in shares) at Sep. 30, 2021					117,137,788	4,849,749
Ending balance at Sep. 30, 2021	$ 1,015,055	$ 1,015,055	(34,358)	8,762	$ 998,255	$ 42,396	[2]	$ 1,170	997,085	(31,968)	40,006	8,762
Beginning balance (in shares) at Jun. 30, 2021					117,137,337	5,376,145		117,137,337
Beginning balance at Jun. 30, 2021	998,990	998,990	(44,985)	6,154	$ 991,425	$ 46,396	[2]	$ 1,170	990,255	(42,157)	43,568	6,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	27,766	28,915	28,915							27,766
Net loss attributable to noncontrolling interests	2,339	1,190		1,190							1,149	1,190
Common units issued as a result of common shares issued by Urban Edge (in shares)					451	(526,396)
Common units issued as a result of common shares issued by Urban Edge		(1)	20		$ (21)
Units redeemed for common shares (in shares)					0
Equity redemption of OP units	(6,302)	(6,302)			$ 0	$ (6,302)					(6,302)
Reallocation of noncontrolling interests	6,302	6,302			6,302	0	[2]		6,302		0
Common shares issued (in shares)								451
Common shares issued	1								21	(20)
Dividends to common shareholders	(17,557)									(17,557)
Distributions to redeemable NCI	(711)										(711)
Distributions to Partners		(18,268)	(18,268)
Contributions from noncontrolling interests	1,418	1,418		1,418								1,418
Share-based compensation expense	$ 2,809	$ 2,809			$ 507	$ 2,302	[2]		507		2,302
Ending balance (in shares) at Sep. 30, 2021	117,137,788	117,137,788						117,137,788
Ending balance (in shares) at Sep. 30, 2021					117,137,788	4,849,749
Ending balance at Sep. 30, 2021	$ 1,015,055	$ 1,015,055	$ (34,358)	$ 8,762	$ 998,255	$ 42,396	[2]	$ 1,170	$ 997,085	$ (31,968)	$ 40,006	$ 8,762
Noncontrolling interest percentage													4.00%
[1]	Limited partners have a 3.9% common limited partnership interest in the Operating Partnership as of September 30, 2020 in the form of units of interest in the OP Units and LTIP units.
[2]	Limited partners have a 4.0% common limited partnership interest in the Operating Partnership as of September 30, 2021 in the form of units of interest in the OP Units and LTIP units.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Distributions to redeemable NCI (in dollars per unit)	$ 0.15		$ 0.22
Accumulated Earnings (Deficit) | Urban Edge Properties LP
Dividends on common shares (in dollars per share)	0.15	$ 0.45	0.22
Accumulated Earnings (Deficit)
Dividends on common shares (in dollars per share)	0.15	0.45	0.22
Operating Partnership
Distributions to redeemable NCI (in dollars per unit)	$ 0.15	$ 0.45	$ 0.22
Operating Partnership | Limited Partners | Urban Edge Properties LP
Noncontrolling interest percentage	4.00%	4.00%	3.90%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 63,802	$ 78,003
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,872	70,965
Gain on sale of real estate	(18,648)	(39,775)
Casualty and impairment loss	372	0
Gain on extinguishment of debt	0	(34,908)
Amortization of below market leases, net	(19,775)	(6,803)
Noncash lease expense	5,343	5,655
Straight-lining of rent	338	9,503
Share-based compensation expense	8,218	14,463
Change in operating assets and liabilities:
Tenant and other receivables	(2,505)	(2,812)
Deferred leasing costs	(1,735)	(1,110)
Prepaid expenses and other assets	512	(11,656)
Lease liabilities	(4,901)	(5,017)
Accounts payable, accrued expenses and other liabilities	(7,756)	(1,679)
Net cash provided by operating activities	93,137	74,829
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	46,447	18,266
Acquisitions of real estate	54,547	92,132
Proceeds from sale of operating properties	34,482	54,402
Net cash used in investing activities	(66,512)	(55,996)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(14,324)	(87,567)
Dividends to common shareholders	(106,441)	(26,647)
Distributions to redeemable noncontrolling interests	(4,225)	(1,314)
Taxes withheld for vested restricted shares	(210)	(1,461)
Contributions from noncontrolling interests	1,929	0
Borrowings under unsecured credit facility	0	250,000
Proceeds from mortgage loan borrowings	0	90,250
Repurchase of common shares	0	(54,141)
Debt issuance costs	0	(2,298)
Proceeds related to the issuance of common shares	185	205
Net cash (used in) provided by financing activities	(123,086)	167,027
Net (decrease) increase in cash and cash equivalents and restricted cash	(96,461)	185,860
Cash and cash equivalents and restricted cash at beginning of period	419,253	485,136
Cash and cash equivalents and restricted cash at end of period	322,792	670,996
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $734 and $513, respectively	44,424	52,771
Cash payments for income taxes	5,077	482
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	32,600	7,330
Write-off of fully depreciated and impaired assets	5,336	10,748
Mortgage debt forgiven in refinancing	0	30,000
Assumption of debt through the acquisition of real estate	0	72,473
Cash and cash equivalents at beginning of period	384,572	432,954
Cash and cash equivalents at end of period	268,952	646,432
Restricted cash at beginning of period	34,681	52,182
Restricted cash at end of period	53,840	24,564
Cash and cash equivalents and restricted cash at beginning/end of period	322,792	670,996
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	63,802	78,003
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,872	70,965
Gain on sale of real estate	(18,648)	(39,775)
Casualty and impairment loss	372	0
Gain on extinguishment of debt	0	(34,908)
Amortization of below market leases, net	(19,775)	(6,803)
Noncash lease expense	5,343	5,655
Straight-lining of rent	338	9,503
Share-based compensation expense	8,218	14,463
Change in operating assets and liabilities:
Tenant and other receivables	(2,505)	(2,812)
Deferred leasing costs	(1,735)	(1,110)
Prepaid expenses and other assets	512	(11,656)
Lease liabilities	(4,901)	(5,017)
Accounts payable, accrued expenses and other liabilities	(7,756)	(1,679)
Net cash provided by operating activities	93,137	74,829
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	46,447	18,266
Acquisitions of real estate	54,547	92,132
Proceeds from sale of operating properties	34,482	54,402
Net cash used in investing activities	(66,512)	(55,996)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(14,324)	(87,567)
Distributions to partners	110,666	27,961
Taxes withheld for vested restricted shares	(210)	(1,461)
Contributions from noncontrolling interests	1,929	0
Borrowings under unsecured credit facility	0	250,000
Proceeds from mortgage loan borrowings	0	90,250
Repurchase of common shares	0	(54,141)
Debt issuance costs	0	(2,298)
Proceeds related to the issuance of common shares	185	205
Net cash (used in) provided by financing activities	(123,086)	167,027
Net (decrease) increase in cash and cash equivalents and restricted cash	(96,461)	185,860
Cash and cash equivalents and restricted cash at beginning of period	419,253	485,136
Cash and cash equivalents and restricted cash at end of period	322,792	670,996
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $734 and $513, respectively	44,424	52,771
Cash payments for income taxes	5,077	482
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	32,600	7,330
Write-off of fully depreciated and impaired assets	5,336	10,748
Mortgage debt forgiven in refinancing	0	30,000
Assumption of debt through the acquisition of real estate	0	72,473
Cash and cash equivalents at beginning of period	384,572	432,954
Cash and cash equivalents at end of period	268,952	646,432
Restricted cash at beginning of period	34,681	52,182
Restricted cash at end of period	53,840	24,564
Cash and cash equivalents and restricted cash at beginning/end of period	$ 322,792	$ 670,996

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Capitalized interest	$ 734	$ 513
Urban Edge Properties LP
Capitalized interest	$ 734	$ 513

