Urban Edge Properties (UE) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		117,639,602
Entity Central Index Key	0001611547
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 543,083	$ 535,770
Buildings and improvements	2,500,534	2,468,385
Construction in progress	273,929	314,190
Furniture, fixtures and equipment	9,023	8,539
Total	3,326,569	3,326,884
Accumulated depreciation and amortization	(821,732)	(791,485)
Real estate, net	2,504,837	2,535,399
Operating lease right-of-use assets	59,193	64,161
Cash and cash equivalents	48,930	85,518
Restricted cash	44,496	43,256
Tenant and other receivables	15,911	17,523
Receivable arising from the straight-lining of rents	66,424	64,713
Identified intangible assets, net of accumulated amortization of $44,199 and $40,983, respectively	57,407	62,856
Deferred leasing costs, net of accumulated amortization of $21,414 and $20,107, respectively	28,907	26,799
Prepaid expenses and other assets	77,024	77,207
Total assets	2,903,129	2,977,432
Liabilities:
Mortgages payable, net	1,683,328	1,691,690
Operating lease liabilities	55,958	59,789
Accounts payable, accrued expenses and other liabilities	88,304	102,519
Identified intangible liabilities, net of accumulated amortization of $44,384 and $40,816, respectively	89,041	93,328
Total liabilities	1,916,631	1,947,326
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,639,602 and 117,450,951 shares issued and outstanding, respectively	1,175	1,173
Additional paid-in capital	1,012,825	1,011,293
Accumulated other comprehensive income	321	629
Accumulated deficit	(82,588)	(36,104)
Noncontrolling interests:
Operating partnership	40,021	39,209
Consolidated subsidiaries	14,744	13,906
Total equity	986,498	1,030,106
Total liabilities and equity	$ 2,903,129	$ 2,977,432

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation, identifiable intangible assets	$ 44,199	$ 40,983
Accumulated amortization, deferred leasing costs	21,414	20,107
Accumulated amortization, identified intangible liabilities	$ 44,384	$ 40,816
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	117,639,602	117,639,602
Common stock, shares, outstanding (in shares)	117,450,951	117,450,951

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE
Total revenue	$ 99,065,000	$ 97,854,000	$ 198,506,000	$ 198,055,000
EXPENSES
Depreciation and amortization	25,513,000	24,691,000	50,597,000	49,218,000
Real estate taxes	16,121,000	15,456,000	31,798,000	31,431,000
Property operating	15,708,000	17,596,000	33,134,000	38,801,000
General and administrative	9,907,000	10,634,000	18,965,000	21,755,000
Real estate impairment loss	0	0	34,055,000	0
Lease expense	3,156,000	3,083,000	6,311,000	6,218,000
Total expenses	70,405,000	71,460,000	174,860,000	147,423,000
Gain on sale of real estate	0	353,000	356,000	353,000
Interest income	564,000	214,000	1,075,000	419,000
Interest and debt expense	(18,131,000)	(14,241,000)	(33,424,000)	(28,245,000)
Loss on extinguishment of debt	(489,000)		(489,000)	0
Income (loss) before income taxes	10,604,000	12,720,000	(8,836,000)	23,159,000
Income tax expense	(41,000)	(711,000)	(747,000)	(1,616,000)
Net income (loss)	10,563,000	12,009,000	(9,583,000)	21,543,000
Less net (income) loss attributable to NCI in:
Operating partnership	(444,000)	(506,000)	344,000	(893,000)
Consolidated subsidiaries	143,000	123,000	383,000	462,000
Net income (loss) attributable to common shareholders	$ 10,262,000	$ 11,626,000	$ (8,856,000)	$ 21,112,000
Earnings per common share - Basic (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Earnings per common share - Diluted (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Weighted average shares outstanding - Basic (in shares)	117,482	117,364	117,466	117,347
Weighted average shares outstanding - Diluted (in shares)	117,578	117,427	117,466	117,410
Net income (loss)	$ 10,563,000	$ 12,009,000	$ (9,583,000)	$ 21,543,000
Effective portion of change in fair value of derivatives	(21,000)	(54,000)	(321,000)	(54,000)
Comprehensive income (loss)	10,542,000	11,955,000	(9,904,000)	21,489,000
Less comprehensive loss attributable to NCI in Operating partnership	1,000	2,000	13,000	2,000
Less net (income) loss attributable to NCI in Operating partnership	(444,000)	(506,000)	344,000	(893,000)
Less net (income) loss attributable to NCI in Consolidated subsidiaries	143,000	123,000	383,000	462,000
Comprehensive income (loss) attributable to common shareholders	10,242,000	11,574,000	(9,164,000)	21,060,000
Rental Revenue
REVENUE
Revenues	98,773,000	97,454,000	198,127,000	196,870,000
Other income
REVENUE
Revenues	292,000	400,000	379,000	1,185,000
Urban Edge Properties LP
REVENUE
Total revenue	99,065,000	97,854,000	198,506,000	198,055,000
EXPENSES
Depreciation and amortization	25,513,000	24,691,000	50,597,000	49,218,000
Real estate taxes	16,121,000	15,456,000	31,798,000	31,431,000
Property operating	15,708,000	17,596,000	33,134,000	38,801,000
General and administrative	9,907,000	10,634,000	18,965,000	21,755,000
Real estate impairment loss	0	0	34,055,000	0
Lease expense	3,156,000	3,083,000	6,311,000	6,218,000
Total expenses	70,405,000	71,460,000	174,860,000	147,423,000
Gain on sale of real estate	0	353,000	356,000	353,000
Interest income	564,000	214,000	1,075,000	419,000
Interest and debt expense	(18,131,000)	(14,241,000)	(33,424,000)	(28,245,000)
Loss on extinguishment of debt	(489,000)	0	(489,000)	0
Income (loss) before income taxes	10,604,000	12,720,000	(8,836,000)	23,159,000
Income tax expense	(41,000)	(711,000)	(747,000)	(1,616,000)
Net income (loss)	10,563,000	12,009,000	(9,583,000)	21,543,000
Less net (income) loss attributable to NCI in:
Consolidated subsidiaries	143,000	123,000	383,000	462,000
Net income (loss) attributable to common shareholders	$ 10,706,000	$ 12,132,000	$ (9,200,000)	$ 22,005,000
Earnings per common share - Basic (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Earnings per common share - Diluted (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Weighted average shares outstanding - Basic (in shares)	121,920	121,365	121,836	121,277
Weighted average shares outstanding - Diluted (in shares)	122,111	121,654	121,836	121,434
Net income (loss)	$ 10,563,000	$ 12,009,000	$ (9,583,000)	$ 21,543,000
Effective portion of change in fair value of derivatives	(21,000)	(54,000)	(321,000)	(54,000)
Comprehensive income (loss)	10,542,000	11,955,000	(9,904,000)	21,489,000
Less net (income) loss attributable to NCI in Consolidated subsidiaries	143,000	123,000	383,000	462,000
Comprehensive income (loss) attributable to common shareholders	10,685,000	12,078,000	(9,521,000)	21,951,000
Urban Edge Properties LP | Rental Revenue
REVENUE
Revenues	98,773,000	97,454,000	198,127,000	196,870,000
Urban Edge Properties LP | Other income
REVENUE
Revenues	$ 292,000	$ 400,000	$ 379,000	$ 1,185,000

