Urban Edge Properties (UE) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		124,871,347
Entity Central Index Key	0001611547
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Urban Edge Properties LP
Entity Information [Line Items]
Entity File Number	333-212951-01
Entity Registrant Name	URBAN EDGE PROPERTIES LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4791544
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 646,276	$ 635,905
Buildings and improvements	2,703,798	2,678,076
Construction in progress	246,815	262,275
Furniture, fixtures and equipment	10,934	9,923
Total	3,607,823	3,586,179
Accumulated depreciation and amortization	(868,892)	(819,243)
Real estate, net	2,738,931	2,766,936
Operating lease right-of-use assets	56,928	56,988
Cash and cash equivalents	67,915	101,123
Restricted cash	21,729	73,125
Tenant and other receivables	19,567	14,712
Receivable arising from the straight-lining of rents	61,045	60,775
Identified intangible assets, net of accumulated amortization of $61,892 and $51,399, respectively	105,889	113,897
Deferred leasing costs, net of accumulated amortization of $21,866 and $21,428, respectively	27,910	27,698
Prepaid expenses and other assets	111,804	64,555
Total assets	3,211,718	3,279,809
Liabilities:
Mortgages payable, net	1,515,379	1,578,110
Unsecured credit facility	0	153,000
Operating lease liabilities	53,943	53,863
Accounts payable, accrued expenses and other liabilities	130,985	102,997
Identified intangible liabilities, net of accumulated amortization of $50,955 and $46,610, respectively	172,501	170,411
Total liabilities	1,872,808	2,058,381
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 124,871,347 and 117,652,656 shares issued and outstanding, respectively	1,247	1,175
Additional paid-in capital	1,135,191	1,011,942
Accumulated other comprehensive (loss) income	(34)	460
Accumulated earnings	117,880	137,113
Noncontrolling interests:
Operating partnership	69,255	55,355
Consolidated subsidiaries	15,371	15,383
Total equity	1,338,910	1,221,428
Total liabilities and equity	$ 3,211,718	$ 3,279,809

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation, identifiable intangible assets	$ 61,892	$ 51,399
Accumulated amortization, deferred leasing costs	21,866	21,428
Accumulated amortization, identified intangible liabilities	$ 50,955	$ 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)	124,871,347	124,871,347
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE
Total revenue	$ 112,427,000	$ 101,834,000	$ 328,599,000	$ 300,340,000
EXPENSES
Depreciation and amortization	34,653,000	26,922,000	112,906,000	77,519,000
Real estate taxes	17,667,000	16,182,000	52,142,000	47,980,000
Property operating	18,422,000	16,618,000	57,188,000	49,752,000
General and administrative	9,415,000	8,938,000	27,829,000	27,903,000
Real estate impairment loss	0	0	0	34,055,000
Lease expense	3,433,000	3,159,000	9,676,000	9,470,000
Total expenses	83,590,000	71,819,000	259,741,000	246,679,000
Gain on sale of real estate	0	0	15,349,000	356,000
Interest income	679,000	565,000	2,028,000	1,640,000
Interest and debt expense	(19,531,000)	(19,006,000)	(62,004,000)	(52,430,000)
Gain on extinguishment of debt, net	0	43,029,000	21,427,000	42,540,000
Income before income taxes	9,985,000	54,603,000	45,658,000	45,767,000
Income tax expense	(518,000)	(17,063,000)	(1,722,000)	(17,810,000)
Net income	9,467,000	37,540,000	43,936,000	27,957,000
Less net (income) loss attributable to NCI in:
Operating partnership	(550,000)	(1,555,000)	(2,407,000)	(1,211,000)
Consolidated subsidiaries	163,000	133,000	913,000	516,000
Net income (loss) attributable to common shareholders	$ 9,080,000	$ 36,118,000	$ 42,442,000	$ 27,262,000
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Weighted average shares outstanding - Basic (in shares)	123,359	117,543	120,109	117,492
Weighted average shares outstanding - Diluted (in shares)	123,471	122,205	120,222	117,627
Net income	$ 9,467,000	$ 37,540,000	$ 43,936,000	$ 27,957,000
Effective portion of change in fair value of derivatives	(763,000)	1,058,000	(523,000)	737,000
Comprehensive income	8,704,000	38,598,000	43,413,000	28,694,000
Less comprehensive income (loss) attributable to NCI in Operating partnership	40,000	(45,000)	29,000	(32,000)
Less net (income) loss attributable to NCI in Operating partnership	(550,000)	(1,555,000)	(2,407,000)	(1,211,000)
Less net (income) loss attributable to NCI in Consolidated subsidiaries	163,000	133,000	913,000	516,000
Comprehensive income attributable to common shareholders	8,357,000	37,131,000	41,948,000	27,967,000
Rental Revenue
REVENUE
Revenues	112,262,000	101,732,000	328,167,000	299,859,000