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Urban Edge Properties (“UE”, “Urban Edge” or the “Company”) (NYSE: UE) is a Maryland real estate investment trust focused on managing, developing, redeveloping, and acquiring retail real estate in urban communities, primarily in the New York metropolitan area. Urban Edge Properties LP (“UELP” or the “Operating Partnership”) is a Delaware limited partnership formed to serve as UE’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries. The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership (“OP Units”). As of September 30, 2021, Urban Edge owned approximately 96% of the outstanding common OP Units with the remaining limited OP Units held by members of management, Urban Edge’s Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. As of September 30, 2021, our portfolio consisted of 68 shopping centers, five malls and two industrial parks totaling approximately 16.4 million square feet (“sf”), which is inclusive of a 95% controlling interest in Walnut Creek, CA (Mt. Diablo), and an 82.5% controlling interest in Sunrise Mall, in Massapequa, NY.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions of Form 10-Q. Certain information and footnote disclosures included in our annual financial statements have been condensed or omitted. In the opinion of management, the consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and the Operating Partnership and the results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. Accordingly, these consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities Exchange Commission (“SEC”). The consolidated balance sheets as of September 30, 2021 and December 31, 2020 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of September 30, 2021 and December 31, 2020, excluding the Operating Partnership, we consolidated two VIEs with total assets of $64.6 million and $43.6 million, respectively and total liabilities of $45.1 million and $31.5 million, respectively. The consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 include the consolidated accounts of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. In accordance with ASC 205 Presentation of Financial Statements, certain prior year balances have been reclassified in order to conform to the current period presentation. Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers and malls. We do not distinguish from our primary business or group our operations on a geographical basis for purposes of measuring performance. The Company’s chief operating decision maker reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. None of our tenants accounted for more than 10% of our revenue or property operating income as of September 30, 2021. We aggregate all of our properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Real Estate — Real estate is carried at cost, net of accumulated depreciation and amortization. Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations that improve or extend the useful lives of assets are capitalized. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the property when completed. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to impairment expense. The capitalization period begins when redevelopment activities are under way and ends when the project is substantially complete. Depreciation is recognized on a straight-line basis over estimated useful lives which range from one to 40 years. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments on a relative fair value basis. We assess fair value based on estimated cash flow projections utilizing appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis taking into account the appropriate capitalization rate in determining a future terminal value. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Estimated fair value may be based on discounted future cash flows utilizing appropriate discount and capitalization rates and, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiations, less selling costs. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows change based on uncertain market conditions, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Tenant and Other Receivables and Changes in Collectibility Assessment — Tenant receivables include unpaid amounts billed to tenants, disputed enforceable charges and accrued revenues for future billings to tenants for property expenses. We evaluate the collectibility of amounts due from tenants and disputed enforceable charges on both a lease-by-lease and a portfolio-level, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectibility assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842 Leases . Management exercises judgment in assessing collectibility and considers payment history, current credit status and publicly available information about the financial condition of the tenant, among other factors. Tenant receivables, and receivables arising from the straight-lining of rents, are written-off directly when management deems the collectibility of substantially all future lease payments from a specific lease is not probable, at which point, the Company will begin recognizing revenue from such leases prospectively, based on actual amounts received. This write-off effectively reduces cumulative non-cash rental income recognized from the straight-lining of rents since lease commencement. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the receivables balance, including those arising from the straight-lining of rents, adjusting for the amount related to the period when the lease was accounted for on a cash basis. Recently Issued Accounting Literature — Effective for the fiscal period beginning January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses . In connection with the adoption of ASU 2016-03, we also adopted (i) ASU 2018-19 Codification Improvements to ASC 326, Financial Instruments - Credit Losses, (ii) ASU 2019-04, Codification Improvements to ASC 326, Financial Statements - Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments , ( iii) ASU 2019-05 Financial Instruments - Credit Losses (ASC 326): Targeted Transition Relief and (iv) ASU 2019-11 Codification Improvements to ASC 326, Financial Instruments - Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments and also modifies the impairment model with new methodology for estimating credits losses. In November 2018, the FASB issued ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments — Credit Losses , which included amendments to clarify receivables arising from operating leases are within the scope ASC 842 Leases . Due to the adoption of ASC 842 on January 1, 2019, the Company includes rental revenue deemed uncollectible as a reduction to rental revenue in "Rental revenue" in the consolidated statements of income . As of September 30, 2021, the Company did not have any material outstanding financial instruments. The adoption of ASU 2016-13 did not have a material impact to our consolidated financial statements and disclosures. In December 2019, the FASB issued ASU 2019-12 Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes , which enhances and simplifies various aspects of the income tax accounting. ASU 2019-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. We adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and disclosures. In March 2020 and January 2021, the FASB issued ASU 2020-04 Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and ASU 2021-01 Reference Rate Reform (ASC 848): Scope which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform in contracts and other transactions that reference the London Interbank Offered Rate or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. ASU 2020-04 and ASU 2021-01 are effective for all entities as of March 12, 2020 through December 31, 2022. We currently do not anticipate the need to modify our existing debt agreements as a result of reference rate reform in the current year, however if any modification is executed as a result of reference rate reform, the Company will elect the optional expedient available under ASU 2020-04 and ASU 2021-01, which allows entities to account for the modification as if the modification was not substantial. We will disclose the nature of and reason for electing the optional expedient in each interim and annual financial statement period if and when applicable through December 31, 2022. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief, that lessors provide to mitigate the economic effects of COVID-19 on lessees, is a lease modification under ASC 842. Instead, when the cash flows resulting from the lease concession granted for COVID-19 rent relief are substantially the same or less than the cash flows of the original contract, an entity may elect to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). The FASB stated that there are multiple ways to account for rent concessions, none of which the FASB believes are more preferable than the others. Two of those methods are: (i) account for the concessions as if no changes to the lease contract were made; under that accounting, a lessor would continue to increase its lease receivable and continue to recognize income, referred to as the “receivable approach”; or (ii) account for the deferred payments or abatements as variable lease payments; under that accounting, a lessor would recognize the payment as income in profit or loss in the period in which the changes in facts and circumstances on which the variable lease payments are based occurred, referred to as the “variable approach”. The Company makes this election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. As of September 30, 2021, the Company has granted rent deferrals accounted under both the receivable approach by electing the Lease Modification Q&A and as modifications due to term extensions of the leases. The Company has also granted abatements accounted for under both the variable approach and as modifications due to the executed agreements including other rental term modifications, such as term extensions and substantial changes in cash flows. Refer to Note 10 to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the nine months ended September 30, 2021 and 2020, we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (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 2021 Total $ 56,071 February 12, 2020 Kingswood Center Brooklyn NY 130,000 $ 90,212 February 12, 2020 Kingswood Crossing Brooklyn NY 110,000 77,077 2020 Total $ 167,289 (1) The total purchase price for the properties acquired during the nine months ended September 30, 2021 and 2020 includes $0.6 million and $2.5 million, respectively, of transaction costs incurred related to the acquisitions. The two industrial properties, acquired in August 2021, are adjacent to our existing 943,000 sf warehouse park in East Hanover, NJ. The acquisition of 151 Ridgedale Avenue was partially funded via a Section 1031 exchange (a “1031 exchange”) using cash proceeds from previous dispositions. Kingswood Center and Kingswood Crossing, acquired in February 2020, are located along Kings Highway in the Midwood neighborhood of Brooklyn, NY and were funded via 1031 exchanges using cash proceeds from dispositions. Additionally, as part of the acquisition of Kingswood Center, the Company assumed a $65.5 million mortgage, which matures in 2028. The aggregate purchase price of the above property acquisitions have been allocated as follows: Property Name Land Buildings and improvements Identified intangible assets (1) Identified intangible liabilities (1) Debt premium 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 2021 Total $ 5,065 $ 50,242 $ 1,722 $ (958) $ — $ 56,071 Kingswood Center $ 15,690 $ 76,766 $ 9,263 $ (4,534) $ (6,973) $ 90,212 Kingswood Crossing 8,150 64,159 4,768 — — 77,077 2020 Total $ 23,840 $ 140,925 $ 14,031 $ (4,534) $ (6,973) $ 167,289 (1) As of September 30, 2021, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2021 were 7.6 years and 1.4 years, respectively. The remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2020 were 8.1 years and 9.1 years, respectively. Dispositions During the nine months ended September 30, 2021, we disposed of three properties and one property parcel and received proceeds of $34.9 million, net of selling costs, resulting in an $18.6 million gain on sale of real estate. Of these dispositions completed during the nine months ended September 30, 2021, two were completed as a 1031 exchange with the acquisition of 151 Ridgedale Avenue, allowing for the deferral of capital gains from the sale for income tax purposes.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES Our identified intangible assets (acquired in-place and above-market leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $50.7 million and $128.5 million, respectively, as of September 30, 2021 and $56.2 million and $148.2 million, respectively, as of December 31, 2020. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $15.0 million and $19.8 million for the three and nine months ended September 30, 2021, respectively, and $2.3 million and $6.8 million for the same periods in 2020. Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $2.2 million and $6.1 million for the three and nine months ended September 30, 2021, respectively, and $2.1 million and $6.3 million for the same periods in 2020. On September 29, 2021, the Company entered into agreements to terminate our three remaining Kmart and Sears leases effective October 15, 2021. The modification of these leases resulted in accelerated amortization of the below-market intangible lease liabilities and in-place lease intangible assets of $12.5 million and $0.4 million, respectively. The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2021 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2021 (1) $ 35,787 $ (284) $ (1,886) 2022 7,223 (803) (6,198) 2023 7,178 (695) (5,057) 2024 6,942 (631) (4,570) 2025 6,761 (452) (3,922) 2026 6,383 (434) (3,609) (1) Remainder of 2021. Includes accelerated amortization of below-market leases of $33.5 million related to the leases with Kmart and Sears.

