Urban Edge Properties (UE) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		118,815,093
Entity Central Index Key	0001611547
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Urban Edge Properties LP
Entity Information [Line Items]
Entity File Number	333-212951-01
Entity Registrant Name	URBAN EDGE PROPERTIES LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4791544
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 645,435	$ 635,905
Buildings and improvements	2,692,470	2,678,076
Construction in progress	254,525	262,275
Furniture, fixtures and equipment	10,200	9,923
Total	3,602,630	3,586,179
Accumulated depreciation and amortization	(837,790)	(819,243)
Real estate, net	2,764,840	2,766,936
Operating lease right-of-use assets	50,711	56,988
Cash and cash equivalents	67,303	101,123
Restricted cash	27,748	73,125
Tenant and other receivables	16,373	14,712
Receivable arising from the straight-lining of rents	60,062	60,775
Identified intangible assets, net of accumulated amortization of $55,976 and $51,399, respectively	110,486	113,897
Deferred leasing costs, net of accumulated amortization of $21,074 and $21,428, respectively	27,333	27,698
Prepaid expenses and other assets	89,209	64,555
Total assets	3,214,065	3,279,809
Liabilities:
Mortgages payable, net	1,525,345	1,578,110
Unsecured credit facility	153,000	153,000
Operating lease liabilities	47,639	53,863
Accounts payable, accrued expenses and other liabilities	97,385	102,997
Identified intangible liabilities, net of accumulated amortization of $46,397 and $46,610, respectively	168,313	170,411
Total liabilities	1,991,682	2,058,381
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 118,815,093 and 117,652,656 shares issued and outstanding, respectively	1,186	1,175
Additional paid-in capital	1,022,710	1,011,942
Accumulated other comprehensive income	739	460
Accumulated earnings	119,513	137,113
Noncontrolling interests:
Operating partnership	63,128	55,355
Consolidated subsidiaries	15,107	15,383
Total equity	1,222,383	1,221,428
Total liabilities and equity	$ 3,214,065	$ 3,279,809

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation, identifiable intangible assets	$ 55,976	$ 51,399
Accumulated amortization, deferred leasing costs	21,074	21,428
Accumulated amortization, identified intangible liabilities	$ 46,397	$ 46,610
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)	118,815,093	118,815,093
Common stock, shares, outstanding (in shares)	117,652,656	117,652,656

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Total revenue	$ 109,626,000	$ 99,441,000
EXPENSES
Depreciation and amortization	38,574,000	25,084,000
Real estate taxes	17,003,000	15,677,000
Property operating	20,506,000	17,426,000
General and administrative	9,046,000	9,058,000
Real estate impairment loss	0	34,055,000
Lease expense	3,128,000	3,155,000
Total expenses	88,257,000	104,455,000
Gain on sale of real estate	1,902,000	356,000
Interest income	688,000	511,000
Interest and debt expense	(20,577,000)	(15,293,000)
Loss on extinguishment of debt	(272,000)	0
Income (loss) before income taxes	3,110,000	(19,440,000)
Income tax expense	(665,000)	(706,000)
Net income (loss)	2,445,000	(20,146,000)
Less net (income) loss attributable to NCI in:
Operating partnership	(118,000)	788,000
Consolidated subsidiaries	276,000	240,000
Net income (loss) attributable to common shareholders	$ 2,603,000	$ (19,118,000)
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.02	$ (0.16)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.02	$ (0.16)
Weighted average shares outstanding - Basic (in shares)	118,072	117,450
Weighted average shares outstanding - Diluted (in shares)	122,814	117,450
Net income (loss)	$ 2,445,000	$ (20,146,000)
Effective portion of change in fair value of derivatives	293,000	(300,000)
Comprehensive income (loss)	2,738,000	(20,446,000)
Less comprehensive income (loss) attributable to NCI in Operating partnership	(14,000)	12,000
Less net (income) loss attributable to NCI in Operating partnership	(118,000)	788,000
Less net (income) loss attributable to NCI in Consolidated subsidiaries	276,000	240,000
Comprehensive income (loss) attributable to common shareholders	2,882,000	(19,406,000)
Rental Revenue
REVENUE
Revenues	109,547,000	99,354,000
Other income
REVENUE
Revenues	79,000	87,000
Urban Edge Properties LP
REVENUE
Total revenue	109,626,000	99,441,000
EXPENSES
Depreciation and amortization	38,574,000	25,084,000
Real estate taxes	17,003,000	15,677,000
Property operating	20,506,000	17,426,000
General and administrative	9,046,000	9,058,000
Real estate impairment loss	0	34,055,000
Lease expense	3,128,000	3,155,000
Total expenses	88,257,000	104,455,000
Gain on sale of real estate	1,902,000	356,000
Interest income	688,000	511,000
Interest and debt expense	(20,577,000)	(15,293,000)
Loss on extinguishment of debt	(272,000)	0
Income (loss) before income taxes	3,110,000	(19,440,000)
Income tax expense	(665,000)	(706,000)
Net income (loss)	2,445,000	(20,146,000)
Less net (income) loss attributable to NCI in:
Consolidated subsidiaries	276,000	240,000
Net income (loss) attributable to common shareholders	$ 2,721,000	$ (19,906,000)
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.02	$ (0.16)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.02	$ (0.16)
Weighted average shares outstanding - Basic (in shares)	122,646	121,752
Weighted average shares outstanding - Diluted (in shares)	122,814	121,752
Net income (loss)	$ 2,445,000	$ (20,146,000)
Effective portion of change in fair value of derivatives	293,000	(300,000)
Comprehensive income (loss)	2,738,000	(20,446,000)
Less net (income) loss attributable to NCI in Consolidated subsidiaries	276,000	240,000
Comprehensive income (loss) attributable to common shareholders	3,014,000	(20,206,000)
Urban Edge Properties LP | Rental Revenue
REVENUE
Revenues	109,547,000	99,354,000
Urban Edge Properties LP | Other income
REVENUE
Revenues	$ 79,000	$ 87,000

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Urban Edge Properties LP	Urban Edge Properties LP Accumulated Earnings (Deficit)	Urban Edge Properties LP NCI in Consolidated Subsidiaries	Urban Edge Properties LP General Partner	Urban Edge Properties LP Limited Partners		Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Urban Edge Properties LP	Accumulated Earnings (Deficit)	Accumulated Earnings (Deficit) Urban Edge Properties LP	Operating Partnership	NCI in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2022								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]	$ 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	(19,118)	(19,906)	(19,906)									(19,118)
Net loss attributable to NCI	(1,028)	(240)		(240)										(788)	(240)
Other comprehensive income	(300)	(300)								(288)	(288)		$ (12)	(12)
Common units issued as a result of common shares issued by Urban Edge (in shares)					107,936	352,943
Common units issued as a result of common shares issued by Urban Edge		0	(22)		$ 22
Units redeemed for common shares (in shares)					20,000	(20,000)		20,000
Units redeemed for common shares	$ 322	322			$ 161	$ 161	[1]		161					161
Repurchase of common shares (in shares)	0
Reallocation of NCI	$ (322)	(322)			(1,108)	786	[1]		(1,108)					786
Common shares issued (in shares)								107,936
Common shares issued	0							$ 1	21			(22)
Dividends to common shareholders	(18,790)											(18,790)
Distributions to redeemable NCI	(809)													(809)
Distributions to Partners		(19,599)	(19,599)
Contributions from noncontrolling interests	558	558													558
Share-based compensation expense	2,007	2,007			$ 292	$ 1,715	[1]		292					1,715
Share-based awards retained for taxes (in shares)					(7,637)			(7,637)
Share-based awards retained for taxes	(137)	(137)			$ (137)				(137)
Ending balance (in shares) at Mar. 31, 2023								117,571,250
Ending balance (in shares) at Mar. 31, 2023					117,571,250	5,046,501
Ending balance at Mar. 31, 2023	$ 992,489	$ 992,489	(78,244)	14,224	$ 1,011,696	$ 44,472	[1]	$ 1,174	1,010,522	341	341	(74,034)		40,262	14,224
Beginning balance (in shares) at Dec. 31, 2023	117,652,656	117,652,656						117,652,656
Beginning balance (in shares) at Dec. 31, 2023					117,652,656	5,659,781
Beginning balance at Dec. 31, 2023	$ 1,221,428	$ 1,221,428	143,157	15,383	$ 1,013,117	$ 49,311	[2]	$ 1,175	1,011,942	460	460	137,113		55,355	15,383
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	2,603	2,721	2,721									2,603
Net loss attributable to NCI	(158)	(276)		(276)										118	(276)
Other comprehensive income	293	293								279	279		$ 14	14
Common units issued as a result of common shares issued by Urban Edge (in shares)					1,141,221	928,122
Common units issued as a result of common shares issued by Urban Edge		17,229	(23)		$ 17,252
Units redeemed for common shares (in shares)					32,333	(32,333)		32,333
Units redeemed for common shares	$ 608	608			$ 304	$ 304	[2]		304					304
Repurchase of common shares (in shares)	0
Reallocation of NCI	$ (608)	(608)			(6,819)	6,211	[2]		(6,819)					6,211
Common shares issued (in shares)								1,141,221
Common shares issued	17,229							$ 11	17,241			(23)
Dividends to common shareholders	(20,180)											(20,180)
Distributions to redeemable NCI	(1,279)													(1,279)
Distributions to Partners		(21,459)	(21,459)
Share-based compensation expense	2,421	2,421			$ 237	2,184	[2]		237					2,184
Issuance of accrued LTIP units	221	221				$ 221								221
Share-based awards retained for taxes (in shares)					(11,117)			(11,117)
Share-based awards retained for taxes	$ (195)	$ (195)			$ (195)				(195)
Ending balance (in shares) at Mar. 31, 2024	117,652,656	118,815,093						118,815,093
Ending balance (in shares) at Mar. 31, 2024					118,815,093	6,555,570
Ending balance at Mar. 31, 2024	$ 1,222,383	$ 1,222,383	$ 124,410	$ 15,107	$ 1,023,896	$ 58,231	[2]	$ 1,186	$ 1,022,710	$ 739	$ 739	$ 119,513		$ 63,128	$ 15,107
[1] Limited partners have a 4.1% common limited partnership interest in the Operating Partnership as of March 31, 2023 in the form of Operating Partnership Units (“OP Units”) and Long-Term Incentive Plan Units (“LTIP Units”).

