Urban Edge Properties (UE) 10-Q3 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		117,442,769
Entity Central Index Key	0001611547
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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	Jun. 30, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 546,913	$ 543,827
Buildings and improvements	2,455,859	2,441,797
Construction in progress	258,330	212,296
Furniture, fixtures and equipment	7,922	7,530
Total	3,269,024	3,205,450
Accumulated depreciation and amortization	(775,931)	(753,947)
Real estate, net	2,493,093	2,451,503
Operating lease right-of-use assets	65,858	69,361
Cash and cash equivalents	125,483	164,478
Restricted cash	45,838	55,358
Tenant and other receivables	14,366	15,812
Receivable arising from the straight-lining of rents	63,749	62,692
Identified intangible assets, net of accumulated amortization of $39,845 and $37,361, respectively	68,886	71,107
Deferred leasing costs, net of accumulated amortization of $19,006 and $17,641, respectively	21,049	20,694
Prepaid expenses and other assets	71,977	74,111
Total assets	2,970,299	2,985,116
Liabilities:
Mortgages payable, net	1,699,844	1,687,190
Operating lease liabilities	61,265	64,578
Accounts payable, accrued expenses and other liabilities	74,913	84,829
Identified intangible liabilities, net of accumulated amortization of $38,026 and $35,029, respectively	97,327	100,625
Total liabilities	1,933,349	1,937,222
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,442,769 and 117,147,986 shares issued and outstanding, respectively	1,173	1,170
Additional paid-in capital	1,002,679	1,001,253
Accumulated other comprehensive loss	(52)	0
Accumulated deficit	(23,568)	(7,091)
Noncontrolling interests:
Operating partnership	42,771	39,616
Consolidated subsidiaries	13,947	12,946
Total equity	1,036,950	1,047,894
Total liabilities and equity	$ 2,970,299	$ 2,985,116

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Jun. 30, 2022 USD ($) $ / shares shares
Statement of Financial Position [Abstract]
Accumulated depreciation, identifiable intangible assets	$ 39,845
Accumulated amortization, deferred leasing costs	19,006
Accumulated amortization, identified intangible liabilities	$ 38,026
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	117,442,769

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE
Total revenue	$ 97,854	$ 94,006	$ 198,055	$ 189,667
EXPENSES
Depreciation and amortization	24,691	22,488	49,218	45,363
Real estate taxes	15,456	15,363	31,431	31,964
Property operating	17,596	15,891	38,801	36,182
General and administrative	10,634	9,484	21,755	18,152
Lease expense	3,083	3,195	6,218	6,501
Total expenses	71,460	66,421	147,423	138,162
Gain on sale of real estate	353	0	353	11,722
Interest income	214	90	419	226
Interest and debt expense	(14,241)	(14,728)	(28,245)	(29,555)
Income before income taxes	12,720	12,947	23,159	33,898
Income tax (expense) benefit	(711)	34	(1,616)	(201)
Net income	12,009	12,981	21,543	33,697
Less net (income) loss attributable to NCI in:
Operating partnership	(506)	(584)	(893)	(1,459)
Consolidated subsidiaries	123	150	462	229
Net income (loss) attributable to common shareholders	$ 11,626	$ 12,547	$ 21,112	$ 32,467
Earnings per common share - Basic (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Earnings per common share - Diluted (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Weighted average shares outstanding - Basic (in shares)	117,364	116,981	117,347	116,969
Weighted average shares outstanding - Diluted (in shares)	117,427	117,034	117,410	122,327
Net income	$ 12,009	$ 12,981	$ 21,543	$ 33,697
Effective portion of change in fair value of derivatives	(54)	0	(54)	0
Comprehensive income	11,955	12,981	21,489	33,697
Less comprehensive loss attributable to NCI in Operating partnership	2	0	2	0
Less net (income) loss attributable to NCI in Operating partnership	(506)	(584)	(893)	(1,459)
Less net (income) loss attributable to NCI in Consolidated subsidiaries	123	150	462	229
Comprehensive income attributable to common shareholders	11,574	12,547	21,060	32,467
Rental Revenue
REVENUE
Revenues	97,454	93,653	196,870	188,272
Other income
REVENUE
Revenues	400	353	1,185	1,395
Urban Edge Properties LP
REVENUE
Total revenue	97,854	94,006	198,055	189,667
EXPENSES
Depreciation and amortization	24,691	22,488	49,218	45,363
Real estate taxes	15,456	15,363	31,431	31,964
Property operating	17,596	15,891	38,801	36,182
General and administrative	10,634	9,484	21,755	18,152
Lease expense	3,083	3,195	6,218	6,501
Total expenses	71,460	66,421	147,423	138,162
Gain on sale of real estate	353	0	353	11,722
Interest income	214	90	419	226
Interest and debt expense	(14,241)	(14,728)	(28,245)	(29,555)
Income before income taxes	12,720	12,947	23,159	33,898
Income tax (expense) benefit	(711)	34	(1,616)	(201)
Net income	12,009	12,981	21,543	33,697
Less net (income) loss attributable to NCI in:
Consolidated subsidiaries	123	150	462	229
Net income (loss) attributable to common shareholders	$ 12,132	$ 13,131	$ 22,005	$ 33,926
Earnings per common share - Basic (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Earnings per common share - Diluted (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Weighted average shares outstanding - Basic (in shares)	121,365	120,849	121,277	120,806
Weighted average shares outstanding - Diluted (in shares)	121,654	122,485	121,434	122,327
Net income	$ 12,009	$ 12,981	$ 21,543	$ 33,697
Effective portion of change in fair value of derivatives	(54)	0	(54)	0
Comprehensive income	11,955	12,981	21,489	33,697
Less net (income) loss attributable to NCI in Consolidated subsidiaries	123	150	462	229
Comprehensive income attributable to common shareholders	12,078	13,131	21,951	33,926
Urban Edge Properties LP \| Rental Revenue
REVENUE
Revenues	97,454	93,653	196,870	188,272
Urban Edge Properties LP \| Other income
REVENUE
Revenues	$ 400	$ 353	$ 1,185	$ 1,395