MORTGAGES PAYABLE

MORTGAGES PAYABLE	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of September 30, 2021 and December 31, 2020. Interest Rate at (Amounts in thousands) Maturity September 30, 2021 September 30, 2021 December 31, 2020 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 1.69% $ 28,541 $ 28,930 Westfield (One Lincoln Plaza) (1)(3) 5/24/2022 1.69% — 4,730 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 1.69% 54,595 55,340 Jersey City (Hudson Commons) (2) 11/15/2024 1.99% 28,172 28,586 Watchung (2) 11/15/2024 1.99% 26,226 26,613 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 1.99% 24,803 25,172 Total variable rate debt 162,337 169,371 Fixed rate Bergen Town Center - West, Paramus 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 9,864 10,351 Jersey City (Hudson Mall) 12/1/2023 5.07% 22,345 22,904 Yonkers Gateway Center 4/6/2024 4.16% 27,207 28,482 Brick 12/10/2024 3.87% 49,778 50,000 North Plainfield 12/10/2025 3.99% 25,100 25,100 Las Catalinas 2/1/2026 4.43% 124,897 127,669 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% 23,055 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% 71,035 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% 79,831 81,141 Montclair 8/15/2030 3.15% 7,250 7,250 Garfield 12/1/2030 4.14% 40,300 40,300 Mt Kisco 11/15/2034 6.40% 12,526 12,952 Total fixed rate debt 1,419,988 1,428,026 Total mortgages payable 1,582,325 1,597,397 Unamortized debt issuance costs (8,623) (9,865) Total mortgages payable, net $ 1,573,702 $ 1,587,532 (1) Bears interest at one month LIBOR plus 160 bps. (2) Bears interest at one month LIBOR plus 190 bps. (3) Loan repaid in July 2021 in connection with the disposition of the property. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.3 billion as of September 30, 2021. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of September 30, 2021, we were in compliance with all debt covenants. As of September 30, 2021, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2021 (1) $ 4,114 2022 98,915 2023 349,814 2024 163,720 2025 40,946 2026 230,694 Thereafter 694,122 (1) Remainder of 2021. Revolving Credit Agreement On January 15, 2015, we entered into a $500 million Revolving Credit Agreement (the “Agreement”) with certain financial institutions. On March 7, 2017, we amended and extended the Agreement to increase the credit facility size by $100 million to $600 million and extended the maturity date to March 7, 2021, with two six-month extension options. On July 29, 2019, we entered into a second amendment to the Agreement to extend the maturity date to January 29, 2024, with two six-month extension options. On June 3, 2020, we entered into a third amendment to the Agreement, which among other things, modified certain definitions and the measurement period for certain financial covenants to a trailing four-quarter period instead of the most recent quarter annualized. Company borrowings under the Agreement are subject to interest at LIBOR plus 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points. Both the spread over LIBOR and the facility fee are based on our current leverage ratio and are subject to change. The Agreement contains customary financial covenants including a maximum leverage ratio of 60% and a minimum fixed charge coverage ratio of 1.5x. No amounts were drawn or outstanding under the Agreement as of September 30, 2021 or December 31, 2020, respectively. Financing costs associated with executing the Agreement of $2.5 million and $3.3 million as of September 30, 2021 and December 31, 2020, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net. Mortgage on Las Catalinas Mall In April 2020, we notified the servicer of the $129 million non-recourse mortgage loan on Las Catalinas Mall in Puerto Rico that cash flow would be insufficient to service the debt and that we were unwilling to fund the shortfalls. In December 2020, the non-recourse mortgage loan on Las Catalinas Mall was modified to convert the mortgage from an amortizing 4.43% loan to interest only payments, starting at 3.00% in 2021 and increasing 50 basis points annually until returning to 4.43% in 2024 and thereafter, and to include the ability for the Company to repay the loan at a discounted value of $72.5 million, beginning in August 2023 through the extended maturity date of February 2026. While it is possible we will be able to repay the loan at the discounted value, it is contingent upon certain factors including the future operating performance of the property as well as the ability to meet all required payments on the loan. Therefore, in accordance with ASC 470-60 Troubled Debt Restructurings, the Company did not recognize a gain at the time of the restructuring, as the future cash payments, including contingent payments, are greater than the carrying value of the mortgage payable. We have accrued interest of $5.4 million related to this mortgage, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet as of September 30, 2021. We incurred $1.2 million of lender fees in connection with the loan modification which are treated as a reduction of the mortgage payable balance and amortized over the term of the loan in accordance with the provisions under ASC 470-60. Mortgage on The Outlets at Montehiedra In connection with the refinancing of the loan secured by The Outlets at Montehiedra (“Montehiedra”) in the second quarter of 2020, the Company provided a $12.5 million limited corporate guarantee. The guarantee is reduced commensurate with the loan amortization schedule and will reduce to zero in approximately five years. As of September 30, 2021, the remaining exposure under the guarantee is $10.3 million. There was no separate liability recorded related to this guarantee.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the filing of its 2015 tax return for its tax year ended December 31, 2015. With the exception of the Company’s taxable REIT subsidiary (“TRS”), to the extent the Company meets certain requirements under the Code, the Company will not be taxed on its federal taxable income. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates, including any alternative minimum tax, which, for corporations, was repealed under the Tax Cuts and Jobs Act (“TCJA”) and may not be able to qualify as a REIT for the four subsequent taxable years. In addition to its TRS, the Company is subject to certain foreign and state and local income taxes, in particular income taxes arising from its operating activities in Puerto Rico, which are included in income tax expense in the consolidated statements of income. For U.S. federal income tax purposes, the REIT and other minority members are partners in the Operating Partnership. As such, the partners are required to report their share of taxable income on their respective tax returns. However, during the nine months ended September 30, 2021 and 2020, certain non-real estate operating activities that could not be performed by the REIT, occurred through the Company’s taxable REIT subsidiary (“TRS”), and the Company’s TRS is subject to federal, state and local income taxes. These income taxes are included in the income tax expense in the consolidated statements of income. During the nine months ended September 30, 2021, the REIT was subject to Puerto Rico corporate income taxes on its allocable share of the Company’s Puerto Rico operating activities. The Puerto Rico corporate income tax consists of a flat 18.5% tax rate plus a graduated income surcharge tax for a maximum corporate income tax rate of 37.5%. In addition, the REIT is subject to a 10% branch profit tax on the earnings and profits generated from its allocable share of the Company’s Puerto Rico operating activities and such tax is included in income tax expense in the consolidated statements of income. During the nine months ended September 30, 2020 the Company also had activities occurring in special partnerships subject to a Puerto Rico 29% non-resident withholding tax on the net income from operating activities allocated to the Operating Partnership. During the nine months ended September 30, 2020, the Company completed a refinancing and legal entity restructuring transaction at The Outlets at Montehiedra in San Juan, PR, which resulted in a deferred tax asset, net of $13.1 million and recognized an accompanying income tax benefit on its consolidated statements of income. As a result, for the three and nine months ended September 30, 2020 the Company recorded an income tax benefit of $1.3 million and $14.8 million, respectively, which is included in income tax benefit (expense) in the consolidated statements of income. For the tax year ended December 31, 2020, the Company recognized a gain on extinguishment of debt for U.S. federal income tax purposes and implemented various tax planning strategies to limit its impact on the Company’s overall U.S. federal taxable income. The strategies implemented resulted in the recognition of an estimated state and local income tax expense of $4.5 million for the REIT during the year ended December 31, 2020. During the nine months ended September 30, 2021, the Company refined the estimated state and local income tax accrued in 2020 and recognized an income tax benefit of $0.5 million. For the three and nine months ended September 30, 2021, the Puerto Rico income tax expense was $0.7 million and $1.4 million, respectively and the REIT’s state and local income tax benefit was $0.5 million for the nine months ended September 30, 2021. There was no state and local income tax benefit recognized for the three months ended September 30, 2021. All amounts for the three and nine months ended September 30, 2021 and 2020 are included in income tax expense on the consolidated statements of income.

LEASES (Notes)

LEASES (Notes)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
LEASES	LEASESAll rental revenue was generated from operating leases for the three and nine months ended September 30, 2021 and September 30, 2020, respectively. The components of rental revenue for the three and nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2021 2020 2021 2020 Rental Revenue Fixed lease revenue (1) $ 80,961 $ 53,396 $ 216,200 $ 174,141 Variable lease revenue 25,024 21,963 78,057 67,483 Total rental revenue $ 105,985 $ 75,359 $ 294,257 $ 241,624 (1) Amount includes write-off of $12.5 million of below-market intangible liabilities related to the termination of the Kmart and Sears leases.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis There were no financial assets or liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2021 and December 31, 2020. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash and cash equivalents and mortgages payable. Cash and cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The fair value of cash and cash equivalents is classified as Level 1 and the fair values of mortgages payable is classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2021 and December 31, 2020. As of September 30, 2021 As of December 31, 2020 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 268,952 $ 268,952 $ 384,572 $ 384,572 Liabilities: Mortgages payable (1) $ 1,582,325 $ 1,588,270 $ 1,597,397 $ 1,611,868 (1) Carrying amounts exclude unamortized debt issuance costs of $8.6 million and $9.9 million as of September 30, 2021 and December 31, 2020, respectively. Nonfinancial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We assess the carrying value of our properties for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. No material impairment charges were recognized during the three and nine months ended September 30, 2021 or 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES There are various legal actions against us in the ordinary course of business. After consultation with legal counsel, we have concluded that the outcome of such matters will not have a material adverse effect on our financial condition, results of operations, or cash flows. Redevelopment and Anchor Repositioning As of September 30, 2021, we had approximately $152.4 million of active development, redevelopment and anchor repositioning projects under way, of which $91.1 million remains to be funded. Further, while we have identified future projects in our development pipeline, we are under no obligation to execute and fund any of these projects and each of these projects is being reevaluated considering market conditions. Termination of Kmart and Sears Leases On September 29, 2021, the Company reached an agreement with Transform HoldCo LLC, the owner and operator of Kmart and Sears, to terminate its remaining leases at Bruckner Commons, Sunrise Mall and The Outlets at Montehiedra effective October 15, 2021. The Company recorded a $20 million accrual as of September 30, 2021, for the payment made on October 15, 2021, to recapture control of these spaces. As controlling these anchor spaces is a critical aspect of the value creation plans the Company has under way to reposition these spaces, the $20 million has been capitalized as construction in progress. Insurance The Company’s primary and excess insurance policies providing coverage for pollution related losses have an aggregate limit of $50 million and provide remediation and business interruption coverage for pollution incidents, which pursuant to our policies expressly include the presence and dispersal of viruses. On December 23, 2020, the Company initiated litigation in New Jersey state court, Bergen County, under these policies to recover uncollected rents and other amounts resulting from the COVID-19 virus. Insurance premiums are typically charged directly to each of the properties but not all of the cost of such premiums are recovered. The Company is responsible for deductibles, losses in excess of insurance coverage, and the portion of premiums not reimbursable by tenants at our properties, which could be material. We continue to monitor the state of the insurance market and the scope and costs of available coverage. We cannot anticipate what coverage will be available on commercially reasonable terms in the future and expect premiums across most coverage lines to increase in light of recent events. The incurrence of uninsured losses, costs or uncovered premiums could materially and adversely affect our business, results of operations and financial condition. Certain of our loans and other agreements contain customary covenants requiring the maintenance of insurance coverage. Although we believe that we currently have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders or other counterparties insist on greater coverage than we are able to obtain, such requirement could materially and adversely affect our ability to finance our properties and expand our portfolio. Environmental Matters Each of our properties has been subjected to varying degrees of environmental assessment at various times. Based on these assessments, we have accrued costs of $1.7 million and $1.8 million on our consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively, for remediation costs for environmental contamination at certain properties. While this accrual reflects our best estimates of the potential costs of remediation at these properties, there can be no assurance that the actual costs will not exceed these amounts. Although we are not aware of any other material environmental contamination, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. Pandemic-Related Contingencies On March 11, 2020, the World Health Organization characterized the COVID-19 outbreak as a pandemic. Since March 2020, the Company has granted rent concessions and other lease-related relief, such as rent deferrals, to tenants impacted by the pandemic. Rent relief, deferral or abatements and tenant defaults on lease obligations, such as repayment of deferred rent may have a negative impact on our rental revenue and net income. Other than adjusting revenue for tenant receivables that may not be collectible, the Company is not currently aware of any other loss contingencies related to the COVID-19 pandemic that would require recognition at this time. Bankruptcies Although our rental revenue is supported by long-term leases, leases may be rejected in a bankruptcy proceeding and the related tenant stores may permanently vacate prior to lease expiration. In the event a tenant with a significant number of leases or square footage in our shopping centers files for bankruptcy and rejects its leases with us, we could experience a reduction in our revenues. We monitor the operating performance and rent collections of all tenants in our shopping centers, especially those tenants in arrears or operating retail formats that are experiencing significant changes in competition, business practice, or store closings in other locations. Given the economic environment brought upon by COVID-19, certain tenants experienced liquidity or financial hardships and filed for Chapter 11 bankruptcy protection since the pandemic was declared. Although some of these tenants intend to exit the Chapter 11 bankruptcy process and resume operations, the outcomes of such proceedings are unknown and the Company is currently exploring leasing alternatives for these spaces.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) September 30, 2021 December 31, 2020 Other assets $ 9,463 $ 5,953 Deferred tax asset, net 38,376 39,677 Deferred financing costs, net of accumulated amortization of $5,653 and $4,819, respectively 2,512 3,347 Finance lease right-of-use asset 2,724 2,724 Real estate held for sale — 7,056 Prepaid expenses: Real estate taxes 7,560 8,093 Insurance 3,298 1,583 Licenses/fees 1,632 1,878 Total Prepaid expenses and other assets $ 65,565 $ 70,311