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Distributions to redeemable NCI (in dollars per unit)	$ 0.17	$ 0.16
Accumulated Earnings (Deficit) | Urban Edge Properties LP
Dividends on common shares (in dollars per share)	0.17	0.16
Accumulated Earnings (Deficit)
Dividends on common shares (in dollars per share)	0.17	0.16
Operating Partnership
Distributions to redeemable NCI (in dollars per unit)	$ 0.17	$ 0.16
Operating Partnership | Limited Partners | Urban Edge Properties LP
Noncontrolling interest percentage	5.20%	4.10%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 2,445,000	$ (20,146,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	39,495,000	25,812,000
Gain on sale of real estate	(1,902,000)	(356,000)
Real estate impairment loss	0	34,055,000
Loss on extinguishment of debt	272,000	0
Amortization of below market leases, net	(1,490,000)	(1,508,000)
Noncash lease expense	1,796,000	1,775,000
Straight-lining of rent	(1,086,000)	(830,000)
Share-based compensation expense	2,421,000	2,007,000
Change in operating assets and liabilities:
Tenant and other receivables	(1,661,000)	1,723,000
Deferred leasing costs	(2,415,000)	(1,928,000)
Prepaid expenses and other assets	(11,037,000)	(3,489,000)
Lease liabilities	(1,743,000)	(1,686,000)
Accounts payable, accrued expenses and other liabilities	(2,173,000)	(6,007,000)
Net cash provided by operating activities	22,922,000	29,422,000
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(20,194,000)	(23,153,000)
Proceeds from sale of real estate	8,230,000	356,000
Acquisitions of real estate	(32,338,000)	0
Net cash used in investing activities	(44,302,000)	(22,797,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(102,141,000)	(5,028,000)
Dividends to common shareholders	(20,180,000)	(18,790,000)
Distributions to redeemable noncontrolling interests	(1,279,000)	(809,000)
Taxes withheld for vested restricted shares	(195,000)	(137,000)
Contributions from noncontrolling interests	0	558,000
Proceeds from mortgage loan borrowings	50,000,000	0
Debt issuance costs	(1,251,000)	(7,000)
Proceeds related to the issuance of common shares	17,229,000	0
Net cash used in financing activities	(57,817,000)	(24,213,000)
Net decrease in cash and cash equivalents and restricted cash	(79,197,000)	(17,588,000)
Cash and cash equivalents and restricted cash at beginning of period	174,248,000	128,774,000
Cash and cash equivalents and restricted cash at end of period	95,051,000	111,186,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $2,678 and $2,669, respectively	17,881,000	14,582,000
Cash payments for income taxes	9,000	9,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	18,407,000	32,579,000
Write-off of fully depreciated and impaired assets	7,493,000	35,088,000
Transfer of assets held for sale included in prepaid expenses and other assets	15,137,000	0
Cash and cash equivalents at beginning of period	101,123,000	85,518,000
Cash and cash equivalents at end of period	67,303,000	62,142,000
Restricted cash at beginning of period	73,125,000	43,256,000
Restricted cash at end of period	27,748,000	49,044,000
Cash and cash equivalents and restricted cash at beginning/end of period	95,051,000	111,186,000
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	2,445,000	(20,146,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	39,495,000	25,812,000
Gain on sale of real estate	(1,902,000)	(356,000)
Real estate impairment loss	0	34,055,000
Loss on extinguishment of debt	272,000	0
Amortization of below market leases, net	(1,490,000)	(1,508,000)
Noncash lease expense	1,796,000	1,775,000
Straight-lining of rent	(1,086,000)	(830,000)
Share-based compensation expense	2,421,000	2,007,000
Change in operating assets and liabilities:
Tenant and other receivables	(1,661,000)	1,723,000
Deferred leasing costs	(2,415,000)	(1,928,000)
Prepaid expenses and other assets	(11,037,000)	(3,489,000)
Lease liabilities	(1,743,000)	(1,686,000)
Accounts payable, accrued expenses and other liabilities	(2,173,000)	(6,007,000)
Net cash provided by operating activities	22,922,000	29,422,000
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(20,194,000)	(23,153,000)
Proceeds from sale of real estate	8,230,000	356,000
Acquisitions of real estate	(32,338,000)	0
Net cash used in investing activities	(44,302,000)	(22,797,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(102,141,000)	(5,028,000)
Distributions to partners	(21,459,000)	(19,599,000)
Taxes withheld for vested restricted shares	(195,000)	(137,000)
Contributions from noncontrolling interests	0	558,000
Proceeds from mortgage loan borrowings	50,000,000	0
Debt issuance costs	(1,251,000)	(7,000)
Proceeds related to the issuance of common shares	17,229,000	0
Net cash used in financing activities	(57,817,000)	(24,213,000)
Net decrease in cash and cash equivalents and restricted cash	(79,197,000)	(17,588,000)
Cash and cash equivalents and restricted cash at beginning of period	174,248,000	128,774,000
Cash and cash equivalents and restricted cash at end of period	95,051,000	111,186,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $2,678 and $2,669, respectively	17,881,000	14,582,000
Cash payments for income taxes	9,000	9,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	18,407,000	32,579,000
Write-off of fully depreciated and impaired assets	7,493,000	35,088,000
Transfer of assets held for sale included in prepaid expenses and other assets	15,137,000	0
Cash and cash equivalents at beginning of period	101,123,000	85,518,000
Cash and cash equivalents at end of period	67,303,000	62,142,000
Restricted cash at beginning of period	73,125,000	43,256,000
Restricted cash at end of period	27,748,000	49,044,000
Cash and cash equivalents and restricted cash at beginning/end of period	$ 95,051,000	$ 111,186,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized interest	$ 2,678	$ 2,669
Urban Edge Properties LP
Capitalized interest	$ 2,678	$ 2,669

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UELP - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 645,435	$ 635,905
Buildings and improvements	2,692,470	2,678,076
Construction in progress	254,525	262,275
Furniture, fixtures and equipment	10,200	9,923
Total	3,602,630	3,586,179
Accumulated depreciation and amortization	(837,790)	(819,243)
Real estate, net	2,764,840	2,766,936
Operating lease right-of-use assets	50,711	56,988
Cash and cash equivalents	67,303	101,123
Restricted cash	27,748	73,125
Tenant and other receivables	16,373	14,712
Receivable arising from the straight-lining of rents	60,062	60,775
Identified intangible assets, net of accumulated amortization of $55,976 and $51,399, respectively	110,486	113,897
Deferred leasing costs, net of accumulated amortization of $21,074 and $21,428, respectively	27,333	27,698
Prepaid expenses and other assets	89,209	64,555
Total assets	3,214,065	3,279,809
Liabilities:
Mortgages payable, net	1,525,345	1,578,110
Unsecured credit facility	153,000	153,000
Operating lease liabilities	47,639	53,863
Accounts payable, accrued expenses and other liabilities	97,385	102,997
Identified intangible liabilities, net of accumulated amortization of $46,397 and $46,610, respectively	168,313	170,411
Total liabilities	1,991,682	2,058,381
Commitments and contingencies (Note 10)
Partners’ capital:
Accumulated other comprehensive income	739	460
Accumulated earnings	119,513	137,113
Consolidated subsidiaries	15,107	15,383
Total equity	1,222,383	1,221,428
Total liabilities and equity	3,214,065	3,279,809
Urban Edge Properties LP
Real estate, at cost:
Land	645,435	635,905
Buildings and improvements	2,692,470	2,678,076
Construction in progress	254,525	262,275
Furniture, fixtures and equipment	10,200	9,923
Total	3,602,630	3,586,179
Accumulated depreciation and amortization	(837,790)	(819,243)
Real estate, net	2,764,840	2,766,936
Operating lease right-of-use assets	50,711	56,988
Cash and cash equivalents	67,303	101,123
Restricted cash	27,748	73,125
Tenant and other receivables	16,373	14,712
Receivable arising from the straight-lining of rents	60,062	60,775
Identified intangible assets, net of accumulated amortization of $55,976 and $51,399, respectively	110,486	113,897
Deferred leasing costs, net of accumulated amortization of $21,074 and $21,428, respectively	27,333	27,698
Prepaid expenses and other assets	89,209	64,555
Total assets	3,214,065	3,279,809
Liabilities:
Mortgages payable, net	1,525,345	1,578,110
Unsecured credit facility	153,000	153,000
Operating lease liabilities	47,639	53,863
Accounts payable, accrued expenses and other liabilities	97,385	102,997
Identified intangible liabilities, net of accumulated amortization of $46,397 and $46,610, respectively	168,313	170,411
Total liabilities	1,991,682	2,058,381
Commitments and contingencies (Note 10)
Partners’ capital:
General partner: 118,815,093 and 117,652,656 units outstanding, respectively	1,023,896	1,013,117
Limited partners: 6,555,570 and 5,659,781 units outstanding, respectively	58,231	49,311
Accumulated other comprehensive income	739	460
Accumulated earnings	124,410	143,157
Total partners’ capital	1,207,276	1,206,045
Consolidated subsidiaries	15,107	15,383
Total equity	1,222,383	1,221,428
Total liabilities and equity	$ 3,214,065	$ 3,279,809