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Urban Edge Properties LP	Urban Edge Properties LP Accumulated Earnings (Deficit)	Urban Edge Properties LP NCI in Consolidated Subsidiaries	Urban Edge Properties LP General Partner	Urban Edge Properties LP Limited Partners		Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Earnings (Deficit)	Operating Partnership	NCI in Consolidated Subsidiaries
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		$ 1,169	$ 989,863		$ (39,467)	$ 38,456	$ 5,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	32,467	33,926	33,926								32,467
Net income (loss) attributable to NCI	1,230	(229)		(229)								1,459	(229)
Common units issued as a result of common shares issued by Urban Edge (in shares)					36,082	747,135
Common units issued as a result of common shares issued by Urban Edge		(184)	104		$ (288)
Units redeemed for common shares (in shares)					100,000	(100,000)		100,000
Units redeemed for common shares	840	840			$ 840			$ 0	840
Reallocation of NCI	(840)	(840)			(1,688)	$ 848			(1,688)			848
Common shares issued (in shares)								36,082
Common shares issued	184							$ 1	287		(104)
Dividends to common shareholders	(35,053)										(35,053)
Distributions to redeemable NCI	(1,441)											(1,441)
Distributions to Partners		(36,494)	(36,494)
Contributions from noncontrolling interests	511	511		511									511
Share-based compensation expense	5,409	5,409			$ 1,163	$ 4,246			1,163			4,246
Share-based awards retained for taxes (in shares)					(13,062)			(13,062)
Share-based awards retained for taxes	(210)	(210)			$ (210)				(210)
Ending balance (in shares) at Jun. 30, 2021					117,137,337	5,376,145		117,137,337
Ending balance at Jun. 30, 2021	998,990	998,990	(44,985)	6,154	$ 991,425	$ 46,396	[1]	$ 1,170	990,255		(42,157)	43,568	6,154
Beginning balance (in shares) at Mar. 31, 2021					117,026,289	5,352,644		117,026,289
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	12,547	13,131	13,131								12,547
Net income (loss) attributable to NCI	434	(150)		(150)								584	(150)
Common units issued as a result of common shares issued by Urban Edge (in shares)					11,799	123,501
Common units issued as a result of common shares issued by Urban Edge		(183)	21		$ (204)
Units redeemed for common shares (in shares)					100,000	(100,000)		100,000
Units redeemed for common shares	840	840			$ 840			$ 0	840
Reallocation of NCI	(840)	(840)			1,129	$ (1,969)	[1]		1,129			(1,969)
Common shares issued (in shares)								11,799
Common shares issued	183							$ 0	204		(21)
Dividends to common shareholders	(17,538)										(17,538)
Distributions to redeemable NCI	(730)											(730)
Distributions to Partners		(18,268)	(18,268)
Share-based compensation expense	2,726	2,726			$ 566	$ 2,160	[1]		566			2,160
Share-based awards retained for taxes (in shares)					(751)			(751)
Share-based awards retained for taxes	(2)	(2)			$ (2)				(2)
Ending balance (in shares) at Jun. 30, 2021					117,137,337	5,376,145		117,137,337
Ending balance at Jun. 30, 2021	$ 998,990	$ 998,990	(44,985)	6,154	$ 991,425	$ 46,396	[1]	$ 1,170	990,255		(42,157)	43,568	6,154
Beginning balance (in shares) at Dec. 31, 2021	117,147,986	117,147,986						117,147,986
Beginning balance (in shares) at Dec. 31, 2021					117,147,986	4,662,654
Beginning balance at Dec. 31, 2021	$ 1,047,894	$ 1,047,894	(8,505)	12,946	$ 1,002,423	$ 41,030		$ 1,170	1,001,253	$ 0	(7,091)	39,616	12,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	21,112	22,005	22,005								21,112
Net income (loss) attributable to NCI	431	(462)		(462)								893	(462)
Other comprehensive loss	(54)									(52)	(2)	(2)
Common units issued as a result of common shares issued by Urban Edge (in shares)					51,054	711,839
Common units issued as a result of common shares issued by Urban Edge		(223)	42		$ (265)
Units redeemed for common shares (in shares)					250,000	(250,000)		250,000
Units redeemed for common shares	$ 4,248	4,248			$ 2,124	$ 2,124		$ 3	2,121			2,124
Repurchase of common shares (in shares)	0
Reallocation of NCI	$ (4,248)	(4,248)			(1,505)	(2,743)			(1,505)			(2,743)
Common shares issued (in shares)								51,054
Common shares issued	223								265		(42)
Dividends to common shareholders	(37,547)										(37,547)
Distributions to redeemable NCI	(1,555)											(1,555)
Distributions to Partners		(39,102)	(39,102)
Contributions from noncontrolling interests	1,463	1,463		1,463									1,463
Share-based compensation expense	5,097	5,097			$ 659	$ 4,438			659			4,438
Share-based awards retained for taxes (in shares)					(6,271)			(6,271)
Share-based awards retained for taxes	$ (114)	$ (114)			$ (114)				(114)
Ending balance (in shares) at Jun. 30, 2022	117,442,769	117,442,769						117,442,769
Ending balance (in shares) at Jun. 30, 2022					117,442,769	5,124,493
Ending balance at Jun. 30, 2022	$ 1,036,950	$ 1,036,950	(25,646)	13,947	$ 1,003,852	$ 44,849	[2]	$ 1,173	1,002,679	(52)	(23,568)	42,771	13,947
Beginning balance (in shares) at Mar. 31, 2022					117,430,735	5,003,420		117,430,735
Beginning 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	0	(16,399)	42,001	13,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	11,626	12,132	12,132								11,626
Net income (loss) attributable to NCI	383	(123)		(123)								506	(123)
Other comprehensive loss	(54)									(52)	(2)	(2)
Common units issued as a result of common shares issued by Urban Edge (in shares)					13,313	121,073
Common units issued as a result of common shares issued by Urban Edge		(224)	21		$ (245)
Reallocation of NCI	0	0			1,114	$ (1,114)	[2]		1,114			(1,114)
Common shares issued (in shares)								13,313
Common shares issued	224								245		(21)
Dividends to common shareholders	(18,774)										(18,774)
Distributions to redeemable NCI	(782)											(782)
Distributions to Partners		(19,556)	(19,556)
Contributions from noncontrolling interests	718	718		718									718
Share-based compensation expense	2,500	2,500			$ 338	$ 2,162	[2]		338			2,162
Share-based awards retained for taxes (in shares)					(1,279)			(1,279)
Share-based awards retained for taxes	$ (24)	$ (24)			$ (24)				(24)
Ending balance (in shares) at Jun. 30, 2022	117,442,769	117,442,769						117,442,769
Ending balance (in shares) at Jun. 30, 2022					117,442,769	5,124,493
Ending balance at Jun. 30, 2022	$ 1,036,950	$ 1,036,950	$ (25,646)	$ 13,947	$ 1,003,852	$ 44,849	[2]	$ 1,173	$ 1,002,679	$ (52)	$ (23,568)	$ 42,771	$ 13,947

[1]Limited partners have a 4.4% common limited partnership interest in the Operating Partnership as of June 30, 2021 in the form of Operating Partnership Units (“OP Units”) and Long-Term Incentive Plan Units (“LTIP Units”).[2]Limited partners have a 4.2% common limited partnership interest in the Operating Partnership as of June 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.15	$ 0.32	$ 0.30
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	0.32	0.30
Operating Partnership
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.15	$ 0.32	$ 0.30
Operating Partnership \| Limited Partners \| Urban Edge Properties LP
Noncontrolling interest percentage	4.20%	4.40%	4.20%	4.40%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 21,543	$ 33,697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,150	46,259
Gain on sale of real estate	(353)	(11,722)
Amortization of below market leases, net	(3,507)	(4,754)
Noncash lease expense	3,503	3,569
Straight-lining of rent	(1,057)	690
Share-based compensation expense	5,097	5,409
Change in operating assets and liabilities:
Tenant and other receivables	1,446	(151)
Deferred leasing costs	(2,272)	(1,410)
Prepaid expenses and other assets	1,147	(4,677)
Lease liabilities	(3,313)	(3,264)
Accounts payable, accrued expenses and other liabilities	(11,408)	(10,061)
Net cash provided by operating activities	60,976	53,585
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(48,098)	(19,361)
Acquisitions of real estate	(36,222)	0
Proceeds from sale of operating properties	353	23,208
Net cash (used in) provided by investing activities	(83,967)	3,847
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(89,686)	(5,738)
Dividends to common shareholders	(37,547)	(88,885)
Distributions to redeemable noncontrolling interests	(1,555)	(3,514)
Taxes withheld for vested restricted shares	(114)	(210)
Contributions from noncontrolling interests	1,464	511
Purchase of interest rate cap	(285)	0
Proceeds from mortgage loan borrowings	103,413	0
Debt issuance costs	(1,437)	0
Proceeds related to the issuance of common shares	223	184
Net cash used in financing activities	(25,524)	(97,652)
Net decrease in cash and cash equivalents and restricted cash	(48,515)	(40,220)
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	171,321	379,033
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $3,690 and $348, respectively	26,913	30,300
Cash payments for income taxes	1,017	3,724
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	17,576	10,677
Write-off of fully depreciated assets	1,772	1,688
Cash and cash equivalents at beginning of period	164,478	384,572
Cash and cash equivalents at end of period	125,483	321,200
Restricted cash at beginning of period	55,358	34,681
Restricted cash at end of period	45,838	57,833
Cash and cash equivalents and restricted cash at beginning/end of period	171,321	379,033
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	21,543	33,697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,150	46,259
Gain on sale of real estate	(353)	(11,722)
Amortization of below market leases, net	(3,507)	(4,754)
Noncash lease expense	3,503	3,569
Straight-lining of rent	(1,057)	690
Share-based compensation expense	5,097	5,409
Change in operating assets and liabilities:
Tenant and other receivables	1,446	(151)
Deferred leasing costs	(2,272)	(1,410)
Prepaid expenses and other assets	1,147	(4,677)
Lease liabilities	(3,313)	(3,264)
Accounts payable, accrued expenses and other liabilities	(11,408)	(10,061)
Net cash provided by operating activities	60,976	53,585
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(48,098)	(19,361)
Acquisitions of real estate	(36,222)	0
Proceeds from sale of operating properties	353	23,208
Net cash (used in) provided by investing activities	(83,967)	3,847
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(89,686)	(5,738)
Distributions to partners	39,102	92,399
Taxes withheld for vested restricted shares	(114)	(210)
Contributions from noncontrolling interests	1,464	511
Purchase of interest rate cap	(285)	0
Proceeds from mortgage loan borrowings	103,413	0
Debt issuance costs	(1,437)	0
Proceeds related to the issuance of common shares	223	184
Net cash used in financing activities	(25,524)	(97,652)
Net decrease in cash and cash equivalents and restricted cash	(48,515)	(40,220)
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	171,321	379,033
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $3,690 and $348, respectively	26,913	30,300
Cash payments for income taxes	1,017	3,724
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	17,576	10,677
Write-off of fully depreciated assets	1,772	1,688
Cash and cash equivalents at beginning of period	164,478	384,572
Cash and cash equivalents at end of period	125,483	321,200
Restricted cash at beginning of period	55,358	34,681
Restricted cash at end of period	45,838	57,833
Cash and cash equivalents and restricted cash at beginning/end of period	$ 171,321	$ 379,033

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Capitalized interest	$ 3,690	$ 348
Urban Edge Properties LP
Capitalized interest	$ 3,690	$ 348