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Urban Edge Properties LP	Urban Edge Properties LP Accumulated (Deficit) Earnings	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 Income (Loss)	Accumulated Other Comprehensive Income (Loss) Urban Edge Properties LP	Accumulated (Deficit) Earnings	Accumulated (Deficit) Earnings Urban Edge Properties LP	Operating Partnership	NCI in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2021								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	$ 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)	(54)								(52)	(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
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	[1]	$ 1,173	1,002,679	(52)	(52)	(23,568)		42,771	13,947
Beginning balance (in shares) at Mar. 31, 2022								117,430,735
Beginning balance (in shares) at Mar. 31, 2022					117,430,735	5,003,420
Beginning balance at Mar. 31, 2022	1,041,133	1,041,133	(18,199)	13,352	$ 1,002,179	$ 43,801	[1]	$ 1,173	1,001,006	0	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)	(54)								(52)	(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)
Units redeemed for common shares (in shares)					0	0
Units redeemed for common shares		0			$ 1,114	$ (1,114)
Reallocation of NCI	0								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
Share-based compensation expense	2,500	2,500			$ 338	$ 2,162	[1]		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
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	[1]	$ 1,173	1,002,679	(52)	(52)	(23,568)		42,771	13,947
Beginning balance (in shares) at Dec. 31, 2022	117,450,951	117,450,951						117,450,951
Beginning balance (in shares) at Dec. 31, 2022					117,450,951	4,713,558
Beginning balance at Dec. 31, 2022	$ 1,030,106	$ 1,030,106	(38,705)	13,906	$ 1,012,466	$ 41,810		$ 1,173	1,011,293	629	629	(36,104)		39,209	13,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	(8,856)	(9,200)	(9,200)									(8,856)
Net income (loss) attributable to NCI	(727)	(383)		(383)										(344)	(383)
Other comprehensive loss	(321)	(321)								(308)	(308)		(13)	(13)
Common units issued as a result of common shares issued by Urban Edge (in shares)					126,288	409,499
Common units issued as a result of common shares issued by Urban Edge		(195)	44		$ (239)
Units redeemed for common shares (in shares)					70,000	(70,000)		70,000
Units redeemed for common shares	$ 1,145	1,145			$ 573	$ 572		$ 1	572					572
Repurchase of common shares (in shares)	0
Reallocation of NCI	$ (1,145)	(1,145)			345	(1,490)			345					(1,490)
Common shares issued (in shares)								126,288
Common shares issued	195							$ 1	238			(44)
Dividends to common shareholders	(37,584)											(37,584)
Distributions to redeemable NCI	(1,626)													(1,626)
Distributions to Partners		(39,210)	(39,210)
Contributions from noncontrolling interests	1,221	1,221		1,221											1,221
Share-based compensation expense	4,209	4,209			$ 496	$ 3,713			496					3,713
Share-based awards retained for taxes (in shares)					(7,637)			(7,637)
Share-based awards retained for taxes	$ (119)	$ (119)			$ (119)				(119)
Ending balance (in shares) at Jun. 30, 2023	117,450,951	117,639,602						117,639,602
Ending balance (in shares) at Jun. 30, 2023					117,639,602	5,053,057
Ending balance at Jun. 30, 2023	$ 986,498	$ 986,498	(87,172)	14,744	$ 1,014,000	$ 44,605	[2]	$ 1,175	1,012,825	321	321	(82,588)		40,021	14,744
Beginning balance (in shares) at Mar. 31, 2023								117,571,250
Beginning balance (in shares) at Mar. 31, 2023					117,571,250	5,046,501
Beginning balance at Mar. 31, 2023	992,489	992,489	(78,244)	14,224	$ 1,011,696	$ 44,472	[2]	$ 1,174	1,010,522	341	341	(74,034)		40,262	14,224
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	10,262	10,706	10,706									10,262
Net income (loss) attributable to NCI	301	(143)		(143)										444	(143)
Other comprehensive loss	(21)	(21)								(20)	(20)		$ (1)	(1)
Common units issued as a result of common shares issued by Urban Edge (in shares)					18,352	56,556
Common units issued as a result of common shares issued by Urban Edge		(195)	22		$ (217)
Units redeemed for common shares (in shares)					50,000	(50,000)		50,000
Units redeemed for common shares	823	823			$ 412	$ 411		$ 1	411					411
Reallocation of NCI	(823)	(823)			1,453	(2,276)	[2]		1,453					(2,276)
Common shares issued (in shares)								18,352
Common shares issued	195								217			(22)
Dividends to common shareholders	(18,794)											(18,794)
Distributions to redeemable NCI	(817)													(817)
Distributions to Partners		(19,611)	(19,611)
Contributions from noncontrolling interests	663	663		663											663
Share-based compensation expense	2,202	2,202			$ 204	$ 1,998	[2]		204					1,998
Share-based awards retained for taxes	$ 18								18
Share-based awards retained for taxes (in shares)					0
Share-based awards retained for taxes		$ 18			$ 18
Ending balance (in shares) at Jun. 30, 2023	117,450,951	117,639,602						117,639,602
Ending balance (in shares) at Jun. 30, 2023					117,639,602	5,053,057
Ending balance at Jun. 30, 2023	$ 986,498	$ 986,498	$ (87,172)	$ 14,744	$ 1,014,000	$ 44,605	[2]	$ 1,175	$ 1,012,825	$ 321	$ 321	$ (82,588)		$ 40,021	$ 14,744
[1]Limited partners have a 4.2% common limited partnership interest in the Operating Partnership as of June 30, 2022 in the form of Operating Partnership Units (“OP Units”) and Long-Term Incentive Plan Units (“LTIP Units”).[2]Limited partners have a 4.1% common limited partnership interest in the Operating Partnership as of June 30, 2023 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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.16	$ 0.32	$ 0.32
Accumulated (Deficit) Earnings | Urban Edge Properties LP
Dividends on common shares (in dollars per share)	0.16	0.16	0.32	0.32
Accumulated (Deficit) Earnings
Dividends on common shares (in dollars per share)	0.16	0.16	0.32	0.32
Operating Partnership
Distributions to redeemable NCI (in dollars per unit)	$ 0.16	$ 0.16	$ 0.32	$ 0.32
Operating Partnership | Limited Partners | Urban Edge Properties LP
Noncontrolling interest percentage	4.10%	4.20%	4.10%	4.20%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (9,583,000)	$ 21,543,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	52,148,000	50,150,000
Gain on sale of real estate	(356,000)	(353,000)
Real estate impairment loss	34,055,000	0
Loss on extinguishment of debt	489,000	0
Amortization of below market leases, net	(3,481,000)	(3,507,000)
Noncash lease expense	3,575,000	3,503,000
Straight-lining of rent	(1,711,000)	(1,057,000)
Share-based compensation expense	4,209,000	5,097,000
Change in operating assets and liabilities:
Tenant and other receivables	1,612,000	1,446,000
Deferred leasing costs	(4,303,000)	(2,272,000)
Prepaid expenses and other assets	(1,103,000)	1,147,000
Lease liabilities	(3,424,000)	(3,313,000)
Accounts payable, accrued expenses and other liabilities	(3,678,000)	(11,408,000)
Net cash provided by operating activities	68,449,000	60,976,000
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(54,739,000)	(48,098,000)
Proceeds from sale of operating properties	356,000	353,000
Acquisitions of real estate	(2,071,000)	(36,222,000)
Net cash used in investing activities	(56,454,000)	(83,967,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(347,866,000)	(89,686,000)
Dividends to common shareholders	(37,584,000)	(37,547,000)
Distributions to redeemable noncontrolling interests	(1,626,000)	(1,555,000)
Taxes withheld for vested restricted shares	(119,000)	(114,000)
Contributions from noncontrolling interests	1,221,000	1,464,000
Purchase of interest rate cap	0	(285,000)
Proceeds from mortgage loan borrowings	344,000,000	103,413,000
Debt issuance costs	(5,564,000)	(1,437,000)
Proceeds related to the issuance of common shares	195,000	223,000
Net cash used in financing activities	(47,343,000)	(25,524,000)
Net decrease in cash and cash equivalents and restricted cash	(35,348,000)	(48,515,000)
Cash and cash equivalents and restricted cash at beginning of period	128,774,000	219,836,000
Cash and cash equivalents and restricted cash at end of period	93,426,000	171,321,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $5,541 and $3,690, respectively	29,606,000	26,913,000
Cash payments for income taxes	32,000	1,017,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	23,926,000	17,576,000
Write-off of fully depreciated and impaired assets	35,963,000	1,772,000
Cash and cash equivalents at beginning of period	85,518,000	164,478,000
Cash and cash equivalents at end of period	48,930,000	125,483,000
Restricted cash at beginning of period	43,256,000	55,358,000
Restricted cash at end of period	44,496,000	45,838,000
Cash and cash equivalents and restricted cash at beginning/end of period	93,426,000	171,321,000
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(9,583,000)	21,543,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	52,148,000	50,150,000
Gain on sale of real estate	(356,000)	(353,000)
Real estate impairment loss	34,055,000	0
Loss on extinguishment of debt	489,000	0
Amortization of below market leases, net	(3,481,000)	(3,507,000)
Noncash lease expense	3,575,000	3,503,000
Straight-lining of rent	(1,711,000)	(1,057,000)
Share-based compensation expense	4,209,000	5,097,000
Change in operating assets and liabilities:
Tenant and other receivables	1,612,000	1,446,000
Deferred leasing costs	(4,303,000)	(2,272,000)
Prepaid expenses and other assets	(1,103,000)	1,147,000
Lease liabilities	(3,424,000)	(3,313,000)
Accounts payable, accrued expenses and other liabilities	(3,678,000)	(11,408,000)
Net cash provided by operating activities	68,449,000	60,976,000
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(54,739,000)	(48,098,000)
Proceeds from sale of operating properties	356,000	353,000
Acquisitions of real estate	(2,071,000)	(36,222,000)
Net cash used in investing activities	(56,454,000)	(83,967,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(347,866,000)	(89,686,000)
Distributions to partners	(39,210,000)	(39,102,000)
Taxes withheld for vested restricted shares	(119,000)	(114,000)
Contributions from noncontrolling interests	1,221,000	1,464,000
Purchase of interest rate cap	0	(285,000)
Proceeds from mortgage loan borrowings	344,000,000	103,413,000
Debt issuance costs	(5,564,000)	(1,437,000)
Proceeds related to the issuance of common shares	195,000	223,000
Net cash used in financing activities	(47,343,000)	(25,524,000)
Net decrease in cash and cash equivalents and restricted cash	(35,348,000)	(48,515,000)
Cash and cash equivalents and restricted cash at beginning of period	128,774,000	219,836,000
Cash and cash equivalents and restricted cash at end of period	93,426,000	171,321,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $5,541 and $3,690, respectively	29,606,000	26,913,000
Cash payments for income taxes	32,000	1,017,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	23,926,000	17,576,000
Write-off of fully depreciated and impaired assets	35,963,000	1,772,000
Cash and cash equivalents at beginning of period	85,518,000	164,478,000
Cash and cash equivalents at end of period	48,930,000	125,483,000
Restricted cash at beginning of period	43,256,000	55,358,000
Restricted cash at end of period	44,496,000	45,838,000
Cash and cash equivalents and restricted cash at beginning/end of period	$ 93,426,000	$ 171,321,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Capitalized interest	$ 5,541	$ 3,690
Urban Edge Properties LP
Capitalized interest	$ 5,541	$ 3,690

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UELP - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 543,083	$ 535,770
Buildings and improvements	2,500,534	2,468,385
Construction in progress	273,929	314,190
Furniture, fixtures and equipment	9,023	8,539
Total	3,326,569	3,326,884
Accumulated depreciation and amortization	(821,732)	(791,485)
Real estate, net	2,504,837	2,535,399
Operating lease right-of-use assets	59,193	64,161
Cash and cash equivalents	48,930	85,518
Restricted cash	44,496	43,256
Tenant and other receivables	15,911	17,523
Receivable arising from the straight-lining of rents	66,424	64,713
Identified intangible assets, net of accumulated amortization of $44,199 and $40,983, respectively	57,407	62,856
Deferred leasing costs, net of accumulated amortization of $21,414 and $20,107, respectively	28,907	26,799
Prepaid expenses and other assets	77,024	77,207
Total assets	2,903,129	2,977,432
Liabilities:
Mortgages payable, net	1,683,328	1,691,690
Operating lease liabilities	55,958	59,789
Accounts payable, accrued expenses and other liabilities	88,304	102,519
Identified intangible liabilities, net of accumulated amortization of $44,384 and $40,816, respectively	89,041	93,328
Total liabilities	1,916,631	1,947,326
Commitments and contingencies (Note 10)
Partners’ capital:
Accumulated other comprehensive income	321	629
Accumulated deficit	(82,588)	(36,104)
Consolidated subsidiaries	14,744	13,906
Total equity	986,498	1,030,106
Total liabilities and equity	2,903,129	2,977,432
Urban Edge Properties LP
Real estate, at cost:
Land	543,083	535,770
Buildings and improvements	2,500,534	2,468,385
Construction in progress	273,929	314,190
Furniture, fixtures and equipment	9,023	8,539
Total	3,326,569	3,326,884
Accumulated depreciation and amortization	(821,732)	(791,485)
Real estate, net	2,504,837	2,535,399
Operating lease right-of-use assets	59,193	64,161
Cash and cash equivalents	48,930	85,518
Restricted cash	44,496	43,256
Tenant and other receivables	15,911	17,523
Receivable arising from the straight-lining of rents	66,424	64,713
Identified intangible assets, net of accumulated amortization of $44,199 and $40,983, respectively	57,407	62,856
Deferred leasing costs, net of accumulated amortization of $21,414 and $20,107, respectively	28,907	26,799
Prepaid expenses and other assets	77,024	77,207
Total assets	2,903,129	2,977,432
Liabilities:
Mortgages payable, net	1,683,328	1,691,690
Operating lease liabilities	55,958	59,789
Accounts payable, accrued expenses and other liabilities	88,304	102,519
Identified intangible liabilities, net of accumulated amortization of $44,384 and $40,816, respectively	89,041	93,328
Total liabilities	1,916,631	1,947,326
Commitments and contingencies (Note 10)
Partners’ capital:
General partner: 117,639,602 and 117,450,951 units outstanding, respectively	1,014,000	1,012,466
Limited partners: 5,053,057 and 4,713,558 units outstanding, respectively	44,605	41,810
Accumulated other comprehensive income	321	629
Accumulated deficit	(87,172)	(38,705)
Total partners’ capital	971,754	1,016,200
Consolidated subsidiaries	14,744	13,906
Total equity	986,498	1,030,106
Total liabilities and equity	$ 2,903,129	$ 2,977,432