Other income
REVENUE
Revenues	165,000	102,000	432,000	481,000
Urban Edge Properties LP
REVENUE
Total revenue	112,427,000	101,834,000	328,599,000	300,340,000
EXPENSES
Depreciation and amortization	34,653,000	26,922,000	112,906,000	77,519,000
Real estate taxes	17,667,000	16,182,000	52,142,000	47,980,000
Property operating	18,422,000	16,618,000	57,188,000	49,752,000
General and administrative	9,415,000	8,938,000	27,829,000	27,903,000
Real estate impairment loss	0	0	0	34,055,000
Lease expense	3,433,000	3,159,000	9,676,000	9,470,000
Total expenses	83,590,000	71,819,000	259,741,000	246,679,000
Gain on sale of real estate	0	0	15,349,000	356,000
Interest income	679,000	565,000	2,028,000	1,640,000
Interest and debt expense	(19,531,000)	(19,006,000)	(62,004,000)	(52,430,000)
Gain on extinguishment of debt, net	0	43,029,000	21,427,000	42,540,000
Income before income taxes	9,985,000	54,603,000	45,658,000	45,767,000
Income tax expense	(518,000)	(17,063,000)	(1,722,000)	(17,810,000)
Net income	9,467,000	37,540,000	43,936,000	27,957,000
Less net (income) loss attributable to NCI in:
Consolidated subsidiaries	163,000	133,000	913,000	516,000
Net income (loss) attributable to common shareholders	$ 9,630,000	$ 37,673,000	$ 44,849,000	$ 28,473,000
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Weighted average shares outstanding - Basic (in shares)	128,074	121,964	124,776	121,879
Weighted average shares outstanding - Diluted (in shares)	128,186	122,205	124,889	122,014
Net income	$ 9,467,000	$ 37,540,000	$ 43,936,000	$ 27,957,000
Effective portion of change in fair value of derivatives	(763,000)	1,058,000	(523,000)	737,000
Comprehensive income	8,704,000	38,598,000	43,413,000	28,694,000
Less net (income) loss attributable to NCI in Consolidated subsidiaries	163,000	133,000	913,000	516,000
Comprehensive income attributable to common shareholders	8,867,000	38,731,000	44,326,000	29,210,000
Urban Edge Properties LP | Rental Revenue
REVENUE
Revenues	112,262,000	101,732,000	328,167,000	299,859,000
Urban Edge Properties LP | Other income
REVENUE
Revenues	$ 165,000	$ 102,000	$ 432,000	$ 481,000

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	Accumulated Other Comprehensive Income 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	27,262	28,473	28,473									27,262
Net income (loss) attributable to NCI	695	(516)		(516)										1,211	(516)
Other comprehensive loss	737	737								705	705		$ 32	32
Common units issued as a result of common shares issued by Urban Edge (in shares)					125,863	575,084
Common units issued as a result of common shares issued by Urban Edge		195	(66)		$ 261
Units redeemed for common shares (in shares)					70,000	(70,000)		70,000
Units redeemed for common shares	1,145	1,145			$ 573	$ 572	[1]	$ 1	572					572
Reallocation of NCI	(1,145)	(1,145)			610	(1,755)	[1]		610					(1,755)
Common shares issued (in shares)								125,863
Common shares issued, net	195							$ 1	260			(66)
Dividends to common shareholders	(56,387)											(56,387)
Distributions to redeemable NCI	(2,436)													(2,436)
Distributions to Partners		(58,823)	(58,823)
Contributions from noncontrolling interests	1,221	1,221		1,221											1,221
Share-based compensation expense	6,023	6,023			$ 690	$ 5,333	[1]		690					5,333
Share-based awards retained for taxes (in shares)					(7,637)			(7,637)
Share-based awards retained for taxes	(119)	(119)			$ (119)				(119)
Ending balance (in shares) at Sep. 30, 2023								117,639,177
Ending balance (in shares) at Sep. 30, 2023					117,639,177	5,218,642
Ending balance at Sep. 30, 2023	1,007,297	1,007,297	(69,089)	14,611	$ 1,014,481	$ 45,960	[1],[2]	$ 1,175	1,013,306	1,334	1,334	(65,295)		42,166	14,611
Beginning balance (in shares) at Jun. 30, 2023								117,639,602
Beginning balance (in shares) at Jun. 30, 2023					117,639,602	5,053,057
Beginning balance at Jun. 30, 2023	986,498	986,498	(87,172)	14,744	$ 1,014,000	$ 44,605	[2]	$ 1,175	1,012,825	321	321	(82,588)		40,021	14,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	36,118	37,673	37,673									36,118
Net income (loss) attributable to NCI	1,422	(133)		(133)										1,555	(133)
Other comprehensive loss	1,058	1,058								1,013	1,013		45	45
Common units issued as a result of common shares issued by Urban Edge (in shares)					(425)	165,585
Common units issued as a result of common shares issued by Urban Edge		0	(22)		$ 22
Reallocation of NCI	0	0			265	$ (265)	[2]		265					(265)
Common shares forfeited (in shares)								(425)
Common shares forfeited	0								22			(22)
Dividends to common shareholders	(18,803)											(18,803)
