Urban Edge Properties (UE) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		117,427,382
Entity Central Index Key	0001611547
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	Mar. 31, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 542,131	$ 543,827
Buildings and improvements	2,454,897	2,441,797
Construction in progress	223,698	212,296
Furniture, fixtures and equipment	7,716	7,530
Total	3,228,442	3,205,450
Accumulated depreciation and amortization	(772,789)	(753,947)
Real estate, net	2,455,653	2,451,503
Operating lease right-of-use assets	67,618	69,361
Cash and cash equivalents	151,789	164,478
Restricted cash	46,238	55,358
Tenant and other receivables	17,318	15,812
Receivable arising from the straight-lining of rents	63,203	62,692
Identified intangible assets, net of accumulated amortization of $37,024 and $37,361, respectively	68,007	71,107
Deferred leasing costs, net of accumulated amortization of $18,351 and $17,641, respectively	20,791	20,694
Prepaid expenses and other assets	70,620	74,111
Total assets	2,961,237	2,985,116
Liabilities:
Mortgages payable, net	1,682,929	1,687,190
Operating lease liabilities	62,931	64,578
Accounts payable, accrued expenses and other liabilities	75,962	84,829
Identified intangible liabilities, net of accumulated amortization of $36,082 and $35,029, respectively	98,282	100,625
Total liabilities	1,920,104	1,937,222
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,430,735 and 117,147,986 shares issued and outstanding, respectively	1,173	1,170
Additional paid-in capital	1,001,006	1,001,253
Accumulated deficit	(16,399)	(7,091)
Noncontrolling interests:
Operating partnership	42,001	39,616
Consolidated subsidiaries	13,352	12,946
Total equity	1,041,133	1,047,894
Total liabilities and equity	$ 2,961,237	$ 2,985,116

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Mar. 31, 2022USD ($)$ / sharesshares
Statement of Financial Position [Abstract]
Accumulated depreciation, identifiable intangible assets	$ 37,024
Accumulated amortization, deferred leasing costs	18,351
Accumulated amortization, identified intangible liabilities	$ 36,082
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares authorized (in shares) | shares	500,000,000
Common stock, shares, outstanding (in shares) | shares	117,430,735

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE
Total revenue	$ 100,201	$ 95,661
EXPENSES
Depreciation and amortization	24,527	22,875
Real estate taxes	15,975	16,601
Property operating	21,205	20,291
General and administrative	11,121	8,668
Lease expense	3,135	3,306
Total expenses	75,963	71,741
Gain on sale of real estate	0	11,722
Interest income	205	136
Interest and debt expense	(14,004)	(14,827)
Income before income taxes	10,439	20,951
Income tax expense	(905)	(235)
Net income	9,534	20,716
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership	(387)	(875)
Consolidated subsidiaries	339	79
Net income (loss) attributable to common shareholders	$ 9,486	$ 19,920
Earnings per common share - Basic (in dollars per share)	$ 0.08	$ 0.17
Earnings per common share - Diluted (in dollars per share)	$ 0.08	$ 0.17
Weighted average shares outstanding - Basic (in shares)	117,330	116,956
Weighted average shares outstanding - Diluted (in shares)	117,393	117,024
Management and development fees
REVENUE
Revenues	$ 240	$ 365
Other income
REVENUE
Revenues	545	677
Rental Revenue
REVENUE
Revenues	99,416	94,619
Urban Edge Properties LP
REVENUE
Total revenue	100,201	95,661
EXPENSES
Depreciation and amortization	24,527	22,875
Real estate taxes	15,975	16,601
Property operating	21,205	20,291
General and administrative	11,121	8,668
Lease expense	3,135	3,306
Total expenses	75,963	71,741
Gain on sale of real estate	0	11,722
Interest income	205	136
Interest and debt expense	(14,004)	(14,827)
Income before income taxes	10,439	20,951
Income tax expense	(905)	(235)
Net income	9,534	20,716
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	339	79
Net income (loss) attributable to common shareholders	$ 9,873	$ 20,795
Earnings per common share - Basic (in dollars per share)	$ 0.08	$ 0.17
Earnings per common share - Diluted (in dollars per share)	$ 0.08	$ 0.17
Weighted average shares outstanding - Basic (in shares)	121,188	120,763
Weighted average shares outstanding - Diluted (in shares)	122,187	122,166
Urban Edge Properties LP | Management and development fees
REVENUE
Revenues	$ 240	$ 365
Urban Edge Properties LP | Other income
REVENUE
Revenues	545	677
Urban Edge Properties LP | Rental Revenue
REVENUE
Revenues	$ 99,416	$ 94,619