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UELP (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accumulated depreciation, identifiable intangible assets	$ 44,199	$ 40,983
Accumulated amortization, deferred leasing costs	21,414	20,107
Accumulated amortization, identified intangible liabilities	$ 44,384	$ 40,816
Common stock, shares, outstanding (in shares)	117,450,951	117,450,951
Urban Edge Properties LP
Accumulated depreciation, identifiable intangible assets	$ 44,199	$ 40,983
Accumulated amortization, deferred leasing costs	21,414	20,107
Accumulated amortization, identified intangible liabilities	$ 44,384	$ 40,816
Common stock, shares, outstanding (in shares)	117,639,602	117,450,951
Limited Partners, units outstanding (in units)	5,053,057	4,713,558

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2023
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 owning, managing, acquiring, developing, and redeveloping 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 in the operating partnership (“OP Units”). As of June 30, 2023, Urban Edge owned approximately 95.9% of the outstanding common OP Units with the remaining limited OP Units held by members of management, Urban Edge’s Board of Trustees, and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a 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, 2023, our portfolio consisted of 70 shopping centers, two outlet centers, two 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
	Jun. 30, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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, 2022, as filed with the Securities and Exchange Commission (“SEC”). The consolidated balance sheets as of June 30, 2023 and December 31, 2022 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of June 30, 2023 and December 31, 2022, excluding the Operating Partnership, we consolidated two VIEs with total assets of $47.3 million and $47.6 million, respectively, and total liabilities of $22.1 million and $23.2 million, respectively. The consolidated statements of income and comprehensive income for the three and six months ended June 30, 2023 and 2022, 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 ownership, management, acquisition, 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 at the individual operating segment. 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. None of our tenants accounted for more than 10% of our revenue or property operating income as of June 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
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 and ready for its intended use. Depreciation is recognized on a straight-line basis over estimated useful lives which range from one 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 and development projects are individually evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Such events and changes include macroeconomic conditions, operating performance, and environmental and regulatory changes, which may result in property operational disruption and could indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis taking into account the appropriate capitalization rate in determining a future terminal value. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Estimated fair value may be based on discounted future cash flows utilizing appropriate discount and capitalization rates and, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiation. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows change based on uncertain market conditions, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Tenant and Other Receivables and Changes in Collectibility Assessment — Tenant receivables include unpaid amounts billed to tenants, disputed enforceable charges and accrued revenues for future billings to tenants for property expenses. We evaluate the collectibility of amounts due from tenants and disputed enforceable charges on both a lease-by-lease and a portfolio-level, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectibility assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842 Leases . Management exercises judgment in assessing collectibility and considers payment history, current credit status and publicly available information about the financial condition of the tenant, among other factors. Tenant receivables and receivables arising from the straight-lining of rents are written-off directly when management deems the collectibility of substantially all future lease payments from a specific lease is not probable, at which point, the Company will begin recognizing revenue from such leases prospectively, based on actual amounts received. This write-off effectively reduces cumulative non-cash rental income recognized from the straight-lining of rents since lease commencement. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the receivables balance, including those arising from the straight-lining of rents. Recently Issued Accounting Literature — In March 2020 and January 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04 Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and ASU 2021-01 Reference Rate Reform (ASC 848): Scope which provide 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 (“LIBOR”) 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 were effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, FASB issued ASU 2022-06 Reference Rate Reform (ASC 848): Deferral of the Sunset Date of Topic 848 , which extended the final sunset date from December 31, 2022 to December 31, 2024. During the three months ended June 30, 2023, the Company entered into loan amendments to transition its four LIBOR-based loans to the Secured Overnight Financing Rate (“SOFR”). The amendments went into effect in July 2023 and did not have a material impact on the loans affected.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the six months ended June 30, 2023 and 2022, we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) June 21, 2023 Sunrise Mall (Ground Lease) (2) Massapequa NY — $ 2,071 2023 Total $ 2,071 February 24, 2022 40 Carmans Road (3) 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 during the six months ended June 30, 2023 and 2022 includes $0.1 million and $0.6 million of transaction costs, respectively. (2) Pertains to the buyout and termination of a ground lease for certain land parcels at our Sunrise Mall property in which the Company previously held a lessee position. (3) This outparcel is included with Sunrise Mall in our total property count and for the purpose of calculating our non-GAAP metrics. The Company has an 82.5% controlling interest in the property with the remaining 17.5% owned by others. In connection with the acquisition of Sunrise Mall, located in Massapequa, NY, in December 2020, the Company acquired a lessee position in a ground lease with Arzillo Trust comprising two outparcels of approximately 2.25 acres. On June 21, 2023, the Company purchased the underlying assets from Arzillo Trust for a purchase price of $2.1 million, including transaction costs, which was allocated to land. As a result of this transaction, the existing ground lease was terminated and the remaining balance of the right-of-use asset of $1.0 million was reclassed to land. The 12,000 sf outparcel acquired in February 2022, located at 40 Carmans Road, is adjacent to the entrance of our Sunrise Mall property in Massapequa, NY. On June 8, 2022, the Company closed on the acquisition of The Shops at Riverwood, a grocery anchored shopping center located in the greater Boston area. 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) Sunrise Mall (Ground Lease) $ 2,071 $ — $ — $ — $ 2,071 2023 Total $ 2,071 $ — $ — $ — $ 2,071 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, 2023, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2022 were 8.5 years and 15.8 years, respectively. Dispositions During the six months ended June 30, 2023 and 2022, no dispositions were completed by the Company. During the six months ended June 30, 2023 and 2022, we recognized a gain on sale of real estate of $0.4 million in both periods, in connection with the release of escrow funds related to properties that were disposed of in prior periods.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2023
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 $57.4 million and $89.0 million, respectively, as of June 30, 2023 and $62.9 million and $93.3 million, respectively, as of December 31, 2022. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $2.0 million and $3.5 million for the three and six months ended June 30, 2023, respectively, and $1.5 million and $3.5 million for the same periods in 2022. Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $2.5 million and $4.9 million for the three and six months ended June 30, 2023, respectively, and $2.8 million and $5.5 million for the same periods in 2022. The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2023 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2023 (1) $ 3,855 $ (496) $ (4,549) 2024 7,473 (918) (7,765) 2025 7,293 (725) (6,295) 2026 6,916 (606) (5,593) 2027 6,638 (458) (5,065) 2028 5,991 (441) (4,530)