Distributions to redeemable NCI	(810)													(810)
Distributions to Partners		(19,613)	(19,613)
Share-based compensation expense	1,814	1,814			$ 194	$ 1,620	[2]		194					1,620
Ending balance (in shares) at Sep. 30, 2023								117,639,177
Ending balance (in shares) at Sep. 30, 2023					117,639,177	5,218,642
Ending balance at Sep. 30, 2023	$ 1,007,297	$ 1,007,297	(69,089)	14,611	$ 1,014,481	$ 45,960	[1],[2]	$ 1,175	1,013,306	1,334	1,334	(65,295)		42,166	14,611
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	[3]	$ 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	42,442	44,849	44,849									42,442
Net income (loss) attributable to NCI	1,494	(913)		(913)										2,407	(913)
Other comprehensive loss	(523)	(523)								(494)	(494)		(29)	(29)
Common units issued as a result of common shares issued by Urban Edge (in shares)					7,169,975	1,294,836
Common units issued as a result of common shares issued by Urban Edge		129,781	(69)		$ 129,850
Units redeemed for common shares (in shares)					59,833	(59,833)		59,833
Units redeemed for common shares	1,153	1,153			$ 576	$ 577	[3]		576					577
Reallocation of NCI	(1,153)	(1,153)			(7,637)	6,484	[3]		(7,637)					6,484
Common shares issued (in shares)								7,169,975
Common shares issued, net	129,781							$ 72	129,778			(69)
Dividends to common shareholders	(61,606)											(61,606)
Distributions to redeemable NCI	(3,389)													(3,389)
Distributions to Partners		(64,995)	(64,995)
Contributions from noncontrolling interests	901	901		901											901
Share-based compensation expense	7,579	7,579			$ 727	6,852	[3]		727					6,852
Issuance of LTIP Units	998	998				$ 998	[3]							998
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 Sep. 30, 2024	117,652,656	124,871,347						124,871,347
Ending balance (in shares) at Sep. 30, 2024					124,871,347	6,894,784
Ending balance at Sep. 30, 2024	$ 1,338,910	$ 1,338,910	122,913	15,371	$ 1,136,438	$ 64,222	[3]	$ 1,247	1,135,191	(34)	(34)	117,880		69,255	15,371
Beginning balance (in shares) at Jun. 30, 2024								120,444,011
Beginning balance (in shares) at Jun. 30, 2024					120,444,011	6,722,628
Beginning balance at Jun. 30, 2024	1,265,750	1,265,750	135,609	15,534	$ 1,053,402	$ 60,516	[4]	$ 1,203	1,052,199	689	689	130,033		66,092	15,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common shareholders/unitholders	9,080	9,630	9,630									9,080
Net income (loss) attributable to NCI	387	(163)		(163)										550	(163)
Other comprehensive loss	(763)	(763)								(723)	(723)		$ (40)	(40)
Common units issued as a result of common shares issued by Urban Edge (in shares)					4,406,336	193,156
Common units issued as a result of common shares issued by Urban Edge		83,614	(23)		$ 83,637
Units redeemed for common shares (in shares)					21,000	(21,000)		21,000
Units redeemed for common shares	417	417			$ 208	$ 209	[4]		208					209
Reallocation of NCI	(417)	(417)			(1,056)	639	[4]		(1,056)					639
Common shares issued (in shares)								4,406,336
Common shares issued, net	83,614							$ 44	83,593			(23)
Dividends to common shareholders	(21,210)											(21,210)
Distributions to redeemable NCI	(1,053)													(1,053)
Distributions to Partners		(22,263)	(22,263)
Share-based compensation expense	2,716	2,716			$ 247	2,469	[4]		247					2,469
Issuance of LTIP Units	$ 389	$ 389				$ 389								389
Ending balance (in shares) at Sep. 30, 2024	117,652,656	124,871,347						124,871,347
Ending balance (in shares) at Sep. 30, 2024					124,871,347	6,894,784
Ending balance at Sep. 30, 2024	$ 1,338,910	$ 1,338,910	$ 122,913	$ 15,371	$ 1,136,438	$ 64,222	[3]	$ 1,247	$ 1,135,191	$ (34)	$ (34)	$ 117,880		$ 69,255	$ 15,371
[1] Limited partners have a 4.2% common limited partnership interest in the Operating Partnership as of September 30, 2023 in the form of OP Units and LTIP Units. Limited partners have a 4.2% common limited partnership interest in the Operating Partnership as of September 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends on common shares (in dollars per share)	$ 0.17	$ 0.16	$ 0.51	$ 0.48
Distributions to redeemable NCI (in dollars per unit)	0.17	0.16	0.51	0.48
Accumulated Earnings (Deficit) | Urban Edge Properties LP
Dividends on common shares (in dollars per share)	0.17	0.16	0.51	0.48
Operating Partnership
Distributions to redeemable NCI (in dollars per unit)	$ 0.17	$ 0.16	$ 0.51	$ 0.48
Operating Partnership | Limited Partners | Urban Edge Properties LP
Noncontrolling interest percentage	5.20%	4.20%	5.20%	4.20%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 43,936,000	$ 27,957,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	116,092,000	79,985,000