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, 2020					117,014,317	4,729,010		117,014,317
Beginning balance at Dec. 31, 2020	$ 995,893	$ 995,893	$ (42,313)	$ 5,872	$ 991,032	$ 41,302	[1]	$ 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	19,920	20,795	20,795							19,920
Net income (loss) attributable to noncontrolling interests	796	(79)		(79)							875	(79)
Common units issued as a result of common shares issued by Urban Edge (in shares)					24,283
Common units issued as a result of common shares issued by Urban Edge		(1)	83		$ (84)
Limited partnership units issued, net (in shares)						623,634
Reallocation of noncontrolling interests	0	0			(2,817)	$ 2,817	[1]		(2,817)		2,817
Common shares issued (in shares)								24,283
Common shares issued	1							$ 1	83	(83)
Dividends to common shareholders	(17,515)									(17,515)
Distributions to redeemable NCI	(711)										(711)
Distributions to Partners		(18,226)	(18,226)
Contributions from noncontrolling interests	511	511										511
Share-based compensation expense	2,683	2,683			$ 597	$ 2,086	[1]		597		2,086
Share-based awards retained for taxes (in shares)					(12,311)			(12,311)
Share-based awards retained for taxes	(208)	(208)			$ (208)				(208)
Ending balance (in shares) at Mar. 31, 2021					117,026,289	5,352,644		117,026,289
Ending balance at Mar. 31, 2021	$ 1,001,370	$ 1,001,370	(39,827)	6,304	$ 988,688	$ 46,205	[1]	$ 1,170	987,518	(37,145)	43,523	6,304
Noncontrolling interest percentage													4.40%
Beginning balance (in shares) at Dec. 31, 2021	117,147,986	117,147,986			117,147,986	4,662,654		117,147,986
Beginning balance at Dec. 31, 2021	$ 1,047,894	$ 1,047,894	(8,505)	12,946	$ 1,002,423	$ 41,030	[2]	$ 1,170	1,001,253	(7,091)	39,616	12,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	9,486	9,873	9,873							9,486
Net income (loss) attributable to noncontrolling interests	48	(339)		(339)							387	(339)
Common units issued as a result of common shares issued by Urban Edge (in shares)					37,741	590,766
Common units issued as a result of common shares issued by Urban Edge		1	21		$ (20)
Units redeemed for common shares (in shares)					250,000	(250,000)		250,000
Equity redemption of OP units	$ 4,248	4,248			$ 2,124	$ 2,124		$ 3	2,121		2,124
Repurchase of common shares (in shares)	0
Reallocation of noncontrolling interests	$ (4,248)	(4,248)			(2,619)	(1,629)	[2]		(2,619)		(1,629)
Common shares issued (in shares)								37,741
Common shares issued	(1)								20	(21)
Dividends to common shareholders	(18,773)									(18,773)
Distributions to redeemable NCI	(773)										(773)
Distributions to Partners		(19,546)	(19,546)
Contributions from noncontrolling interests	745	745		745								745
Share-based compensation expense	2,597	2,597			$ 321	$ 2,276	[2]		321		2,276
Share-based awards retained for taxes (in shares)					(4,992)			(4,992)
Share-based awards retained for taxes	$ (90)	$ (90)			$ (90)				(90)
Ending balance (in shares) at Mar. 31, 2022	117,430,735	117,430,735						117,430,735
Ending balance (in shares) at Mar. 31, 2022					117,430,735	5,003,420
Ending balance at Mar. 31, 2022	$ 1,041,133	$ 1,041,133	$ (18,199)	$ 13,352	$ 1,002,179	$ 43,801	[2]	$ 1,173	$ 1,001,006	$ (16,399)	$ 42,001	$ 13,352
Noncontrolling interest percentage													4.10%
[1]	Limited partners have a 4.4% common limited partnership interest in the Operating Partnership as of March 31, 2021 in the form of Operating Partnership Units (“OP Units”) and Long-Term Incentive Plan Units (“LTIP Units”).
[2]	Limited partners have a 4.1% common limited partnership interest in the Operating Partnership as of March 31, 2022 in the form of OP and LTIP Units.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.15
Accumulated Earnings (Deficit) | Urban Edge Properties LP
Dividends on common shares (in dollars per share)	0.16	0.15
Accumulated Earnings (Deficit)
Dividends on common shares (in dollars per share)	0.16	0.15
Operating Partnership
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.15
Operating Partnership | Limited Partners | Urban Edge Properties LP
Noncontrolling interest percentage	4.10%	4.40%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 9,534	$ 20,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,968	23,330
Gain on sale of real estate	0	(11,722)
Amortization of below market leases, net	(1,974)	(2,412)
Noncash lease expense	1,743	1,813
Straight-lining of rent	(511)	964
Share-based compensation expense	2,597	2,683
Change in operating assets and liabilities:
Tenant and other receivables	(1,507)	(876)
Deferred leasing costs	(1,025)	(600)
Prepaid expenses and other assets	2,893	(6,879)
Lease liabilities	(1,648)	(1,645)
Accounts payable, accrued expenses and other liabilities	(10,549)	(6,547)
Net cash provided by operating activities	24,521	18,825
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	19,078	7,810
Acquisitions of real estate	3,940	0
Proceeds from sale of operating properties	0	23,208
Net cash (used in) provided by investing activities	(23,018)	15,398
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(4,421)	(2,727)
Dividends to common shareholders	(18,773)	(71,348)
Distributions to redeemable noncontrolling interests	(773)	(2,784)
Taxes withheld for vested restricted shares	(90)	(208)
Contributions from noncontrolling interests	745	511
Net cash used in financing activities	(23,312)	(76,556)
Net decrease in cash and cash equivalents and restricted cash	(21,809)	(42,333)
Cash and cash equivalents and restricted cash at beginning of period	219,836	419,253
Cash and cash equivalents and restricted cash at end of period	198,027	376,920
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $1,733 and $81, respectively	13,261	16,015
Cash payments for income taxes	896	3
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	19,204	8,632
Write-off of fully depreciated assets	742	1,107
Cash and cash equivalents at beginning of period	164,478	384,572
Cash and cash equivalents at end of period	151,789	324,508
Restricted cash at beginning of period	55,358	34,681
Restricted cash at end of period	46,238	52,412
Cash and cash equivalents and restricted cash at beginning/end of period	198,027	376,920
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	9,534	20,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,968	23,330
Gain on sale of real estate	0	(11,722)
Amortization of below market leases, net	(1,974)	(2,412)
Noncash lease expense	1,743	1,813
Straight-lining of rent	(511)	964
Share-based compensation expense	2,597	2,683
Change in operating assets and liabilities:
Tenant and other receivables	(1,507)	(876)
Deferred leasing costs	(1,025)	(600)
Prepaid expenses and other assets	2,893	(6,879)
Lease liabilities	(1,648)	(1,645)
Accounts payable, accrued expenses and other liabilities	(10,549)	(6,547)
Net cash provided by operating activities	24,521	18,825
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	19,078	7,810
Acquisitions of real estate	3,940	0
Proceeds from sale of operating properties	0	23,208
Net cash (used in) provided by investing activities	(23,018)	15,398
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(4,421)	(2,727)
Distributions to partners	19,546	74,132
Taxes withheld for vested restricted shares	(90)	(208)
Contributions from noncontrolling interests	745	511
Net cash used in financing activities	(23,312)	(76,556)
Net decrease in cash and cash equivalents and restricted cash	(21,809)	(42,333)
Cash and cash equivalents and restricted cash at beginning of period	219,836	419,253
Cash and cash equivalents and restricted cash at end of period	198,027	376,920
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $1,733 and $81, respectively	13,261	16,015
Cash payments for income taxes	896	3
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	19,204	8,632
Write-off of fully depreciated assets	742	1,107
Cash and cash equivalents at beginning of period	164,478	384,572
Cash and cash equivalents at end of period	151,789	324,508
Restricted cash at beginning of period	55,358	34,681
Restricted cash at end of period	46,238	52,412
Cash and cash equivalents and restricted cash at beginning/end of period	$ 198,027	$ 376,920

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Capitalized interest	$ 1,733	$ 81
Urban Edge Properties LP
Capitalized interest	$ 1,733	$ 81