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UELP - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 546,913	$ 543,827
Buildings and improvements	2,455,859	2,441,797
Construction in progress	258,330	212,296
Furniture, fixtures and equipment	7,922	7,530
Total	3,269,024	3,205,450
Accumulated depreciation and amortization	(775,931)	(753,947)
Real estate, net	2,493,093	2,451,503
Operating lease right-of-use assets	65,858	69,361
Cash and cash equivalents	125,483	164,478
Restricted cash	45,838	55,358
Tenant and other receivables	14,366	15,812
Receivable arising from the straight-lining of rents	63,749	62,692
Identified intangible assets, net of accumulated amortization of $39,845 and $37,361, respectively	68,886	71,107
Deferred leasing costs, net of accumulated amortization of $19,006 and $17,641, respectively	21,049	20,694
Prepaid expenses and other assets	71,977	74,111
Total assets	2,970,299	2,985,116
Liabilities:
Mortgages payable, net	1,699,844	1,687,190
Operating lease liabilities	61,265	64,578
Accounts payable, accrued expenses and other liabilities	74,913	84,829
Identified intangible liabilities, net of accumulated amortization of $38,026 and $35,029, respectively	97,327	100,625
Total liabilities	1,933,349	1,937,222
Commitments and contingencies (Note 10)
Partners’ capital:
Accumulated other comprehensive loss	(52)	0
Accumulated deficit	(23,568)	(7,091)
Consolidated subsidiaries	13,947	12,946
Total equity	1,036,950	1,047,894
Total liabilities and equity	2,970,299	2,985,116
Urban Edge Properties LP
Real estate, at cost:
Land	546,913	543,827
Buildings and improvements	2,455,859	2,441,797
Construction in progress	258,330	212,296
Furniture, fixtures and equipment	7,922	7,530
Total	3,269,024	3,205,450
Accumulated depreciation and amortization	(775,931)	(753,947)
Real estate, net	2,493,093	2,451,503
Operating lease right-of-use assets	65,858	69,361
Cash and cash equivalents	125,483	164,478
Restricted cash	45,838	55,358
Tenant and other receivables	14,366	15,812
Receivable arising from the straight-lining of rents	63,749	62,692
Identified intangible assets, net of accumulated amortization of $39,845 and $37,361, respectively	68,886	71,107
Deferred leasing costs, net of accumulated amortization of $19,006 and $17,641, respectively	21,049	20,694
Prepaid expenses and other assets	71,977	74,111
Total assets	2,970,299	2,985,116
Liabilities:
Mortgages payable, net	1,699,844	1,687,190
Operating lease liabilities	61,265	64,578
Accounts payable, accrued expenses and other liabilities	74,913	84,829
Identified intangible liabilities, net of accumulated amortization of $38,026 and $35,029, respectively	97,327	100,625
Total liabilities	1,933,349	1,937,222
Commitments and contingencies (Note 10)
Partners’ capital:
General partner: 117,442,769 and 117,147,986 units outstanding, respectively	1,003,852	1,002,423
Limited partners: 5,124,493 and 4,662,654 units outstanding, respectively	44,849	41,030
Accumulated other comprehensive loss	(52)	0
Accumulated deficit	(25,646)	(8,505)
Total partners’ capital	1,023,003	1,034,948
Consolidated subsidiaries	13,947	12,946
Total equity	1,036,950	1,047,894
Total liabilities and equity	$ 2,970,299	$ 2,985,116

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UELP (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accumulated depreciation, identifiable intangible assets	$ 39,845	$ 37,361
Accumulated amortization, deferred leasing costs	19,006	17,641
Accumulated amortization, identified intangible liabilities	$ 38,026	$ 35,029
Common stock, shares, outstanding (in shares)	117,442,769	117,147,986
Urban Edge Properties LP
Accumulated depreciation, identifiable intangible assets	$ 39,845	$ 37,361
Accumulated amortization, deferred leasing costs	19,006	17,641
Accumulated amortization, identified intangible liabilities	$ 38,026	$ 35,029
Common stock, shares, outstanding (in shares)	117,442,769	117,147,986
Limited Partners, units outstanding (in units)	5,124,493	4,662,654

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 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 June 30, 2022, Urban Edge owned approximately 95.8% 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 June 30, 2022, our portfolio consisted of 69 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	6 Months Ended
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	Jun. 30, 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 and six months ended June 30, 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 June 30, 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 June 30, 2022 and December 31, 2021, excluding the Operating Partnership, we consolidated two VIEs with total assets of $48.8 million and $48.5 million, respectively, and total liabilities of $24.3 million and $24.7 million, respectively. The consolidated statements of income and comprehensive income for the three and six months ended June 30, 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. In accordance with ASC 205 Presentation of Financial Statements , certain prior period balances have been reclassified in order to conform to the current period presentation. 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 June 30, 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	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 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. Derivative Financial Instruments and Hedging — At times, the Company may use derivative financial instruments to manage and mitigate exposure to fluctuations in interest rates on our variable rate debt. These derivatives are measured at fair value and are recognized as assets or liabilities in the Company’s consolidated balance sheets, depending on the Company’s rights or obligations under the respective derivative contracts. The accounting for changes in the fair value of a derivative varies based on eligibility and Company elections, including the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedge relationship has satisfied certain criteria to be deemed an effective hedge. Effectiveness of the hedging relationship is assessed on a quarterly basis by a third-party to determine if the relationship still meets the criteria to be considered an effective hedge. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. In a cash flow hedge, hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged transaction. A derivative instrument designated as a cash flow hedge is adjusted to fair value on the Company’s consolidated balance sheets. The change in fair value, net of the amortization of the purchase price of the instrument, is deemed to be the effective portion of change and is recognized in Other Comprehensive Income (“OCI”) in the Company’s consolidated statements of income and comprehensive income, with the amortization of the purchase price included in interest and debt expense. Cash flows from the derivative are included in the same line item in the statement of cash flows as the hedged item. For further information on the Company’s derivative instruments and hedge designations, refer to Note 9 . 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	6 Months Ended
ACQUISITIONS AND DISPOSITIONS	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the six months ended June 30, 2022, we closed on the following acquisitions: 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 June 8, 2022 The Shops at Riverwood Hyde Park MA 78,000 33,343 2022 Total $ 37,603 (1) The total purchase price for the properties acquired includes $0.6 million of transaction costs incurred related to the acquisitions. (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. This acquisition supports the overall plans we currently have under way to redevelop Sunrise Mall. On June 8, 2022, the Company closed on the acquisition of The Shops at Riverwood, a 78,000 sf grocery-anchored shopping center for a purchase price of $33.3 million, including transaction costs. The center is located in the greater Boston area and is fully leased. In conjunction with the acquisition, the Company entered into a reverse like-kind exchange under Section 1031 of the Internal Revenue Code with a third-party intermediary, which allows us, for tax purposes, to defer gains on the sale of other properties sold within 180 days after the acquisition date. In addition to the VIEs mentioned in No t e 2 , pursuant to the exchange agreement, the property is in possession of an Exchange Accommodation Titleholder (“EAT”) and is classified as a VIE until the earlier of the termination of the agreement or 180 days after the acquisition date. The EAT is the legal owner of the property, however, we control the activities that most significantly impact the entity and retain all of the economic benefits and risks associated with the entity. Therefore, since the title of the property will be transferred back to the Company and we have determined that we are the primary beneficiary of the VIE, we have consolidated the VIE and its operations as of the acquisition date. During the six months ended June 30, 2021, no acquisitions were completed by the Company. The aggregate purchase price of the above property acquisitions have been allocated as follows: Property Name Land Buildings and improvements Identified intangible assets (1) Identified intangible liabilities (1) Total Purchase Price (in thousands) 40 Carmans Road $ 1,118 $ 3,142 $ — $ — $ 4,260 The Shops at Riverwood 10,866 19,441 4,024 (988) 33,343 2022 Total $ 11,984 $ 22,583 $ 4,024 $ (988) $ 37,603 (1) As of June 30, 2022, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2022 were 8.8 years and 16.6 years, respectively. Dispositions During the six months ended June 30, 2022, no dispositions were completed by the Company. We recognized a gain on sale of real estate of $0.4 million in connection with the release of escrow funds related to a property disposed of in a prior period. During the six months ended June 30, 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	6 Months Ended
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	Jun. 30, 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 $68.9 million and $97.3 million, respectively, as of June 30, 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 $1.5 million and $3.5 million for the three and six months ended June 30, 2022, respectively, and $2.3 million and $4.8 million for the same periods in 2021. Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $2.8 million and $5.5 million for the three and six months ended June 30, 2022, respectively, and $1.8 million and $3.9 million for the same periods in 2021. 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) $ 3,901 $ (721) $ (4,978) 2023 7,719 (1,081) (9,097) 2024 7,483 (920) (7,870) 2025 7,302 (725) (6,454) 2026 6,923 (606) (5,706) 2027 6,629 (458) (5,119) (1) Remainder of 2022.