Gain on sale of real estate	(15,349,000)	(356,000)
Real estate impairment loss	0	34,055,000
Gain on extinguishment of debt, net	(21,427,000)	(42,540,000)
Amortization of below market leases, net	(4,926,000)	(5,184,000)
Noncash lease expense	5,407,000	5,390,000
Straight-lining of rent	(2,389,000)	(2,786,000)
Share-based compensation expense	7,579,000	6,023,000
Change in operating assets and liabilities:
Tenant and other receivables	(4,862,000)	1,700,000
Deferred leasing costs	(5,369,000)	(5,004,000)
Prepaid expenses and other assets	(4,906,000)	2,458,000
Lease liabilities	(5,267,000)	(5,186,000)
Accounts payable, accrued expenses and other liabilities	(7,781,000)	6,340,000
Net cash provided by operating activities	100,738,000	102,852,000
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(65,978,000)	(84,760,000)
Proceeds from sale of real estate	35,183,000	356,000
Acquisitions of real estate	(115,549,000)	(2,071,000)
Net cash used in investing activities	(146,344,000)	(86,475,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(322,041,000)	(428,948,000)
Dividends to common shareholders	(61,606,000)	(56,387,000)
Distributions to redeemable noncontrolling interests	(3,389,000)	(2,436,000)
Taxes withheld for vested restricted shares	(195,000)	(119,000)
Contributions from noncontrolling interests	901,000	1,221,000
Borrowings under unsecured credit facility	60,000,000	0
Proceeds from mortgage loan borrowings	161,000,000	426,000,000
Debt issuance costs	(3,449,000)	(6,753,000)
Proceeds related to the issuance of common shares, net	129,781,000	195,000
Net cash used in financing activities	(38,998,000)	(67,227,000)
Net decrease in cash and cash equivalents and restricted cash	(84,604,000)	(50,850,000)
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	89,644,000	77,924,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $7,701 and $8,379, respectively	62,668,000	50,266,000
Cash payments for income taxes	9,539,000	41,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	16,715,000	18,306,000
Write-off of fully depreciated and impaired assets	12,440,000	38,311,000
Mortgage debt forgiven	0	44,105,000
Transfer of assets held for sale included in prepaid expenses and other assets	46,511,000	0
Transfer of liabilities held for sale included in accounts payable, accrued expenses and other liabilities	(44,403,000)	0
Decrease in assets and liabilities in connection with foreclosure:
Real estate, net	47,518,000	0
Mortgage debt, net	68,613,000	0
Cash and cash equivalents at beginning of period	101,123,000	85,518,000
Cash and cash equivalents at end of period	67,915,000	50,793,000
Restricted cash at beginning of period	73,125,000	43,256,000
Restricted cash at end of period	21,729,000	27,131,000
Cash and cash equivalents and restricted cash at beginning/end of period	89,644,000	77,924,000
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	43,936,000	27,957,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	116,092,000	79,985,000
Gain on sale of real estate	(15,349,000)	(356,000)
Real estate impairment loss	0	34,055,000
Gain on extinguishment of debt, net	(21,427,000)	(42,540,000)
Amortization of below market leases, net	(4,926,000)	(5,184,000)
Noncash lease expense	5,407,000	5,390,000
Straight-lining of rent	(2,389,000)	(2,786,000)
Share-based compensation expense	7,579,000	6,023,000
Change in operating assets and liabilities:
Tenant and other receivables	(4,862,000)	1,700,000
Deferred leasing costs	(5,369,000)	(5,004,000)
Prepaid expenses and other assets	(4,906,000)	2,458,000
Lease liabilities	(5,267,000)	(5,186,000)
Accounts payable, accrued expenses and other liabilities	(7,781,000)	6,340,000
Net cash provided by operating activities	100,738,000	102,852,000
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(65,978,000)	(84,760,000)
Proceeds from sale of real estate	35,183,000	356,000
Acquisitions of real estate	(115,549,000)	(2,071,000)
Net cash used in investing activities	(146,344,000)	(86,475,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(322,041,000)	(428,948,000)
Distributions to partners	(64,995,000)	(58,823,000)
Taxes withheld for vested restricted shares	(195,000)	(119,000)
Contributions from noncontrolling interests	901,000	1,221,000
Borrowings under unsecured credit facility	60,000,000	0
Proceeds from mortgage loan borrowings	161,000,000	426,000,000
Debt issuance costs	(3,449,000)	(6,753,000)
Proceeds related to the issuance of common shares, net	129,781,000	195,000
Net cash used in financing activities	(38,998,000)	(67,227,000)
Net decrease in cash and cash equivalents and restricted cash	(84,604,000)	(50,850,000)