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UELP - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 542,131	$ 543,827
Buildings and improvements	2,454,897	2,441,797
Construction in progress	223,698	212,296
Furniture, fixtures and equipment	7,716	7,530
Total	3,228,442	3,205,450
Accumulated depreciation and amortization	(772,789)	(753,947)
Real estate, net	2,455,653	2,451,503
Operating lease right-of-use assets	67,618	69,361
Cash and cash equivalents	151,789	164,478
Restricted cash	46,238	55,358
Tenant and other receivables	17,318	15,812
Receivable arising from the straight-lining of rents	63,203	62,692
Identified intangible assets, net of accumulated amortization of $37,024 and $37,361, respectively	68,007	71,107
Deferred leasing costs, net of accumulated amortization of $18,351 and $17,641, respectively	20,791	20,694
Prepaid expenses and other assets	70,620	74,111
Total assets	2,961,237	2,985,116
Liabilities:
Mortgages payable, net	1,682,929	1,687,190
Operating lease liabilities	62,931	64,578
Accounts payable, accrued expenses and other liabilities	75,962	84,829
Identified intangible liabilities, net of accumulated amortization of $36,082 and $35,029, respectively	98,282	100,625
Total liabilities	1,920,104	1,937,222
Commitments and contingencies (Note 10)
Partners’ capital:
Accumulated deficit	(16,399)	(7,091)
Consolidated subsidiaries	13,352	12,946
Total equity	1,041,133	1,047,894
Total liabilities and equity	2,961,237	2,985,116
Urban Edge Properties LP
Real estate, at cost:
Land	542,131	543,827
Buildings and improvements	2,454,897	2,441,797
Construction in progress	223,698	212,296
Furniture, fixtures and equipment	7,716	7,530
Total	3,228,442	3,205,450
Accumulated depreciation and amortization	(772,789)	(753,947)
Real estate, net	2,455,653	2,451,503
Operating lease right-of-use assets	67,618	69,361
Cash and cash equivalents	151,789	164,478
Restricted cash	46,238	55,358
Tenant and other receivables	17,318	15,812
Receivable arising from the straight-lining of rents	63,203	62,692
Identified intangible assets, net of accumulated amortization of $37,024 and $37,361, respectively	68,007	71,107
Deferred leasing costs, net of accumulated amortization of $18,351 and $17,641, respectively	20,791	20,694
Prepaid expenses and other assets	70,620	74,111
Total assets	2,961,237	2,985,116
Liabilities:
Mortgages payable, net	1,682,929	1,687,190
Operating lease liabilities	62,931	64,578
Accounts payable, accrued expenses and other liabilities	75,962	84,829
Identified intangible liabilities, net of accumulated amortization of $36,082 and $35,029, respectively	98,282	100,625
Total liabilities	1,920,104	1,937,222
Commitments and contingencies (Note 10)
Partners’ capital:
General partner: 117,430,735 and 117,147,986 units outstanding, respectively	1,002,179	1,002,423
Limited partners: 5,003,420 and 4,662,654 units outstanding, respectively	43,801	41,030
Accumulated deficit	(18,199)	(8,505)
Total partners’ capital	1,027,781	1,034,948
Consolidated subsidiaries	13,352	12,946
Total equity	1,041,133	1,047,894
Total liabilities and equity	$ 2,961,237	$ 2,985,116

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UELP (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accumulated depreciation, identifiable intangible assets	$ 37,024	$ 37,361
Accumulated amortization, deferred leasing costs	18,351	17,641
Accumulated amortization, identified intangible liabilities	$ 36,082	$ 35,029
Common stock, shares, outstanding (in shares)	117,430,735	117,147,986
Urban Edge Properties LP
Accumulated depreciation, identifiable intangible assets	$ 37,024	$ 37,361
Accumulated amortization, deferred leasing costs	18,351	17,641
Accumulated amortization, identified intangible liabilities	$ 36,082	$ 35,029
Common stock, shares, outstanding (in shares)	117,430,735	117,147,986
Limited Partners, units outstanding (in units)	5,003,420	4,662,654

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
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 Washington, D.C. to Boston corridor. 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 (“OP Units”). As of March 31, 2022, Urban Edge owned approximately 95.9% of the outstanding common OP Units with the remaining limited OP Units held by members of management and the 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 March 31, 2022, our portfolio consisted of 68 shopping centers, five malls and two industrial parks totaling approximately 17.2 million square feet (“sf”), which is inclusive of a 95% controlling interest in our property 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	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. 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, 2021, as filed with the Securities and Exchange Commission (“SEC”). The consolidated balance sheets as of March 31, 2022 and December 31, 2021 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of March 31, 2022 and December 31, 2021, excluding the Operating Partnership, we consolidated two VIEs with total assets of $48.2 million and $48.5 million, respectively, and total liabilities of $24.5 million and $24.7 million, respectively. The consolidated statements of income for the three months ended March 31, 2022 and 2021 include the consolidated accounts of the Company, the Operating Partnership and the two VIEs. All intercompany transactions have been eliminated in consolidation. Our primary business is the acquisition, management, development, and redevelopment 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 March 31, 2022. 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	3 Months Ended
	Mar. 31, 2022
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 assumption of 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 evaluated 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, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiation. 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. Recently Issued Accounting Literature — In March 2020 and January 2021, the Financial Accounting Standards Board (“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.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the three months ended March 31, 2021, no acquisitions were completed by the Company. During the three months ended March 31, 2022, we closed on the following acquisition: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) February 24, 2022 40 Carmans Road (2) Massapequa NY 12,000 $ 4,260 (1) The total purchase price for the property acquired includes $0.1 million of transaction costs incurred related to the acquisition. (2) The outparcel is included with Sunrise Mall in our total property count and non-GAAP metrics. The Company has an 82.5% controlling interest in the property with the remaining 17.5% owned by others. The 12,000 sf outparcel acquired in February 2022, located at 40 Carmans Road, is adjacent to the entrance of our mall in Massapequa, NY. The aggregate purchase price of this outparcel has been allocated to buildings and improvements, and land of $3.1 million and $1.1 million, respectively. This acquisition supports the overall plans we currently have under way to redevelop Sunrise Mall. Dispositions During the three months ended March 31, 2022, no dispositions were completed by the Company. During the three months ended March 31, 2021, we disposed of one property and one property parcel and received proceeds of $23.6 million, net of selling costs, resulting in an $11.7 million net gain on sale of real estate.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2022
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 $68.0 million and $98.3 million, respectively, as of March 31, 2022 and $71.1 million and $100.6 million, respectively, as of December 31, 2021. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $2.0 million and $2.4 million for the three months ended March 31, 2022 and 2021, respectively. Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $2.8 million and $2.1 million for the three months ended March 31, 2022 and 2021, respectively. The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2022 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2022 (1) $ 5,789 $ (849) $ (7,333) 2023 7,676 (1,092) (8,355) 2024 7,440 (996) (7,127) 2025 7,259 (803) (6,082) 2026 6,881 (683) (5,469) 2027 6,587 (458) (4,905) (1) Remainder of 2022.