MORTGAGES PAYABLE

MORTGAGES PAYABLE	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of June 30, 2023 and December 31, 2022. (Amounts in thousands) Maturity Interest Rate at June 30, 2023 June 30, 2023 December 31, 2022 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 7.05% $ 27,206 $ 27,482 Greenbrook Commons (1) 11/15/2024 7.05% 25,323 25,581 Gun Hill Commons (1) 12/1/2024 7.05% 23,942 24,188 Plaza at Cherry Hill (2) 6/15/2025 8.75% — 29,000 Plaza at Woodbridge (3) 6/8/2027 5.26% 52,947 52,947 Total variable rate debt 129,418 159,198 Fixed rate Hudson Mall 12/1/2023 5.07% 20,991 21,380 Yonkers Gateway Center 4/6/2024 4.16% 24,079 24,996 Brick Commons 12/10/2024 3.87% 48,164 48,636 West End Commons 12/10/2025 3.99% 24,430 24,658 Las Catalinas Mall 2/1/2026 4.43% 117,141 119,633 Town Brook Commons 12/1/2026 3.78% 30,530 30,825 Rockaway River Commons 12/1/2026 3.78% 27,029 27,291 Hanover Commons 12/10/2026 4.03% 61,896 62,453 Tonnelle Commons 4/1/2027 4.18% 98,002 98,870 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 22,254 22,489 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 (5) 2/6/2028 5.07% 69,494 69,935 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 37,066 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,351 40,700 Union (Vauxhall) 12/10/2028 4.01% 45,600 45,600 The Shops at Riverwood 6/24/2029 4.25% 21,466 21,466 Shops at Bruckner (6) 7/1/2029 6.00% 38,000 9,020 Freeport Commons 12/10/2029 4.07% 43,100 43,100 Bergen Town Center 4/10/2030 6.30% 290,000 300,000 The Outlets at Montehiedra 6/1/2030 5.00% 76,584 77,531 Montclair (4) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 39,957 40,300 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 16,000 — Mount Kisco Commons 11/15/2034 6.40% 11,435 11,760 Total fixed rate debt 1,565,819 1,540,293 Total mortgages payable 1,695,237 1,699,491 Unamortized debt issuance costs (11,909) (7,801) Total mortgages payable, net $ 1,683,328 $ 1,691,690 (1) Bears interest at one month LIBOR plus 190 bps. In June 2023, the Company amended the existing debt agreement to transition the variable component of the loan indexed to LIBOR, to SOFR. Effective July 2023, the loan bears interest at one month SOFR plus 200 bps based on the terms of the amendment. (2) Bears interest at the Prime Rate plus 50 bps with a minimum rate of 4.25%. The Company paid off the loan prior to maturity on June 23, 2023. (3) Bears interest at one month 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%. (4) Bears interest at LIBOR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan. In June 2023, the Company amended the existing debt agreement to transition the variable component of the loan indexed to LIBOR, to SOFR. Effective July 2023, the loan bears interest at one month SOFR plus 257 bps based on the terms of the amendment. There was no impact to the interest rate swap agreement as a result of the loan amendment and the rate remains fixed at 3.15%. (5) In April 2023, the Company notified the servicer that the cash flows generated by the property are insufficient to cover the debt service and that it is unwilling to fund future shortfalls. In May 2023, the mortgage was transferred to special servicing at the Company’s request. (6) On June 23, 2023, the Company refinanced the mortgage on our Shops at Bruckner property with a new 6-year, $38 million loan. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.4 billion as of June 30, 2023. 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, 2023, we were in compliance with all debt covenants with the exception of those related to our mortgage on Kingswood Center which has been in default since May 2023. As of June 30, 2023, the principal repayments of the Company’s total outstanding debt for the remainder of 2023 and the five succeeding years, and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2023 (1) $ 32,541 2024 167,050 2025 44,402 2026 230,317 2027 317,582 2028 273,790 Thereafter 629,555 (1) Remainder of 2023. 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. The amendment increased 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 period annualized. On August 9, 2022, we amended and restated the Agreement, in order to, among other things, increase the credit facility size by $200 million to $800 million and extend the maturity date to February 9, 2027, with two six-month extension options. Borrowings under the amended and restated Agreement are subject to interest at SOFR plus 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points. Both the spread over SOFR 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. On April 5, 2023, the Company obtained two letters of credit issued under the Agreement, aggregating $14.5 million. On June 22, 2023, the Company obtained an additional letter of credit for $9.8 million. The letters of credit that were issued were provided to mortgage lenders to secure the Company’s obligations in relation to certain reserves and capital requirements per the loan agreements and have reduced the available balance of the facility to approximately $775.7 million. No amounts were drawn or outstanding under the Agreement as of June 30, 2023 or December 31, 2022, and no separate liability has been recorded in connection with the undrawn letters of credit. Financing costs associated with executing the Agreement of $5.9 million and $6.7 million as of June 30, 2023 and December 31, 2022, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net. Mortgage on Shops at Bruckner On June 23, 2023, the Company refinanced the mortgage secured by its property, the Shops at Bruckner, with a new 6-year, $38 million loan bearing interest at a fixed rate of 6.0%. The proceeds from the new loan were used to pay down the Company’s previous mortgage on the property which had an outstanding balance of approximately $8.7 million. In connection with the refinancing, the Company obtained a letter of credit issued under our Revolving Credit Agreement for $9.8 million to serve as collateral to secure the Company’s obligation to the lenders in relation to certain reserves and capital expenditures required per the loan agreement. We have not recorded any liabilities associated with the letter of credit. Mortgage on Plaza at Cherry Hill On June 23, 2023, the Company paid off the outstanding principal balance of the mortgage loan secured by its property, the Plaza at Cherry Hill, using proceeds from the refinancing of the Shops at Bruckner mortgage. Prior to the payoff, the $29 million loan had an interest rate of 8.75% and a maturity date of June 15, 2025. Mortgage on Newington Commons On June 7, 2023, the Company obtained a 10-year, $16 million non-recourse mortgage secured by its property Newington Commons, located in Newington, CT. The loan bears interest at a fixed rate of 6.0%. Mortgage on Kingswood Center In March 2023, a tenant representing 50,000 sf informed us that they intend to vacate early next year, and a tenant representing 17,000 sf terminated their lease effective April 17, 2023. As a result of these events, the Company notified the servicer that the projected 2023 cash flows generated by the property will be insufficient to cover debt service and that we were unwilling to fund the shortfalls. In May 2023, the loan was transferred to special servicing at the Company’s request, and per the terms of the loan agreement, we began to accrue default interest at a rate of 5% on the outstanding principal balance. As of June 30, 2023, the Company has accrued default interest of $0.8 million which is included in the accounts payable, accrued expenses and other liabilities line item of the consolidated balance sheets. We are currently in discussions with the lender but the outcome of such negotiations is uncertain at this time. Mortgage on Bergen Town Center On April 6, 2023, the Company refinanced the mortgage loan secured by Bergen Town Center with a 7-year, $290 million loan at a fixed interest rate of 6.3%. The proceeds from the loan were used to pay down the Company’s previous mortgage on the property, which had an outstanding balance of $300 million, with the remainder paid using cash on hand. In connection with the refinancing, the Company obtained two letters of credit issued under our Revolving Credit Agreement aggregating $14.5 million to serve as collateral to secure the Company’s obligation to the lenders in relation to certain leasing and capital expenditure reserves required per the loan agreement. We have not recorded any liabilities associated with these letters of credit. 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 that 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, 2023. 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 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 3.3 years. As of June 30, 2023, the remaining exposure under the guarantee is $7.1 million. There was no separate liability recorded related to this guarantee.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
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. So long as the Company qualifies as a REIT under the Code, the Company will not be subject to U.S. federal income tax on net taxable income that it distributes annually to its shareholders. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. 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. In addition, the Company’s taxable REIT subsidiary (“TRS”) is subject to income tax at regular corporate rates. For U.S. federal income tax purposes, the REIT and other minority members are partners in the Operating Partnership. As such, the partners are required to report their share of taxable income on their respective tax returns. However, during the six months ended June 30, 2023 and 2022, certain non-real estate operating activities that could not be performed by the REIT, 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, 2023, the REIT 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 REIT 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
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES All rental revenue was generated from operating leases for the three and six months ended June 30, 2023 and 2022. The components of rental revenue for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Rental Revenue Fixed lease revenue $ 74,423 $ 72,904 $ 147,922 $ 143,245 Variable lease revenue (1) 24,350 24,550 50,205 53,625 Total rental revenue $ 98,773 $ 97,454 $ 198,127 $ 196,870 (1) Percentage rents for the three and six months ended June 30, 2023 were $0.3 million and $1.1 million respectively, and $0.3 million and $1.5 million for the same periods in 2022.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
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 and one interest rate swap. 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 these instruments. In accordance with the fair value hierarchy established by ASC 820, these financial instruments have been classified as Level 2 as quoted market prices are not readily available for valuing the assets. The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022: As of June 30, 2023 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,515 $ — $ 1,515 As of December 31, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,976 $ — $ 1,976 (1) Included in Prepaid expenses and other assets on the consolidated balance sheets. 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 Other Comprehensive Income (“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, 2023, the Company was a counterparty to two interest rate derivative agreements which have been designated as cash flow hedges. The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of June 30, 2023 and December 31, 2022: (Amounts in thousands) As of June 30, 2023 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 102 $ 52,947 SOFR + 2.26% 7.31% 5.26% 7/1/2023 Montclair interest rate swap 1,413 7,250 LIBOR + 2.57% 7.76% 3.15% 8/15/2030 (Amounts in thousands) As of December 31, 2022 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 509 $ 52,947 SOFR + 2.26% 6.27% 5.26% 7/1/2023 Montclair interest rate swap 1,467 7,250 LIBOR + 2.57% 6.89% 3.15% 8/15/2030 The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and six months ended June 30, 2023 and 2022: Unrealized Gain (Loss) Recognized in OCI on Derivatives (Amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, Hedged Instrument 2023 2022 2023 2022 Plaza at Woodbridge interest rate cap $ (160) $ (54) $ (268) $ (54) Montclair interest rate swap 139 — (53) — Total $ (21) $ (54) $ (321) $ (54) In May 2023, the Company entered into a new two 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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022: As of June 30, 2023 As of December 31, 2022 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,695,237 $ 1,545,104 $ 1,699,491 $ 1,542,869 (1) Carrying amounts exclude unamortized debt issuance costs of $11.9 million and $7.8 million as of June 30, 2023 and December 31, 2022, 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. Such events and changes include macroeconomic conditions, operating performance, and environmental and regulatory changes, which may result in property operational disruption and could indicate that the carrying amount may not be recoverable. During the three months ended March 31, 2023, as a result of our quarterly impairment evaluation, we recognized a non-cash impairment charge of $34.1 million on our property, Kingswood Center. The property, an office and retail center acquired in February 2020, is located in Brooklyn, NY. In March of 2023, a tenant representing 50,000 sf informed us that they intend to vacate early next year, and a tenant representing 17,000 sf terminated their lease effective April 17, 2023. As a result of these events and the uncertainty of the office market, we determined that the undiscounted future cash flows and future terminal value were less than the carrying value of the property. The mortgage on the property was transferred to special servicing in May 2023 at the Company's request considering the 2023 projected NOI will not cover debt service. The impairment charge of $34.1 million was calculated as the difference between the asset's individual carrying value and the estimated fair value of $49 million less estimated selling costs, which was based on the discounted future cash flows and future terminal value. The discounted cash flows and terminal value utilized a discount rate of 8% and capitalization rates of 6% for retail and 7% for office, which were corroborated by third-party valuations and market data. The Company believes the inputs utilized to measure the fair value were reasonable in the context of applicable market conditions, however, due to the significance of the unobservable inputs in the overall fair value measures, the Company determined that such fair value measurements are classified as Level 3. The impairment charge is recorded within the real estate impairment loss line item on our consolidated statements of income and comprehensive income. No impairment charges were recognized during the three months ended June 30, 2023 or the three and six months ended June 30, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
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 22 active development, redevelopment or anchor repositioning projects with total estimated costs of $196.5 million, of which $128.2 million remains to be funded as of June 30, 2023. 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, amongst 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 $50 million and provide remediation and business interruption coverage for pollution incidents, which pursuant to our policies, expressly include the presence and dispersal of viruses. On December 23, 2020, the Company initiated litigation in New Jersey state court, Bergen County, under these policies to recover uncollected rents and other amounts resulting from the COVID-19 virus. Insurance premiums are typically charged directly to each of the properties but not all of the cost of such premiums are recovered. The Company is responsible for deductibles, losses in excess of insurance coverage, and the portion of premiums not reimbursable by tenants at our properties, which could be material. We continue to monitor the state of the insurance market and the scope and costs of available coverage. We cannot anticipate what coverage will be available on commercially reasonable terms in the future and expect premiums across most coverage lines to increase in light of recent events. The incurrence of uninsured losses, costs or uncovered premiums could materially and adversely affect our business, results of operations and 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 $1.5 million and $1.6 million on our consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively, for remediation costs for environmental contamination at certain properties. While this accrual reflects our best estimates of the potential costs of remediation at these properties, there can be no assurance that the actual costs will not exceed these amounts. Although we are not aware of any other material environmental contamination, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. 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.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Deferred tax asset, net $ 33,298 $ 34,616 Other assets 20,745 18,386 Deferred financing costs, net of accumulated amortization of $8,094 and $7,269, respectively 5,923 6,749 Finance lease right-of-use asset 2,724 2,724 Prepaid expenses: Real estate taxes 6,027 12,080 Insurance 6,604 1,391 Licenses/fees 1,703 1,261 Total prepaid expenses and other assets $ 77,024 $ 77,207

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Accrued capital expenditures and leasing costs $ 25,505 $ 35,732 Deferred tenant revenue 27,493 28,468 Accrued interest payable 12,363 10,789 Security deposits 8,305 8,048 Other liabilities and accrued expenses 6,465 6,939 Finance lease liability 3,022 3,016 Accrued payroll expenses 5,151 9,527 Total accounts payable, accrued expenses and other liabilities $ 88,304 $ 102,519

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Interest expense $ 17,082 $ 13,453 $ 31,419 $ 26,712 Amortization of deferred financing costs 1,049 788 2,005 1,533 Total interest and debt expense $ 18,131 $ 14,241 $ 33,424 $ 28,245