MORTGAGES PAYABLE

MORTGAGES PAYABLE	Jun. 08, 2022
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of June 30, 2022 and December 31, 2021. (Amounts in thousands) Maturity Interest Rate at June 30, 2022 June 30, 2022 December 31, 2021 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 2.96% $ 27,758 $ 28,034 Greenbrook Commons (1) 11/15/2024 2.96% 25,839 26,097 Gun Hill Commons (1) 12/1/2024 2.96% 24,434 24,680 Plaza at Cherry Hill (2) 6/3/2025 4.50% 29,000 28,244 Plaza at Woodbridge (3) 6/8/2027 3.31% 52,947 54,029 Total variable rate debt 159,978 161,084 Fixed rate Bergen Town Center 4/8/2023 3.56% 300,000 300,000 Shops at Bruckner 5/1/2023 3.90% 9,362 9,698 Hudson Mall 12/1/2023 5.07% 21,769 22,154 Yonkers Gateway Center 4/6/2024 4.16% 25,892 26,774 Brick Commons 12/10/2024 3.87% 49,099 49,554 West End Commons 12/10/2025 3.99% 24,881 25,100 Las Catalinas Mall 2/1/2026 4.43% 121,811 123,977 Town Brook Commons 12/1/2026 3.78% 31,116 31,400 Rockaway River Commons 12/1/2026 3.78% 27,548 27,800 Hanover Commons 12/10/2026 4.03% 63,000 63,000 Tonnelle Commons 4/1/2027 4.18% 99,720 100,000 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 22,717 22,944 Totowa Commons 12/1/2027 4.33% 50,800 50,800 Woodbridge Commons 12/1/2027 4.36% 22,100 22,100 Brunswick Commons 12/6/2027 4.38% 63,000 63,000 Rutherford Commons 1/6/2028 4.49% 23,000 23,000 Kingswood Center 2/6/2028 5.07% 70,374 70,815 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 37,400 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,700 40,700 Union (Vauxhall) 12/10/2028 4.01% 45,600 45,600 The Shops at Riverwood 6/24/2029 4.25% 21,466 — Freeport Commons 12/10/2029 4.07% 43,100 43,100 The Outlets at Montehiedra 6/1/2030 5.00% 78,479 79,381 Montclair 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 40,300 40,300 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Mount Kisco Commons 11/15/2034 6.40% 12,075 12,377 Total fixed rate debt 1,548,659 1,534,324 Total mortgages payable 1,708,637 1,695,408 Unamortized debt issuance costs (8,793) (8,218) Total mortgages payable, net $ 1,699,844 $ 1,687,190 (1) Bears interest at one month London Interbank Offered Rate (“LIBOR”) plus 190 bps. (2) Bears interest at one month Prime Rate plus 50 bps with a minimum of 4.25% (3) Bears interest at one month Secured Overnight Financing Rate (“SOFR”) plus 226 bps. The variable component of the debt is hedged with an interest rate cap agreement to limit SOFR to a maximum of 3%. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.5 billion as of June 30, 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 June 30, 2022, we were in compliance with all debt covenants. As of June 30, 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) $ 8,731 2023 350,667 2024 165,514 2025 71,781 2026 232,571 2027 316,774 Thereafter 562,599 (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 June 30, 2022 or December 31, 2021. Financing costs associated with executing the Agreement of $1.7 million and $2.2 million as of June 30, 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 June 30, 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 4.3 years. As of June 30, 2022, the remaining exposure under the guarantee is $9.0 million. There was no separate liability recorded related to this guarantee. Mortgage on Plaza at Cherry Hill On June 3, 2022, the Company refinanced the mortgage loan secured by its property, Plaza at Cherry Hill, located in Cherry Hill, NJ, with a new $29 million, 3-year, floating rate mortgage. The floating rate is calculated as the Prime Rate plus 50 basis points with a floor of 4.25% and is interest-only for the entire loan term. Mortgage on Plaza at Woodbridge On June 8, 2022, the Company refinanced the mortgage loan secured by its property, Plaza at Woodbridge, located in Woodbridge, NJ, and entered into a new 5-year loan agreement for $52.9 million. The terms of the loan require payment of interest at a floating rate equal to 2.26% plus one-month SOFR. Additionally, the agreement with the lender requires the Company to enter into an interest rate cap agreement to limit the maximum SOFR to 3% if the current rate is greater than 2% for five consecutive business days. On June 23, 2022, the Company purchased a one-year interest rate cap for $0.3 million which has been designated as a hedging instrument. Mortgage on The Shops at Riverwood On June 24, 2022, the Company obtained a 7-year non-recourse mortgage loan of $21.5 million at a fixed interest rate of 4.25% to partially fund the acquisition of The Shops at Riverwood.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 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 and comprehensive 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 six months ended June 30, 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 and comprehensive income. During the six months ended June 30, 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 and comprehensive income.

LEASES (Notes)

LEASES (Notes)	6 Months Ended
LEASES (Notes)	Jun. 30, 2022
Leases [Abstract]
LEASES	LEASES All rental revenue was generated from operating leases for the three and six months ended June 30, 2022 and 2021. The components of rental revenue for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2022 2021 2022 2021 Rental Revenue Fixed lease revenue $ 72,904 $ 69,585 $ 143,245 $ 135,239 Variable lease revenue (1) 24,550 24,068 53,625 53,033 Total rental revenue $ 97,454 $ 93,653 $ 196,870 $ 188,272 (1) Percentage rents for the three and six months ended June 30, 2022 were $0.3 million and $1.5 million, respectively, and $0.3 million and $0.7 million for the same periods in 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 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 Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of one interest rate cap. We rely on third-party valuations that use market observable inputs, such as credit spreads, yield curves and discount rates, to assess the fair value of this instrument. In accordance with the fair value hierarchy established by ASC 820, this financial instrument has been classified as Level 2 as quoted market prices are not readily available for valuing the asset. The table below summarizes the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2022: As of June 30, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap (1) $ — $ 225 $ — $ 225 (1) Included in Prepaid expenses and other assets on the consolidated balance sheets. There were no financial assets or liabilities measured at fair value on a recurring basis as of December 31, 2021. Derivatives and Hedging When we designate a derivative as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will be recognized in OCI until the gains or losses are reclassified to earnings. Derivatives that are not designated as hedges are adjusted to fair value through earnings. As of June 30, 2022, the Company was a counterparty to one interest rate derivative agreement which has been designated as a cash flow hedge. On June 23, 2022, in conjunction with the refinancing of the mortgage loan encumbering our property Plaza at Woodbridge, we entered into an interest rate cap agreement (the “Cap Agreement”) with a third-party to limit the maximum SOFR of our floating rate debt to 3%. On the date of the Cap Agreement, we elected to designate cash flow hedge accounting for this derivative instrument. The table below summarizes our derivative instrument, which is used to hedge the corresponding variable rate debt, as of June 30, 2022: (Amounts in thousands) Hedged Instrument Fair Value Notional Amount Spread Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 225 $ 52,947 SOFR + 2.26% 3.31% 7/1/2023 Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis There were no financial assets or liabilities measured at fair value on a non-recurring basis as of June 30, 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 is 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 June 30, 2022 and December 31, 2021: As of June 30, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,708,637 $ 1,564,963 $ 1,695,408 $ 1,692,674 (1) Carrying amounts exclude unamortized debt issuance costs of $8.8 million and $8.2 million as of June 30, 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 and six months ended June 30, 2022 or 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 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 $205.8 million, of which $134.9 million remains to be funded as of June 30, 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 June 30, 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 June 30, 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	6 Months Ended
PREPAID EXPENSES AND OTHER ASSETS	Jun. 30, 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) June 30, 2022 December 31, 2021 Deferred tax asset, net $ 35,855 $ 37,420 Other assets 18,326 19,712 Finance lease right-of-use asset 2,724 2,724 Deferred financing costs, net of accumulated amortization of $6,488 and $5,932, respectively 1,677 2,234 Prepaid expenses: Real estate taxes 6,042 9,982 Insurance 5,695 1,088 Licenses/fees 1,658 951 Total prepaid expenses and other assets $ 71,977 $ 74,111

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	Jun. 30, 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) June 30, 2022 December 31, 2021 Deferred tenant revenue $ 22,838 $ 28,898 Accrued capital expenditures and leasing costs 18,523 19,164 Accrued interest payable 10,225 9,879 Other liabilities and accrued expenses 8,162 8,057 Security deposits 7,145 6,693 Accrued payroll expenses 5,010 9,134 Finance lease liability 3,010 3,004 Total accounts payable, accrued expenses and other liabilities $ 74,913 $ 84,829

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	6 Months Ended
INTEREST AND DEBT EXPENSE	Jun. 30, 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 and comprehensive income: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2022 2021 2022 2021 Interest expense $ 13,453 $ 13,983 $ 26,712 $ 28,053 Amortization of deferred financing costs 788 745 1,533 1,502 Total interest and debt expense $ 14,241 $ 14,728 $ 28,245 $ 29,555