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The following is a summary of the composition of accounts payable, accrued expenses and other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) September 30, 2021 December 31, 2020 Dividend payable $ — $ 55,905 Deferred tenant revenue 23,958 26,594 Accrued interest payable 9,437 11,095 Accrued capital expenditures and leasing costs (1) 33,115 7,797 Security deposits 6,720 5,884 Finance lease liability 3,001 2,993 Accrued payroll expenses 6,811 5,797 Other liabilities and accrued expenses 11,472 16,915 Total accounts payable, accrued expenses and other liabilities $ 94,514 $ 132,980 (1) Amount includes $20 million due in connection with the agreements to terminate our three Kmart and Sears leases.

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	9 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
INTEREST AND DEBT EXPENSE	INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense in the consolidated statements of income: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2021 2020 2021 2020 Interest expense $ 13,893 $ 17,433 $ 41,946 $ 51,771 Amortization of deferred financing costs 745 703 2,247 2,113 Total Interest and debt expense $ 14,638 $ 18,136 $ 44,193 $ 53,884

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
EQUITY AND NONCONTROLLING INTEREST	EQUITY AND NONCONTROLLING INTEREST At-The-Market Program On May 5, 2021 the Company established an at-the-market equity program (the “ATM Program”), pursuant to which the Company may offer and sell common shares, par value $0.01 per share, with an aggregate gross sales price of up to $250 million. Sales under the ATM Program may be made from time to time, as needed, by means of ordinary brokers’ transactions or other transactions that are deemed to be “at the market” offerings, in privately negotiated transactions, which may include block trades, or as otherwise agreed with the sales agents. As of September 30, 2021, the Company has not issued any common shares under the ATM Program. Future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common shares, and our capital needs. The Company has no obligation to sell any shares under the ATM Program. Share Repurchase Program In March 2020, the Company’s Board of Trustees authorized a share repurchase program for up to $200 million of the Company’s common shares. Under the program, the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s shares, trading volume and general market conditions. The share repurchase program does not obligate the Company to acquire any particular amount of common shares and may be suspended or discontinued at any time at the Company’s discretion. During the nine months ended September 30, 2021, no shares were repurchased by the Company. During the nine months ended September 30, 2020, the Company repurchased 5.9 million common shares at a weighted average share price of $9.22 under this program, for a total of $54.1 million. Dividends and Distributions During the three months ended September 30, 2021, the Company declared distributions on common shares and OP units of $0.15 per share/unit. During the three months ended September 30, 2020, the Company temporarily suspended dividends as a result of the COVID-19 pandemic and resulting uncertainty, and as such, no dividends were declared on our common shares or OP units. During the nine months ended September 30, 2021 and 2020, respectively, the Company declared distributions on our common shares and OP units of $0.45 and $0.22 per share/unit in the aggregate. Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership reflected on the consolidated balance sheets of the Company are comprised of OP units and limited partnership interests in the Operating Partnership in the form of LTIP unit awards. LTIP unit awards were granted to certain executives pursuant to our 2015 Omnibus Share Plan (the “Omnibus Share Plan”) and our 2018 Inducement Equity Plan (the “Inducement Plan”). OP units were issued to contributors in exchange for their property interests in connection with the Company’s property acquisitions in 2017. The total of the OP units and LTIP units represent a 4.0% and 4.2% weighted-average interest in the Operating Partnership for the three and nine months ended September 30, 2021, respectively. Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for cash, or for the Company’s common shares on a one-for-one basis, solely at our election. Holders of outstanding OP units may redeem their units for cash or the Company’s common shares on a one-for-one basis, solely at our election. The Company’s noncontrolling interests relate to the 5% interest held by others in our property in Walnut Creek, CA (Mount Diablo) and 17.5% held by others in our property in Massapequa, NY. T

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Share-Based Compensation Expense Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2021 2020 2021 2020 Share-based compensation expense components: Restricted share expense $ 98 $ 199 $ 365 $ 653 Stock option expense 384 432 1,181 4,559 LTIP expense (1) 1,326 1,023 3,659 6,323 Performance-based LTI expense (2) 976 944 2,889 2,886 Deferred share unit (“DSU”) expense 25 6 124 42 Total Share-based compensation expense $ 2,809 $ 2,604 $ 8,218 $ 14,463 (1) LTIP expense includes the time-based portion of the 2018, 2019, 2020 and 2021 LTI Plans. (2) Performance-based LTI expense includes the 2017 OPP plan and the performance-based portion of the 2018, 2019, 2020 and 2021 LTI Plans. Equity award activity during the nine months ended September 30, 2021 included: (i) 333,333 stock options vested, (ii) 325,625 LTIP units granted, (iii) 151,398 LTIP units vested, (iv) 2,886 LTIP units forfeited, (v) 34,532 restricted shares vested, (vi) 17,933 restricted shares granted, and (vii) 5,945 restricted shares forfeited. 2021 Long-Term Incentive Plan On February 10, 2021, the Compensation Committee of the Board of Trustees of the Company approved the Company’s 2021 Long-Term Incentive Plan (“2021 LTI Plan”). The Plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, have the opportunity to earn awards in the form of LTIP units that vest based on the passage of time (one-half of the program) and performance goals tied to our relative and absolute total shareholder return (“TSR”) during the three-year performance period following their grant (one-half of the program). The total grant date fair value under the 2021 LTI Plan was $7.8 million comprising both performance-based and time-based awards as described further below: Performance-based awards For the performance-based awards under the 2021 LTI Plan, participants have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s absolute and/or relative TSR meets certain criteria over the three-year performance measurement period (the “Performance Period”) beginning on February 10, 2021 and ending on February 9, 2024. The Company granted performance-based awards under the 2021 LTI Plan that represent 398,977 LTIP Units. The fair value of the performance-based award portion of the 2021 LTI Plan on the date of grant was $3.9 million using a Monte Carlo simulation to estimate the fair value through a risk-neutral premise. Under the Absolute TSR component, 40% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to 18%, 100% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to 27%, and 165% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to or greater than 36%. The Relative TSR component is based on the Company’s performance compared to a peer group comprised of 15 companies. Under the Relative TSR Component, 40% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to the 35 th percentile of the peer group, 100% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to the 55 th percentile of the peer group, and 165% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to or above the 75th percentile of the peer group, with earning determined using linear interpolation if in between such relative and absolute TSR thresholds. Time-based awards The time-based awards granted under the 2021 LTI Plan, also granted in the form of LTIP Units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratably over four years. As of September 30, 2021, the Company granted time-based awards under the 2021 LTI Plan that represent 273,615 LTIP units with a grant date fair value of $3.9 million.

EARNINGS PER SHARE AND UNIT

EARNINGS PER SHARE AND UNIT	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND UNIT	EARNINGS PER SHARE AND UNIT Urban Edge Earnings per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of Urban Edge common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such have non-forfeitable rights to receive dividends. The following table sets forth the computation of our basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ 27,766 $ (5,605) $ 60,233 $ 74,630 Less: Earnings allocated to unvested participating securities (12) 4 (29) (50) Net income (loss) available for common shareholders - basic $ 27,754 $ (5,601) $ 60,204 $ 74,580 Impact of assumed conversions: OP and LTIP units — — 2,608 — Net income available for common shareholders - dilutive $ 27,754 $ (5,601) $ 62,812 $ 74,580 Denominator: Weighted average common shares outstanding - basic 117,087 116,625 117,009 118,033 Effect of dilutive securities (1) : Restricted share awards 50 — 56 78 Assumed conversion of OP and LTIP units — — 5,147 — Weighted average common shares outstanding - diluted 117,137 116,625 122,212 118,111 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.24 $ (0.05) $ 0.51 $ 0.63 Earnings (loss) per common share - Diluted $ 0.24 $ (0.05) $ 0.51 $ 0.63 ( 1) For the three months ended September 30, 2021 and the three and nine months ended September 30, 2020, the effect of the redemption of OP and LTIP units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for these periods. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands, except per unit amounts) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to unitholders $ 28,915 $ (5,830) $ 62,841 $ 78,003 Less: net income attributable to participating securities (12) 4 (29) (50) Net income (loss) available for unitholders $ 28,903 $ (5,826) $ 62,812 $ 77,953 Denominator: Weighted average units outstanding - basic 120,903 120,618 120,839 122,332 Effect of dilutive securities issued by Urban Edge 50 — 56 78 Unvested LTIP units 1,034 — 1,317 764 Weighted average units outstanding - diluted 121,987 120,618 122,212 123,174 Earnings per unit available to unitholders: Earnings (loss) per unit - Basic $ 0.24 $ (0.05) $ 0.52 $ 0.64 Earnings (loss) per unit - Diluted $ 0.24 $ (0.05) $ 0.51 $ 0.63