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UELP (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accumulated depreciation, identifiable intangible assets	$ 55,976	$ 51,399
Accumulated amortization, deferred leasing costs	21,074	21,428
Accumulated amortization, identified intangible liabilities	$ 46,397	$ 46,610
Common stock, shares, outstanding (in shares)	117,652,656	117,652,656
Urban Edge Properties LP
Accumulated depreciation, identifiable intangible assets	$ 55,976	$ 51,399
Accumulated amortization, deferred leasing costs	21,074	21,428
Accumulated amortization, identified intangible liabilities	$ 46,397	$ 46,610
Common stock, shares, outstanding (in shares)	118,815,093	117,652,656
Limited Partners, units outstanding (in units)	6,555,570	5,659,781

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, Urban Edge owned approximately 94.8% of the outstanding common OP Units with the remaining limited OP Units held by members of management, Urban Edge’s Board of Trustees, and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. As of March 31, 2024, our portfolio consisted of 71 shopping centers, two outlet centers, two malls and one industrial building totaling approximately 17.1 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	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions of Form 10-Q. Certain information and footnote disclosures included in our annual financial statements have been condensed or omitted. In the opinion of management, the consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and the Operating Partnership and the results of operations and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. 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, 2023, as filed with the Securities and Exchange Commission (“SEC”). The consolidated balance sheets as of March 31, 2024 and December 31, 2023 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of March 31, 2024 and December 31, 2023, excluding the Operating Partnership, we consolidated two VIEs with total assets of $43.6 million and $47.2 million, respectively, and total liabilities of $17.3 million and $20.3 million, respectively. The consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023, include the consolidated accounts of the Company, the Operating Partnership and the two VIEs. All intercompany transactions have been eliminated in consolidation. Our primary business is the 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 (“CODM”) 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 March 31, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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 June 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. In August 2023, FASB issued ASU 2023-05 Business Combinations - Joint Venture Formation (Subtopic 805-60): Recognition and Initial Measurement , which provides an update to the accounting treatment of joint ventures upon formation. This update requires companies to measure assets and liabilities contributed to joint ventures at fair value at the time of formation and has an effective date of January 1, 2025. The update is to be applied prospectively, with a retrospective option for previously formed joint ventures and has no current impact on the Company. In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides for additional disclosures as they relate to a Company’s segments. Additional requirements per the update include disclosures for significant segment expenses, measures of profit or loss used by the CODM and how these measures are used to allocate resources and assess segment performance. The amendments in this ASU will also apply to entities with a single reportable segment and is effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact of this update on its disclosures and will apply the required amendments in its December 31, 2024 Annual report on Form 10-K. In December 2023, FASB issued ASU 2023-09 Income Tax (Topic 740): Improvements to Income Tax Disclosures which provides for additional disclosures for rate reconciliations, disaggregation of income taxes paid, and other disclosures. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2024. The Company will adopt and incorporate any required disclosures in our December 31, 2025 Annual Report on Form 10-K. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards which provides clarity on how an entity determines whether a profits interest or similar award is within the scope of ASC 718. It also offers guidance on identifying whether such an award is not a share-based payment arrangement and therefore within the scope of other guidance. The Company has reviewed the update and determined it does not issue any profits interest or similar awards and therefore is not impacted by this ASU. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on our consolidated financial statements or disclosures. Recent SEC Reporting Updates — On March 6, 2024, the SEC issued its final ruling on The Enhancement and Standardization of Climate-Related Disclosures for Investors (Release No. 34-99678) . Provisions of the final rule require registrants to include climate-related disclosures that are both qualitative and quantitative in their annual reports and registration statements. These disclosures include, but are not limited to, governance, risk management, strategy, emissions, capital expenditures, and climate-related targets and goals. The disclosure requirements will be effective for the Company’s Annual Report on Form 10-K beginning with the year ended December 31, 2025, with certain provisions being phased in in later periods. Subsequent to issuance, the rules became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. The Company is continuing to review the final rule and monitoring the litigation progress for possible impacts on the disclosure requirements and will adopt the required disclosures in their effective periods.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the three months ended March 31, 2024, we closed on the following acquisition: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) February 8, 2024 Heritage Square Watchung NJ 87,000 $ 33,838 (1) The total purchase price for the property acquired during the three months ended March 31, 2024 includes $0.7 million of transaction costs. On February 8, 2024, the Company acquired Heritage Square, an unencumbered 87,000 sf shopping center located in Watchung, NJ, for a purchase price of $33.8 million, including transaction costs. The property is anchored by Ulta and two TJX Companies concepts, HomeSense and Sierra Trading, and includes three outparcels with a fourth currently under construction. The acquisition was funded using cash on hand. During the three months ended March 31, 2023, no acquisitions were completed by the Company. The aggregate purchase price of the above property acquisition has been allocated as follows: (amounts in thousands) Property Name Land Buildings and Improvements Identified Intangible Assets (1) Identified Intangible Liabilities (1) Total Purchase Price Heritage Square $ 7,343 $ 24,643 $ 4,763 $ (2,911) $ 33,838 (1) As of March 31, 2024, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 7.5 years and 25.4 years, respectively. Dispositions On March 14, 2024, the Company completed the sale of its 95,000 sf property located in Hazlet, NJ for a price of $8.7 million and recognized a gain on sale of real estate of $1.5 million. The total gain on sale of real estate of $1.9 million includes amounts related to properties disposed of in prior periods. During the three months ended March 31, 2023, no dispositions were completed by the Company, however, we recognized a gain on sale of real estate of $0.4 million in connection with the release of escrow funds related to a property that was disposed of in a prior period. Real Estate Held for Sale As of March 31, 2024, our property in Lodi, NJ was classified as held for sale based on an executed contract of sale with a third-party buyer. The aggregate carrying amount of this property was $15.1 million and is included in prepaid expenses and other assets on our consolidated balance sheets as of March 31, 2024. The property was sold on April 26, 2024 and was structured as part of a Section 1031 exchange with the acquisition of Heritage Square which closed on February 8, 2024, allowing for the deferral of capital gains resulting from the sale for income tax purposes. Subsequent Events On April 5, 2024, the Company closed on the acquisition of Ledgewood Commons, located in Roxbury Township, NJ, for a gross purchase price of $83.2 million. The center, aggregating 448,000 sf, is anchored by a grocer and includes two pre-approved but undeveloped outparcels. On May 3, 2024, the Company obtained a 5-year, $50 million mortgage secured by the property that bears interest at a rate of 6.03%.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2024
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 $110.5 million and $168.3 million, respectively, as of March 31, 2024 and $113.9 million and $170.4 million, respectively, as of December 31, 2023. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $1.5 million for the three months ended March 31, 2024 and 2023. Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $6.9 million and $2.4 million for the three months ended March 31, 2024 and 2023, respectively. The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2024 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2024 (1) $ 7,714 $ (2,865) $ (19,847) 2025 10,092 (2,465) (18,682) 2026 9,748 (1,258) (12,807) 2027 9,633 (1,023) (10,426) 2028 9,472 (990) (8,988) 2029 9,189 (931) (7,790) (1)