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
EQUITY AND NONCONTROLLING INTEREST	EQUITY AND NONCONTROLLING INTEREST At-The-Market Program On August 15, 2022 the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with various financial institutions acting as agents, forward sellers, and forward purchasers. Pursuant to the Equity Distribution Agreement, the Company may from time to time offer and sell, through the agents and forward sellers, the Company’s common shares, par value $0.01 per share, having an aggregate offering price of up to $250 million (the “ATM Program”). Concurrently with the Equity Distribution Agreement, the Company entered into separate master forward confirmations (collectively, the “Master Confirmations”) with each of the forward purchasers. 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. The ATM Program replaces the Company’s previous at-the-market program established on June 7, 2021. The Equity Distribution Agreement provides that the Company may also enter into forward sale agreements pursuant to any Master Confirmation and related supplemental confirmations with the forward purchasers. In connection with any forward sale agreement, a forward purchaser will, at the Company’s request, borrow from third parties, through its forward seller, and sell a number of shares equal to the amount provided in such agreement. As of June 30, 2023, 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 SEC 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, 2023 and 2022, no shares were repurchased by the Company. As of June 30, 2023, 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, 2023, Urban Edge owned approximately 95.9% of the outstanding common OP units with the remaining limited OP units held by members of management, Urban Edge’s Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a VIE, and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. Dividends and Distributions During the three months ended June 30, 2023 and 2022, the Company declared distributions on common shares and OP units of $0.16 per share/unit. During the six months ended June 30, 2023 and 2022, the Company declared distributions on common shares and OP units of $0.32 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. 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 4.1% weighted-average interest in the Operating Partnership for the three and six months ended June 30, 2023. 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. During the six months ended June 30, 2023, 70,000 units were redeemed for an equivalent amount of common shares of the Company. 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
	Jun. 30, 2023
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) 2023 2022 2023 2022 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,262 $ 1,231 $ 2,249 $ 2,463 Performance-based LTIP expense (2) 735 932 1,463 1,977 Restricted share expense 174 114 413 174 Deferred share unit (“DSU”) expense 31 17 64 42 Stock option expense — 206 20 441 Total Share-based compensation expense $ 2,202 $ 2,500 $ 4,209 $ 5,097 (1) Expense for the three and six months ended June 30, 2023 includes the 2023, 2022, 2021, 2020 and 2019 LTI Plans. (2) Expense for the three and six months ended June 30, 2023 includes the 2017 OPP plan and the 2023, 2022, 2021, 2020, 2019, and 2018 LTI Plans. Equity award activity during the six months ended June 30, 2023 included: (i) 314,117 LTIP units granted, (ii) 264,342 LTIP units vested, (iii) 80,520 restricted shares granted, (iv) 32,134 stock options vested, (v) 31,118 restricted shares vested, and (vi) 5,106 restricted shares forfeited. 2023 Long-Term Incentive Plan On February 10, 2023, the Company established the 2023 Long-Term Incentive Plan (“2023 LTI Plan”) under the Omnibus Share 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. With respect to the other half of the program, the awards are earned and vest if certain relative and absolute total shareholder return (“TSR”) and/or funds from operations (“FFO”) and same-property net operating income (“SP NOI”) growth targets are achieved by the Company over a three-year performance period. The total grant date fair value under the 2023 LTI Plan was $7.4 million, comprising both performance-based and time-based awards as described further below: Performance-based awards For the performance-based awards under the 2023 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 beginning on February 10, 2023 and ending on February 9, 2026. Participants also have the opportunity to earn awards in the form of LTIP units if Urban Edge’s FFO growth component and SP NOI growth component meets certain criteria over the three-year performance measurement period beginning January 1, 2023 and ending on December 31, 2025. The Company granted performance-based awards under the 2023 LTI Plan representing 309,611 units. The fair value of the performance-based award portion of the 2023 LTI Plan on the grant date was $3.7 million using a Monte Carlo simulation to estimate the fair value of the Absolute and Relative components through a risk-neutral premise. Assumptions include historical volatility (53.3%), risk-free interest rates (4.2%), and historical daily return as compared to certain peer companies. Time-based awards The time-based awards granted under the 2023 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, 2023, the Company granted time-based awards under the 2023 LTI Plan that represent 257,561 LTIP units with a grant date fair value of $3.7 million.

EARNINGS PER SHARE AND UNIT

EARNINGS PER SHARE AND UNIT	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common shareholders $ 10,262 $ 11,626 $ (8,856) $ 21,112 Less: (Earnings) loss allocated to unvested participating securities (8) (6) 5 (11) Net income (loss) available for common shareholders - basic $ 10,254 $ 11,620 $ (8,851) $ 21,101 Impact of assumed conversions: OP and LTIP Units — — — — Net income (loss) available for common shareholders - dilutive $ 10,254 $ 11,620 $ (8,851) $ 21,101 Denominator: Weighted average common shares outstanding - basic 117,482 117,364 117,466 117,347 Effect of dilutive securities (1) : Restricted share awards 96 63 — 63 Assumed conversion of OP and LTIP Units — — — — Weighted average common shares outstanding - diluted 117,578 117,427 117,466 117,410 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.09 $ 0.10 $ (0.08) $ 0.18 Earnings (loss) per common share - Diluted $ 0.09 $ 0.10 $ (0.08) $ 0.18 (1) For the three and six months ended June 30, 2023 and 2022 , the effect of the redemption of certain 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) 2023 2022 2023 2022 Numerator: Net income (loss) attributable to unitholders $ 10,706 $ 12,132 $ (9,200) $ 22,005 Less: net (income) loss attributable to participating securities (8) (6) 5 (11) Net income (loss) available for unitholders $ 10,698 $ 12,126 $ (9,195) $ 21,994 Denominator: Weighted average units outstanding - basic 121,920 121,365 121,836 121,277 Effect of dilutive securities issued by Urban Edge 96 63 — 63 Unvested LTIP Units 95 226 — 94 Weighted average units outstanding - diluted 122,111 121,654 121,836 121,434 Earnings per unit available to unitholders: Earnings (loss) per unit - Basic $ 0.09 $ 0.10 $ (0.08) $ 0.18 Earnings (loss) per unit - Diluted $ 0.09 $ 0.10 $ (0.08) $ 0.18

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to common shareholders/unitholders	$ 10,262	$ 11,626	$ (8,856)	$ 21,112

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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, 2022, as filed with the Securities and Exchange Commission (“SEC”).
Consolidation and Noncontrolling Interests	The consolidated balance sheets as of June 30, 2023 and December 31, 2022 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of June 30, 2023 and December 31, 2022, excluding the Operating Partnership, we consolidated two VIEs with total assets of $47.3 million and $47.6 million, respectively, and total liabilities of $22.1 million and $23.2 million, respectively. The consolidated statements of income and comprehensive income for the three and six months ended June 30, 2023 and 2022, 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 provide 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 (“LIBOR”) 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 were effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, FASB issued ASU 2022-06 Reference Rate Reform (ASC 848): Deferral of the Sunset Date of Topic 848 , which extended the final sunset date from December 31, 2022 to December 31, 2024. During the three months ended June 30, 2023, the Company entered into loan amendments to transition its four LIBOR-based loans to the Secured Overnight Financing Rate (“SOFR”). The amendments went into effect in July 2023 and did not have a material impact on the loans affected.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the six months ended June 30, 2023 and 2022, we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) June 21, 2023 Sunrise Mall (Ground Lease) (2) Massapequa NY — $ 2,071 2023 Total $ 2,071 February 24, 2022 40 Carmans Road (3) 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 during the six months ended June 30, 2023 and 2022 includes $0.1 million and $0.6 million of transaction costs, respectively. (2) Pertains to the buyout and termination of a ground lease for certain land parcels at our Sunrise Mall property in which the Company previously held a lessee position. (3) This outparcel is included with Sunrise Mall in our total property count and for the purpose of calculating our non-GAAP metrics. The Company has an 82.5% controlling interest in the property with the remaining 17.5% owned by others. 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) Sunrise Mall (Ground Lease) $ 2,071 $ — $ — $ — $ 2,071 2023 Total $ 2,071 $ — $ — $ — $ 2,071 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, 2023, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2022 were 8.5 years and 15.8 years, respectively.

IDENTIFIED INTANGIBLE ASSETS _2

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2023 (1) $ 3,855 $ (496) $ (4,549) 2024 7,473 (918) (7,765) 2025 7,293 (725) (6,295) 2026 6,916 (606) (5,593) 2027 6,638 (458) (5,065) 2028 5,991 (441) (4,530)