MORTGAGES PAYABLE

MORTGAGES PAYABLE	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of March 31, 2022 and December 31, 2021. (Amounts in thousands) Maturity Interest Rate at March 31, 2022 March 31, 2022 December 31, 2021 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 1.83% $ 27,947 $ 28,244 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 1.83% 53,460 54,029 Jersey City (Hudson Commons) (2) 11/15/2024 2.13% 27,896 28,034 Watchung (2) 11/15/2024 2.13% 25,968 26,097 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 2.13% 24,557 24,680 Total variable rate debt 159,828 161,084 Fixed rate Paramus (Bergen Town Center - West) 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 9,530 9,698 Jersey City (Hudson Mall) 12/1/2023 5.07% 21,959 22,154 Yonkers Gateway Center 4/6/2024 4.16% 26,332 26,774 Brick 12/10/2024 3.87% 49,328 49,554 North Plainfield 12/10/2025 3.99% 24,991 25,100 Las Catalinas 2/1/2026 4.43% 122,906 123,977 Middletown 12/1/2026 3.78% 31,258 31,400 Rockaway 12/1/2026 3.78% 27,675 27,800 East Hanover (200 - 240 Route 10 West) 12/10/2026 4.03% 63,000 63,000 North Bergen (Tonnelle Ave) 4/1/2027 4.18% 100,000 100,000 Manchester 6/1/2027 4.32% 12,500 12,500 Millburn 6/1/2027 3.97% 22,829 22,944 Totowa 12/1/2027 4.33% 50,800 50,800 Woodbridge (Woodbridge Commons) 12/1/2027 4.36% 22,100 22,100 East Brunswick 12/6/2027 4.38% 63,000 63,000 East Rutherford 1/6/2028 4.49% 23,000 23,000 Brooklyn (Kingswood Center) 2/6/2028 5.07% 70,595 70,815 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% 78,929 79,381 Montclair 8/15/2030 3.15% 7,250 7,250 Garfield 12/1/2030 4.14% 40,300 40,300 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Mt Kisco 11/15/2034 6.40% 12,227 12,377 Total fixed rate debt 1,530,909 1,534,324 Total mortgages payable 1,690,737 1,695,408 Unamortized debt issuance costs (7,808) (8,218) Total mortgages payable, net $ 1,682,929 $ 1,687,190 (1) Bears interest at one month LIBOR plus 160 bps. (2) Bears interest at one month LIBOR plus 190 bps. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.4 billion as of March 31, 2022. 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 March 31, 2022, we were in compliance with all debt covenants. As of March 31, 2022, the principal repayments of the Company’s total outstanding debt for the remainder of 2022 and the five succeeding years, and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2022 (1) $ 94,244 2023 349,814 2024 163,721 2025 40,946 2026 230,694 2027 268,729 Thereafter 542,589 (1) Remainder of 2022. 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 March 31, 2022 or December 31, 2021. Financing costs associated with executing the Agreement of $2.0 million and $2.2 million as of March 31, 2022 and December 31, 2021, 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. The terms of the modification enable the Company, at its option, 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 in the future, such repayment 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 March 31, 2022. 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 4.5 years. As of March 31, 2022, the remaining exposure under the guarantee is $9.4 million. There was no separate liability recorded related to this guarantee.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
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”) for tax years beginning after December 31, 2017) 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 on the consolidated statements of income. For U.S. federal income tax purposes, the Company 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 three months ended March 31, 2022 and 2021, certain non-real estate operating activities that could not be performed by the Company, occurred through the Company’s TRS, which is subject to federal, state and local income taxes. These income taxes are included in income tax expense on the consolidated statements of income. During the three months ended March 31, 2022, the Company was subject to Puerto Rico corporate income taxes on its allocable share of 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 Company is subject to a 10% branch profits tax on the earnings and profits generated from its allocable share of Puerto Rico operating activities and such tax is included in income tax expense on the consolidated statements of income.

LEASES (Notes)

LEASES (Notes)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	LEASES All rental revenue was generated from operating leases for the three months ended March 31, 2022 and 2021, respectively. The components of rental revenue for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, (Amounts in thousands) 2022 2021 Rental Revenue Fixed lease revenue $ 70,341 $ 65,653 Variable lease revenue (1) 29,075 28,966 Total rental revenue $ 99,416 $ 94,619 (1) Percentage rents for the three months ended March 31, 2022 and 2021 were $1.2 million and $0.5 million, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. 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 based on current market prices and discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt, which is provided by a third-party specialist. The fair value of cash and cash equivalents are classified as Level 1 and the fair value of mortgages payable is classified as Level 2. The table below summarizes the carrying amounts and fair value of our Level 2 financial instruments as of March 31, 2022 and December 31, 2021. As of March 31, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,690,737 $ 1,621,095 $ 1,695,408 $ 1,692,674 (1) Carrying amounts exclude unamortized debt issuance costs of $7.8 million and $8.2 million as of March 31, 2022 and December 31, 2021, 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 impairment charges were recognized during the three months ended March 31, 2022 or 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business. While we are unable to predict with certainty the outcome of any particular matter, management does not currently expect, when such matters are resolved, that our resulting exposure to loss contingencies, if any, will have a material adverse effect on our results of operations or consolidated financial position. Redevelopment and Anchor Repositioning The Company has 20 active development, redevelopment or anchor repositioning projects with total estimated costs of $207.1 million, of which $136.4 million remains to be funded as of March 31, 2022. We continue to monitor the stabilization dates of these projects, which can be impacted from economic conditions affecting our tenants, vendors and supply chains. We have identified future projects in our development pipeline, but we are under no obligation to execute and fund any of these projects and each of these projects is being further evaluated based on market conditions. Insurance The Company maintains numerous insurance policies including for general liability, property, pollution, acts of terrorism, trustees’ and officers’, cyber, workers’ compensation and automobile-related liabilities. However, all such policies are subject to terms, conditions, exclusions, deductibles and sub-limits, amount other limiting factors. For example, the Company’s terrorism insurance excludes coverage for nuclear, biological, chemical or radiological terrorism events as defined by the Terrorism Risk Insurance Program Reauthorization Act. The Company’s primary and excess insurance policies providing coverage for pollution related losses have an aggregate limit of $75 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 consolidated financial position. 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 on our consolidated balance sheets as of March 31, 2022 and December 31, 2021, 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. 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. As of March 31, 2022, there are no tenant bankruptcies that we believe will have a material adverse effect on our results of operations or consolidated financial position.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2022
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 on the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2022 December 31, 2021 Deferred tax asset, net $ 36,525 $ 37,420 Other assets 17,669 19,712 Finance lease right-of-use asset 2,724 2,724 Deferred financing costs, net of accumulated amortization of $6,210 and $5,932, respectively 1,956 2,234 Prepaid expenses: Real estate taxes 5,454 9,982 Insurance 5,127 1,088 Licenses/fees 1,165 951 Total Prepaid expenses and other assets $ 70,620 $ 74,111

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2022
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 on the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2022 December 31, 2021 Deferred tenant revenue $ 24,658 $ 28,898 Accrued capital expenditures and leasing costs 19,960 19,164 Accrued interest payable 10,151 9,879 Other liabilities and accrued expenses 7,668 8,057 Security deposits 6,905 6,693 Accrued payroll expenses 3,613 9,134 Finance lease liability 3,007 3,004 Total accounts payable, accrued expenses and other liabilities $ 75,962 $ 84,829

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	3 Months Ended
	Mar. 31, 2022
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 on the consolidated statements of income: Three Months Ended March 31, (Amounts in thousands) 2022 2021 Interest expense $ 13,259 $ 14,070 Amortization of deferred financing costs 745 757 Total Interest and debt expense $ 14,004 $ 14,827