MORTGAGES PAYABLE

MORTGAGES PAYABLE	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of March 31, 2024 and December 31, 2023. (Amounts in thousands) Maturity Interest Rate at March 31, 2024 March 31, 2024 December 31, 2023 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 —% $ — $ 26,930 Greenbrook Commons (1) 11/15/2024 —% — 25,065 Gun Hill Commons (1) 12/1/2024 —% — 23,696 Plaza at Woodbridge (2) 6/8/2027 5.26% 51,938 52,278 Total variable rate debt 51,938 127,969 Fixed rate Brick Commons 12/10/2024 3.87% 47,437 47,683 West End Commons 12/10/2025 3.99% 24,078 24,196 Town Brook Commons 12/1/2026 3.78% 30,076 30,229 Rockaway River Commons 12/1/2026 3.78% 26,628 26,763 Hanover Commons 12/10/2026 4.03% 61,035 61,324 Tonnelle Commons 4/1/2027 4.18% 96,664 97,115 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 21,893 22,015 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 (3) 2/6/2028 5.07% 68,833 69,054 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 36,552 36,725 Union (Vauxhall) 12/10/2028 4.01% 45,000 45,202 Yonkers Gateway Center (4) 4/10/2029 6.30% 50,000 23,148 The Shops at Riverwood 6/24/2029 4.25% 21,241 21,326 Shops at Bruckner 7/1/2029 6.00% 37,700 37,817 Huntington Commons 12/5/2029 6.29% 43,704 43,704 Bergen Town Center 4/10/2030 6.30% 290,000 290,000 The Outlets at Montehiedra 6/1/2030 5.00% 75,093 75,590 Montclair (5) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 39,429 39,607 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 15,871 15,920 Shops at Caguas 8/1/2033 6.60% 82,000 82,000 Mount Kisco Commons 11/15/2034 6.40% 10,926 11,098 Total fixed rate debt 1,486,410 1,462,766 Total mortgages payable 1,538,348 1,590,735 Unamortized debt issuance costs (13,003) (12,625) Total mortgages payable, net $ 1,525,345 $ 1,578,110 (1) The Company paid off the loan prior to maturity on January 2, 2024. (2) 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%, which expires July 1, 2025. (3) 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 the shortfalls. In May 2023, the mortgage was transferred to special servicing at the Company's request. (4) On March 28, 2024, the Company refinanced the mortgage secured by the property with a new 5-year, $50 million loan. (5) Bears interest at SOFR 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. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.4 billion as of March 31, 2024. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of March 31, 2024, 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. Additional information regarding the status of this loan can be found under “ Mortgage on Kingswood Center. ” As of March 31, 2024, the principal repayments of the Company’s total outstanding debt for the remainder of 2024 and the five succeeding years, and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2024 (1) $ 58,015 2025 38,776 2026 127,417 2027 319,061 2028 392,042 2029 152,402 Thereafter 603,635 (1) Remainder of 2024. 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. The Company has obtained five letters of credit issued under the Agreement, aggregating $30.1 million. The letters of credit were provided to mortgage lenders to secure the Company’s obligations in relation to certain reserves and capital requirements per the respective loan agreements. The letters of credit issued under the Agreement have reduced the amount available under the facility commensurate with their face values but remain undrawn as of March 31, 2024 and no separate liability has been recorded in association with them. As of March 31, 2024, there was $153 million drawn under the Agreement with an available remaining balance of $616.9 million under the facility, including undrawn letters of credit. Financing costs associated with executing the Agreement of $4.7 million and $5.1 million as of March 31, 2024 and December 31, 2023, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net. Variable Rate Loans On January 2, 2024, the Company paid off three variable rate mortgage loans aggregating $75.7 million, which were due to mature in the fourth quarter of 2024. The loans were secured by Hudson Commons, Greenbrook Commons, and Gun Hill Commons, and bearing interest at a rate of 7.34% on the pay off date. In connection with the prepayment, the Company recognized a $0.3 million loss on extinguishment of debt. Yonkers Gateway Center On March 28, 2024, the Company refinanced the mortgage secured by its property, Yonkers Gateway Center, with a new 5-year, $50 million mortgage loan bearing interest at a fixed rate of 6.30%. The proceeds from the new loan were used to pay off the previous mortgage on the property which had an outstanding balance of $22.7 million. Mortgage on Kingswood Center In March 2023, an office tenant representing 50,000 sf (approximately 40% of the total gross leasable area) informed us that they intended to vacate in 2024, and a tenant representing 17,000 sf terminated their lease early, effective April 17, 2023. As a result of these events, the Company notified the servicer that the projected cash flows generated by the property would 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 March 31, 2024, the loan is in the foreclosure process and the Company has accrued default interest of $3.3 million which is included in the accounts payable, accrued expenses and other liabilities line item of the consolidated balance sheets. 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 2.5 years. As of March 31, 2024, the remaining exposure under the guarantee is $5.6 million. There was no separate liability recorded related to this guarantee.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, 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 three months ended March 31, 2024, 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. For both the three months ended March 31, 2024 and 2023, the Puerto Rico income tax expense was $0.7 million. The REIT was not subject to any material state and local income tax expense or benefit for the three months ended March 31, 2024 and 2023. All amounts for the three months ended March 31, 2024 and 2023 are included in income tax expense on the consolidated statements of income and comprehensive income.

LEASES (Notes)

LEASES (Notes)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASES	LEASES All rental revenue was generated from operating leases for the three months ended March 31, 2024 and 2023. The components of rental revenue for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, (Amounts in thousands) 2024 2023 Rental Revenue Fixed lease revenue $ 80,122 $ 73,499 Variable lease revenue (1) 29,425 25,855 Total rental revenue $ 109,547 $ 99,354 (1) Percentage rents for the three months ended March 31, 2024 and 2023 were $0.9 million and $0.8 million, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: As of March 31, 2024 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 2,665 $ — $ 2,665 As of December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 2,515 $ — $ 2,515 (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. Cash flows from the derivative are included in the prepaid expenses and other assets, or accounts payable, accrued expenses and other liabilities line item in the statement of cash flows, depending on whether the hedged item is recognized as an asset or a liability. As of March 31, 2024, 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 March 31, 2024 and December 31, 2023: (Amounts in thousands) As of March 31, 2024 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 1,305 $ 51,939 SOFR + 2.26% 7.48% 5.26% 7/1/2025 Montclair interest rate swap 1,360 7,250 SOFR + 2.57% 8.01% 3.15% 8/15/2030 As of December 31, 2023 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 1,259 $ 52,278 SOFR + 2.26% 7.49% 5.26% 7/1/2025 Montclair interest rate swap 1,256 7,250 SOFR + 2.57% 7.76% 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 months ended March 31, 2024 and 2023: Unrealized Gain (Loss) Recognized in OCI on Derivatives (Amounts in thousands) Three Months Ended March 31, Hedged Instrument 2024 2023 Plaza at Woodbridge interest rate cap $ 189 $ (108) Montclair interest rate swap 104 (192) Total $ 293 $ (300) 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,538,348 $ 1,430,921 $ 1,590,735 $ 1,489,601 Unsecured credit facility 153,000 146,279 153,000 145,882 (1) Carrying amounts exclude unamortized debt issuance costs of $13.0 million and $12.6 million as of March 31, 2024 and December 31, 2023, 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. No impairment charges were recognized during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company recognized an impairment charge of $34.1 million on our property, Kingswood Center. The property, an office and retail center comprising 129,000 sf, was acquired in February 2020 and is located in Brooklyn, NY. In March of 2023, an office tenant representing 50,000 sf informed us that they intended to vacate in 2024, and a tenant representing 17,000 sf terminated their lease early, 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 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 impairment charge is recorded within the real estate impairment loss line item on our consolidated statements of income and comprehensive income. The Company believes the inputs utilized to measure these fair values were reasonable in the context of applicable market conditions, however, due to the significance of the unobservable inputs in the overall fair value measures, including market conditions and expectations for growth, the Company determined that such fair value measurements are classified as Level 3.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
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 $166.4 million, of which $99.7 million remains to be funded as of March 31, 2024. 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. 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. Certain insurance premiums have increased significantly and may continue to do so in the future. We cannot anticipate what coverage will be available on commercially reasonable terms and expect premiums across most coverage lines to continue to increase in light of recent events including hurricanes and flooding in our core markets. 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 $1.4 million on our consolidated balance sheets as of March 31, 2024 and December 31, 2023, 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. Letters of Credit As of March 31, 2024, the Company had five letters of credit issued under our Revolving Credit Agreement aggregating $30.1 million. These letters were provided to mortgage lenders to secure the Company’s obligations for certain capital requirements per the respective mortgage agreements. If a lender were to draw on a letter of credit, the Company would have the option to pay the capital commitment directly to the lender or to record the draw as a liability on its unsecured line of credit, bearing interest at SOFR plus an applicable margin per the Revolving Credit Agreement. As of March 31, 2024, the letters remain undrawn and there is no separate liability recorded in connection with their issuance.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS The following is a summary of the composition of the prepaid expenses and other assets on the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2024 December 31, 2023 Deferred tax asset, net $ 20,998 $ 20,899 Other assets 24,544 22,729 Deferred financing costs, net of accumulated amortization of $9,332 and $8,920, respectively 4,685 5,098 Finance lease right-of-use asset 2,724 2,724 Real estate held for sale 15,137 — Prepaid expenses: Real estate taxes 7,258 10,411 Insurance 11,879 1,792 Licenses/fees 1,984 902 Total prepaid expenses and other assets $ 89,209 $ 64,555

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The following is a summary of the composition of accounts payable, accrued expenses and other liabilities on the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2024 December 31, 2023 Accrued capital expenditures and leasing costs $ 20,044 $ 23,044 Deferred tenant revenue 27,791 34,840 Accrued interest payable 12,250 11,190 Security deposits 7,264 7,279 Other liabilities and accrued expenses 17,764 14,245 Finance lease liability 3,031 3,028 Accrued payroll expenses 9,241 9,371 Total accounts payable, accrued expenses and other liabilities $ 97,385 $ 102,997