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	89,644,000	77,924,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $7,701 and $8,379, respectively	62,668,000	50,266,000
Cash payments for income taxes	9,539,000	41,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses	16,715,000	18,306,000
Write-off of fully depreciated and impaired assets	12,440,000	38,311,000
Transfer of assets held for sale included in prepaid expenses and other assets	46,511,000	0
Transfer of liabilities held for sale included in accounts payable, accrued expenses and other liabilities	(44,403,000)	0
Decrease in assets and liabilities in connection with foreclosure:
Real estate, net	47,518,000	0
Mortgage debt, net	68,613,000	0
Cash and cash equivalents at beginning of period	101,123,000	85,518,000
Cash and cash equivalents at end of period	67,915,000	50,793,000
Restricted cash at beginning of period	73,125,000	43,256,000
Restricted cash at end of period	21,729,000	27,131,000
Cash and cash equivalents and restricted cash at beginning/end of period	$ 89,644,000	$ 77,924,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Capitalized interest	$ 7,701	$ 8,379
Urban Edge Properties LP
Capitalized interest	$ 7,701	$ 8,379

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UELP - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 646,276	$ 635,905
Buildings and improvements	2,703,798	2,678,076
Construction in progress	246,815	262,275
Furniture, fixtures and equipment	10,934	9,923
Total	3,607,823	3,586,179
Accumulated depreciation and amortization	(868,892)	(819,243)
Real estate, net	2,738,931	2,766,936
Operating lease right-of-use assets	56,928	56,988
Cash and cash equivalents	67,915	101,123	$ 50,793	$ 85,518
Restricted cash	21,729	73,125	27,131	43,256
Tenant and other receivables	19,567	14,712
Receivable arising from the straight-lining of rents	61,045	60,775
Identified intangible assets, net of accumulated amortization of $61,892 and $51,399, respectively	105,889	113,897
Deferred leasing costs, net of accumulated amortization of $21,866 and $21,428, respectively	27,910	27,698
Prepaid expenses and other assets	111,804	64,555
Total assets	3,211,718	3,279,809
Liabilities:
Mortgages payable, net	1,515,379	1,578,110
Unsecured credit facility	0	153,000
Operating lease liabilities	53,943	53,863
Accounts payable, accrued expenses and other liabilities	130,985	102,997
Identified intangible liabilities, net of accumulated amortization of $50,955 and $46,610, respectively	172,501	170,411
Total liabilities	1,872,808	2,058,381
Commitments and contingencies (Note 10)
Partners’ capital:
Accumulated other comprehensive (loss) income	(34)	460
Accumulated earnings	117,880	137,113
Consolidated subsidiaries	15,371	15,383
Total equity	1,338,910	1,221,428	1,007,297	1,030,106
Total liabilities and equity	3,211,718	3,279,809
Urban Edge Properties LP
Real estate, at cost:
Land	646,276	635,905
Buildings and improvements	2,703,798	2,678,076
Construction in progress	246,815	262,275
Furniture, fixtures and equipment	10,934	9,923
Total	3,607,823	3,586,179
Accumulated depreciation and amortization	(868,892)	(819,243)
Real estate, net	2,738,931	2,766,936
Operating lease right-of-use assets	56,928	56,988
Cash and cash equivalents	67,915	101,123	50,793	85,518
Restricted cash	21,729	73,125	27,131	43,256
Tenant and other receivables	19,567	14,712
Receivable arising from the straight-lining of rents	61,045	60,775
Identified intangible assets, net of accumulated amortization of $61,892 and $51,399, respectively	105,889	113,897
Deferred leasing costs, net of accumulated amortization of $21,866 and $21,428, respectively	27,910	27,698
Prepaid expenses and other assets	111,804	64,555
Total assets	3,211,718	3,279,809
Liabilities:
Mortgages payable, net	1,515,379	1,578,110
Unsecured credit facility	0	153,000
Operating lease liabilities	53,943	53,863
Accounts payable, accrued expenses and other liabilities	130,985	102,997
Identified intangible liabilities, net of accumulated amortization of $50,955 and $46,610, respectively	172,501	170,411
Total liabilities	1,872,808	2,058,381
Commitments and contingencies (Note 10)
Partners’ capital:
General partner: 124,871,347 and 117,652,656 units outstanding, respectively	1,136,438	1,013,117
Limited partners: 6,894,784 and 5,659,781 units outstanding, respectively	64,222	49,311
Accumulated other comprehensive (loss) income	(34)	460
Accumulated earnings	122,913	143,157
Total partners’ capital	1,323,539	1,206,045
Consolidated subsidiaries	15,371	15,383
Total equity	1,338,910	1,221,428	$ 1,007,297	$ 1,030,106
Total liabilities and equity	$ 3,211,718	$ 3,279,809