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 The Company has a share repurchase program for up to $200 million, under which, 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 three months ended March 31, 2022 and 2021, no shares were repurchased by the Company. As of March 31, 2022, the Company has repurchased 5.9 million common shares at a weighted average share price of $9.22, for a total of $54.1 million. All share repurchases by the Company were completed between March and April of 2020. There is approximately $145.9 million remaining for share repurchases under this program. Units of the Operating Partnership The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership. As of March 31, 2022, Urban Edge owned approximately 95.9% 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 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. Dividends and Distributions During the three months ended March 31, 2022 and 2021, the Company declared distributions on common shares and OP Units of $0.16 and $0.15 per share/unit, respectively. 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% weighted-average interest in the Operating Partnership for the three months ended March 31, 2022. 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. Noncontrolling Interests in Consolidated Subsidiaries 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. The net income attributable to noncontrolling interests is presented separately on our consolidated statements of income.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
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 March 31, (Amounts in thousands) 2022 2021 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,232 $ 1,130 Performance-based LTIP expense (2) 1,045 956 Stock option expense 235 413 Restricted share expense 60 178 Deferred share unit (“DSU”) expense 25 6 Total Share-based compensation expense $ 2,597 $ 2,683 (1) Expense for the three months ended March 31, 2022 includes the 2022, 2021, 2020 and 2019 LTI Plans. (2) Expense for the three months ended March 31, 2022 includes the 2017 OPP plan and the 2022, 2021, 2020, 2019, and 2018 LTI Plans. Equity award activity during the three months ended March 31, 2022 included: (i) 266,766 LTIP Units granted, (ii) 241,501 LTIP Units vested, (iii) 75,512 stock options vested, (iv) 44,214 restricted shares granted, (v) 17,375 restricted shares vested, (vi) 8,461 restricted shares forfeited, and (vii) 4,381 LTIP Units forfeited. 2022 Long-Term Incentive Plan On February 11, 2022, the grant date, the Compensation Committee of the Board of Trustees approved the 2022 Long-Term Incentive Plan (“2022 LTI Plan”). The plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, receive awards in the form of LTIP Units that, with respect to one half of the program, vest based solely on the passage of time, and with respect to the other half of the program, are earned and vest if certain relative and absolute total shareholder return (“TSR”) and/or funds from operations (“FFO”) growth targets are achieved by the Company over a three-year performance period. The Company granted awards that represent 616,204 LTIP Units with a total grant date fair value under the 2022 LTI Plan of $8.6 million comprising both performance-based and time-based awards as described further below: Performance-based awards The 2022 LTI Plan has three separate performance-based award components that are measured independently. 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 “TSR Performance Period”) beginning on February 11, 2022 and ending on February 10, 2025. Participants also have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s FFO growth component meets certain criteria over the three-year performance measurement period (the “FFO Performance Period”) beginning January 1, 2022 and ending on December 31, 2024. In terms of grant date fair value, each component represents one-third of the performance-based awards, or 16.7% of the overall 2022 LTI Plan. Under the absolute TSR component, 50% of the LTIP Units will be earned if the Company’s TSR over the TSR Performance Period is equal to 18%, 100% of the LTIP Units will be earned if the Company’s TSR over the TSR Performance Period is equal to 27%, and 200% of the LTIP Units will be earned if the Company’s TSR over the TSR Performance Period is equal to or greater than 36%. If the Company’s absolute TSR is between such thresholds, earnings will be determined using linear interpolation. A maximum of 136,131 LTIP Units were granted under this component with a grant date fair value of approximately $1.4 million, determined using a Monte Carlo simulation to estimate the fair value through a risk-neutral premise. The relative TSR component is based on the Company’s performance compared to a peer group comprised of 14 companies. Under the relative TSR Component, 50% of the LTIP Units will be earned if the Company’s TSR over the TSR 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 TSR Performance Period is equal to the 55 th percentile of the peer group, and 200% of the LTIP Units will be earned if the Company’s TSR over the TSR Performance Period is equal to or above the 75 th percentile of the peer group. If the Company’s relative TSR is between such thresholds, earnings will be determined using linear interpolation. A maximum of 132,239 LTIP Units were granted under this component with a grant date fair value of approximately $1.4 million, determined using a Monte Carlo simulation to estimate the fair value through a risk-neutral premise. Under the FFO growth component, 50% of the LTIP Units will be earned if the Company’s FFO growth over the FFO Performance Period is equal to 3%, 100% of the LTIP Units will be earned if the Company’s FFO growth over the FFO Performance Period is equal to 5%, and 200% of the LTIP Units will be earned if the Company’s FFO growth over the FFO Performance Period is equal to or greater than 7%. If the Company’s FFO growth is between such thresholds, earnings will be determined using linear interpolation. 81,068 LTIP Units were granted, at target, under this component with a grant date fair value of approximately $1.4 million. In the event of a change in control of the Company, the performance period will end on the date of any such event. As soon as practicable following the applicable performance period, the Compensation Committee will determine the number of units earned under each performance-based component, with 50% of the units earned vesting on such determination date, 25% vesting on the fourth anniversary of the grant date and 25% vesting on the fifth anniversary of the grant date. Time-based awards The time-based awards granted under the 2022 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 ratable over four years. As of March 31, 2022, the Company granted time-based awards under the 2022 LTI Plan that represent 266,766 LTIP Units with a grant date fair value of $4.3 million.

EARNINGS PER SHARE AND UNIT

EARNINGS PER SHARE AND UNIT	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND UNIT	EARNINGS PER SHARE AND UNIT Urban Edge Earnings per Share We calculate 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 March 31, (Amounts in thousands, except per share amounts) 2022 2021 Numerator: Net income attributable to common shareholders $ 9,486 $ 19,920 Less: Earnings allocated to unvested participating securities (5) (12) Net income available for common shareholders - basic $ 9,481 $ 19,908 Impact of assumed conversions: OP and LTIP Units — — Net income available for common shareholders - dilutive $ 9,481 $ 19,908 Denominator: Weighted average common shares outstanding - basic 117,330 116,956 Effect of dilutive securities (1) : Restricted share awards 63 68 Assumed conversion of OP and LTIP Units — — Weighted average common shares outstanding - diluted 117,393 117,024 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.08 $ 0.17 Earnings per common share - Diluted $ 0.08 $ 0.17 ( 1) For the three months ended March 31, 2022 and 2021, 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 March 31, (Amounts in thousands, except per unit amounts) 2022 2021 Numerator: Net income attributable to unitholders $ 9,873 $ 20,795 Less: net income attributable to participating securities (5) (12) Net income available for unitholders $ 9,868 $ 20,783 Denominator: Weighted average units outstanding - basic 121,188 120,763 Effect of dilutive securities issued by Urban Edge 63 68 Unvested LTIP Units 936 1,335 Weighted average units outstanding - diluted 122,187 122,166 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.08 $ 0.17 Earnings per unit - Diluted $ 0.08 $ 0.17