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	3 Months Ended
	Mar. 31, 2024
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 March 31, (Amounts in thousands) 2024 2023 Interest expense $ 19,558 $ 14,337 Amortization of deferred financing costs 1,019 956 Total interest and debt expense $ 20,577 $ 15,293

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2024
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 replaced 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. During the three months ended March 31, 2024, the Company issued 1,082,945 common shares at a weighted average price of $17.31 per share under the ATM Program, generating net cash proceeds of $18.5 million. In addition, we incurred $1.3 million of offering expenses related to the issuance of these common shares. Actual 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 three months ended March 31, 2024 and 2023, no shares were repurchased by the Company. All share repurchases by the Company were completed between March and April of 2020, and aggregated 5.9 million common shares at a weighted average share price of $9.22, for a total of $54.1 million. As of March 31, 2024, there was approximately $145.9 million remaining for share repurchases under this program. Units of the Operating Partnership The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership. As of March 31, 2024, Urban Edge owned approximately 94.8% of the outstanding common OP units with the remaining limited OP units held by members of management, Urban Edge’s Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a VIE, and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. Dividends and Distributions During the three months ended March 31, 2024 and 2023, the Company declared distributions on common shares and OP units of $0.17 and $0.16 per share/unit, respectively. Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership reflected on the consolidated balance sheets of the Company are comprised of OP units and limited partnership interests in the Operating Partnership in the form of LTIP unit awards. LTIP unit awards were granted to certain executives pursuant to our 2015 Omnibus Share Plan (the “Omnibus Share Plan”) and our 2018 Inducement Equity Plan. 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 4.9% weighted-average interest in the Operating Partnership for the three months ended March 31, 2024. Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for cash, or for the Company’s common shares on a one-for-one basis, solely at our election. Holders of outstanding OP units may redeem their units for cash or the Company’s common shares on a one-for-one basis, solely at our election. Noncontrolling Interests in Consolidated Subsidiaries The Company’s noncontrolling interests relate to the 5% interest held by others in our property in Walnut Creek, CA (Mount Diablo) and 17.5% held by others in our property in Massapequa, NY. The net income attributable to noncontrolling interests is presented separately on our consolidated statements of income and comprehensive income.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
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 March 31, (Amounts in thousands) 2024 2023 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,186 $ 987 Performance-based LTIP expense (2) 998 728 Restricted share expense 207 239 Deferred share unit (“DSU”) expense 30 33 Stock option expense — 20 Total Share-based compensation expense $ 2,421 $ 2,007 (1) Expense for the three months ended March 31, 2024 includes the 2024, 2023, 2022, 2021, and 2020 LTI Plans. (2) Expense for the three months ended March 31, 2024 includes the 2024, 2023, 2022, 2021, 2020, and 2019 LTI Plans. Equity award activity during the three months ended March 31, 2024 included: (i) 1,003,518 LTIP units granted, (ii) 280,105 LTIP units vested, (iii) 155,513 LITP units earned upon completion of the 2021 LTI Plan, (iv) 56,005 restricted shares granted, and (v) 33,744 restricted shares vested. 2024 Long-Term Incentive Plan On February 9, 2024, the Company established the 2024 Long-Term Incentive Plan (“2024 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 2024 LTI Plan was $7.5 million, comprising both performance-based and time-based awards as described further below: Performance-based awards For the performance-based awards under the 2024 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 9, 2024 and ending on February 8, 2027. 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, 2024 and ending on December 31, 2026. The Company granted performance-based awards under the 2024 LTI Plan representing 295,852 units. The fair value of the performance-based award portion of the 2024 LTI Plan on the grant date was $3.8 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 (29.9%), risk-free interest rates (4.3%), and historical daily return as compared to certain peer companies. Time-based awards The time-based awards granted under the 2024 LTI Plan, also granted in the form of LTIP units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratable over four years. As of March 31, 2024, the Company granted time-based awards under the 2024 LTI Plan that represent 232,808 LTIP units with a grant date fair value of $3.7 million.

EARNINGS PER SHARE AND UNIT

EARNINGS PER SHARE AND UNIT	3 Months Ended
	Mar. 31, 2024
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 computation of diluted EPS reflects potential dilution of securities by adding potential common shares, including stock options and unvested restricted shares, to the weighted average number of common shares outstanding for the period. The effect of the redemption of OP and vested LTIP units is not reflected in the computation of basic and diluted EPS, as they are redeemable for common shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. The following table sets forth the computation of our basic and diluted EPS: Three Months Ended March 31, (Amounts in thousands, except per share amounts) 2024 2023 Numerator: Net income (loss) attributable to common shareholders $ 2,603 $ (19,118) Less: (earnings) loss allocated to unvested participating securities (2) 13 Net income (loss) available for common shareholders - basic $ 2,601 $ (19,105) Impact of assumed conversions: OP and LTIP Units 91 — Net income (loss) available for common shareholders - dilutive $ 2,692 $ (19,105) Denominator: Weighted average common shares outstanding - basic 118,072 117,450 Effect of dilutive securities (1) : Restricted share awards 106 — Assumed conversion of OP and LTIP Units 4,636 — Weighted average common shares outstanding - diluted 122,814 117,450 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.02 $ (0.16) Earnings (loss) per common share - Diluted $ 0.02 $ (0.16) (1) For the three months ended March 31, 2023, 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 March 31, (Amounts in thousands, except per unit amounts) 2024 2023 Numerator: Net income (loss) attributable to unitholders $ 2,721 $ (19,906) Less: net (income) loss attributable to participating securities (2) 13 Net income (loss) available for unitholders $ 2,719 $ (19,893) Denominator: Weighted average units outstanding - basic 122,646 121,752 Effect of dilutive securities issued by Urban Edge 106 — Unvested LTIP Units 62 — Weighted average units outstanding - diluted 122,814 121,752 Earnings per unit available to unitholders: Earnings (loss) per unit - Basic $ 0.02 $ (0.16) Earnings (loss) per unit - Diluted $ 0.02 $ (0.16)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to common shareholders/unitholders	$ 2,603	$ (19,118)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions of Form 10-Q. Certain information and footnote disclosures included in our annual financial statements have been condensed or omitted. In the opinion of management, the consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and the Operating Partnership and the results of operations and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. 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, 2023, as filed with the Securities and Exchange Commission (“SEC”).
Consolidation and Noncontrolling Interests	The consolidated balance sheets as of March 31, 2024 and December 31, 2023 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of March 31, 2024 and December 31, 2023, excluding the Operating Partnership, we consolidated two VIEs with total assets of $43.6 million and $47.2 million, respectively, and total liabilities of $17.3 million and $20.3 million, respectively. The consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023, include the consolidated accounts of the Company, the Operating Partnership and the two VIEs. All intercompany transactions have been eliminated in consolidation.
Real Estate	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 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	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 June 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. In August 2023, FASB issued ASU 2023-05 Business Combinations - Joint Venture Formation (Subtopic 805-60): Recognition and Initial Measurement , which provides an update to the accounting treatment of joint ventures upon formation. This update requires companies to measure assets and liabilities contributed to joint ventures at fair value at the time of formation and has an effective date of January 1, 2025. The update is to be applied prospectively, with a retrospective option for previously formed joint ventures and has no current impact on the Company. In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides for additional disclosures as they relate to a Company’s segments. Additional requirements per the update include disclosures for significant segment expenses, measures of profit or loss used by the CODM and how these measures are used to allocate resources and assess segment performance. The amendments in this ASU will also apply to entities with a single reportable segment and is effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact of this update on its disclosures and will apply the required amendments in its December 31, 2024 Annual report on Form 10-K. In December 2023, FASB issued ASU 2023-09 Income Tax (Topic 740): Improvements to Income Tax Disclosures which provides for additional disclosures for rate reconciliations, disaggregation of income taxes paid, and other disclosures. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2024. The Company will adopt and incorporate any required disclosures in our December 31, 2025 Annual Report on Form 10-K. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards which provides clarity on how an entity determines whether a profits interest or similar award is within the scope of ASC 718. It also offers guidance on identifying whether such an award is not a share-based payment arrangement and therefore within the scope of other guidance. The Company has reviewed the update and determined it does not issue any profits interest or similar awards and therefore is not impacted by this ASU. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on our consolidated financial statements or disclosures. Recent SEC Reporting Updates — On March 6, 2024, the SEC issued its final ruling on The Enhancement and Standardization of Climate-Related Disclosures for Investors (Release No. 34-99678) . Provisions of the final rule require registrants to include climate-related disclosures that are both qualitative and quantitative in their annual reports and registration statements. These disclosures include, but are not limited to, governance, risk management, strategy, emissions, capital expenditures, and climate-related targets and goals. The disclosure requirements will be effective for the Company’s Annual Report on Form 10-K beginning with the year ended December 31, 2025, with certain provisions being phased in in later periods. Subsequent to issuance, the rules became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. The Company is continuing to review the final rule and monitoring the litigation progress for possible impacts on the disclosure requirements and will adopt the required disclosures in their effective periods.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the three months ended March 31, 2024, we closed on the following acquisition: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) February 8, 2024 Heritage Square Watchung NJ 87,000 $ 33,838 (1) The total purchase price for the property acquired during the three months ended March 31, 2024 includes $0.7 million of transaction costs. The aggregate purchase price of the above property acquisition has been allocated as follows: (amounts in thousands) Property Name Land Buildings and Improvements Identified Intangible Assets (1) Identified Intangible Liabilities (1) Total Purchase Price Heritage Square $ 7,343 $ 24,643 $ 4,763 $ (2,911) $ 33,838 (1) As of March 31, 2024, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 7.5 years and 25.4 years, respectively.