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	The following is a summary of mortgages payable as of June 30, 2023 and December 31, 2022. (Amounts in thousands) Maturity Interest Rate at June 30, 2023 June 30, 2023 December 31, 2022 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 7.05% $ 27,206 $ 27,482 Greenbrook Commons (1) 11/15/2024 7.05% 25,323 25,581 Gun Hill Commons (1) 12/1/2024 7.05% 23,942 24,188 Plaza at Cherry Hill (2) 6/15/2025 8.75% — 29,000 Plaza at Woodbridge (3) 6/8/2027 5.26% 52,947 52,947 Total variable rate debt 129,418 159,198 Fixed rate Hudson Mall 12/1/2023 5.07% 20,991 21,380 Yonkers Gateway Center 4/6/2024 4.16% 24,079 24,996 Brick Commons 12/10/2024 3.87% 48,164 48,636 West End Commons 12/10/2025 3.99% 24,430 24,658 Las Catalinas Mall 2/1/2026 4.43% 117,141 119,633 Town Brook Commons 12/1/2026 3.78% 30,530 30,825 Rockaway River Commons 12/1/2026 3.78% 27,029 27,291 Hanover Commons 12/10/2026 4.03% 61,896 62,453 Tonnelle Commons 4/1/2027 4.18% 98,002 98,870 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 22,254 22,489 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 (5) 2/6/2028 5.07% 69,494 69,935 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 37,066 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,351 40,700 Union (Vauxhall) 12/10/2028 4.01% 45,600 45,600 The Shops at Riverwood 6/24/2029 4.25% 21,466 21,466 Shops at Bruckner (6) 7/1/2029 6.00% 38,000 9,020 Freeport Commons 12/10/2029 4.07% 43,100 43,100 Bergen Town Center 4/10/2030 6.30% 290,000 300,000 The Outlets at Montehiedra 6/1/2030 5.00% 76,584 77,531 Montclair (4) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 39,957 40,300 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 16,000 — Mount Kisco Commons 11/15/2034 6.40% 11,435 11,760 Total fixed rate debt 1,565,819 1,540,293 Total mortgages payable 1,695,237 1,699,491 Unamortized debt issuance costs (11,909) (7,801) Total mortgages payable, net $ 1,683,328 $ 1,691,690 (1) Bears interest at one month LIBOR plus 190 bps. In June 2023, the Company amended the existing debt agreement to transition the variable component of the loan indexed to LIBOR, to SOFR. Effective July 2023, the loan bears interest at one month SOFR plus 200 bps based on the terms of the amendment. (2) Bears interest at the Prime Rate plus 50 bps with a minimum rate of 4.25%. The Company paid off the loan prior to maturity on June 23, 2023. (3) Bears interest at one month 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%. (4) Bears interest at LIBOR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan. In June 2023, the Company amended the existing debt agreement to transition the variable component of the loan indexed to LIBOR, to SOFR. Effective July 2023, the loan bears interest at one month SOFR plus 257 bps based on the terms of the amendment. There was no impact to the interest rate swap agreement as a result of the loan amendment and the rate remains fixed at 3.15%. (5) In April 2023, the Company notified the servicer that the cash flows generated by the property are insufficient to cover the debt service and that it is unwilling to fund future shortfalls. In May 2023, the mortgage was transferred to special servicing at the Company’s request. (6) On June 23, 2023, the Company refinanced the mortgage on our Shops at Bruckner property with a new 6-year, $38 million loan.
Schedule of Principal Repayments	As of June 30, 2023, the principal repayments of the Company’s total outstanding debt for the remainder of 2023 and the five succeeding years, and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2023 (1) $ 32,541 2024 167,050 2025 44,402 2026 230,317 2027 317,582 2028 273,790 Thereafter 629,555 (1) Remainder of 2023.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2023 2022 2023 2022 Rental Revenue Fixed lease revenue $ 74,423 $ 72,904 $ 147,922 $ 143,245 Variable lease revenue (1) 24,350 24,550 50,205 53,625 Total rental revenue $ 98,773 $ 97,454 $ 198,127 $ 196,870 (1) Percentage rents for the three and six months ended June 30, 2023 were $0.3 million and $1.1 million respectively, and $0.3 million and $1.5 million for the same periods in 2022.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022: As of June 30, 2023 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,515 $ — $ 1,515 As of December 31, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,976 $ — $ 1,976 (1) Included in Prepaid expenses and other assets on the consolidated balance sheets.
Schedule of Derivative Instruments	The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of June 30, 2023 and December 31, 2022: (Amounts in thousands) As of June 30, 2023 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 102 $ 52,947 SOFR + 2.26% 7.31% 5.26% 7/1/2023 Montclair interest rate swap 1,413 7,250 LIBOR + 2.57% 7.76% 3.15% 8/15/2030 (Amounts in thousands) As of December 31, 2022 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 509 $ 52,947 SOFR + 2.26% 6.27% 5.26% 7/1/2023 Montclair interest rate swap 1,467 7,250 LIBOR + 2.57% 6.89% 3.15% 8/15/2030 The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and six months ended June 30, 2023 and 2022: Unrealized Gain (Loss) Recognized in OCI on Derivatives (Amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, Hedged Instrument 2023 2022 2023 2022 Plaza at Woodbridge interest rate cap $ (160) $ (54) $ (268) $ (54) Montclair interest rate swap 139 — (53) — Total $ (21) $ (54) $ (321) $ (54)
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, 2023 and December 31, 2022: As of June 30, 2023 As of December 31, 2022 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,695,237 $ 1,545,104 $ 1,699,491 $ 1,542,869 (1) Carrying amounts exclude unamortized debt issuance costs of $11.9 million and $7.8 million as of June 30, 2023 and December 31, 2022, respectively.

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Deferred tax asset, net $ 33,298 $ 34,616 Other assets 20,745 18,386 Deferred financing costs, net of accumulated amortization of $8,094 and $7,269, respectively 5,923 6,749 Finance lease right-of-use asset 2,724 2,724 Prepaid expenses: Real estate taxes 6,027 12,080 Insurance 6,604 1,391 Licenses/fees 1,703 1,261 Total prepaid expenses and other assets $ 77,024 $ 77,207

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Composition of 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, 2023 December 31, 2022 Accrued capital expenditures and leasing costs $ 25,505 $ 35,732 Deferred tenant revenue 27,493 28,468 Accrued interest payable 12,363 10,789 Security deposits 8,305 8,048 Other liabilities and accrued expenses 6,465 6,939 Finance lease liability 3,022 3,016 Accrued payroll expenses 5,151 9,527 Total accounts payable, accrued expenses and other liabilities $ 88,304 $ 102,519

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Interest expense $ 17,082 $ 13,453 $ 31,419 $ 26,712 Amortization of deferred financing costs 1,049 788 2,005 1,533 Total interest and debt expense $ 18,131 $ 14,241 $ 33,424 $ 28,245

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,262 $ 1,231 $ 2,249 $ 2,463 Performance-based LTIP expense (2) 735 932 1,463 1,977 Restricted share expense 174 114 413 174 Deferred share unit (“DSU”) expense 31 17 64 42 Stock option expense — 206 20 441 Total Share-based compensation expense $ 2,202 $ 2,500 $ 4,209 $ 5,097 (1) Expense for the three and six months ended June 30, 2023 includes the 2023, 2022, 2021, 2020 and 2019 LTI Plans. (2) Expense for the three and six months ended June 30, 2023 includes the 2017 OPP plan and the 2023, 2022, 2021, 2020, 2019, and 2018 LTI Plans.

EARNINGS PER SHARE AND UNIT (Ta

EARNINGS PER SHARE AND UNIT (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common shareholders $ 10,262 $ 11,626 $ (8,856) $ 21,112 Less: (Earnings) loss allocated to unvested participating securities (8) (6) 5 (11) Net income (loss) available for common shareholders - basic $ 10,254 $ 11,620 $ (8,851) $ 21,101 Impact of assumed conversions: OP and LTIP Units — — — — Net income (loss) available for common shareholders - dilutive $ 10,254 $ 11,620 $ (8,851) $ 21,101 Denominator: Weighted average common shares outstanding - basic 117,482 117,364 117,466 117,347 Effect of dilutive securities (1) : Restricted share awards 96 63 — 63 Assumed conversion of OP and LTIP Units — — — — Weighted average common shares outstanding - diluted 117,578 117,427 117,466 117,410 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.09 $ 0.10 $ (0.08) $ 0.18 Earnings (loss) per common share - Diluted $ 0.09 $ 0.10 $ (0.08) $ 0.18 (1) For the three and six months ended June 30, 2023 and 2022 , the effect of the redemption of certain 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) 2023 2022 2023 2022 Numerator: Net income (loss) attributable to unitholders $ 10,706 $ 12,132 $ (9,200) $ 22,005 Less: net (income) loss attributable to participating securities (8) (6) 5 (11) Net income (loss) available for unitholders $ 10,698 $ 12,126 $ (9,195) $ 21,994 Denominator: Weighted average units outstanding - basic 121,920 121,365 121,836 121,277 Effect of dilutive securities issued by Urban Edge 96 63 — 63 Unvested LTIP Units 95 226 — 94 Weighted average units outstanding - diluted 122,111 121,654 121,836 121,434 Earnings per unit available to unitholders: Earnings (loss) per unit - Basic $ 0.09 $ 0.10 $ (0.08) $ 0.18 Earnings (loss) per unit - Diluted $ 0.09 $ 0.10 $ (0.08) $ 0.18

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2023 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	70
Wholly owned properties | Mall
Real Estate Properties [Line Items]
Number of real estate properties	2
Wholly owned properties | Warehouse Park
Real Estate Properties [Line Items]
Number of real estate properties	2
Wholly owned properties | Outlet Center
Real Estate Properties [Line Items]
Number of real estate properties	2
Operating Partnership | Parent | Vornado Realty L.P.
Real Estate Properties [Line Items]
Noncontrolling interest percentage	95.90%
Walnut Creek (Mt. Diablo), CA
Real Estate Properties [Line Items]
Parent controlling interest	95%
Sunrise Mall Massapequa, NY
Real Estate Properties [Line Items]
Parent controlling interest	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, 2023 USD ($) segment variableInterestEntity	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Number of reportable segments | segment	1
Number of variable interest entities | variableInterestEntity	2
Assets	$ 2,903,129	$ 2,977,432
Liabilities	1,916,631	1,947,326
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	47,300	47,600
Liabilities	$ 22,100	$ 23,200

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Jun. 30, 2023 loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of loans refinanced	4
Real Estate | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	1 year
Real Estate | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	40 years

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands				6 Months Ended	12 Months Ended
	Jun. 21, 2023 USD ($) ft²	Jun. 28, 2022 USD ($)	Feb. 24, 2022 USD ($) ft²	Jun. 30, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 08, 2022 ft²
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²				17,200,000
Purchase Price				$ 2,071	$ 37,603
Transaction costs				$ 100		$ 600
Sunrise Mall
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	0
Purchase Price	$ 2,071
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

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 21, 2023 USD ($)	Feb. 24, 2022 USD ($) ft²	Dec. 31, 2020 a outparcel	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² property	Jun. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Number of outparcels | outparcel			2
Number of acres | a			2.25
Purchase price of real estate property acquired						$ 2,071		$ 37,603
Area of real estate property (in sq ft) | ft²				17,200,000		17,200,000
Number of disposed properties | property						0	0
Gain on sale of real estate				$ 0	$ 353	$ 356	$ 353
Allocated price to buildings and improvements				0	22,583	0	22,583
Allocated price to land				2,071	$ 11,984	2,071	$ 11,984
Arzillo Trust
Business Acquisition [Line Items]
Purchase price of real estate property acquired	$ 2,100
Right-of-use asset, reclassed to land				$ 1,000		$ 1,000
40 Carmans Road
Business Acquisition [Line Items]
Purchase price of real estate property acquired		$ 4,260
Area of real estate property (in sq ft) | ft²		12,000
Allocated price to buildings and improvements		$ 3,142
Allocated price to land		$ 1,118

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 21, 2023	Jun. 30, 2022	Jun. 08, 2022	Feb. 24, 2022
Business Acquisition [Line Items]
Allocated price to land	$ 2,071		$ 11,984
Allocated price to buildings and improvements	0		22,583
Identified intangible assets	0		4,024
Identified intangible liabilities	0		(988)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total	$ 2,071		$ 37,603
Weighted average useful life	8 years 6 months
Weighted average related liabilities	15 years 9 months 18 days
Sunrise Mall
Business Acquisition [Line Items]
Allocated price to land		$ 2,071
Allocated price to buildings and improvements		0
Identified intangible assets		0
Identified intangible liabilities		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total		$ 2,071
40 Carmans Road
Business Acquisition [Line Items]
Allocated price to land					$ 1,118
Allocated price to buildings and improvements					3,142
Identified intangible assets					0
Identified intangible liabilities					0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total					$ 4,260
The Shops at Riverwood
Business Acquisition [Line Items]
Allocated price to land				$ 10,866
Allocated price to buildings and improvements				19,441
Identified intangible assets				4,024
Identified intangible liabilities				(988)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total				$ 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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Identified intangible assets, net of accumulated amortization	$ 57,407		$ 57,407		$ 62,856
Identified intangible liabilities, net of accumulated amortization	89,041		89,041		$ 93,328
Amortization of acquired below-market leases, net of above-market leases	2,000	$ 1,500	3,500	$ 3,500
Amortization expense of intangible assets	$ 2,500	$ 2,800	$ 4,900	$ 5,500