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	6 Months Ended
EQUITY AND NONCONTROLLING INTEREST	Jun. 30, 2022
Noncontrolling Interest [Abstract]
EQUITY AND NONCONTROLLING INTEREST	EQUITY AND NONCONTROLLING INTEREST At-The-Market Program On June 7, 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 June 30, 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 six months ended June 30, 2022 and 2021, no shares were repurchased by the Company. As of June 30, 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 June 30, 2022, Urban Edge owned approximately 95.8% 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 June 30, 2022 and 2021, the Company declared distributions on common shares and OP Units of $0.16 and $0.15 per share/unit, respectively. During the six months ended June 30, 2022 and 2021, respectively, the Company declared distributions on common shares and OP Units of $0.32 and $0.30 per share/unit in the aggregate. Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership reflected on the consolidated balance sheets of the Company are comprised of OP Units and limited partnership interests in the Operating Partnership in the form of LTIP Unit awards. LTIP Unit awards were granted to certain executives pursuant to our 2015 Omnibus Share Plan (the “Omnibus Share Plan”) and our 2018 Inducement Equity Plan (the “Inducement Plan”). OP Units were issued to contributors in exchange for their property interests in connection with the Company’s property acquisitions in 2017. The total of the OP Units and LTIP Units represent a 4.2% and 4.0% weighted-average interest in the Operating Partnership for the three and six months ended June 30, 2022, respectively. Holders of outstanding vested LTIP Units may, from and after two years from the date of issuance, redeem their LTIP Units for cash, or for the Company’s common shares on a one-for-one basis, solely at our election. Holders of outstanding OP Units may redeem their units for cash or the Company’s common shares on a one-for-one basis, solely at our election. 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 and comprehensive income.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
SHARE-BASED COMPENSATION	Jun. 30, 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 and comprehensive income, is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2022 2021 2022 2021 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,231 $ 1,203 2,463 2,333 Performance-based LTIP expense (2) 932 957 1,977 1,913 Stock option expense 206 384 441 797 Restricted share expense 114 89 $ 174 $ 267 Deferred share unit (“DSU”) expense 17 93 42 99 Total Share-based compensation expense $ 2,500 $ 2,726 $ 5,097 $ 5,409 (1) Expense for the three and six months ended June 30, 2022 includes the 2022, 2021, 2020 and 2019 LTI Plans. (2) Expense for the three and six months ended June 30, 2022 includes the 2017 OPP plan and the 2022, 2021, 2020, 2019, and 2018 LTI Plans. Equity award activity during the six months ended June 30, 2022 included: (i) 318,264 LTIP Units granted, (ii) 289,742 LTIP Units vested, (iii) 75,512 stock options vested, (iv) 44,214 restricted shares granted, (v) 20,592 restricted shares vested, (vi) 11,287 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 total grant date fair value under the 2022 LTI Plan was $8.6 million comprising both performance-based and time-based awards as described further below: Performance-based awards For the performance-based awards under the 2022 LTI plan, participants have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s absolute and/or relative TSR meets certain criteria over the three-year performance measurement period (the “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. The Company granted performance-based awards under the 2022 LTI Plan representing 349,438 Units. The fair value of the performance-based award portion of the 2022 LTI Plan on the grant date was $4.3 million using a Monte Carlo simulation to estimate the fair value of the Absolute and Relative components through a risk-neutral premise. 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%. 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. 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 performance-based awards are between such thresholds, earnings will be determined using linear interpolation. 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 June 30, 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	6 Months Ended
EARNINGS PER SHARE AND UNIT	Jun. 30, 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 June 30, Six Months Ended June 30, (Amounts in thousands, except per share amounts) 2022 2021 2022 2021 Numerator: Net income attributable to common shareholders $ 11,626 $ 12,547 $ 21,112 $ 32,467 Less: Earnings allocated to unvested participating securities (6) (6) (11) (17) Net income available for common shareholders - basic $ 11,620 $ 12,541 $ 21,101 $ 32,450 Impact of assumed conversions: OP and LTIP Units — — — 1,460 Net income available for common shareholders - dilutive $ 11,620 $ 12,541 $ 21,101 $ 33,910 Denominator: Weighted average common shares outstanding - basic 117,364 116,981 117,347 116,969 Effect of dilutive securities (1) : Restricted share awards 63 53 63 60 Assumed conversion of OP and LTIP Units — — — 5,298 Weighted average common shares outstanding - diluted 117,427 117,034 117,410 122,327 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.10 $ 0.11 $ 0.18 $ 0.28 Earnings per common share - Diluted $ 0.10 $ 0.11 $ 0.18 $ 0.28 (1) For the three months ended June 30, 2022 and 2021 and the six months ended June 30, 2022, 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 June 30, Six Months Ended June 30, (Amounts in thousands, except per unit amounts) 2022 2021 2022 2021 Numerator: Net income attributable to unitholders $ 12,132 $ 13,131 $ 22,005 $ 33,926 Less: net income attributable to participating securities (6) (6) (11) (17) Net income available for unitholders $ 12,126 $ 13,125 $ 21,994 $ 33,909 Denominator: Weighted average units outstanding - basic 121,365 120,849 121,277 120,806 Effect of dilutive securities issued by Urban Edge 63 53 63 60 Unvested LTIP Units 226 1,583 94 1,461 Weighted average units outstanding - diluted 121,654 122,485 121,434 122,327 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.10 $ 0.11 $ 0.18 $ 0.28 Earnings per unit - Diluted $ 0.10 $ 0.11 $ 0.18 $ 0.28

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 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 and six months ended June 30, 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 June 30, 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 June 30, 2022 and December 31, 2021, excluding the Operating Partnership, we consolidated two VIEs with total assets of $48.8 million and $48.5 million, respectively, and total liabilities of $24.3 million and $24.7 million, respectively. The consolidated statements of income and comprehensive income for the three and six months ended June 30, 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. In accordance with ASC 205 Presentation of Financial Statements , certain prior period balances have been reclassified in order to conform to the current period presentation.
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)	6 Months Ended
ACQUISITIONS AND DISPOSITIONS (Tables)	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the six months ended June 30, 2022, we closed on the following acquisitions: 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 June 8, 2022 The Shops at Riverwood Hyde Park MA 78,000 33,343 2022 Total $ 37,603 (1) The total purchase price for the properties acquired includes $0.6 million of transaction costs incurred related to the acquisitions. (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)	6 Months Ended
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	Jun. 30, 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) $ 3,901 $ (721) $ (4,978) 2023 7,719 (1,081) (9,097) 2024 7,483 (920) (7,870) 2025 7,302 (725) (6,454) 2026 6,923 (606) (5,706) 2027 6,629 (458) (5,119) (1) Remainder of 2022.

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	6 Months Ended
MORTGAGES PAYABLE (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	The following is a summary of mortgages payable as of June 30, 2022 and December 31, 2021. (Amounts in thousands) Maturity Interest Rate at June 30, 2022 June 30, 2022 December 31, 2021 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 2.96% $ 27,758 $ 28,034 Greenbrook Commons (1) 11/15/2024 2.96% 25,839 26,097 Gun Hill Commons (1) 12/1/2024 2.96% 24,434 24,680 Plaza at Cherry Hill (2) 6/3/2025 4.50% 29,000 28,244 Plaza at Woodbridge (3) 6/8/2027 3.31% 52,947 54,029 Total variable rate debt 159,978 161,084 Fixed rate Bergen Town Center 4/8/2023 3.56% 300,000 300,000 Shops at Bruckner 5/1/2023 3.90% 9,362 9,698 Hudson Mall 12/1/2023 5.07% 21,769 22,154 Yonkers Gateway Center 4/6/2024 4.16% 25,892 26,774 Brick Commons 12/10/2024 3.87% 49,099 49,554 West End Commons 12/10/2025 3.99% 24,881 25,100 Las Catalinas Mall 2/1/2026 4.43% 121,811 123,977 Town Brook Commons 12/1/2026 3.78% 31,116 31,400 Rockaway River Commons 12/1/2026 3.78% 27,548 27,800 Hanover Commons 12/10/2026 4.03% 63,000 63,000 Tonnelle Commons 4/1/2027 4.18% 99,720 100,000 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 22,717 22,944 Totowa Commons 12/1/2027 4.33% 50,800 50,800 Woodbridge Commons 12/1/2027 4.36% 22,100 22,100 Brunswick Commons 12/6/2027 4.38% 63,000 63,000 Rutherford Commons 1/6/2028 4.49% 23,000 23,000 Kingswood Center 2/6/2028 5.07% 70,374 70,815 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 37,400 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,700 40,700 Union (Vauxhall) 12/10/2028 4.01% 45,600 45,600 The Shops at Riverwood 6/24/2029 4.25% 21,466 — Freeport Commons 12/10/2029 4.07% 43,100 43,100 The Outlets at Montehiedra 6/1/2030 5.00% 78,479 79,381 Montclair 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 40,300 40,300 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Mount Kisco Commons 11/15/2034 6.40% 12,075 12,377 Total fixed rate debt 1,548,659 1,534,324 Total mortgages payable 1,708,637 1,695,408 Unamortized debt issuance costs (8,793) (8,218) Total mortgages payable, net $ 1,699,844 $ 1,687,190 (1) Bears interest at one month London Interbank Offered Rate (“LIBOR”) plus 190 bps. (2) Bears interest at one month Prime Rate plus 50 bps with a minimum of 4.25% (3) Bears interest at one month Secured Overnight Financing Rate (“SOFR”) plus 226 bps. The variable component of the debt is hedged with an interest rate cap agreement to limit SOFR to a maximum of 3%.
Schedule of Principal Repayments	As of June 30, 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) $ 8,731 2023 350,667 2024 165,514 2025 71,781 2026 232,571 2027 316,774 Thereafter 562,599 (1) Remainder of 2022.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2022
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three and six months ended June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2022 2021 2022 2021 Rental Revenue Fixed lease revenue $ 72,904 $ 69,585 $ 143,245 $ 135,239 Variable lease revenue (1) 24,550 24,068 53,625 53,033 Total rental revenue $ 97,454 $ 93,653 $ 196,870 $ 188,272 (1) Percentage rents for the three and six months ended June 30, 2022 were $0.3 million and $1.5 million, respectively, and $0.3 million and $0.7 million for the same periods in 2021.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 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 June 30, 2022 and December 31, 2021: As of June 30, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,708,637 $ 1,564,963 $ 1,695,408 $ 1,692,674 (1) Carrying amounts exclude unamortized debt issuance costs of $8.8 million and $8.2 million as of June 30, 2022 and December 31, 2021, respectively.
Fair Value Measurements, Recurring and Nonrecurring	The table below summarizes the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2022: As of June 30, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap (1) $ — $ 225 $ — $ 225 (1) Included in Prepaid expenses and other assets on the consolidated balance sheets.
Schedule of Derivative Instruments	The table below summarizes our derivative instrument, which is used to hedge the corresponding variable rate debt, as of June 30, 2022: (Amounts in thousands) Hedged Instrument Fair Value Notional Amount Spread Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 225 $ 52,947 SOFR + 2.26% 3.31% 7/1/2023