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. 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, 2021, as filed with the Securities and Exchange Commission (“SEC”).
Consolidation and Noncontrolling Interests	The consolidated balance sheets as of March 31, 2022 and December 31, 2021 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of March 31, 2022 and December 31, 2021, excluding the Operating Partnership, we consolidated two VIEs with total assets of $48.2 million and $48.5 million, respectively, and total liabilities of $24.5 million and $24.7 million, respectively. The consolidated statements of income for the three months ended March 31, 2022 and 2021 include the consolidated accounts of the Company, the Operating Partnership and the two VIEs. All intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Literature	Recently Issued Accounting Literature — In March 2020 and January 2021, the Financial Accounting Standards Board (“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.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the three months ended March 31, 2022, we closed on the following acquisition: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) February 24, 2022 40 Carmans Road (2) Massapequa NY 12,000 $ 4,260 (1) The total purchase price for the property acquired includes $0.1 million of transaction costs incurred related to the acquisition. (2) The outparcel is included with Sunrise Mall in our total property count and non-GAAP metrics. The Company has an 82.5% controlling interest in the property with the remaining 17.5% owned by others.

IDENTIFIED INTANGIBLE ASSETS _2

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2022 (1) $ 5,789 $ (849) $ (7,333) 2023 7,676 (1,092) (8,355) 2024 7,440 (996) (7,127) 2025 7,259 (803) (6,082) 2026 6,881 (683) (5,469) 2027 6,587 (458) (4,905) (1) Remainder of 2022.

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	The following is a summary of mortgages payable as of March 31, 2022 and December 31, 2021. (Amounts in thousands) Maturity Interest Rate at March 31, 2022 March 31, 2022 December 31, 2021 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 1.83% $ 27,947 $ 28,244 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 1.83% 53,460 54,029 Jersey City (Hudson Commons) (2) 11/15/2024 2.13% 27,896 28,034 Watchung (2) 11/15/2024 2.13% 25,968 26,097 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 2.13% 24,557 24,680 Total variable rate debt 159,828 161,084 Fixed rate Paramus (Bergen Town Center - West) 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 9,530 9,698 Jersey City (Hudson Mall) 12/1/2023 5.07% 21,959 22,154 Yonkers Gateway Center 4/6/2024 4.16% 26,332 26,774 Brick 12/10/2024 3.87% 49,328 49,554 North Plainfield 12/10/2025 3.99% 24,991 25,100 Las Catalinas 2/1/2026 4.43% 122,906 123,977 Middletown 12/1/2026 3.78% 31,258 31,400 Rockaway 12/1/2026 3.78% 27,675 27,800 East Hanover (200 - 240 Route 10 West) 12/10/2026 4.03% 63,000 63,000 North Bergen (Tonnelle Ave) 4/1/2027 4.18% 100,000 100,000 Manchester 6/1/2027 4.32% 12,500 12,500 Millburn 6/1/2027 3.97% 22,829 22,944 Totowa 12/1/2027 4.33% 50,800 50,800 Woodbridge (Woodbridge Commons) 12/1/2027 4.36% 22,100 22,100 East Brunswick 12/6/2027 4.38% 63,000 63,000 East Rutherford 1/6/2028 4.49% 23,000 23,000 Brooklyn (Kingswood Center) 2/6/2028 5.07% 70,595 70,815 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% 78,929 79,381 Montclair 8/15/2030 3.15% 7,250 7,250 Garfield 12/1/2030 4.14% 40,300 40,300 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Mt Kisco 11/15/2034 6.40% 12,227 12,377 Total fixed rate debt 1,530,909 1,534,324 Total mortgages payable 1,690,737 1,695,408 Unamortized debt issuance costs (7,808) (8,218) Total mortgages payable, net $ 1,682,929 $ 1,687,190 (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 March 31, 2022, the principal repayments of the Company’s total outstanding debt for the remainder of 2022 and the five succeeding years, and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2022 (1) $ 94,244 2023 349,814 2024 163,721 2025 40,946 2026 230,694 2027 268,729 Thereafter 542,589 (1) Remainder of 2022.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, (Amounts in thousands) 2022 2021 Rental Revenue Fixed lease revenue $ 70,341 $ 65,653 Variable lease revenue (1) 29,075 28,966 Total rental revenue $ 99,416 $ 94,619 (1) Percentage rents for the three months ended March 31, 2022 and 2021 were $1.2 million and $0.5 million, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instrument Carrying Amounts and Fair Values	The table below summarizes the carrying amounts and fair value of our Level 2 financial instruments as of March 31, 2022 and December 31, 2021. As of March 31, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,690,737 $ 1,621,095 $ 1,695,408 $ 1,692,674 (1) Carrying amounts exclude unamortized debt issuance costs of $7.8 million and $8.2 million as of March 31, 2022 and December 31, 2021, respectively.

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
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 on the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2022 December 31, 2021 Deferred tax asset, net $ 36,525 $ 37,420 Other assets 17,669 19,712 Finance lease right-of-use asset 2,724 2,724 Deferred financing costs, net of accumulated amortization of $6,210 and $5,932, respectively 1,956 2,234 Prepaid expenses: Real estate taxes 5,454 9,982 Insurance 5,127 1,088 Licenses/fees 1,165 951 Total Prepaid expenses and other assets $ 70,620 $ 74,111

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
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 on the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2022 December 31, 2021 Deferred tenant revenue $ 24,658 $ 28,898 Accrued capital expenditures and leasing costs 19,960 19,164 Accrued interest payable 10,151 9,879 Other liabilities and accrued expenses 7,668 8,057 Security deposits 6,905 6,693 Accrued payroll expenses 3,613 9,134 Finance lease liability 3,007 3,004 Total accounts payable, accrued expenses and other liabilities $ 75,962 $ 84,829

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of Interest and Debt Expense	The following table sets forth the details of interest and debt expense on the consolidated statements of income: Three Months Ended March 31, (Amounts in thousands) 2022 2021 Interest expense $ 13,259 $ 14,070 Amortization of deferred financing costs 745 757 Total Interest and debt expense $ 14,004 $ 14,827

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, (Amounts in thousands) 2022 2021 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,232 $ 1,130 Performance-based LTIP expense (2) 1,045 956 Stock option expense 235 413 Restricted share expense 60 178 Deferred share unit (“DSU”) expense 25 6 Total Share-based compensation expense $ 2,597 $ 2,683 (1) Expense for the three months ended March 31, 2022 includes the 2022, 2021, 2020 and 2019 LTI Plans. (2) Expense for the three months ended March 31, 2022 includes the 2017 OPP plan and the 2022, 2021, 2020, 2019, and 2018 LTI Plans.