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions of Form 10-Q. Certain information and footnote disclosures included in our annual financial statements have been condensed or omitted. In the opinion of management, the consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and the Operating Partnership and the results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. Accordingly, these consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities Exchange Commission (“SEC”).
Consolidation and Noncontrolling Interests	The consolidated balance sheets as of September 30, 2021 and December 31, 2020 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of September 30, 2021 and December 31, 2020, excluding the Operating Partnership, we consolidated two VIEs with total assets of $64.6 million and $43.6 million, respectively and total liabilities of $45.1 million and $31.5 million, respectively. The consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 include the consolidated accounts of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Literature	Recently Issued Accounting Literature — Effective for the fiscal period beginning January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses . In connection with the adoption of ASU 2016-03, we also adopted (i) ASU 2018-19 Codification Improvements to ASC 326, Financial Instruments - Credit Losses, (ii) ASU 2019-04, Codification Improvements to ASC 326, Financial Statements - Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments , ( iii) ASU 2019-05 Financial Instruments - Credit Losses (ASC 326): Targeted Transition Relief and (iv) ASU 2019-11 Codification Improvements to ASC 326, Financial Instruments - Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments and also modifies the impairment model with new methodology for estimating credits losses. In November 2018, the FASB issued ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments — Credit Losses , which included amendments to clarify receivables arising from operating leases are within the scope ASC 842 Leases . Due to the adoption of ASC 842 on January 1, 2019, the Company includes rental revenue deemed uncollectible as a reduction to rental revenue in "Rental revenue" in the consolidated statements of income . As of September 30, 2021, the Company did not have any material outstanding financial instruments. The adoption of ASU 2016-13 did not have a material impact to our consolidated financial statements and disclosures. In December 2019, the FASB issued ASU 2019-12 Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes , which enhances and simplifies various aspects of the income tax accounting. ASU 2019-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. We adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and disclosures. In March 2020 and January 2021, the FASB issued ASU 2020-04 Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and ASU 2021-01 Reference Rate Reform (ASC 848): Scope which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform in contracts and other transactions that reference the London Interbank Offered Rate or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. ASU 2020-04 and ASU 2021-01 are effective for all entities as of March 12, 2020 through December 31, 2022. We currently do not anticipate the need to modify our existing debt agreements as a result of reference rate reform in the current year, however if any modification is executed as a result of reference rate reform, the Company will elect the optional expedient available under ASU 2020-04 and ASU 2021-01, which allows entities to account for the modification as if the modification was not substantial. We will disclose the nature of and reason for electing the optional expedient in each interim and annual financial statement period if and when applicable through December 31, 2022. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief, that lessors provide to mitigate the economic effects of COVID-19 on lessees, is a lease modification under ASC 842. Instead, when the cash flows resulting from the lease concession granted for COVID-19 rent relief are substantially the same or less than the cash flows of the original contract, an entity may elect to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). The FASB stated that there are multiple ways to account for rent concessions, none of which the FASB believes are more preferable than the others. Two of those methods are: (i) account for the concessions as if no changes to the lease contract were made; under that accounting, a lessor would continue to increase its lease receivable and continue to recognize income, referred to as the “receivable approach”; or (ii) account for the deferred payments or abatements as variable lease payments; under that accounting, a lessor would recognize the payment as income in profit or loss in the period in which the changes in facts and circumstances on which the variable lease payments are based occurred, referred to as the “variable approach”. The Company makes this election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. As of September 30, 2021, the Company has granted rent deferrals accounted under both the receivable approach by electing the Lease Modification Q&A and as modifications due to term extensions of the leases. The Company has also granted abatements accounted for under both the variable approach and as modifications due to the executed agreements including other rental term modifications, such as term extensions and substantial changes in cash flows. Refer to Note 10 to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the nine months ended September 30, 2021 and 2020, we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (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 2021 Total $ 56,071 February 12, 2020 Kingswood Center Brooklyn NY 130,000 $ 90,212 February 12, 2020 Kingswood Crossing Brooklyn NY 110,000 77,077 2020 Total $ 167,289 (1) The total purchase price for the properties acquired during the nine months ended September 30, 2021 and 2020 includes $0.6 million and $2.5 million, respectively, of transaction costs incurred related to the acquisitions.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The aggregate purchase price of the above property acquisitions have been allocated as follows: Property Name Land Buildings and improvements Identified intangible assets (1) Identified intangible liabilities (1) Debt premium 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 2021 Total $ 5,065 $ 50,242 $ 1,722 $ (958) $ — $ 56,071 Kingswood Center $ 15,690 $ 76,766 $ 9,263 $ (4,534) $ (6,973) $ 90,212 Kingswood Crossing 8,150 64,159 4,768 — — 77,077 2020 Total $ 23,840 $ 140,925 $ 14,031 $ (4,534) $ (6,973) $ 167,289

IDENTIFIED INTANGIBLE ASSETS _2

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Estimated Annual Amortization Expense	The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2021 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2021 (1) $ 35,787 $ (284) $ (1,886) 2022 7,223 (803) (6,198) 2023 7,178 (695) (5,057) 2024 6,942 (631) (4,570) 2025 6,761 (452) (3,922) 2026 6,383 (434) (3,609) (1) Remainder of 2021. Includes accelerated amortization of below-market leases of $33.5 million related to the leases with Kmart and Sears.

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	The following is a summary of mortgages payable as of September 30, 2021 and December 31, 2020. Interest Rate at (Amounts in thousands) Maturity September 30, 2021 September 30, 2021 December 31, 2020 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 1.69% $ 28,541 $ 28,930 Westfield (One Lincoln Plaza) (1)(3) 5/24/2022 1.69% — 4,730 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 1.69% 54,595 55,340 Jersey City (Hudson Commons) (2) 11/15/2024 1.99% 28,172 28,586 Watchung (2) 11/15/2024 1.99% 26,226 26,613 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 1.99% 24,803 25,172 Total variable rate debt 162,337 169,371 Fixed rate Bergen Town Center - West, Paramus 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 9,864 10,351 Jersey City (Hudson Mall) 12/1/2023 5.07% 22,345 22,904 Yonkers Gateway Center 4/6/2024 4.16% 27,207 28,482 Brick 12/10/2024 3.87% 49,778 50,000 North Plainfield 12/10/2025 3.99% 25,100 25,100 Las Catalinas 2/1/2026 4.43% 124,897 127,669 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% 23,055 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% 71,035 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% 79,831 81,141 Montclair 8/15/2030 3.15% 7,250 7,250 Garfield 12/1/2030 4.14% 40,300 40,300 Mt Kisco 11/15/2034 6.40% 12,526 12,952 Total fixed rate debt 1,419,988 1,428,026 Total mortgages payable 1,582,325 1,597,397 Unamortized debt issuance costs (8,623) (9,865) Total mortgages payable, net $ 1,573,702 $ 1,587,532 (1) Bears interest at one month LIBOR plus 160 bps. (2) Bears interest at one month LIBOR plus 190 bps.
Schedule of Principal Repayments	As of September 30, 2021, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2021 (1) $ 4,114 2022 98,915 2023 349,814 2024 163,720 2025 40,946 2026 230,694 Thereafter 694,122 (1)

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three and nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2021 2020 2021 2020 Rental Revenue Fixed lease revenue (1) $ 80,961 $ 53,396 $ 216,200 $ 174,141 Variable lease revenue 25,024 21,963 78,057 67,483 Total rental revenue $ 105,985 $ 75,359 $ 294,257 $ 241,624 (1) Amount includes write-off of $12.5 million of below-market intangible liabilities related to the termination of the Kmart and Sears leases.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Instrument Carrying Amounts and Fair Values	The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2021 and December 31, 2020. As of September 30, 2021 As of December 31, 2020 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 268,952 $ 268,952 $ 384,572 $ 384,572 Liabilities: Mortgages payable (1) $ 1,582,325 $ 1,588,270 $ 1,597,397 $ 1,611,868 (1) Carrying amounts exclude unamortized debt issuance costs of $8.6 million and $9.9 million as of September 30, 2021 and December 31, 2020, respectively.

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Composition of Prepaid Expenses and Other Assets	The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) September 30, 2021 December 31, 2020 Other assets $ 9,463 $ 5,953 Deferred tax asset, net 38,376 39,677 Deferred financing costs, net of accumulated amortization of $5,653 and $4,819, respectively 2,512 3,347 Finance lease right-of-use asset 2,724 2,724 Real estate held for sale — 7,056 Prepaid expenses: Real estate taxes 7,560 8,093 Insurance 3,298 1,583 Licenses/fees 1,632 1,878 Total Prepaid expenses and other assets $ 65,565 $ 70,311

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Composition of Accounts Payable, Accrued Expenses and Other Liabilites	The following is a summary of the composition of accounts payable, accrued expenses and other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) September 30, 2021 December 31, 2020 Dividend payable $ — $ 55,905 Deferred tenant revenue 23,958 26,594 Accrued interest payable 9,437 11,095 Accrued capital expenditures and leasing costs (1) 33,115 7,797 Security deposits 6,720 5,884 Finance lease liability 3,001 2,993 Accrued payroll expenses 6,811 5,797 Other liabilities and accrued expenses 11,472 16,915 Total accounts payable, accrued expenses and other liabilities $ 94,514 $ 132,980 (1) Amount includes $20 million due in connection with the agreements to terminate our three Kmart and Sears leases.

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	9 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
Schedule of Interest and Debt Expense	The following table sets forth the details of interest and debt expense in the consolidated statements of income: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2021 2020 2021 2020 Interest expense $ 13,893 $ 17,433 $ 41,946 $ 51,771 Amortization of deferred financing costs 745 703 2,247 2,113 Total Interest and debt expense $ 14,638 $ 18,136 $ 44,193 $ 53,884

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Share-based Compensation Expense	Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2021 2020 2021 2020 Share-based compensation expense components: Restricted share expense $ 98 $ 199 $ 365 $ 653 Stock option expense 384 432 1,181 4,559 LTIP expense (1) 1,326 1,023 3,659 6,323 Performance-based LTI expense (2) 976 944 2,889 2,886 Deferred share unit (“DSU”) expense 25 6 124 42 Total Share-based compensation expense $ 2,809 $ 2,604 $ 8,218 $ 14,463 (1) LTIP expense includes the time-based portion of the 2018, 2019, 2020 and 2021 LTI Plans. (2) Performance-based LTI expense includes the 2017 OPP plan and the performance-based portion of the 2018, 2019, 2020 and 2021 LTI Plans.