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	6 Months Ended
PREPAID EXPENSES AND OTHER ASSETS (Tables)	Jun. 30, 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) June 30, 2022 December 31, 2021 Deferred tax asset, net $ 35,855 $ 37,420 Other assets 18,326 19,712 Finance lease right-of-use asset 2,724 2,724 Deferred financing costs, net of accumulated amortization of $6,488 and $5,932, respectively 1,677 2,234 Prepaid expenses: Real estate taxes 6,042 9,982 Insurance 5,695 1,088 Licenses/fees 1,658 951 Total prepaid expenses and other assets $ 71,977 $ 74,111

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2022 December 31, 2021 Deferred tenant revenue $ 22,838 $ 28,898 Accrued capital expenditures and leasing costs 18,523 19,164 Accrued interest payable 10,225 9,879 Other liabilities and accrued expenses 8,162 8,057 Security deposits 7,145 6,693 Accrued payroll expenses 5,010 9,134 Finance lease liability 3,010 3,004 Total accounts payable, accrued expenses and other liabilities $ 74,913 $ 84,829

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	6 Months Ended
INTEREST AND DEBT EXPENSE (Tables)	Jun. 30, 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 and comprehensive income: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2022 2021 2022 2021 Interest expense $ 13,453 $ 13,983 $ 26,712 $ 28,053 Amortization of deferred financing costs 788 745 1,533 1,502 Total interest and debt expense $ 14,241 $ 14,728 $ 28,245 $ 29,555

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
SHARE-BASED COMPENSATION (Tables)	Jun. 30, 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 and comprehensive income, is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2022 2021 2022 2021 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,231 $ 1,203 2,463 2,333 Performance-based LTIP expense (2) 932 957 1,977 1,913 Stock option expense 206 384 441 797 Restricted share expense 114 89 $ 174 $ 267 Deferred share unit (“DSU”) expense 17 93 42 99 Total Share-based compensation expense $ 2,500 $ 2,726 $ 5,097 $ 5,409 (1) Expense for the three and six months ended June 30, 2022 includes the 2022, 2021, 2020 and 2019 LTI Plans. (2) Expense for the three and six months ended June 30, 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)	6 Months Ended
EARNINGS PER SHARE AND UNIT (Tables)	Jun. 30, 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 June 30, Six Months Ended June 30, (Amounts in thousands, except per share amounts) 2022 2021 2022 2021 Numerator: Net income attributable to common shareholders $ 11,626 $ 12,547 $ 21,112 $ 32,467 Less: Earnings allocated to unvested participating securities (6) (6) (11) (17) Net income available for common shareholders - basic $ 11,620 $ 12,541 $ 21,101 $ 32,450 Impact of assumed conversions: OP and LTIP Units — — — 1,460 Net income available for common shareholders - dilutive $ 11,620 $ 12,541 $ 21,101 $ 33,910 Denominator: Weighted average common shares outstanding - basic 117,364 116,981 117,347 116,969 Effect of dilutive securities (1) : Restricted share awards 63 53 63 60 Assumed conversion of OP and LTIP Units — — — 5,298 Weighted average common shares outstanding - diluted 117,427 117,034 117,410 122,327 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.10 $ 0.11 $ 0.18 $ 0.28 Earnings per common share - Diluted $ 0.10 $ 0.11 $ 0.18 $ 0.28 (1) For the three months ended June 30, 2022 and 2021 and the six months ended June 30, 2022, 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 June 30, Six Months Ended June 30, (Amounts in thousands, except per unit amounts) 2022 2021 2022 2021 Numerator: Net income attributable to unitholders $ 12,132 $ 13,131 $ 22,005 $ 33,926 Less: net income attributable to participating securities (6) (6) (11) (17) Net income available for unitholders $ 12,126 $ 13,125 $ 21,994 $ 33,909 Denominator: Weighted average units outstanding - basic 121,365 120,849 121,277 120,806 Effect of dilutive securities issued by Urban Edge 63 53 63 60 Unvested LTIP Units 226 1,583 94 1,461 Weighted average units outstanding - diluted 121,654 122,485 121,434 122,327 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.10 $ 0.11 $ 0.18 $ 0.28 Earnings per unit - Diluted $ 0.10 $ 0.11 $ 0.18 $ 0.28

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	6 Months Ended
ORGANIZATION (Details) ft² in Millions	Jun. 30, 2022 ft² property
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	69
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	95.80%
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%
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	6 Months Ended
	Jun. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Number of reportable segments \| segment	1
Assets	$ 2,970,299	$ 2,985,116
Liabilities	1,933,349	1,937,222
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	48,800	48,500
Liabilities	$ 24,300	$ 24,700

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands	Feb. 24, 2022 USD ($) ft²	Jun. 30, 2022 USD ($) ft²
Business Acquisition [Line Items]
Area of real estate property (in sq ft) \| ft²		17,200,000
Transaction costs		$ 600
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%
The Shops at Riverwood
Business Acquisition [Line Items]
Area of real estate property (in sq ft) \| ft²	78,000
Purchase Price	$ 33,343
2022 Acquisitions
Business Acquisition [Line Items]
Purchase Price	$ 37,603

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 24, 2022 USD ($) ft²	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² property	Jun. 30, 2021 USD ($)	Jun. 30, 2021 acquisition	Jun. 30, 2021 property	Jun. 30, 2021 propertyParcel
Business Acquisition [Line Items]
Area of real estate property (in sq ft) \| ft²		17,200,000		17,200,000
Number of acquisitions completed by the Company \| acquisition						0
Number of disposed properties \| property				0
Gain on sale of real estate		$ 353	$ 0	$ 353	$ 11,722
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of disposed properties							1	1
Gain on sale of real estate				$ 400	11,700
Aggregate sale price of disposed properties					$ 23,600
40 Carmans Road
Business Acquisition [Line Items]
Area of real estate property (in sq ft) \| ft²	12,000
Purchase price of real estate property acquired	$ 4,260
The Shops at Riverwood
Business Acquisition [Line Items]
Area of real estate property (in sq ft) \| ft²	78,000
Purchase price of real estate property acquired	$ 33,343

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 08, 2022	Feb. 24, 2022
Business Acquisition [Line Items]
Land	$ 11,984
Buildings and improvements	22,583
Identified intangible assets	4,024
Identified intangible liabilities	(988)
Total Purchase Price	$ 37,603
Weighted average useful life	8 years 9 months 18 days
Weighted average related liabilities	16 years 7 months 6 days
40 Carmans Road
Business Acquisition [Line Items]
Land			$ 1,118
Buildings and improvements			3,142
Identified intangible assets			0
Identified intangible liabilities			0
Total Purchase Price			$ 4,260
The Shops at Riverwood
Business Acquisition [Line Items]
Land		$ 10,866
Buildings and improvements		19,441
Identified intangible assets		4,024
Identified intangible liabilities		(988)
Total Purchase Price		$ 33,343

IDENTIFIED INTANGIBLE ASSETS _3

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	$ 68,886		$ 68,886		$ 71,107
Identified intangible liabilities, net of accumulated amortization	97,327		97,327		$ 100,625
Amortization of acquired below-market leases, net of above-market leases	1,500	$ 2,300	3,500	$ 4,800
Amortization expense of intangible assets	$ 2,800	$ 1,800	$ 5,500	$ 3,900

IDENTIFIED INTANGIBLE ASSETS _4

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired below-market leases, net of above-market leases	$ 1,500	$ 2,300	$ 3,500	$ 4,800
Below-Market Operating Lease Amortization
2021	3,901		3,901
2022	7,719		7,719
2023	7,483		7,483
2024	7,302		7,302
2025	6,923		6,923
2026	6,629		6,629
In-Place Leases
Amortization of Intangible Assets	2,800	$ 1,800	5,500	$ 3,900
Above-Market
Above-Market Operating Lease Amortization
2021	(721)		(721)
2022	1,081		1,081
2023	(920)		(920)
2024	(725)		(725)
2025	(606)		(606)
2026	(458)		(458)
In-Place Leases
2021	(721)		(721)
2023	(920)		(920)
2022	1,081		1,081
2024	(725)		(725)
2025	(606)		(606)
2026	(458)		(458)
In-Place Lease
Above-Market Operating Lease Amortization
2021	(4,978)		(4,978)
2022	9,097		9,097
2023	(7,870)		(7,870)
2024	(6,454)		(6,454)
2025	(5,706)		(5,706)
2026	(5,119)		(5,119)
In-Place Leases
2021	(4,978)		(4,978)
2023	(7,870)		(7,870)
2022	9,097		9,097
2024	(6,454)		(6,454)
2025	(5,706)		(5,706)
2026	$ (5,119)		$ (5,119)