IDENTIFIED INTANGIBLE ASSETS _4

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Below-Market Operating Lease Amortization
2023	$ 3,855
2024	7,473
2025	7,293
2026	6,916
2027	6,638
2028	5,991
Above-Market
Above-Market Operating Lease Amortization
2023	(496)
2024	918
2025	(725)
2026	(606)
2027	(458)
2028	(441)
In-Place Leases
2023	(496)
2024	918
2025	(725)
2026	(606)
2027	(458)
2028	(441)
In-Place Lease
Above-Market Operating Lease Amortization
2023	(4,549)
2024	7,765
2025	(6,295)
2026	(5,593)
2027	(5,065)
2028	(4,530)
In-Place Leases
2023	(4,549)
2024	7,765
2025	(6,295)
2026	(5,593)
2027	(5,065)
2028	$ (4,530)

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - Mortgages - First Mortgage - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 23, 2023	Jun. 22, 2023	Jun. 07, 2023	Apr. 06, 2023
Debt Instrument [Line Items]
Total mortgages payable		$ 1,695,237	$ 1,699,491
Unamortized debt issuance costs		(11,909)	(7,801)
Total mortgages payable, net		1,683,328	1,691,690
Variable rate
Debt Instrument [Line Items]
Total mortgages payable		$ 129,418	159,198
Variable rate | Hudson Commons
Debt Instrument [Line Items]
Effective Interest Rate		7.05%
Total mortgages payable		$ 27,206	$ 27,482
Variable rate | Hudson Commons | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate		190%	190%
Variable rate | Hudson Commons | SOFR | Subsequent Event
Debt Instrument [Line Items]
Interest rate spread on variable rate	200%
Variable rate | Greenbrook Commons
Debt Instrument [Line Items]
Effective Interest Rate		7.05%
Total mortgages payable		$ 25,323	$ 25,581
Variable rate | Greenbrook Commons | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate		190%	190%
Variable rate | Greenbrook Commons | SOFR | Subsequent Event
Debt Instrument [Line Items]
Interest rate spread on variable rate	200%
Variable rate | Gun Hill Commons
Debt Instrument [Line Items]
Effective Interest Rate		7.05%
Total mortgages payable		$ 23,942	$ 24,188
Variable rate | Gun Hill Commons | LIBOR
Debt Instrument [Line Items]
Interest rate spread on variable rate		190%	190%
Variable rate | Gun Hill Commons | SOFR | Subsequent Event
Debt Instrument [Line Items]
Interest rate spread on variable rate	200%
Variable rate | The Plaza at Cherry Hill
Debt Instrument [Line Items]
Effective Interest Rate		8.75%			8.75%
Total mortgages payable		$ 0	$ 29,000
Debt instrument, minimum interest rate		4.25%
Variable rate | The Plaza at Cherry Hill | Prime Rate
Debt Instrument [Line Items]
Interest rate spread on variable rate		50%
Variable rate | The Plaza at Woodbridge
Debt Instrument [Line Items]
Effective Interest Rate		5.26%
Total mortgages payable		$ 52,947	$ 52,947
Interest rate cap		3%
Variable rate | The Plaza at Woodbridge | Interest Rate Cap
Debt Instrument [Line Items]
Effective Interest Rate			5.26%
Variable rate | The Plaza at Woodbridge | SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate		226%
Variable rate | Montclair, NJ | SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate		257%
Fixed rate
Debt Instrument [Line Items]
Total mortgages payable		$ 1,565,819	$ 1,540,293
Fixed rate | Hudson Mall
Debt Instrument [Line Items]
Effective Interest Rate		5.07%
Total mortgages payable		$ 20,991	21,380
Fixed rate | Yonkers Gateway Center
Debt Instrument [Line Items]
Effective Interest Rate		4.16%
Total mortgages payable		$ 24,079	24,996
Fixed rate | Brick Commons
Debt Instrument [Line Items]
Effective Interest Rate		3.87%
Total mortgages payable		$ 48,164	48,636
Fixed rate | West End Commons
Debt Instrument [Line Items]
Effective Interest Rate		3.99%
Total mortgages payable		$ 24,430	24,658
Fixed rate | Las Catalinas Mall
Debt Instrument [Line Items]
Effective Interest Rate		4.43%
Total mortgages payable		$ 117,141	119,633
Fixed rate | Town Brook Commons
Debt Instrument [Line Items]
Effective Interest Rate		3.78%
Total mortgages payable		$ 30,530	30,825
Fixed rate | Rockaway River Commons
Debt Instrument [Line Items]
Effective Interest Rate		3.78%
Total mortgages payable		$ 27,029	27,291
Fixed rate | Hanover Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.03%
Total mortgages payable		$ 61,896	62,453
Fixed rate | Tonnelle Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.18%
Total mortgages payable		$ 98,002	98,870
Fixed rate | Manchester Plaza
Debt Instrument [Line Items]
Effective Interest Rate		4.32%
Total mortgages payable		$ 12,500	12,500
Fixed rate | Millburn Gateway Center
Debt Instrument [Line Items]
Effective Interest Rate		3.97%
Total mortgages payable		$ 22,254	22,489
Fixed rate | Totowa Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.33%
Total mortgages payable		$ 50,800	50,800
Fixed rate | Woodbridge Commons
Debt Instrument [Line Items]
Total mortgages payable			22,100
Fixed rate | Woodbridge Commons | Interest Rate Cap
Debt Instrument [Line Items]
Effective Interest Rate		4.36%
Total mortgages payable		$ 22,100
Fixed rate | Brunswick Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.38%
Total mortgages payable		$ 63,000	63,000
Fixed rate | Rutherford Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.49%
Total mortgages payable		$ 23,000	23,000
Fixed rate | Brunswick Commons
Debt Instrument [Line Items]
Effective Interest Rate		5.07%
Total mortgages payable		$ 69,494	69,935
Fixed rate | Hackensack Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.36%
Total mortgages payable		$ 66,400	66,400
Fixed rate | Marlton Commons
Debt Instrument [Line Items]
Effective Interest Rate		3.86%
Total mortgages payable		$ 37,066	37,400
Fixed rate | East Hanover Warehouses
Debt Instrument [Line Items]
Effective Interest Rate		4.09%
Total mortgages payable		$ 40,351	40,700
Fixed rate | Union (Vauxhall)
Debt Instrument [Line Items]
Effective Interest Rate		4.01%
Total mortgages payable		$ 45,600	45,600
Fixed rate | The Shops at Riverwood
Debt Instrument [Line Items]
Effective Interest Rate		4.25%
Total mortgages payable		$ 21,466	21,466
Fixed rate | Shops at Bruckner
Debt Instrument [Line Items]
Effective Interest Rate		6%		6%
Total mortgages payable		$ 38,000	9,020	$ 38,000	$ 8,700
Term				6 years
Fixed rate | Freeport Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.07%
Total mortgages payable		$ 43,100	43,100
Fixed rate | Bergen Town Center
Debt Instrument [Line Items]
Effective Interest Rate		6.30%
Total mortgages payable		$ 290,000	300,000
Fixed rate | Bergen Town Center | Minimum
Debt Instrument [Line Items]
Effective Interest Rate							6.30%
Fixed rate | The Outlets at Montehiedra | Senior Loan
Debt Instrument [Line Items]
Effective Interest Rate		5%
Total mortgages payable		$ 76,584	$ 77,531
Fixed rate | Montclair, NJ
Debt Instrument [Line Items]
Effective Interest Rate		3.15%	3.15%
Total mortgages payable		$ 7,250	$ 7,250
Fixed rate | Garfield Commons
Debt Instrument [Line Items]
Effective Interest Rate		4.14%
Total mortgages payable		$ 39,957	40,300
Fixed rate | Woodmore Towne Centre
Debt Instrument [Line Items]
Effective Interest Rate		3.39%
Total mortgages payable		$ 117,200	117,200
Fixed rate | Newington Commons
Debt Instrument [Line Items]
Effective Interest Rate		6%				6%
Total mortgages payable		$ 16,000	0			$ 16,000
Term						10 years
Fixed rate | Mount Kisco Commons
Debt Instrument [Line Items]
Effective Interest Rate		6.40%
Total mortgages payable		$ 11,435	$ 11,760

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details) ft² in Thousands

6 Months Ended

Apr. 06, 2023 USD ($)

Aug. 09, 2022 USD ($) extension_option

Mar. 07, 2017 USD ($) extension_option

Jun. 30, 2023 USD ($)

Jun. 23, 2023 USD ($)

Jun. 22, 2023 USD ($)

Jun. 07, 2023 USD ($)

May 31, 2023

Apr. 05, 2023 USD ($) property letter

Mar. 31, 2023 ft²

Dec. 31, 2022 USD ($)

Dec. 31, 2020

Apr. 30, 2020 USD ($)

Jan. 15, 2015 USD ($)

Debt Instrument [Line Items]

Net carrying amount of real estate collateralizing indebtedness

$ 1,400,000,000

Debt issuance costs, net

5,923,000

$ 6,749,000

Number of credit letters | property

2

Amount outstanding

0

0

Tenant A

Debt Instrument [Line Items]

Number of square feet rented by tenant | ft²

50

Tenant B

Debt Instrument [Line Items]

Number of square feet rented by tenant | ft²

17

Property Lease Guarantee

Debt Instrument [Line Items]

Conditional corporate guarantee

$ 12,500,000

Guarantor obligations, amortization period

3 years 3 months 18 days

Guarantor obligations, remaining amount of potential guarantee

$ 7,100,000

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 600,000,000

775,700,000

$ 9,800,000

$ 14,500,000

$ 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

5,900,000

6,700,000

Number of credit letters | letter

2

Line of Credit | Revolving Credit Facility | Four-Year Revolving Credit Agreement January 2015

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 800,000,000

Increase in credit facility

$ 200,000,000

Number of extension options | extension_option

2

Term of each extension option

6 months

Line of Credit | Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Financial covenants, maximum leverage ratio

0.60

Line of Credit | Revolving Credit Facility | Maximum | Four-Year Revolving Credit Agreement January 2015

Debt Instrument [Line Items]

Facility fee

0.30%

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 | Minimum | Four-Year Revolving Credit Agreement January 2015

Debt Instrument [Line Items]

Facility fee

0.15%

Line of Credit | Revolving Credit Facility | SOFR | 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 | SOFR | 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

1,695,237,000

1,699,491,000

Mortgages | First Mortgage | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