EARNINGS PER SHARE AND UNIT (Ta

EARNINGS PER SHARE AND UNIT (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, (Amounts in thousands, except per share amounts) 2022 2021 Numerator: Net income attributable to common shareholders $ 9,486 $ 19,920 Less: Earnings allocated to unvested participating securities (5) (12) Net income available for common shareholders - basic $ 9,481 $ 19,908 Impact of assumed conversions: OP and LTIP Units — — Net income available for common shareholders - dilutive $ 9,481 $ 19,908 Denominator: Weighted average common shares outstanding - basic 117,330 116,956 Effect of dilutive securities (1) : Restricted share awards 63 68 Assumed conversion of OP and LTIP Units — — Weighted average common shares outstanding - diluted 117,393 117,024 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.08 $ 0.17 Earnings per common share - Diluted $ 0.08 $ 0.17 ( 1) For the three months ended March 31, 2022 and 2021, 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 March 31, (Amounts in thousands, except per unit amounts) 2022 2021 Numerator: Net income attributable to unitholders $ 9,873 $ 20,795 Less: net income attributable to participating securities (5) (12) Net income available for unitholders $ 9,868 $ 20,783 Denominator: Weighted average units outstanding - basic 121,188 120,763 Effect of dilutive securities issued by Urban Edge 63 68 Unvested LTIP Units 936 1,335 Weighted average units outstanding - diluted 122,187 122,166 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.08 $ 0.17 Earnings per unit - Diluted $ 0.08 $ 0.17

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2022ft²property
Real Estate Properties [Line Items]
Area of real estate property (in sq ft) | ft²	17.2
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	95.90%
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	3 Months Ended
	Mar. 31, 2022USD ($)segment	Dec. 31, 2021USD ($)
Variable Interest Entity [Line Items]
Number of reportable segments | segment	1
Assets	$ 2,961,237	$ 2,985,116
Liabilities	1,920,104	1,937,222
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	48,200	48,500
Liabilities	$ 24,500	$ 24,700

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands	Feb. 24, 2022USD ($)ft²	Mar. 31, 2022USD ($)ft²
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²		17,200,000
Transaction costs | $		$ 100
40 Carmans Road
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	12,000
Purchase Price | $	$ 4,260
40 Carmans Road | 40 Carmans Road
Business Acquisition [Line Items]
Parent controlling interest	82.50%
Noncontrolling interest percentage	17.50%

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Thousands	Feb. 24, 2022USD ($)ft²	Mar. 31, 2022USD ($)ft²property	Mar. 31, 2021USD ($)	Mar. 31, 2021acquisition	Mar. 31, 2021property	Mar. 31, 2021propertyParcel
Business Acquisition [Line Items]
Number of acquisitions completed by the Company | acquisition				0
Area of real estate property (in sq ft) | ft²		17,200,000
Number of disposed properties | property		0
Gain on sale of real estate		$ 0	$ 11,722
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of disposed properties					1	1
Aggregate sale price of disposed properties			23,600
Gain on sale of real estate			$ (11,700)
40 Carmans Road
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	12,000
Buildings and improvement	$ 3,100
Land	1,100
Purchase price of real estate property acquired	$ 4,260

IDENTIFIED INTANGIBLE ASSETS _3

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	$ 68,007		$ 71,107
Identified intangible liabilities, net of accumulated amortization	98,282		$ 100,625
Amortization of acquired below-market leases, net of above-market leases	2,000	$ 2,400
Amortization expense of intangible assets	$ 2,800	$ 2,100

IDENTIFIED INTANGIBLE ASSETS _4

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired below-market leases, net of above-market leases	$ 2,000	$ 2,400
Below-Market Operating Lease Amortization
2021	5,789
2022	7,676
2023	7,440
2024	7,259
2025	6,881
2026	6,587
In-Place Leases
Amortization of Intangible Assets	2,800	$ 2,100
Above-Market
Above-Market Operating Lease Amortization
2021	(849)
2022	1,092
2023	(996)
2024	(803)
2025	(683)
2026	(458)
In-Place Leases
2021	(849)
2023	(996)
2022	1,092
2024	(803)
2025	(683)
2026	(458)
In-Place Lease
Above-Market Operating Lease Amortization
2021	(7,333)
2022	8,355
2023	(7,127)
2024	(6,082)
2025	(5,469)
2026	(4,905)
In-Place Leases
2021	(7,333)
2023	(7,127)
2022	8,355
2024	(6,082)
2025	(5,469)
2026	$ (4,905)

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, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Total mortgages payable	$ 1,690,737		$ 1,695,408
Unamortized debt issuance costs	(7,808)		(8,218)
Total mortgages payable, net	1,682,929		1,687,190
Variable rate
Debt Instrument [Line Items]
Total mortgages payable	$ 159,828		161,084
Variable rate | The Plaza at Cherry Hill
Debt Instrument [Line Items]
Interest rate	1.83%
Total mortgages payable	$ 27,947		28,244
Variable rate | The Plaza at Cherry Hill | 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	1.83%
Total mortgages payable	$ 53,460		54,029
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	2.13%
Total mortgages payable	$ 27,896		28,034
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	2.13%
Total mortgages payable	$ 25,968		26,097
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	2.13%
Total mortgages payable	$ 24,557		24,680
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	$ 1,530,909		1,534,324
Fixed rate | Paramus (Bergen Town Center - West)
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	$ 9,530		9,698
Fixed rate | Jersey City (Hudson Mall)
Debt Instrument [Line Items]
Interest rate	5.07%
Total mortgages payable	$ 21,959		22,154
Fixed rate | Yonkers Gateway Center
Debt Instrument [Line Items]
Interest rate	4.16%
Total mortgages payable	$ 26,332		26,774
Fixed rate | Brick
Debt Instrument [Line Items]
Interest rate	3.87%
Total mortgages payable	$ 49,328		49,554
Fixed rate | North Plainfield
Debt Instrument [Line Items]
Interest rate	3.99%
Total mortgages payable	$ 24,991		25,100
Fixed rate | Las Catalinas
Debt Instrument [Line Items]
Interest rate	4.43%
Total mortgages payable	$ 122,906		123,977
Fixed rate | Middletown
Debt Instrument [Line Items]
Interest rate	3.78%
Total mortgages payable	$ 31,258		31,400
Fixed rate | Rockaway
Debt Instrument [Line Items]
Interest rate	3.78%
Total mortgages payable	$ 27,675		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	$ 22,829		22,944
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	$ 70,595		70,815
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	$ 78,929		79,381
Fixed rate | Montclair
Debt Instrument [Line Items]
Interest rate	3.15%
Total mortgages payable	$ 7,250		7,250
Fixed rate | Woodmore Towne Centre
Debt Instrument [Line Items]
Interest rate	3.39%
Total mortgages payable	$ 117,200		117,200
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	$ 12,227		$ 12,377

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details)	Jun. 29, 2019	Mar. 07, 2017USD ($)extension_option	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Apr. 30, 2020USD ($)	Jan. 15, 2015USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness			$ 1,400,000,000
Debt issuance costs, net			1,956,000	$ 2,234,000
Property Lease Guarantee
Debt Instrument [Line Items]
Conditional corporate guarantee			12,500,000
Guarantor Obligations, remaining amount of potential guarantee			$ 9,400,000
Guarantor Obligations, Amortization Period			4 years 6 months
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			$ 2,000,000	$ 2,200,000
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	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Remainder of 2018	$ 94,244
2023	349,814
2024	163,721
2025	40,946
2026	230,694
2027	268,729
Thereafter	$ 542,589