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UELP (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accumulated depreciation, identifiable intangible assets	$ 61,892	$ 51,399
Accumulated amortization, deferred leasing costs	21,866	21,428
Accumulated amortization, identified intangible liabilities	$ 50,955	$ 46,610
Common stock, shares, outstanding (in shares)	117,652,656	117,652,656
Urban Edge Properties LP
Accumulated depreciation, identifiable intangible assets	$ 61,892	$ 51,399
Accumulated amortization, deferred leasing costs	21,866	21,428
Accumulated amortization, identified intangible liabilities	$ 50,955	$ 46,610
Common stock, shares, outstanding (in shares)	124,871,347	117,652,656
Limited Partners, units outstanding (in units)	6,894,784	5,659,781

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2024, our portfolio consisted of 71 shopping centers, two outlet centers and two malls totaling approximately 17.2 million square feet (“sf”), which is inclusive of a 95% controlling interest in our property in Walnut Creek, CA (Mt. Diablo), and an 82.5% controlling interest in Sunrise Mall, in Massapequa, NY.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 (the “SEC”). The consolidated balance sheets as of September 30, 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 September 30, 2024 and December 31, 2023, excluding the Operating Partnership, we consolidated two VIEs with total assets of $45.3 million and $47.2 million, respectively, and total liabilities of $19.8 million and $20.3 million, respectively. The consolidated statements of income and comprehensive income for the three and nine months ended September 30, 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 on a consolidated basis. 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 September 30, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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. The Company will adopt the provisions of this ASU for any future joint venture formations. 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 are 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 its 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	9 Months Ended
	Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the nine months ended September 30, 2024 and 2023, the Company closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) February 8, 2024 Heritage Square Watchung NJ 87,000 $ 33,838 April 5, 2024 Ledgewood Commons Roxbury Township NJ 448,000 83,211 2024 Total $ 117,049 June 21, 2023 Sunrise Mall (Ground Lease) (2) Massapequa NY — $ 2,071 2023 Total $ 2,071 (1) The total purchase price for the properties acquired during the nine months ended September 30, 2024 and 2023 includes $2.1 million and $0.1 million of transaction costs, respectively. (2) Pertains to the buyout and termination of a ground lease for certain land parcels at our Sunrise Mall property in which the Company previously held a lessee position. 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. On April 5, 2024, the Company closed on the acquisition of Ledgewood Commons, located in Roxbury Township, NJ, for a purchase price of $83.2 million, including transaction costs. 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 fixed rate of 6.03%. The aggregate purchase prices of the above property acquisitions have 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 Ledgewood Commons 24,313 56,352 15,137 (12,591) 83,211 2024 Total $ 31,656 $ 80,995 $ 19,900 $ (15,502) $ 117,049 Sunrise Mall (Ground Lease) $ 2,071 $ — $ — $ — $ 2,071 2023 Total $ 2,071 $ — $ — $ — $ 2,071 (1) As of September 30, 2024, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 10.2 years and 18.1 years, respectively. On October 29, 2024, the Company closed on the acquisition of The Village at Waugh Chapel, located in Gambrills, MD, for a gross purchase price of $125.6 million. The grocery-anchored center, aggregates 382,000 sf and includes national tenants such as Safeway, Marshalls, HomeGoods, T.J. Maxx, and LA Fitness. Dispositions During the nine months ended September 30, 2024, the Company disposed of two properties and received proceeds of $34.8 million, net of selling costs, resulting in a $15.3 million gain on sale of real estate. On April 26, 2024, the Company completed the sale of its 127,000 sf industrial property located in Lodi, NJ for a gross price of $29.2 million and recognized a gain on sale of real estate of $13.1 million. The sale 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. On March 14, 2024, the Company completed the sale of its 95,000 sf property located in Hazlet, NJ for