IDENTIFIED INTANGIBLE ASSETS _2

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2024 (1) $ 7,714 $ (2,865) $ (19,847) 2025 10,092 (2,465) (18,682) 2026 9,748 (1,258) (12,807) 2027 9,633 (1,023) (10,426) 2028 9,472 (990) (8,988) 2029 9,189 (931) (7,790) (1)

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	The following is a summary of mortgages payable as of March 31, 2024 and December 31, 2023. (Amounts in thousands) Maturity Interest Rate at March 31, 2024 March 31, 2024 December 31, 2023 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 —% $ — $ 26,930 Greenbrook Commons (1) 11/15/2024 —% — 25,065 Gun Hill Commons (1) 12/1/2024 —% — 23,696 Plaza at Woodbridge (2) 6/8/2027 5.26% 51,938 52,278 Total variable rate debt 51,938 127,969 Fixed rate Brick Commons 12/10/2024 3.87% 47,437 47,683 West End Commons 12/10/2025 3.99% 24,078 24,196 Town Brook Commons 12/1/2026 3.78% 30,076 30,229 Rockaway River Commons 12/1/2026 3.78% 26,628 26,763 Hanover Commons 12/10/2026 4.03% 61,035 61,324 Tonnelle Commons 4/1/2027 4.18% 96,664 97,115 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 21,893 22,015 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 (3) 2/6/2028 5.07% 68,833 69,054 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 36,552 36,725 Union (Vauxhall) 12/10/2028 4.01% 45,000 45,202 Yonkers Gateway Center (4) 4/10/2029 6.30% 50,000 23,148 The Shops at Riverwood 6/24/2029 4.25% 21,241 21,326 Shops at Bruckner 7/1/2029 6.00% 37,700 37,817 Huntington Commons 12/5/2029 6.29% 43,704 43,704 Bergen Town Center 4/10/2030 6.30% 290,000 290,000 The Outlets at Montehiedra 6/1/2030 5.00% 75,093 75,590 Montclair (5) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 39,429 39,607 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 15,871 15,920 Shops at Caguas 8/1/2033 6.60% 82,000 82,000 Mount Kisco Commons 11/15/2034 6.40% 10,926 11,098 Total fixed rate debt 1,486,410 1,462,766 Total mortgages payable 1,538,348 1,590,735 Unamortized debt issuance costs (13,003) (12,625) Total mortgages payable, net $ 1,525,345 $ 1,578,110 (1) The Company paid off the loan prior to maturity on January 2, 2024. (2) 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%, which expires July 1, 2025. (3) 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 the shortfalls. In May 2023, the mortgage was transferred to special servicing at the Company's request. (4) On March 28, 2024, the Company refinanced the mortgage secured by the property with a new 5-year, $50 million loan. (5) Bears interest at SOFR 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.
Schedule of Principal Repayments	As of March 31, 2024, the principal repayments of the Company’s total outstanding debt for the remainder of 2024 and the five succeeding years, and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2024 (1) $ 58,015 2025 38,776 2026 127,417 2027 319,061 2028 392,042 2029 152,402 Thereafter 603,635 (1) Remainder of 2024.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, (Amounts in thousands) 2024 2023 Rental Revenue Fixed lease revenue $ 80,122 $ 73,499 Variable lease revenue (1) 29,425 25,855 Total rental revenue $ 109,547 $ 99,354 (1) Percentage rents for the three months ended March 31, 2024 and 2023 were $0.9 million and $0.8 million, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: As of March 31, 2024 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 2,665 $ — $ 2,665 As of December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 2,515 $ — $ 2,515 (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 March 31, 2024 and December 31, 2023: (Amounts in thousands) As of March 31, 2024 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 1,305 $ 51,939 SOFR + 2.26% 7.48% 5.26% 7/1/2025 Montclair interest rate swap 1,360 7,250 SOFR + 2.57% 8.01% 3.15% 8/15/2030 As of December 31, 2023 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 1,259 $ 52,278 SOFR + 2.26% 7.49% 5.26% 7/1/2025 Montclair interest rate swap 1,256 7,250 SOFR + 2.57% 7.76% 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 months ended March 31, 2024 and 2023: Unrealized Gain (Loss) Recognized in OCI on Derivatives (Amounts in thousands) Three Months Ended March 31, Hedged Instrument 2024 2023 Plaza at Woodbridge interest rate cap $ 189 $ (108) Montclair interest rate swap 104 (192) Total $ 293 $ (300)
Schedule of Financial Instrument Carrying Amounts and Fair Values	The table below summarizes the carrying amounts and fair value of our Level 2 financial instruments as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,538,348 $ 1,430,921 $ 1,590,735 $ 1,489,601 Unsecured credit facility 153,000 146,279 153,000 145,882 (1) Carrying amounts exclude unamortized debt issuance costs of $13.0 million and $12.6 million as of March 31, 2024 and December 31, 2023, respectively.

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Composition of Prepaid Expenses and Other Assets	The following is a summary of the composition of the prepaid expenses and other assets on the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2024 December 31, 2023 Deferred tax asset, net $ 20,998 $ 20,899 Other assets 24,544 22,729 Deferred financing costs, net of accumulated amortization of $9,332 and $8,920, respectively 4,685 5,098 Finance lease right-of-use asset 2,724 2,724 Real estate held for sale 15,137 — Prepaid expenses: Real estate taxes 7,258 10,411 Insurance 11,879 1,792 Licenses/fees 1,984 902 Total prepaid expenses and other assets $ 89,209 $ 64,555

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
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) March 31, 2024 December 31, 2023 Accrued capital expenditures and leasing costs $ 20,044 $ 23,044 Deferred tenant revenue 27,791 34,840 Accrued interest payable 12,250 11,190 Security deposits 7,264 7,279 Other liabilities and accrued expenses 17,764 14,245 Finance lease liability 3,031 3,028 Accrued payroll expenses 9,241 9,371 Total accounts payable, accrued expenses and other liabilities $ 97,385 $ 102,997

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, (Amounts in thousands) 2024 2023 Interest expense $ 19,558 $ 14,337 Amortization of deferred financing costs 1,019 956 Total interest and debt expense $ 20,577 $ 15,293

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, (Amounts in thousands) 2024 2023 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,186 $ 987 Performance-based LTIP expense (2) 998 728 Restricted share expense 207 239 Deferred share unit (“DSU”) expense 30 33 Stock option expense — 20 Total Share-based compensation expense $ 2,421 $ 2,007 (1) Expense for the three months ended March 31, 2024 includes the 2024, 2023, 2022, 2021, and 2020 LTI Plans. (2) Expense for the three months ended March 31, 2024 includes the 2024, 2023, 2022, 2021, 2020, and 2019 LTI Plans.

EARNINGS PER SHARE AND UNIT (Ta

EARNINGS PER SHARE AND UNIT (Tables)	3 Months Ended
	Mar. 31, 2024
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 EPS: Three Months Ended March 31, (Amounts in thousands, except per share amounts) 2024 2023 Numerator: Net income (loss) attributable to common shareholders $ 2,603 $ (19,118) Less: (earnings) loss allocated to unvested participating securities (2) 13 Net income (loss) available for common shareholders - basic $ 2,601 $ (19,105) Impact of assumed conversions: OP and LTIP Units 91 — Net income (loss) available for common shareholders - dilutive $ 2,692 $ (19,105) Denominator: Weighted average common shares outstanding - basic 118,072 117,450 Effect of dilutive securities (1) : Restricted share awards 106 — Assumed conversion of OP and LTIP Units 4,636 — Weighted average common shares outstanding - diluted 122,814 117,450 Earnings per share available to common shareholders: Earnings (loss) per common share - Basic $ 0.02 $ (0.16) Earnings (loss) per common share - Diluted $ 0.02 $ (0.16) (1) For the three months ended March 31, 2023, 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 March 31, (Amounts in thousands, except per unit amounts) 2024 2023 Numerator: Net income (loss) attributable to unitholders $ 2,721 $ (19,906) Less: net (income) loss attributable to participating securities (2) 13 Net income (loss) available for unitholders $ 2,719 $ (19,893) Denominator: Weighted average units outstanding - basic 122,646 121,752 Effect of dilutive securities issued by Urban Edge 106 — Unvested LTIP Units 62 — Weighted average units outstanding - diluted 122,814 121,752 Earnings per unit available to unitholders: Earnings (loss) per unit - Basic $ 0.02 $ (0.16) Earnings (loss) per unit - Diluted $ 0.02 $ (0.16)