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - Mortgages - First Mortgage - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jun. 03, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 24, 2022	Jun. 08, 2022
Debt Instrument [Line Items]
Total mortgages payable		$ 1,708,637	$ 1,695,408
Unamortized debt issuance costs		(8,793)	(8,218)
Total mortgages payable, net		1,699,844	1,687,190
Variable rate
Debt Instrument [Line Items]
Total mortgages payable		$ 159,978	161,084
Variable rate \| The Plaza at Cherry Hill
Debt Instrument [Line Items]
Interest rate		4.50%
Total mortgages payable		$ 29,000	28,244
Debt instrument, minimum interest rate	4.25%	4.25%
Variable rate \| The Plaza at Cherry Hill \| Prime Rate
Debt Instrument [Line Items]
Interest rate spread on variable rate	0.50%	50%
Variable rate \| The Plaza at Woodbridge
Debt Instrument [Line Items]
Interest rate					2.26%
Total mortgages payable			54,029
Interest rate cap		3%
Variable rate \| The Plaza at Woodbridge \| SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate		226%
Variable rate \| Hudson Commons
Debt Instrument [Line Items]
Interest rate		2.96%
Total mortgages payable		$ 27,758	$ 28,034
Variable rate \| Hudson Commons \| LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate		190%	190%
Variable rate \| Watchung, NJ
Debt Instrument [Line Items]
Interest rate		2.96%
Total mortgages payable		$ 25,839	$ 26,097
Variable rate \| Watchung, NJ \| LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate		190%	190%
Variable rate \| Bronx (1750-1780 Gun Hill Road), NY
Debt Instrument [Line Items]
Interest rate		2.96%
Total mortgages payable		$ 24,434	$ 24,680
Variable rate \| Bronx (1750-1780 Gun Hill Road), NY \| LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate		190%	190%
Fixed rate
Debt Instrument [Line Items]
Total mortgages payable		$ 1,548,659	$ 1,534,324
Fixed rate \| Bergen Town Center
Debt Instrument [Line Items]
Interest rate		3.56%
Total mortgages payable		$ 300,000	300,000
Fixed rate \| Shops at Bruckner
Debt Instrument [Line Items]
Interest rate		3.90%
Total mortgages payable		$ 9,362	9,698
Fixed rate \| Hudson Mall
Debt Instrument [Line Items]
Interest rate		5.07%
Total mortgages payable		$ 21,769	22,154
Fixed rate \| Yonkers Gateway Center
Debt Instrument [Line Items]
Interest rate		4.16%
Total mortgages payable		$ 25,892	26,774
Fixed rate \| Brick Commons
Debt Instrument [Line Items]
Interest rate		3.87%
Total mortgages payable		$ 49,099	49,554
Fixed rate \| West End Commons
Debt Instrument [Line Items]
Interest rate		3.99%
Total mortgages payable		$ 24,881	25,100
Fixed rate \| Las Catalinas Mall
Debt Instrument [Line Items]
Interest rate		4.43%
Total mortgages payable		$ 121,811	123,977
Fixed rate \| Town Brook Commons
Debt Instrument [Line Items]
Interest rate		3.78%
Total mortgages payable		$ 31,116	31,400
Fixed rate \| Rockaway River Commons
Debt Instrument [Line Items]
Interest rate		3.78%
Total mortgages payable		$ 27,548	27,800
Fixed rate \| Hanover Commons
Debt Instrument [Line Items]
Interest rate		4.03%
Total mortgages payable		$ 63,000	63,000
Fixed rate \| Tonnelle Commons
Debt Instrument [Line Items]
Interest rate		4.18%
Total mortgages payable		$ 99,720	100,000
Fixed rate \| Manchester Plaza
Debt Instrument [Line Items]
Interest rate		4.32%
Total mortgages payable		$ 12,500	12,500
Fixed rate \| Millburn Gateway Center
Debt Instrument [Line Items]
Interest rate		3.97%
Total mortgages payable		$ 22,717	22,944
Fixed rate \| Totowa Commons
Debt Instrument [Line Items]
Interest rate		4.33%
Total mortgages payable		$ 50,800	50,800
Fixed rate \| Woodbridge Commons
Debt Instrument [Line Items]
Interest rate		4.36%
Total mortgages payable		$ 22,100	22,100
Fixed rate \| Brunswick Commons
Debt Instrument [Line Items]
Interest rate		4.38%
Total mortgages payable		$ 63,000	63,000
Fixed rate \| Rutherford Commons
Debt Instrument [Line Items]
Interest rate		4.49%
Total mortgages payable		$ 23,000	23,000
Fixed rate \| Kingswood Center
Debt Instrument [Line Items]
Interest rate		5.07%
Total mortgages payable		$ 70,374	70,815
Fixed rate \| Hackensack Commons
Debt Instrument [Line Items]
Interest rate		4.36%
Total mortgages payable		$ 66,400	66,400
Fixed rate \| Marlton Commons
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 (Vauxhall)
Debt Instrument [Line Items]
Interest rate		4.01%
Total mortgages payable		$ 45,600	45,600
Fixed rate \| The Shops at Riverwood
Debt Instrument [Line Items]
Interest rate		4.25%		4.25%
Total mortgages payable		$ 21,466	0
Fixed rate \| The Outlets at Montehiedra \| Senior Loan
Debt Instrument [Line Items]
Interest rate		5%
Total mortgages payable		$ 78,479	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 Commons
Debt Instrument [Line Items]
Interest rate		4.14%
Total mortgages payable		$ 40,300	40,300
Fixed rate \| Mount Kisco Commons
Debt Instrument [Line Items]
Interest rate		6.40%
Total mortgages payable		$ 12,075	12,377
Fixed rate \| Freeport Commons
Debt Instrument [Line Items]
Interest rate		4.07%
Total mortgages payable		$ 43,100	$ 43,100

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details)							6 Months Ended
MORTGAGES PAYABLE - Additional Information (Details)	Jun. 24, 2022 USD ($)	Jun. 23, 2022	Jun. 08, 2022 USD ($)	Jun. 03, 2022 USD ($)	Jul. 29, 2019	Mar. 07, 2017 USD ($) extension_option	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2020 USD ($)	Jan. 15, 2015 USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness							$ 1,500,000,000
Debt issuance costs, net							1,677,000	$ 2,234,000
Derivative, term of contract		1 year
Revolving Credit Facility \| Maximum \| Four-Year Revolving Credit Agreement January 2015
Debt Instrument [Line Items]
Facility fee					30%
Revolving Credit Facility \| Minimum \| Four-Year Revolving Credit Agreement January 2015
Debt Instrument [Line Items]
Facility fee					15%
Property Lease Guarantee
Debt Instrument [Line Items]
Conditional corporate guarantee							$ 12,500,000
Guarantor obligations, amortization period							4 years 3 months 18 days
Guarantor obligations, remaining amount of potential guarantee							$ 9,000,000
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							1,700,000	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 \| Revolving Credit Facility \| LIBOR \| Maximum \| Four-Year Revolving Credit Agreement January 2015
Debt Instrument [Line Items]
Interest rate spread on variable rate					1.50%
Line of Credit \| Revolving Credit Facility \| LIBOR \| Minimum \| Four-Year Revolving Credit Agreement January 2015
Debt Instrument [Line Items]
Interest rate spread on variable rate					1.05%
Mortgages \| First Mortgage
Debt Instrument [Line Items]
Total mortgages payable							1,708,637,000	1,695,408,000
Mortgages \| First Mortgage \| Fixed rate
Debt Instrument [Line Items]
Total mortgages payable							1,548,659,000	1,534,324,000
Mortgages \| First Mortgage \| Variable rate
Debt Instrument [Line Items]
Total mortgages payable							$ 159,978,000	161,084,000
Mortgages \| First Mortgage \| Las Catalinas Mall \| Fixed rate
Debt Instrument [Line Items]
Debt instrument, face amount									$ 129,000,000
Borrowing rate							4.43%
Annual increase in interest rate							50%
Discounted value							$ 72,500,000
Accrued interest							5,400,000
Debt issuance costs, net							1,200,000
Total mortgages payable							$ 121,811,000	$ 123,977,000
Mortgages \| First Mortgage \| Las Catalinas Mall \| Fixed rate \| Maximum
Debt Instrument [Line Items]
Borrowing rate							4.43%	4.43%
Mortgages \| First Mortgage \| Las Catalinas Mall \| Fixed rate \| Minimum
Debt Instrument [Line Items]
Borrowing rate							3%
Mortgages \| First Mortgage \| The Plaza at Cherry Hill \| Variable rate
Debt Instrument [Line Items]
Debt instrument, face amount				$ 29,000,000
Borrowing rate							4.50%
Debt instrument, term				3 years
Total mortgages payable							$ 29,000,000	$ 28,244,000
Debt instrument, minimum interest rate				4.25%			4.25%
Mortgages \| First Mortgage \| The Plaza at Cherry Hill \| Variable rate \| Prime Rate
Debt Instrument [Line Items]
Interest rate spread on variable rate				0.50%			50%
Mortgages \| First Mortgage \| The Plaza at Woodbridge \| Variable rate
Debt Instrument [Line Items]
Debt instrument, face amount			$ 52,900,000
Borrowing rate			2.26%
Debt instrument, term			5 years
Total mortgages payable								54,029,000
Interest rate cap							3%
Mortgages \| First Mortgage \| The Plaza at Woodbridge \| Variable rate \| Interest Rate Cap
Debt Instrument [Line Items]
Borrowing rate							3.31%
Total mortgages payable							$ 52,947,000
Interest rate cap			3%
Mortgages \| First Mortgage \| The Plaza at Woodbridge \| Variable rate \| SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate							226%
Mortgages \| First Mortgage \| The Shops at Riverwood \| Fixed rate
Debt Instrument [Line Items]
Debt instrument, face amount	$ 21,500,000
Borrowing rate	4.25%						4.25%
Debt instrument, term	7 years
Total mortgages payable							$ 21,466,000	$ 0