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
Deferred tax assets, net	$ (36,525)		$ (37,420)
Income tax expense	$ (905)	$ (235)
Puerto Rico
Income Tax Contingency [Line Items]
Branch profit tax	10.00%
Puerto Rico | Commonwealth of Puerto Rico
Income Tax Contingency [Line Items]
Income tax expense	$ (900)	$ (200)
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
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed lease revenue	$ (70,341)	$ (65,653)
Variable lease revenue	29,075	28,966
Total rental revenue	99,416	94,619
Percentage rent	$ 1,200	$ 500

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Casualty and impairment loss	$ 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
Financial liabilities measured at fair value	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
Financial liabilities measured at fair value	$ 0		$ 0

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - Mortgages - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 1,690,737	$ 1,695,408
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,621,095	1,692,674
Unamortized debt issuance costs	$ (7,800)	$ (8,200)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2022USD ($)project
Commitments and Contingencies Disclosure [Abstract]
Number of projects | project	20
Real estate redevelopment in process	$ 207,100,000
Estimated cost to complete development and redevelopment projects	136,400,000
Insurance coverage, pollution insurance, limit per occurence	75,000,000
Deferred lease expense	$ 1,700,000

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 17,669	$ 19,712
Deferred Tax Assets, Net	36,525	37,420
Deposit Assets	2,724	2,724
Accumulated amortization, deferred financing costs	6,210	5,932
Prepaid expenses:
Real estate taxes	5,454	9,982
Insurance	5,127	1,088
Licenses/fees	1,165	951
Total Prepaid expenses and other assets	70,620	74,111
Debt issuance costs, net	$ 1,956	$ 2,234

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deferred tenant revenue	$ 24,658	$ 28,898
Accrued interest payable	10,151	9,879
Accrued capital expenditures and leasing costs	19,960	19,164
Security deposits	6,905	6,693
Finance lease liability	3,007	3,004
Accrued payroll expenses	3,613	9,134
Other liabilities and accrued expenses	7,668	8,057
Total accounts payable, accrued expenses and other liabilities	$ 75,962	$ 84,829

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Interest expense	$ 13,259	$ 14,070
Amortization of deferred financing costs	745	757
Total Interest and debt expense	$ 14,004	$ 14,827

EQUITY AND NONCONTROLLING INT_2

EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	3 Months Ended		4 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2020	May 05, 2021
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Authorized amount		$ 200,000,000
Repurchase of common shares (in shares)	0		5,900,000
Treasury stock acquired, average cost per share (in dollars per share)			$ 9.22
Repurchase of common shares			$ 54,100,000
Remaining for share repurchase program	$ 145,900,000
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.15
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
Operating Partnership | OP Units
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	4.00%
Sunrise Mall Massapequa, NY | Noncontrolling Interest | Sunrise Mall Massapequa, NY
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	17.50%
Walnut Creek (Mt. Diablo), CA | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	5.00%
Vornado Realty L.P. | Operating Partnership | Parent
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	95.90%

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 2,597	$ 2,683
Time-based LTIP Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,232	1,130
Performance-based LTIP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,045	956
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	235	413
Restricted share expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	60	178
Deferred share unit (“DSU”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 25	$ 6

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) $ in Millions	Feb. 11, 2022USD ($)companycomponentshares	Mar. 31, 2022USD ($)shares
Long-Term Incentive Plan 2022
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	14
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%
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		266,766
Number of awards vested (in shares)		241,501
Number of shares forfeited (in shares)		4,381
Award vesting period		2 years
LTIP Units | Long-Term Incentive Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period of equity awards	3 years
Time-based and Performance-based LTIP Shares | Long-Term Incentive Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)	616,204
Grant date fair value of equity awards | $	$ 8.6
Performance-based LTIP Shares | Long-Term Incentive Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period of equity awards	3 years
Grant date fair value of equity awards | $	$ 1.4
Number of award components | component	3
Grants as a percentage of total LTIP	16.70%
Equity awards earned percentage based on absolute TSR component of equal to 18%	50.00%
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%	200.00%
Units granted under absolute TSR component (in shares)	136,131
Equity awards earned percentage based on relative TSR component of 35 percentile of peer group	50.00%
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	200.00%
Units granted under relative TSR component (in shares)	132,239
Equity awards earned percentage based on FFO growth period, threshold one	50.00%
Equity awards percentage of relative component of FFO, threshold one	3.00%
Equity awards earned percentage based on FFO growth period, threshold two	100.00%
Equity awards percentage of relative component of FFO, threshold two	5.00%
Equity awards earned percentage based on FFO growth period, threshold three	200.00%
Equity awards percentage of relative component of FFO, threshold three	7.00%
Units granted under FFO component (in shares)	81,068
Performance-based LTIP Shares | Long-Term Incentive Plan 2022 | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Performance-based LTIP Shares | Long-Term Incentive Plan 2022 | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Performance-based LTIP Shares | Long-Term Incentive Plan 2022 | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Time-based LTIP Shares | Long-Term Incentive Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		266,766
Grant date fair value of equity awards | $		$ 4.3
Award vesting period		3 years
Time-based LTIP Shares | Long-Term Incentive Plan 2022 | Chairman And Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options vested (in shares)		75,512
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		44,214
Number of awards vested (in shares)		17,375
Number of shares forfeited (in shares)		8,461

EARNINGS PER SHARE AND UNIT (De

EARNINGS PER SHARE AND UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 9,486	$ 19,920
Less: Earnings allocated to unvested participating securities	(5)	(12)
Net income available for common shareholders - basic	9,481	19,908
OP and LTIP Units	0	0
Net income available for common shareholders - dilutive	$ 9,481	$ 19,908
Denominator:
Weighted average common shares outstanding - basic (in shares)	117,330	116,956
Effect of dilutive securities:
Assumed conversion of OP and LTIP units (in shares)	0	0
Weighted average common shares outstanding - diluted (in shares)	117,393	117,024
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.08	$ 0.17
Earnings per common share - Diluted (in dollars per share)	$ 0.08	$ 0.17
Urban Edge Properties LP
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 9,873	$ 20,795
Less: Earnings allocated to unvested participating securities	(5)	(12)
Net income available for common shareholders - basic	$ 9,868	$ 20,783
Denominator:
Weighted average common shares outstanding - basic (in shares)	121,188	120,763
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	63	68
Assumed conversion of OP and LTIP units (in shares)	936	1,335
Weighted average common shares outstanding - diluted (in shares)	122,187	122,166
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.08	$ 0.17
Earnings per common share - Diluted (in dollars per share)	$ 0.08	$ 0.17
Restricted share expense
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	63	68