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2024 ft² property
Real Estate Properties [Line Items]
Area of real estate property (in sq ft) | ft²	17.1
Wholly owned properties | Shopping Center
Real Estate Properties [Line Items]
Number of real estate properties	71
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	1
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	94.80%
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	3 Months Ended
	Mar. 31, 2024 USD ($) variableInterestEntity segment	Dec. 31, 2023 USD ($)	Mar. 31, 2023 variableInterestEntity
Variable Interest Entity [Line Items]
Number of reportable segments | segment	1
Number of variable interest entities | variableInterestEntity	2		2
Assets	$ 3,214,065	$ 3,279,809
Liabilities	1,991,682	2,058,381
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	43,600	47,200
Liabilities	$ 17,300	$ 20,300

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2024 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) ft² in Thousands, $ in Thousands	Feb. 08, 2024 USD ($) ft²	Mar. 31, 2024 USD ($) ft²
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²		17,100
Heritage Square
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	87
Purchase Price | $	$ 33,838
Transaction costs | $		$ 700

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) ft² in Thousands, $ in Thousands					3 Months Ended
	May 03, 2024 USD ($)	Apr. 05, 2024 USD ($) ft² property	Mar. 14, 2024 USD ($) ft²	Feb. 08, 2024 USD ($) ft² concept outparcel	Mar. 31, 2024 USD ($) ft²	Mar. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²					17,100
Gain on sale of real estate					$ 1,902	$ 356
Number of disposed properties | property						0
Real estate held for sale					15,137		$ 0
Subsequent Event
Business Acquisition [Line Items]
Number of pre approved underdeveloped outparcels | property		2
Mortgages | Subsequent Event
Business Acquisition [Line Items]
Debt instrument, term	5 years
Total mortgages payable	$ 50,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²			95
Aggregate sale price of disposed properties			$ 8,700
Gain on sale of real estate			$ 1,500		$ 1,902	$ 400
Heritage Square
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²				87
Purchase price of real estate property acquired				$ 33,838
Number of company concepts | concept				2
Number of outparcels | outparcel				3
Ledgewood Commons | Subsequent Event
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²		448
Purchase price of real estate property acquired		$ 83,200

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Business Acquisition [Line Items]
Weighted average useful life	7 years 6 months
Weighted average related liabilities	25 years 4 months 24 days
Heritage Square
Business Acquisition [Line Items]
Allocated price to land	$ 7,343
Allocated price to buildings and improvements	24,643
Identified intangible assets	4,763
Identified intangible liabilities	(2,911)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total	$ 33,838

IDENTIFIED INTANGIBLE ASSETS _3

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Identified intangible assets, net of accumulated amortization	$ 110,486		$ 113,897
Identified intangible liabilities, net of accumulated amortization	168,313		$ 170,411
Amortization of acquired below-market leases, net of above-market leases	1,500	$ 1,500
Amortization expense of intangible assets	$ 6,900	$ 2,400

IDENTIFIED INTANGIBLE ASSETS _4

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Below-Market Operating Lease Amortization
2024	$ 7,714
2025	10,092
2026	9,748
2027	9,633
2028	9,472
2029	9,189
Above-Market
Above-Market Operating Lease Amortization
2024	(2,865)
2025	(2,465)
2026	(1,258)
2027	(1,023)
2028	(990)
2029	(931)
In-Place Leases
2024	(2,865)
2025	(2,465)
2026	(1,258)
2027	(1,023)
2028	(990)
2029	(931)
In-Place Lease
Above-Market Operating Lease Amortization
2024	(19,847)
2025	(18,682)
2026	(12,807)
2027	(10,426)
2028	(8,988)
2029	(7,790)
In-Place Leases
2024	(19,847)
2025	(18,682)
2026	(12,807)
2027	(10,426)
2028	(8,988)
2029	$ (7,790)

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - Mortgages - First Mortgage - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 28, 2024	Mar. 27, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total mortgages payable	$ 1,538,348			$ 1,590,735
Unamortized debt issuance costs	(13,003)			(12,625)
Total mortgages payable, net	1,525,345			1,578,110
Variable rate
Debt Instrument [Line Items]
Total mortgages payable	$ 51,938			127,969
Variable rate | Hudson Commons
Debt Instrument [Line Items]
Effective Interest Rate	0%
Total mortgages payable	$ 0			26,930
Variable rate | Greenbrook Commons
Debt Instrument [Line Items]
Effective Interest Rate	0%
Total mortgages payable	$ 0			25,065
Variable rate | Gun Hill Commons
Debt Instrument [Line Items]
Effective Interest Rate	0%
Total mortgages payable	$ 0			23,696
Variable rate | The Plaza at Woodbridge
Debt Instrument [Line Items]
Effective Interest Rate	5.26%
Total mortgages payable	$ 51,938			$ 52,278
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	$ 1,486,410			$ 1,462,766
Fixed rate | Yonkers Gateway Center(4)
Debt Instrument [Line Items]
Effective Interest Rate		6.30%
Total mortgages payable		$ 50,000	$ 22,700	23,148
Term	5 years	5 years
Fixed rate | Brick Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.87%
Total mortgages payable	$ 47,437			47,683
Fixed rate | West End Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.99%
Total mortgages payable	$ 24,078			24,196
Fixed rate | Town Brook Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.78%
Total mortgages payable	$ 30,076			30,229
Fixed rate | Rockaway River Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.78%
Total mortgages payable	$ 26,628			26,763
Fixed rate | Hanover Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.03%
Total mortgages payable	$ 61,035			61,324
Fixed rate | Tonnelle Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.18%
Total mortgages payable	$ 96,664			97,115
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	$ 21,893			22,015
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	$ 68,833			69,054
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	$ 36,552			36,725
Fixed rate | Union (Vauxhall)
Debt Instrument [Line Items]
Effective Interest Rate	4.01%
Total mortgages payable	$ 45,000			45,202
Fixed rate | The Shops at Riverwood
Debt Instrument [Line Items]
Effective Interest Rate	4.25%
Total mortgages payable	$ 21,241			21,326
Fixed rate | Shops at Bruckner
Debt Instrument [Line Items]
Effective Interest Rate	6%
Total mortgages payable	$ 37,700			37,817
Fixed rate | Huntington Commons
Debt Instrument [Line Items]
Effective Interest Rate	6.29%
Total mortgages payable	$ 43,704			43,704
Fixed rate | Bergen Town Center
Debt Instrument [Line Items]
Effective Interest Rate	6.30%
Total mortgages payable	$ 290,000			290,000
Fixed rate | The Outlets at Montehiedra | Senior Loan
Debt Instrument [Line Items]
Effective Interest Rate	5%
Total mortgages payable	$ 75,093			$ 75,590
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	$ 39,429			39,607
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%
Total mortgages payable	$ 15,871			15,920
Fixed rate | Shops At Caguas
Debt Instrument [Line Items]
Effective Interest Rate	6.60%
Total mortgages payable	$ 82,000			82,000
Fixed rate | Mount Kisco Commons
Debt Instrument [Line Items]
Effective Interest Rate	6.40%
Total mortgages payable	$ 10,926			$ 11,098

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details) ft² in Thousands				3 Months Ended
	Jan. 02, 2024 USD ($) loan	Aug. 09, 2022 USD ($) extension_option	Mar. 07, 2017 USD ($) extension_option	Mar. 31, 2024 USD ($) credit	Mar. 31, 2023 USD ($) ft²	Dec. 31, 2024 USD ($)	Mar. 28, 2024 USD ($)	Mar. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2023	Jan. 15, 2015 USD ($)
Debt Instrument [Line Items]
Net carrying amount of real estate collateralizing indebtedness				$ 1,400,000,000
Number of credit letters | credit				5
Loss on extinguishment of debt				$ (272,000)	$ 0
Property Lease Guarantee
Debt Instrument [Line Items]
Conditional corporate guarantee				$ 12,500,000
Guarantor obligations, amortization period				2 years 6 months
Guarantor obligations, remaining amount of potential guarantee				$ 5,600,000
Property Lease Guarantee | Forecast
Debt Instrument [Line Items]
Conditional corporate guarantee						$ 0
Tenant A
Debt Instrument [Line Items]
Number of square feet rented by tenant | ft²					50
Gross Rentable Area					0.40
Tenant B
Debt Instrument [Line Items]
Number of square feet rented by tenant | ft²					17
Variable rate
Debt Instrument [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | loan	3
Mortgages | First Mortgage
Debt Instrument [Line Items]
Total mortgages payable				1,538,348,000					$ 1,590,735,000
Mortgages | Variable rate | First Mortgage
Debt Instrument [Line Items]
Total mortgages payable				51,938,000					127,969,000
Mortgages | Variable rate | First Mortgage | Hudson Commons, Greenbrook Commons, and Gun Hill Commons
Debt Instrument [Line Items]
Total mortgages payable	$ 75,700,000
Effective Interest Rate	7.34%
Loss on extinguishment of debt	$ (272,000)
Mortgages | Fixed rate | First Mortgage
Debt Instrument [Line Items]
Total mortgages payable				$ 1,486,410,000					1,462,766,000
Mortgages | Fixed rate | First Mortgage | Yonkers Gateway Center(4)
Debt Instrument [Line Items]
Total mortgages payable							$ 50,000,000	$ 22,700,000	23,148,000
Effective Interest Rate							6.30%
Term				5 years			5 years
Mortgages | Fixed rate | First Mortgage | Kingswood Center
Debt Instrument [Line Items]
Accrue default interest										0.05
Accrued default interest				$ 3,300,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 600,000,000	30,100,000							$ 500,000,000
Increase in credit facility			$ 100,000,000
Number of extension options | extension_option			2
Term of each extension option			6 months
Proceeds from letter of credit				153,000,000
Remaining borrowing capacity				616,900,000
Gross debt issuance costs				$ 4,700,000					$ 5,100,000
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Financial covenants, minimum fixed charge coverage ratio		1.5
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Financial covenants, maximum leverage ratio		0.60
Revolving Credit Facility | Line of Credit | 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
Revolving Credit Facility | Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Minimum
Debt Instrument [Line Items]
Facility fee		0.15%
Revolving Credit Facility | Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Minimum | SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate		1.05%
Revolving Credit Facility | Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Maximum
Debt Instrument [Line Items]
Facility fee		0.30%
Revolving Credit Facility | Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Maximum | SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate		1.50%