EARNINGS PER SHARE AND UNIT (Ta

EARNINGS PER SHARE AND UNIT (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share and Unit	The following table sets forth the computation of our basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ 27,766 $ (5,605) $ 60,233 $ 74,630 Less: Earnings allocated to unvested participating securities (12) 4 (29) (50) Net income (loss) available for common shareholders - basic $ 27,754 $ (5,601) $ 60,204 $ 74,580 Impact of assumed conversions: OP and LTIP units — — 2,608 — Net income available for common shareholders - dilutive $ 27,754 $ (5,601) $ 62,812 $ 74,580 Denominator: Weighted average common shares outstanding - basic 117,087 116,625 117,009 118,033 Effect of dilutive securities (1) : Restricted share awards 50 — 56 78 Assumed conversion of OP and LTIP units — — 5,147 — Weighted average common shares outstanding - diluted 117,137 116,625 122,212 118,111 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.24 $ (0.05) $ 0.51 $ 0.63 Earnings (loss) per common share - Diluted $ 0.24 $ (0.05) $ 0.51 $ 0.63 ( 1) For the three months ended September 30, 2021 and the three and nine months ended September 30, 2020, the effect of the redemption of OP and LTIP units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for these periods. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands, except per unit amounts) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to unitholders $ 28,915 $ (5,830) $ 62,841 $ 78,003 Less: net income attributable to participating securities (12) 4 (29) (50) Net income (loss) available for unitholders $ 28,903 $ (5,826) $ 62,812 $ 77,953 Denominator: Weighted average units outstanding - basic 120,903 120,618 120,839 122,332 Effect of dilutive securities issued by Urban Edge 50 — 56 78 Unvested LTIP units 1,034 — 1,317 764 Weighted average units outstanding - diluted 121,987 120,618 122,212 123,174 Earnings per unit available to unitholders: Earnings (loss) per unit - Basic $ 0.24 $ (0.05) $ 0.52 $ 0.64 Earnings (loss) per unit - Diluted $ 0.24 $ (0.05) $ 0.51 $ 0.63

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2021ft²property
Real Estate Properties [Line Items]
Area of real estate property (in sq ft) | ft²	16.4
Wholly owned properties | Shopping Center
Real Estate Properties [Line Items]
Number of real estate properties	68
Wholly owned properties | Mall
Real Estate Properties [Line Items]
Number of real estate properties	5
Wholly owned properties | Warehouse Park
Real Estate Properties [Line Items]
Number of real estate properties	2
Operating Partnership | Parent | Vornado Realty L.P.
Real Estate Properties [Line Items]
Noncontrolling interest percentage	96.00%
Walnut Creek (Mt. Diablo), CA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity Method Investment, Ownership Percentage	95.00%
Sunrise Mall Massapequa, NY
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity Method Investment, Ownership Percentage	82.50%

BASIS OF PRESENTATION AND PRI_2

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)entitysegment	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Number of reportable segments | segment	1
Number Of Variable Interest Entities | entity	2
Assets	$ 2,881,821	$ 2,939,560
Liabilities	1,866,766	1,943,667
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	64,600	43,600
Liabilities	$ 45,100	$ 31,500

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands	Aug. 19, 2021USD ($)ft²	Aug. 10, 2021USD ($)ft²	Feb. 12, 2020USD ($)ft²	Sep. 30, 2021USD ($)ft²	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²				16,400,000
Transaction costs				$ 600	$ 2,500
601 Murray Road And 151 Ridgedale Avenue
Business Acquisition [Line Items]
Purchase Price(1)				$ 56,071
601 Murray Road
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²		88,000
Purchase Price(1)		$ 18,312
151 Ridgedale Avenue
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	187,000
Purchase Price(1)	$ 37,759
Kingswood Center And Kingswood Crossing
Business Acquisition [Line Items]
Purchase Price(1)					$ 167,289
Kingswood Center
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²			130,000
Purchase Price(1)			$ 90,212
Kingswood Crossing
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²			110,000
Purchase Price(1)			$ 77,077

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands	Feb. 12, 2020USD ($)ft²	Aug. 31, 2021ft²warehouse	Sep. 30, 2021USD ($)ft²	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)ft²	Sep. 30, 2021USD ($)ft²property	Sep. 30, 2021USD ($)ft²propertyParcel	Sep. 30, 2020USD ($)property
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²			16,400,000		16,400,000	16,400,000	16,400,000
Purchase price			$ 56,071	$ 167,289	$ 56,071	$ 56,071	$ 56,071	$ 167,289
Gain on sale of real estate			$ 6,926	0	18,648			$ 39,775
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of disposed properties						3	1	3
Aggregate sale price of disposed properties					34,900			$ 58,100
Gain on sale of real estate					$ (18,600)			(39,800)
Kingswood Center And Kingswood Crossing
Business Acquisition [Line Items]
Purchase price of real estate property acquired								167,289
Kingswood Center
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	130,000
Purchase price of real estate property acquired	$ 90,212
Purchase price				90,212				90,212
Kingswood Center | Mortgages
Business Acquisition [Line Items]
Mortgage loan related to property sales	$ 65,500
Kingswood Crossing
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	110,000
Purchase price of real estate property acquired	$ 77,077
Purchase price				$ 77,077				$ 77,077
Reverse Section 1031 like-kind exchange, term								180 days
601 Murray Road And 151 Ridgedale Avenue
Business Acquisition [Line Items]
Number of acquisitions completed by the Company | warehouse		2
Warehouse Park, East Hanover, NJ
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²		943,000

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Land	$ 5,065	$ 23,840
Buildings and improvements	50,242	140,925
Identified intangible assets	1,722	14,031
Identified intangible liabilities	(958)	(4,534)
Debt premium	0	(6,973)
Total Purchase Price	$ 56,071	$ 167,289
Weighted average useful life	7 years 7 months 6 days	8 years 1 month 6 days
Weighted average related liabilities	1 year 4 months 24 days	9 years 1 month 6 days
601 Murray Road
Business Acquisition [Line Items]
Land	$ 2,075
Buildings and improvements	14,733
Identified intangible assets	1,722
Identified intangible liabilities	(218)
Debt premium	0
Total Purchase Price	18,312
151 Ridgedale Avenue
Business Acquisition [Line Items]
Land	2,990
Buildings and improvements	35,509
Identified intangible assets	0
Identified intangible liabilities	(740)
Debt premium	0
Total Purchase Price	$ 37,759
Kingswood Center
Business Acquisition [Line Items]
Land		$ 15,690
Buildings and improvements		76,766
Identified intangible assets		9,263
Identified intangible liabilities		(4,534)
Debt premium		(6,973)
Total Purchase Price		90,212
Kingswood Crossing
Business Acquisition [Line Items]
Land		8,150
Buildings and improvements		64,159
Identified intangible assets		4,768
Identified intangible liabilities		0
Debt premium		0
Total Purchase Price		$ 77,077

IDENTIFIED INTANGIBLE ASSETS _3

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	$ 50,719		$ 50,719		$ 56,184
Identified intangible liabilities, net of accumulated amortization	128,479		128,479		$ 148,183
Amortization of acquired below-market leases, net of above-market leases	15,000	$ 2,300	19,800	$ 6,800
Amortization expense of intangible assets	2,200	$ 2,100	6,100	$ 6,300
Below-market leases
Finite-Lived Intangible Assets [Line Items]
Accelerated depreciation	(12,500)		$ 33,500
In-Place Lease
Finite-Lived Intangible Assets [Line Items]
Accelerated depreciation	$ 400

IDENTIFIED INTANGIBLE ASSETS _4

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired below-market leases, net of above-market leases	$ 15,000	$ 2,300	$ 19,800	$ 6,800
Below-Market Operating Lease Amortization
2021	35,787		35,787
2022	7,223		7,223
2023	7,178		7,178
2024	6,942		6,942
2025	6,761		6,761
2026	6,383		6,383
In-Place Leases
Amortization of Intangible Assets	2,200	$ 2,100	6,100	$ 6,300
Above-Market
Above-Market Operating Lease Amortization
2021	(284)		(284)
2022	803		803
2023	(695)		(695)
2024	(631)		(631)
2025	(452)		(452)
2026	(434)		(434)
In-Place Leases
2021	(284)		(284)
2023	(695)		(695)
2022	803		803
2024	(631)		(631)
2025	(452)		(452)
2026	(434)		(434)
In-Place Lease
Above-Market Operating Lease Amortization
2021	(1,886)		(1,886)
2022	6,198		6,198
2023	(5,057)		(5,057)
2024	(4,570)		(4,570)
2025	(3,922)		(3,922)
2026	(3,609)		(3,609)
In-Place Leases
2021	(1,886)		(1,886)
2023	(5,057)		(5,057)
2022	6,198		6,198
2024	(4,570)		(4,570)
2025	(3,922)		(3,922)
2026	$ (3,609)		$ (3,609)