1,565,819,000

1,540,293,000

Mortgages | First Mortgage | Variable rate

Debt Instrument [Line Items]

Total mortgages payable

$ 129,418,000

159,198,000

Mortgages | First Mortgage | Las Catalinas Mall | Fixed rate

Debt Instrument [Line Items]

Debt instrument, face amount

$ 129,000,000

Annual increase in interest rate

50%

Discounted value

$ 72,500,000

Accrued interest

5,400,000

Debt issuance costs, net

$ 1,200,000

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]

Borrowing rate

8.75%

8.75%

Total mortgages payable

$ 0

29,000,000

Debt instrument, minimum interest rate

4.25%

Mortgages | First Mortgage | Bergen Town Center | Fixed rate

Debt Instrument [Line Items]

Borrowing rate

6.30%

Total mortgages payable

$ 290,000,000

300,000,000

Mortgages | First Mortgage | Bergen Town Center | Fixed rate | Minimum

Debt Instrument [Line Items]

Borrowing rate

6.30%

Mortgages | First Mortgage | Bergen Town Center | Variable rate

Debt Instrument [Line Items]

Debt instrument, face amount

$ 290,000,000

Debt instrument, term

7 years

Mortgages | First Mortgage | Shops at Bruckner | Fixed rate

Debt Instrument [Line Items]

Borrowing rate

6%

6%

Total mortgages payable

$ 38,000,000

$ 38,000,000

$ 8,700,000

9,020,000

Term

6 years

Mortgages | First Mortgage | Newington Commons | Fixed rate

Debt Instrument [Line Items]

Borrowing rate

6%

6%

Total mortgages payable

$ 16,000,000

$ 16,000,000

$ 0

Term

10 years

Mortgages | First Mortgage | Kingswood Center | Fixed rate

Debt Instrument [Line Items]

Accrue default interest

0.05

Accrued default interest

$ 800,000

MORTGAGES PAYABLE - Schedule of

MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 32,541
2024	167,050
2025	44,402
2026	230,317
2027	317,582
2028	273,790
Thereafter	$ 629,555

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Contingency [Line Items]
Income tax expense	$ (41)	$ (711)	$ (747)	$ (1,616)
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	$ (700)	$ (700)	$ (1,400)	$ (1,600)
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease revenue	$ 74,423	$ 72,904	$ 147,922	$ 143,245
Variable lease revenue	24,350	24,550	50,205	53,625
Total rental revenue	98,773	97,454	198,127	196,870
Percentage rent	$ 300	$ 300	$ 1,100	$ 1,500

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rate Cap Schedule (Details) - Fair Value, Recurring - Interest Rate Cap - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,515	$ 1,976
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,515	1,976
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Derivative Instrument (Details) - USD ($) $ in Thousands	Jun. 30, 2023	May 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate	7.76%		6.89%
First Mortgage | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable	$ 1,695,237		$ 1,699,491
First Mortgage | Variable rate | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable	$ 129,418		159,198
First Mortgage | The Plaza at Woodbridge | Variable rate | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effective Interest Rate	5.26%
Total mortgages payable	$ 52,947		52,947
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]
Fair Value	102		509
Notional Amount	$ 52,947	$ 1,100	$ 52,947
Spread	2.26%		2.26%
Interest Rate	7.31%		6.27%
Effective Interest Rate			5.26%
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,413		$ 1,467
Interest Rate Swap | First Mortgage | Montclair, NJ | Variable rate | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount	$ 7,250		$ 7,250
Spread	2.57%		2.57%

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) ft² in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	May 31, 2023	Jun. 30, 2023 USD ($) ft² property derivative	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² property derivative	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Real estate impairment loss | $		$ 0	$ 34,100,000	$ 0	$ 34,055,000	$ 0
Area of Real Estate Property		17,200			17,200
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property		17,200			17,200
Real estate impairment loss | $		$ 0	34,100,000	$ 0	$ 34,055,000	$ 0
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | derivative		2			2
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | property		1			1
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | property		1			1
First Mortgage | The Plaza at Woodbridge | Interest Rate Cap | SOFR | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Spread	3%
Derivative, term of contract	2 years
Measurement Input, Discount Rate
Fair Value Disclosures [Abstract]
Measurement Input		0.08			0.08
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement Input		0.08			0.08
Disposal Group, Held-for-sale, Not Discontinued Operations | Real Estate | Level 3 | Fair Value, Nonrecurring | Kingswood Center
Fair Value Disclosures [Abstract]
Financial assets measured at fair value | $			49,000,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets measured at fair value | $			$ 49,000,000
Retail | Measurement Input, Cap Rate
Fair Value Disclosures [Abstract]
Measurement Input		0.06			0.06
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement Input		0.06			0.06
Office | Measurement Input, Cap Rate
Fair Value Disclosures [Abstract]
Measurement Input		0.07			0.07
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement Input		0.07			0.07
Tenant A | Office Oriented Mixed-Use Center
Fair Value Disclosures [Abstract]
Area of Real Estate Property		50			50
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property		50			50
Tenant B | Office Oriented Mixed-Use Center
Fair Value Disclosures [Abstract]
Area of Real Estate Property		17			17
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property		17			17

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - Mortgages - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 1,695,237	$ 1,699,491
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,545,104	1,542,869
Unamortized debt issuance costs	$ (11,900)	$ (7,800)

FAIR VALUE MEASUREMENTS - Unrea

FAIR VALUE MEASUREMENTS - Unrealized Gain Recognized In OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	$ (21)	$ (54)	$ (321)	$ (54)
The Plaza at Woodbridge | Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	(160)	(54)	(268)	(54)
Montclair, NJ | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	$ 139	$ 0	$ (53)	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) ft² in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) ft² lease project	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² lease project	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Operating Leased Assets [Line Items]
Number of projects | project	22		22
Real estate redevelopment in process	$ 196,500,000		$ 196,500,000
Estimated cost to complete development and redevelopment projects	128,200,000		128,200,000
Insurance coverage, pollution insurance, limit per occurence	50,000,000		50,000,000
Deferred lease expense	$ 1,500,000		$ 1,500,000		$ 1,600,000
Area of Real Estate Property | ft²	17,200		17,200
Rental revenue	$ 98,773,000	$ 97,454,000	$ 198,127,000	$ 196,870,000
Bed Bath & Beyond
Operating Leased Assets [Line Items]
Rental revenue			$ 3,100,000
Harmon Face Values
Operating Leased Assets [Line Items]
Number of leases | lease	3		3
Rental revenue			$ 500,000
Wholly-Owned Store Concepts | Harmon Face Values
Operating Leased Assets [Line Items]
Area of Real Estate Property | ft²	18		18

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 20,745	$ 18,386
Deferred Tax Assets, Net	33,298	34,616
Deposit Assets	2,724	2,724
Accumulated amortization, deferred financing costs	8,094	7,269
Prepaid expenses:
Real estate taxes	6,027	12,080
Insurance	6,604	1,391
Licenses/fees	1,703	1,261
Total prepaid expenses and other assets	77,024	77,207
Debt issuance costs, net	$ 5,923	$ 6,749

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred tenant revenue	$ 27,493	$ 28,468
Accrued interest payable	12,363	10,789
Accrued capital expenditures and leasing costs	25,505	35,732
Security deposits	8,305	8,048
Finance lease liability	3,022	3,016
Accrued payroll expenses	5,151	9,527
Other liabilities and accrued expenses	6,465	6,939
Total accounts payable, accrued expenses and other liabilities	$ 88,304	$ 102,519

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Interest expense	$ 17,082	$ 13,453	$ 31,419	$ 26,712
Amortization of deferred financing costs	1,049	788	2,005	1,533
Total interest and debt expense	$ 18,131	$ 14,241	$ 33,424	$ 28,245

EQUITY AND NONCONTROLLING INT_2

EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	2 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 15, 2022
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Authorized amount		$ 200,000,000		$ 200,000,000
Repurchase of common shares (in shares)	5,900,000			0	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	$ 0.16	$ 0.32	$ 0.32
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
Shares redeemed				70,000
Operating Partnership | OP Units
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage				4.10%
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				95.90%

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 2,202	$ 2,500	$ 4,209	$ 5,097
Time-based LTIP Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,262	1,231	2,249	2,463
Performance-based LTIP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	735	932	1,463	1,977
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	0	206	20	441
Restricted share expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	174	114	413	174
Deferred share unit (“DSU”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 31	$ 17	$ 64	$ 42

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Feb. 11, 2023	Jun. 30, 2023
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		314,117
Number of awards vested (in shares)		264,342
Award vesting period		2 years
LTIP Units | Long-Term Incentive Plan 2023
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 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of equity awards	$ 7.4
Performance-based LTIP Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Historical volatility rate		53.30%
Risk free interest rate		4.20%
Performance-based LTIP Shares | Long-Term Incentive Plan 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		309,611
Award vesting period		3 years
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture		$ 3.7
Time-based LTIP Shares | Long-Term Incentive Plan 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		257,561
Grant date fair value of equity awards		$ 3.7
Award vesting period		3 years
Time-based LTIP Shares | Long-Term Incentive Plan 2023 | 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)		32,134
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		80,520
Number of awards vested (in shares)		31,118
Number of shares forfeited (in shares)		5,106

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 10,262	$ 11,626	$ (8,856)	$ 21,112
Less: (Earnings) loss allocated to unvested participating securities	(8)	(6)	5	(11)
Net income (loss) available for common shareholders - basic	10,254	11,620	(8,851)	21,101
OP and LTIP Units	0	0	0	0
Net income (loss) available for common shareholders - dilutive	$ 10,254	$ 11,620	$ (8,851)	$ 21,101
Denominator:
Weighted average common shares outstanding - basic (in shares)	117,482	117,364	117,466	117,347
Effect of dilutive securities:
Assumed conversion of OP and LTIP units (in shares)	0	0	0	0
Weighted average common shares outstanding - diluted (in shares)	117,578	117,427	117,466	117,410
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Earnings per common share - Diluted (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Urban Edge Properties LP
Numerator:
Net income (loss) attributable to common shareholders/unitholders	$ 10,706	$ 12,132	$ (9,200)	$ 22,005
Less: (Earnings) loss allocated to unvested participating securities	(8)	(6)	5	(11)
Net income (loss) available for common shareholders - basic	$ 10,698	$ 12,126	$ (9,195)	$ 21,994
Denominator:
Weighted average common shares outstanding - basic (in shares)	121,920	121,365	121,836	121,277
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	96	63	0	63
Assumed conversion of OP and LTIP units (in shares)	95	226	0	94
Weighted average common shares outstanding - diluted (in shares)	122,111	121,654	121,836	121,434
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Earnings per common share - Diluted (in dollars per share)	$ 0.09	$ 0.10	$ (0.08)	$ 0.18
Restricted share expense
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	96	63	0	63