MORTGAGES PAYABLE - Schedule of

MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Remainder of 2018	$ 8,731
2023	350,667
2024	165,514
2025	71,781
2026	232,571
2027	316,774
Thereafter	$ 562,599

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
Deferred tax assets, net	$ (35,855)		$ (35,855)		$ (37,420)
Income tax (expense) benefit	(711)	$ 34	$ (1,616)	$ (201)
Current state and local tax expense		(500)		(500)
Puerto Rico
Income Tax Contingency [Line Items]
Branch profit tax			10%
Puerto Rico \| Commonwealth of Puerto Rico
Income Tax Contingency [Line Items]
Income tax (expense) benefit	$ (700)	$ (500)	$ (1,600)	$ (700)
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Fixed lease revenue	$ (72,904)	$ (69,585)	$ (143,245)	$ (135,239)
Variable lease revenue	24,550	24,068	53,625	53,033
Total rental revenue	97,454	93,653	196,870	188,272
Percentage rent	$ 300	$ 300	$ 1,500	$ 700

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rate Cap Schedule (Details) - Interest Rate Cap $ in Thousands	Jun. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 225
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	225
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	225
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Derivative Instrument (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 08, 2022	Dec. 31, 2021
First Mortgage \| Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable	$ 1,708,637		$ 1,695,408
First Mortgage \| Variable rate \| Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable	159,978		161,084
First Mortgage \| The Plaza at Woodbridge \| Variable rate \| Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable			$ 54,029
Interest rate		2.26%
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	225
Interest Rate Cap \| First Mortgage \| The Plaza at Woodbridge \| Variable rate \| Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable	$ 52,947
Interest rate	3.31%
Derivative, Basis Spread on Variable Rate	2.26%

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	6 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Casualty and impairment loss	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - Mortgages - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 1,708,637	$ 1,695,408
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,564,963	1,692,674
Unamortized debt issuance costs	$ (8,800)	$ (8,200)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2022 USD ($) project
Commitments and Contingencies Disclosure [Abstract]
Number of projects \| project	20
Real estate redevelopment in process	$ 205,800,000
Estimated cost to complete development and redevelopment projects	134,900,000
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	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 18,326	$ 19,712
Deferred Tax Assets, Net	35,855	37,420
Deposit Assets	2,724	2,724
Accumulated amortization, deferred financing costs	6,488	5,932
Prepaid expenses:
Real estate taxes	6,042	9,982
Insurance	5,695	1,088
Licenses/fees	1,658	951
Total prepaid expenses and other assets	71,977	74,111
Debt issuance costs, net	$ 1,677	$ 2,234

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deferred tenant revenue	$ 22,838	$ 28,898
Accrued interest payable	10,225	9,879
Accrued capital expenditures and leasing costs	18,523	19,164
Security deposits	7,145	6,693
Finance lease liability	3,010	3,004
Accrued payroll expenses	5,010	9,134
Other liabilities and accrued expenses	8,162	8,057
Total accounts payable, accrued expenses and other liabilities	$ 74,913	$ 84,829

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
Interest expense	$ 13,453	$ 13,983	$ 26,712	$ 28,053
Amortization of deferred financing costs	788	745	1,533	1,502
Total interest and debt expense	$ 14,241	$ 14,728	$ 28,245	$ 29,555

EQUITY AND NONCONTROLLING INT_2

EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	3 Months Ended		4 Months Ended	6 Months Ended
EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	May 05, 2021
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Authorized amount		$ 200,000,000			$ 200,000,000
Repurchase of common shares (in shares)			5,900,000	0
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			$ 145,900,000
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.15		$ 0.32	$ 0.30
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	4.20%			4.20%
Operating Partnership \| LTIP Units
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	4%			4%
Sunrise Mall Massapequa, NY \| Noncontrolling Interest \| Sunrise Mall Massapequa, NY
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage	17.50%			17.50%
Walnut Creek (Mt. Diablo), CA \| Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage				5%
Vornado Realty L.P. \| Operating Partnership \| Parent
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage				95.80%

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 2,500	$ 2,726	$ 5,097	$ 5,409
Time-based LTIP Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,231	1,203	2,463	2,333
Performance-based LTIP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	932	957	1,977	1,913
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	206	384	441	797
Restricted share expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	114	89	174	267
Deferred share unit (“DSU”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 17	$ 93	$ 42	$ 99

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) $ in Millions		6 Months Ended
	Feb. 11, 2022 USD ($) company	Jun. 30, 2022 USD ($) 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%
Equity awards percentage of absolute component of TSR equal to 27%	27%
Equity awards percentage of absolute component of TSR equal to 36%	36%
Number of REIT peer groups \| company	14
Equity awards percentage of relative component of TSR equal to 35 percentile of peer group	3,500%
Equity awards percentage of relative component of TSR equal to 55 percentile of peer group	5,500%
Equity awards percentage of relative component of TSR equal to 75 percentile of peer group	7,500%
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		318,264
Number of awards vested (in shares)		289,742
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]
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]
Number or equity awards granted (in shares)		349,438
Equity awards earned percentage based on absolute TSR component of equal to 18%	50%
Equity awards earned percentage based on absolute TSR component of equal to 27%	100%
Equity awards earned percentage based on absolute TSR component of equal to 36%	200%
Equity awards earned percentage based on relative TSR component of 35 percentile of peer group	50%
Equity awards earned percentage based on relative TSR component of 55 percentile of peer group	100%
Equity awards earned percentage based on relative TSR component of 75 percentile of peer group	200%
Equity awards earned percentage based on FFO growth period, threshold one	50%
Equity awards percentage of relative component of FFO, threshold one	3%
Equity awards earned percentage based on FFO growth period, threshold two	100%
Equity awards percentage of relative component of FFO, threshold two	5%
Equity awards earned percentage based on FFO growth period, threshold three	200%
Equity awards percentage of relative component of FFO, threshold three	7%
Award vesting period		3 years
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture \| $		$ 4.3
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)		20,592
Number of shares forfeited (in shares)		11,287

EARNINGS PER SHARE AND UNIT (De

EARNINGS PER SHARE AND UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 11,626	$ 12,547	$ 21,112	$ 32,467
Less: Earnings allocated to unvested participating securities	(6)	(6)	(11)	(17)
Net income available for common shareholders - basic	11,620	12,541	21,101	32,450
OP and LTIP Units	0	0	0	1,460
Net income available for common shareholders - dilutive	$ 11,620	$ 12,541	$ 21,101	$ 33,910
Denominator:
Weighted average common shares outstanding - basic (in shares)	117,364	116,981	117,347	116,969
Effect of dilutive securities:
Assumed conversion of OP and LTIP units (in shares)	0	0	0	5,298
Weighted average common shares outstanding - diluted (in shares)	117,427	117,034	117,410	122,327
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Earnings per common share - Diluted (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Urban Edge Properties LP
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 12,132	$ 13,131	$ 22,005	$ 33,926
Less: Earnings allocated to unvested participating securities	(6)	(6)	(11)	(17)
Net income available for common shareholders - basic	$ 12,126	$ 13,125	$ 21,994	$ 33,909
Denominator:
Weighted average common shares outstanding - basic (in shares)	121,365	120,849	121,277	120,806
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	63	53	63	60
Assumed conversion of OP and LTIP units (in shares)	226	1,583	94	1,461
Weighted average common shares outstanding - diluted (in shares)	121,654	122,485	121,434	122,327
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Earnings per common share - Diluted (in dollars per share)	$ 0.10	$ 0.11	$ 0.18	$ 0.28
Restricted share expense
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	63	53	63	60