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - Mortgages - First Mortgage - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total mortgages payable		$ 1,582,325	$ 1,597,397
Unamortized debt issuance costs		(8,623)	(9,865)
Total mortgages payable, net		1,573,702	1,587,532
Variable rate
Debt Instrument [Line Items]
Total mortgages payable		$ 162,337	169,371
Variable rate | The Plaza at Cherry Hill
Debt Instrument [Line Items]
Interest rate		1.69%
Total mortgages payable		$ 28,541	28,930
Variable rate | The Plaza at Cherry Hill | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate	160.00%	160.00%
Variable rate | Westfield - One Lincoln Plaza
Debt Instrument [Line Items]
Interest rate		1.69%
Total mortgages payable		$ 0	4,730
Variable rate | Westfield - One Lincoln Plaza | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate	160.00%	160.00%
Variable rate | The Plaza at Woodbridge
Debt Instrument [Line Items]
Interest rate		1.69%
Total mortgages payable		$ 54,595	55,340
Variable rate | The Plaza at Woodbridge | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate	160.00%	160.00%
Variable rate | Hudson Commons
Debt Instrument [Line Items]
Interest rate		1.99%
Total mortgages payable		$ 28,172	28,586
Variable rate | Hudson Commons | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate	190.00%	190.00%
Variable rate | Watchung, NJ
Debt Instrument [Line Items]
Interest rate		1.99%
Total mortgages payable		$ 26,226	26,613
Variable rate | Watchung, NJ | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate	190.00%	190.00%
Variable rate | Bronx (1750-1780 Gun Hill Road), NY
Debt Instrument [Line Items]
Interest rate		1.99%
Total mortgages payable		$ 24,803	25,172
Variable rate | Bronx (1750-1780 Gun Hill Road), NY | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate	190.00%	190.00%
Fixed rate
Debt Instrument [Line Items]
Total mortgages payable		$ 1,419,988	1,428,026
Fixed rate | Bergen Town Center - West, Paramus
Debt Instrument [Line Items]
Interest rate		3.56%
Total mortgages payable		$ 300,000	300,000
Fixed rate | Bronx (Shops at Bruckner)
Debt Instrument [Line Items]
Interest rate		3.90%
Total mortgages payable		$ 9,864	10,351
Fixed rate | Jersey City (Hudson Mall)
Debt Instrument [Line Items]
Interest rate		5.07%
Total mortgages payable		$ 22,345	22,904
Fixed rate | Yonkers Gateway Center
Debt Instrument [Line Items]
Interest rate		4.16%
Total mortgages payable		$ 27,207	28,482
Fixed rate | Brick
Debt Instrument [Line Items]
Interest rate		3.87%
Total mortgages payable		$ 49,778	50,000
Fixed rate | North Plainfield
Debt Instrument [Line Items]
Interest rate		3.99%
Total mortgages payable		$ 25,100	25,100
Fixed rate | Las Catalinas
Debt Instrument [Line Items]
Interest rate		4.43%
Total mortgages payable		$ 124,897	127,669
Fixed rate | Middletown
Debt Instrument [Line Items]
Interest rate		3.78%
Total mortgages payable		$ 31,400	31,400
Fixed rate | Rockaway
Debt Instrument [Line Items]
Interest rate		3.78%
Total mortgages payable		$ 27,800	27,800
Fixed rate | East Hanover (200 - 240 Route 10 West)
Debt Instrument [Line Items]
Interest rate		4.03%
Total mortgages payable		$ 63,000	63,000
Fixed rate | North Bergen (Tonnelle Ave)
Debt Instrument [Line Items]
Interest rate		4.18%
Total mortgages payable		$ 100,000	100,000
Fixed rate | Manchester
Debt Instrument [Line Items]
Interest rate		4.32%
Total mortgages payable		$ 12,500	12,500
Fixed rate | Millburn
Debt Instrument [Line Items]
Interest rate		3.97%
Total mortgages payable		$ 23,055	23,381
Fixed rate | Totowa
Debt Instrument [Line Items]
Interest rate		4.33%
Total mortgages payable		$ 50,800	50,800
Fixed rate | Woodbridge (Woodbridge Commons)
Debt Instrument [Line Items]
Interest rate		4.36%
Total mortgages payable		$ 22,100	22,100
Fixed rate | East Brunswick
Debt Instrument [Line Items]
Interest rate		4.38%
Total mortgages payable		$ 63,000	63,000
Fixed rate | East Rutherford
Debt Instrument [Line Items]
Interest rate		4.49%
Total mortgages payable		$ 23,000	23,000
Fixed rate | Brooklyn (Kingswood Center)
Debt Instrument [Line Items]
Interest rate		5.07%
Total mortgages payable		$ 71,035	71,696
Fixed rate | Hackensack
Debt Instrument [Line Items]
Interest rate		4.36%
Total mortgages payable		$ 66,400	66,400
Fixed rate | Marlton
Debt Instrument [Line Items]
Interest rate		3.86%
Total mortgages payable		$ 37,400	37,400
Fixed rate | East Hanover Warehouses
Debt Instrument [Line Items]
Interest rate		4.09%
Total mortgages payable		$ 40,700	40,700
Fixed rate | Union (2445 Springfield Ave)
Debt Instrument [Line Items]
Interest rate		4.01%
Total mortgages payable		$ 45,600	45,600
Fixed rate | Freeport (Freeport Commons)
Debt Instrument [Line Items]
Interest rate		4.07%
Total mortgages payable		$ 43,100	43,100
Fixed rate | Montehiedra | Senior Loan
Debt Instrument [Line Items]
Interest rate		5.00%
Total mortgages payable		$ 79,831	81,141
Fixed rate | Montclair
Debt Instrument [Line Items]
Interest rate		3.15%
Total mortgages payable		$ 7,250	7,250
Fixed rate | Garfield
Debt Instrument [Line Items]
Interest rate		4.14%
Total mortgages payable		$ 40,300	40,300
Fixed rate | Mt Kisco
Debt Instrument [Line Items]
Interest rate		6.40%
Total mortgages payable		$ 12,526	$ 12,952

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details)	Jun. 29, 2019	Mar. 07, 2017USD ($)extension_option	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Jan. 15, 2015USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness			$ 1,300,000,000
Debt issuance costs, net			2,512,000	$ 3,347,000
Property Lease Guarantee
Debt Instrument [Line Items]
Conditional corporate guarantee			12,500,000
Guarantor Obligations, remaining amount of potential guarantee			10,300,000
Four-Year Revolving Credit Agreement January 2015 | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit			0	0
Four-Year Revolving Credit Agreement January 2015 | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Facility fee	30.00%
Four-Year Revolving Credit Agreement January 2015 | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Facility fee	15.00%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600,000,000				$ 500,000,000
Increase in credit facility		$ 100,000,000
Number of extension options | extension_option		2
Term of each extension option		6 months
Gross debt issuance costs			$ 2,500,000	$ 3,300,000
Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Financial covenants, maximum leverage ratio	0.60
Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Financial covenants, minimum fixed charge coverage ratio	1.5
Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate spread on variable rate	1.50%
Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate spread on variable rate	1.05%
Mortgages | First Mortgage | Las Catalinas | Fixed rate
Debt Instrument [Line Items]
Debt instrument, face amount					$ 129,000,000
Borrowing rate			4.43%
Annual increase in interest rate			50.00%
Discounted value			$ 72,500,000
Accrued interest			5,400,000
Debt issuance costs, net			$ 1,200,000
Mortgages | First Mortgage | Las Catalinas | Fixed rate | Maximum
Debt Instrument [Line Items]
Borrowing rate			4.43%	4.43%
Mortgages | First Mortgage | Las Catalinas | Fixed rate | Minimum
Debt Instrument [Line Items]
Borrowing rate			3.00%

MORTGAGES PAYABLE - Schedule of

MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
Remainder of 2018	$ 4,114
2022	98,915
2023	349,814
2024	163,720
2025	40,946
2026	230,694
Thereafter	$ 694,122

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Contingency [Line Items]
Deferred tax assets, net	$ (38,376,000)		$ (38,376,000)		$ (39,677,000)
Income tax (expense) benefit	(704,000)	$ (459,000)	(905,000)	$ 13,103,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Income tax (expense) benefit			$ 500,000		$ (4,500,000)
Puerto Rico
Income Tax Contingency [Line Items]
Branch profit tax			10.00%
Puerto Rico | Montehiedra
Income Tax Contingency [Line Items]
Deferred tax assets, net		(13,100,000)		$ (13,100,000)
Puerto Rico | Commonwealth of Puerto Rico
Income Tax Contingency [Line Items]
Non-resident withholding tax percentage				29.00%
Income tax (expense) benefit	(700,000)	1,300,000	$ (1,400,000)	$ 14,800,000
Puerto Rico | State and Local Jurisdiction
Income Tax Contingency [Line Items]
Income tax (expense) benefit	$ 0	$ 0	$ 500,000
Puerto Rico | Minimum
Income Tax Contingency [Line Items]
State and local income taxes			18.50%
Puerto Rico | Maximum
Income Tax Contingency [Line Items]
State and local income taxes			37.50%

LEASES - Components of Rental R

LEASES - Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Fixed lease revenue	$ (80,961)	$ (53,396)	$ (216,200)	$ (174,141)
Variable lease revenue	25,024	21,963	78,057	67,483
Total rental revenue	105,985	$ 75,359	294,257	$ 241,624
Below-market leases
Finite-Lived Intangible Assets [Line Items]
Fixed lease revenue	$ (12,500)		$ (12,500)

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Casualty and impairment loss	$ 0	$ 0	$ 0	$ 0
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets measured at fair value	0		0		$ 0
Financial liabilities measured at fair value	0		0		0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets measured at fair value	0		0		0
Financial liabilities measured at fair value	$ 0		$ 0		$ 0

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 268,952	$ 384,572	$ 646,432	$ 432,954
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	268,952	384,572
Carrying Amount | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,582,325	1,597,397
Fair Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	(8,600)	(9,900)
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	268,952	384,572
Fair Value | Level 2 | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 1,588,270	$ 1,611,868

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Real estate redevelopment in process	$ 152,400,000
Estimated cost to complete development and redevelopment projects	91,100,000
Accrual for lease termination	20,000,000
Insurance coverage, pollution insurance, limit per occurence	50,000,000
Deferred lease expense	1,700,000	$ 1,800,000
Kmart and Sears
Other Commitments [Line Items]
Construction in progress	$ 20,000,000

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 9,463	$ 5,953
Deferred Tax Assets, Net	38,376	39,677
Real estate held for sale	0	7,056
Finance lease right-of-use asset	2,724	2,724
Prepaid expenses:
Real estate taxes	7,560	8,093
Insurance	3,298	1,583
Licenses/fees	1,632	1,878
Total Prepaid expenses and other assets	65,565	70,311
Debt issuance costs, net	$ 2,512	$ 3,347

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Dividend payable	$ 0	$ 55,905
Deferred tenant revenue	23,958	26,594
Accrued interest payable	9,437	11,095
Accrued capital expenditures and leasing costs	33,115	7,797
Security deposits	6,720	5,884
Finance lease liability	3,001	2,993
Accrued payroll expenses	6,811	5,797
Other liabilities and accrued expenses	11,472	16,915
Total accounts payable, accrued expenses and other liabilities	94,514	$ 132,980
Leases, Acquired-in-Place and Below-Market
Finite-Lived Intangible Assets [Line Items]
Accrued capital expenditures and leasing costs	$ 20,000