MORTGAGES PAYABLE - Schedule of

MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 58,015
2025	38,776
2026	127,417
2027	319,061
2028	392,042
2029	152,402
Thereafter	$ 603,635

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Income tax expense	$ 665	$ 706
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
Puerto Rico | Minimum
Income Tax Contingency [Line Items]
State and local income taxes	18.50%
Puerto Rico | Maximum
Income Tax Contingency [Line Items]
State and local income taxes	37.50%

LEASES - Components of Rental R

LEASES - Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease revenue	$ 80,122	$ 73,499
Variable lease revenue	29,425	25,855
Total rental revenue	109,547	99,354
Percentage rent	$ 900	$ 800

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rate Cap Schedule (Details) - Fair Value, Recurring - Interest Rate Cap - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 2,665	$ 2,515
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	2,665	2,515
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	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate	8.01%	7.76%
First Mortgage | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable	$ 1,538,348	$ 1,590,735
First Mortgage | Variable rate | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total mortgages payable	$ 51,938	127,969
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	$ 51,938	52,278
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	1,305	1,259
Notional Amount	$ 51,939	$ 52,278
Spread	2.26%	2.26%
Interest Rate	7.48%	7.49%
Effective Interest Rate		5.26%
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,360	$ 1,256
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	3 Months Ended
	Mar. 31, 2024 USD ($) ft² derivative property	Mar. 31, 2023 USD ($) ft²
Fair Value Disclosures [Abstract]
Real estate impairment loss | $	$ 0	$ 34,055,000
Area of Real Estate Property	17,100
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property	17,100
Real estate impairment loss | $	$ 0	$ 34,055,000
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | derivative	2
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | property	1
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | property	1
Measurement Input, Discount Rate
Fair Value Disclosures [Abstract]
Measurement Input		0.08
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement Input		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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement Input		0.06
Office | Measurement Input, Cap Rate
Fair Value Disclosures [Abstract]
Measurement Input		0.07
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement Input		0.07
Tenant A | Office Oriented Mixed-Use Center
Fair Value Disclosures [Abstract]
Area of Real Estate Property		50
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property		50
Tenant A | Office And Retail Center
Fair Value Disclosures [Abstract]
Area of Real Estate Property		129
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property		129
Tenant B | Office Oriented Mixed-Use Center
Fair Value Disclosures [Abstract]
Area of Real Estate Property		17
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property		17

FAIR VALUE MEASUREMENTS - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 1,430,921	$ 1,489,601
Carrying Amount | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	146,279	145,882
Fair Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,538,348	1,590,735
Unamortized debt issuance costs	(13,000)	(12,600)
Fair Value | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 153,000	$ 153,000

FAIR VALUE MEASUREMENTS - Unrea

FAIR VALUE MEASUREMENTS - Unrealized Gain Recognized In OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	$ 293	$ (300)
The Plaza at Woodbridge | Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	189	(108)
Montclair, NJ | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	$ 104	$ (192)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) ft² project	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of projects | project	22
Real estate redevelopment in process	$ 166,400
Estimated cost to complete development and redevelopment projects	99,700
Deferred lease expense	$ 1,400		$ 1,400
Area of real estate property (in sq ft) | ft²	17.1
Rental revenue	$ 109,547	$ 99,354

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Tax Assets, Net	$ 20,998	$ 20,899
Deposit Assets	2,724	2,724
Real estate held for sale	15,137	0
Other assets	24,544	22,729
Accumulated amortization, deferred financing costs	9,332	8,920
Prepaid expenses:
Real estate taxes	7,258	10,411
Insurance	11,879	1,792
Licenses/fees	1,984	902
Total prepaid expenses and other assets	89,209	64,555
Debt issuance costs, net	$ 4,685	$ 5,098

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Deferred tenant revenue	$ 27,791	$ 34,840
Accrued interest payable	12,250	11,190
Accrued capital expenditures and leasing costs	20,044	23,044
Security deposits	7,264	7,279
Finance lease liability	3,031	3,028
Accrued payroll expenses	9,241	9,371
Other liabilities and accrued expenses	17,764	14,245
Total accounts payable, accrued expenses and other liabilities	$ 97,385	$ 102,997

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Interest expense	$ 19,558	$ 14,337
Amortization of deferred financing costs	1,019	956
Total interest and debt expense	$ 20,577	$ 15,293

EQUITY AND NONCONTROLLING INT_2

EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	2 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Feb. 02, 2024	Dec. 31, 2023	Aug. 15, 2022
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)		$ 0.01			$ 0.01
Authorized amount		$ 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
Distributions to redeemable NCI (in dollars per unit)		$ 0.17	$ 0.16
Proceeds related to the issuance of common shares		$ 17,229,000	$ 0
At-The-Market Program
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)						$ 0.01
Authorized amount						$ 250,000,000
Stock offering expense		$ 1,300,000
OP Units
Noncontrolling Interest [Line Items]
Conversion to stock, conversion rate		1
LTIP Units
Noncontrolling Interest [Line Items]
Award vesting period		2 years
Conversion to stock, conversion rate		1
Common Shares
Noncontrolling Interest [Line Items]
Common shares issued (in shares)		1,141,221	107,936
Common Shares | At-The-Market Program
Noncontrolling Interest [Line Items]
Common shares issued (in shares)		1,082,945
Shares Issued, Price Per Share				$ 17.31
Proceeds related to the issuance of common shares		$ 18,500,000
Operating Partnership | OP Units
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		4.90%
Sunrise Mall Massapequa, NY | Noncontrolling Interest | Sunrise Mall Massapequa, NY
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		17.50%
Walnut Creek (Mt. Diablo), CA | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		5%
Vornado Realty L.P. | Operating Partnership | Parent
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		94.80%

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 2,421	$ 2,007
Time-based LTIP Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,186	987
Performance-based LTIP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	998	728
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	0	20
Restricted share expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	207	239
Deferred share unit (“DSU”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 30	$ 33

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 09, 2024	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of accrued LTIP units		$ 221
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		1,003,518
Number of awards vested (in shares)		155,513
Number of shares earned (in shares)		280,105
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	$ 7,500
Performance-based LTIP Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Historical volatility rate		29.90%
Risk free interest rate		4.30%
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)		295,852
Award vesting period		3 years
Issuance of accrued LTIP units		$ 3,800
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)		232,808
Grant date fair value of equity awards		$ 3,700
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
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)		56,005
Number of awards vested (in shares)		33,744

EARNINGS PER SHARE AND UNIT (De

EARNINGS PER SHARE AND UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income attributable to common shareholders/unitholders	$ 2,603	$ (19,118)
Less: (earnings) loss allocated to unvested participating securities	(2)	13
Net income (loss) available for common shareholders - basic	2,601	(19,105)
OP and LTIP Units	91	0
Net income (loss) available for common shareholders - dilutive	$ 2,692	$ (19,105)
Denominator:
Weighted average common shares outstanding - basic (in shares)	118,072	117,450
Effect of dilutive securities:
Assumed conversion of OP and LTIP units (in shares)	4,636	0
Weighted average common shares outstanding - diluted (in shares)	122,814	117,450
Earnings per share available to common shareholders:
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.02	$ (0.16)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.02	$ (0.16)
Urban Edge Properties LP
Numerator:
Net income attributable to common shareholders/unitholders	$ 2,721	$ (19,906)
Less: (earnings) loss allocated to unvested participating securities	(2)	13
Net income (loss) available for common shareholders - basic	$ 2,719	$ (19,893)
Denominator:
Weighted average common shares outstanding - basic (in shares)	122,646	121,752
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	106	0
Assumed conversion of OP and LTIP units (in shares)	62	0
Weighted average common shares outstanding - diluted (in shares)	122,814	121,752
Earnings per share available to common shareholders:
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.02	$ (0.16)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.02	$ (0.16)
Restricted share expense
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	106	0