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Interest expense	$ 13,893	$ 17,433	$ 41,946	$ 51,771
Amortization of deferred financing costs	745	703	2,247	2,113
Total Interest and debt expense	$ 14,638	$ 18,136	$ 44,193	$ 53,884

EQUITY AND NONCONTROLLING INT_2

EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	3 Months Ended		4 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	May 05, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Authorized amount		$ 200,000,000			$ 200,000,000
Repurchase of common shares (in shares)			5,900,000	0	5,873,923
Treasury stock acquired, average cost per share (in dollars per share)			$ 9.22
Repurchase of common shares			$ 54,100,000		$ 54,141,000
Distributions to redeemable NCI (in dollars per unit)	$ 0.15				$ 0.22
Common stock, shares, outstanding (in shares)	117,137,788			117,137,788				117,014,317
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,015,055,000	1,023,884,000	$ 1,027,110,000	$ 1,015,055,000	$ 1,023,884,000	$ 998,990,000		$ 995,893,000	$ 1,014,776,000
Net income (loss) attributable to common shareholders/unitholders	27,766,000	(5,605,000)		60,233,000	74,630,000
Net loss attributable to noncontrolling interests	2,339,000	(225,000)		3,569,000	3,373,000
Reallocation of noncontrolling interests	6,302,000	0		5,462,000	(8,628,000)
Common shares issued	1,000			185,000	205,000
Dividends to common shareholders	(17,557,000)			(52,610,000)	(26,647,000)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(711,000)			(2,152,000)	(1,314,000)
Contributions from noncontrolling interests	1,418,000			1,929,000
Share-based compensation expense	2,809,000	$ 2,604,000		8,218,000	14,463,000
Share-based awards retained for taxes				(210,000)	(1,461,000)
Equity redemption of OP units	$ (6,302,000)			$ (5,462,000)	8,628,000
At-The-Market Program
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)							$ 0.01
Authorized amount							$ 250,000,000
OP Units
Noncontrolling Interest [Line Items]
Conversion to stock, conversion rate				1
LTIP Units
Noncontrolling Interest [Line Items]
Award vesting period				2 years
Conversion to stock, conversion rate				1
Common Shares
Noncontrolling Interest [Line Items]
Repurchase of common shares					$ 59,000
Common shares issued during period (in shares)	451			36,533	53,193
Common stock, shares, outstanding (in shares)	117,137,788	116,701,311	116,701,311	117,137,788	116,701,311	117,137,337		117,014,317	121,370,125
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,170,000	$ 1,166,000	$ 1,166,000	$ 1,170,000	$ 1,166,000	$ 1,170,000		$ 1,169,000	$ 1,213,000
Common shares issued				1,000	1,000
Equity redemption of OP units					11,000
Additional Paid-In Capital
Noncontrolling Interest [Line Items]
Repurchase of common shares					54,082,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	997,085,000	987,436,000	984,933,000	997,085,000	987,436,000	990,255,000		989,863,000	1,019,149,000
Reallocation of noncontrolling interests	6,302,000	1,866,000		4,614,000	9,724,000
Common shares issued	21,000			308,000	234,000
Share-based compensation expense	507,000	637,000		1,670,000	5,255,000
Share-based awards retained for taxes				(210,000)	(1,461,000)
Equity redemption of OP units				840,000	8,617,000
Retained Earnings [Member]
Noncontrolling Interest [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(31,968,000)	(4,593,000)	1,012,000	(31,968,000)	(4,593,000)	(42,157,000)		(39,467,000)	(52,546,000)
Net income (loss) attributable to common shareholders/unitholders	27,766,000	(5,605,000)		60,233,000	74,630,000
Common shares issued	(20,000)			(124,000)	(30,000)
Dividends to common shareholders	$ (17,557,000)			$ (52,610,000)	$ (26,647,000)
Common Stock, Dividends, Per Share, Declared	$ 0.15			$ 0.45	$ 0.22
Operating Partnership
Noncontrolling Interest [Line Items]
Distributions to redeemable NCI (in dollars per unit)	$ 0.15			$ 0.45	$ 0.22
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 40,006,000	39,451,000	39,575,000	$ 40,006,000	$ 39,451,000	43,568,000		38,456,000	46,536,000
Net loss attributable to noncontrolling interests	1,149,000	(225,000)		2,608,000	3,373,000
Reallocation of noncontrolling interests	0	(1,866,000)		848,000	(18,352,000)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(711,000)			(2,152,000)	(1,314,000)
Share-based compensation expense	2,302,000	1,967,000		6,548,000	9,208,000
Equity redemption of OP units	(6,302,000)			(6,302,000)
Consolidated Subsidiaries
Noncontrolling Interest [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	8,762,000	$ 424,000	$ 424,000	8,762,000	$ 424,000	$ 6,154,000		$ 5,872,000	$ 424,000
Net loss attributable to noncontrolling interests	1,190,000			961,000
Contributions from noncontrolling interests	$ 1,418,000			$ 1,929,000
Operating Partnership | OP Units
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	4.00%			4.20%
Walnut Creek (Mt. Diablo), CA | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage				5.00%
Sunrise Mall Massapequa, NY | Noncontrolling Interest | Sunrise Mall Massapequa, NY
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	17.50%			17.50%
Vornado Realty L.P. | Operating Partnership | Parent
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage				96.00%

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 2,809	$ 2,604	$ 8,218	$ 14,463
Restricted share expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	98	199	365	653
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	384	432	1,181	4,559
LTIP Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,326	1,023	3,659	6,323
Performance-based LTI expense(2)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	976	944	2,889	2,886
Deferred share unit (“DSU”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 25	$ 6	$ 124	$ 42

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)	Feb. 10, 2021companyshares	Feb. 20, 2020USD ($)	Sep. 30, 2021shares	Mar. 10, 2021USD ($)
Twenty Twenty-One Long-term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards percentage of absolute component of TSR equal to 18%	18.00%
Equity awards percentage of absolute component of TSR equal to 27%	27.00%
Equity awards percentage of absolute component of TSR equal to 36%	36.00%
Number of REIT peer groups | company	15
Equity awards percentage of relative component of TSR equal to 35 percentile of peer group	3500.00%
Equity awards percentage of relative component of TSR equal to 55 percentile of peer group	5500.00%
Equity awards percentage of relative component of TSR equal to 75 percentile of peer group	7500.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options vested (in shares)			333,333
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)			325,625
Number of awards vested (in shares)			151,398
Number of shares forfeited (in shares)			2,886
LTIP Units | Long-Term Incentive Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period of equity awards		3 years
Time-based LTIP Shares | Long-Term Incentive Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted percentage of equity awards | $		$ 0.3333
Time-based LTIP Shares | Twenty Twenty-One Long-term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)	273,615
Grant date fair value of equity awards | $				$ 3,900,000
Performance-based LTIP Shares | Long-Term Incentive Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted percentage of equity awards | $		0.6666
Performance-based LTIP Shares | Twenty Twenty-One Long-term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)	398,977
Grant date fair value of equity awards | $				$ 3,900,000
Time-based and Performance-based LTIP Shares | Long-Term Incentive Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of equity awards | $		$ 7,800,000
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)			17,933
Number of awards vested (in shares)			34,532
Number of shares forfeited (in shares)			5,945
LTIP Units | Twenty Twenty-One Long-term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards earned percentage based on absolute TSR component of equal to 18%	40.00%
Equity awards earned percentage based on absolute TSR component of equal to 27%	100.00%
Equity awards earned percentage based on absolute TSR component of equal to 36%	165.00%
Equity awards earned percentage based on relative TSR component of 35 percentile of peer group	40.00%
Equity awards earned percentage based on relative TSR component of 55 percentile of peer group	100.00%
Equity awards earned percentage based on relative TSR component of 75 percentile of peer group	165.00%

EARNINGS PER SHARE AND UNIT (De

EARNINGS PER SHARE AND UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 27,766	$ (5,605)	$ 60,233	$ 74,630
Less: Earnings allocated to unvested participating securities	(12)	4	(29)	(50)
Net income (loss) available for common shareholders - basic	27,754	(5,601)	60,204	74,580
OP and LTIP units	0	0	2,608	0
Net income available for common shareholders - dilutive	$ 27,754	$ (5,601)	$ 62,812	$ 74,580
Denominator:
Weighted average common shares outstanding - basic (in shares)	117,087	116,625	117,009	118,033
Effect of dilutive securities:
Assumed conversion of OP and LTIP units (in shares)	0	0	5,147	0
Weighted average common shares outstanding - diluted (in shares)	117,137	116,625	122,212	118,111
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.24	$ (0.05)	$ 0.51	$ 0.63
Earnings per common share - Diluted (in dollars per share)	$ 0.24	$ (0.05)	$ 0.51	$ 0.63
Urban Edge Properties LP
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 28,915	$ (5,830)	$ 62,841	$ 78,003
Less: Earnings allocated to unvested participating securities	(12)	4	(29)	(50)
Net income (loss) available for common shareholders - basic	$ 28,903	$ (5,826)	$ 62,812	$ 77,953
Denominator:
Weighted average common shares outstanding - basic (in shares)	120,903	120,618	120,839	122,332
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	50	0	56	78
Assumed conversion of OP and LTIP units (in shares)	1,034	0	1,317	764
Weighted average common shares outstanding - diluted (in shares)	121,987	120,618	122,212	123,174
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.24	$ (0.05)	$ 0.52	$ 0.64
Earnings per common share - Diluted (in dollars per share)	$ 0.24	$ (0.05)	$ 0.51	$ 0.63
Restricted share expense
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	50	0	56	78

Uncategorized Items - ue-202109

Label	Element	Value
Gain (Loss) on Extinguishment of Debt	us-gaap_GainsLossesOnExtinguishmentOfDebt	$ 0
Gain (Loss) on Extinguishment of Debt	us-gaap_GainsLossesOnExtinguishmentOfDebt	0
Subsidiaries [Member]
Gain (Loss) on Extinguishment of Debt	us-gaap_GainsLossesOnExtinguishmentOfDebt	$ 0