a gross 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 $15.3 million for the nine months ended September 30, 2024 includes amounts related to properties disposed of in prior periods. During the nine months ended September 30, 2023, no dispositions were completed by the Company, however, a gain on sale of real estate of $0.4 million was recognized 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 September 30, 2024, a single-tenant property in Union, NJ met the criteria to be classified as held for sale based on an executed contract with a third-party buyer. The aggregate carrying amount of this property was $46.5 million, and is included in prepaid expenses and other assets on our consolidated balance sheets as of September 30, 2024. The mortgage debt at the property was $44.4 million, including deferred financing costs, and is included in the accounts payable, accrued expenses and other liabilities line item on our consolidated balance sheets as of September 30, 2024. The property was sold on October 29, 2024 for a gross price of $71 million and the mortgage secured by the property was assumed by the buyer. The transaction was structured as part of a Section 1031 exchange with the acquisition of The Village at Waugh Chapel, allowing for the deferral of capital gains resulting from the sale for income tax purposes.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES The Company’s identified intangible assets (acquired in-place and above-market leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $105.9 million and $172.5 million, respectively, as of September 30, 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 $2.8 million and $4.9 million for the three and nine months ended September 30, 2024, respectively, and $1.7 million and $5.2 million for the same periods in 2023. Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $7.0 million and $21.5 million for the three and nine months ended September 30, 2024, respectively, and $2.3 million and $7.2 million for the same periods in 2023. 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) $ 3,770 $ (400) $ (7,107) 2025 10,780 (2,448) (19,958) 2026 10,435 (1,254) (14,102) 2027 10,320 (1,023) (11,564) 2028 10,159 (990) (10,065) 2029 9,876 (931) (8,867) (1)

MORTGAGES PAYABLE

MORTGAGES PAYABLE	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of September 30, 2024 and December 31, 2023. (Amounts in thousands) Maturity Interest Rate at September 30, 2024 September 30, 2024 December 31, 2023 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 —% $ — $ 26,930 Gun Hill Commons (1) 12/1/2024 —% — 23,696 Plaza at Woodbridge (2) 6/8/2027 5.26% 51,253 52,278 Total variable rate debt 51,253 102,904 Fixed rate Brick Commons 12/10/2024 3.87% 46,941 47,683 West End Commons 12/10/2025 3.99% 23,839 24,196 Town Brook Commons 12/1/2026 3.78% 29,767 30,229 Rockaway River Commons 12/1/2026 3.78% 26,354 26,763 Hanover Commons 12/10/2026 4.03% 60,453 61,324 Tonnelle Commons 4/1/2027 4.18% 95,750 97,115 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 21,651 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 —% — 69,054 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 36,202 36,725 Union (Vauxhall) (7) 12/10/2028 4.01% 44,592 45,202 Yonkers Gateway Center (4) 4/10/2029 6.30% 50,000 23,148 Ledgewood Commons 5/5/2029 6.03% 50,000 — The Shops at Riverwood 6/24/2029 4.25% 21,051 21,326 Shops at Bruckner 7/1/2029 6.00% 37,473 37,817 Greenbrook Commons (5) 9/1/2029 6.03% 31,000 25,065 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% 74,073 75,590 Montclair (6) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 39,069 39,607 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 15,770 15,920 Shops at Caguas 8/1/2033 6.60% 81,876 82,000 Briarcliff Commons 10/1/2034 5.47% 30,000 — Mount Kisco Commons 11/15/2034 6.40% 10,571 11,098 Total fixed rate debt 1,522,386 1,487,831 Total mortgages payable 1,573,639 1,590,735 Less: Union (Vauxhall - held for sale) (7) 12/10/2028 (4.01)% (44,592) — Total mortgages payable, excluding held for sale 1,529,047 1,590,735 Total unamortized debt issuance costs (13,858) (12,625) Less: Union (Vauxhall - held for sale) unamortized debt issuance costs (7) 190 — Total mortgages payable, net excluding held for sale $ 1,515,379 $ 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) On June 27, 2024, the property was foreclosed on and the lender took possession, discharging the Company of all assets and liabilities associated with it. As a result, the Company recognized a $21.7 million gain on extinguishment of debt in the second quarter of 2024. (4) On March 28, 2024, the Company refinanced the mortgage secured by the property with a new 5-year, $50 million loan. (5) The Company paid off the previous variable rate loan in January 2024. On August 29, 2024, the Company obtained a new 5-year, $31 million fixed rate loan. (6) 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. (7) The mortgage is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets as of September 30, 2024 as the property securing it is classified as held for sale. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.4 billion as of September 30, 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 September 30, 2024, we were in compliance with all debt covenants . As of September 30, 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) $ 50,302 2025 37,082 2026 125,672 2027 317,348 2028 131,901 2029 233,092 Thereafter 633,650 (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 1.03% 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 September 30, 2024 and no separate liability has been recorded in association with them. As of September 30, 2024, there were no amounts drawn under the Agreement which had an available remaining balance of $769.9 million, including undrawn letters of credit. Subsequent to the quarter, the Company used its line of credit to partially finance the acquisition of The Village at Waugh Chapel, located in Gambrills, MD, increasing the outstanding balance to $65 million. Financing costs associated with executing the Agreement of $3.9 million and $5.1 million as of September 30, 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. Ledgewood Commons On May 3, 2024, the Company obtained a 5-year, $50 million mortgage loan secured by its property Ledgewood Commons, located in Roxbury Township, NJ. The loan bears interest at a fixed rate of 6.03%. Greenbrook Commons On August 29, 2024, the Company obtained a 5-year, $31 million mortgage loan secured by its property Greenbrook Commons, located in Watchung, NJ. The loan bears interest at a fixed rate of 6.03%. Briarcliff Commons On September 13, 2024, the Company obtained a 10-year, $30 million mortgage loan secured by its property Briarcliff Commons, located in Morris Plains, NJ. The loan bears interest at a fixed rate of 5.47%. 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 it was 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, the Company began to accrue default interest at a rate of 5% on the outstanding principal balance. On June 27, 2024, the foreclosure process was completed and the lender took possession of the property, eliminating the $68.6 million mortgage liability secured by the property and resulting in a $21.7 million gain on extinguishment of debt. 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 years. As of September 30, 2024, the remaining exposure under the guarantee is $4.6 million. There was no separate liability recorded related to this guarantee. Mortgage on The Village at Waugh Chapel In connection with the acquisition of The Village at Waugh Chapel on October 29, 2024, the Company assumed a $60 million fixed rate mortgage secured by the property with a below-market rate of 3.76% and remaining term of approximately 7 years.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 nine months ended September 30, 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 the three and nine months ended September 30, 2024, the Puerto Rico income tax expense was $0.5 million and $1.7 million, respectively, and $17.1 million and $18.5 million for the same periods in 2023. The REIT was not subject to any material state and local income tax expense or benefit for the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, the REIT was not subject to any material state and local income tax expense and recognized a $0.7 million state and local income tax benefit in the second quarter of 2023, related to an income tax refund from a prior period. All amounts for the three and nine months ended September 30, 2024 and 2023 are included in income tax expense on the consolidated statements of income and comprehensive income.

LEASES (Notes)

LEASES (Notes)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
LEASES	LEASES All rental revenue was generated from operating leases for the three and nine months ended September 30, 2024 and 2023. The components of rental revenue for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2024 2023 2024 2023 Rental Revenue Fixed lease revenue $ 83,098 $ 75,956 $ 243,354 $ 223,878 Variable lease revenue (1) 29,164 25,776 84,813 75,981 Total rental revenue $ 112,262 $ 101,732 $ 328,167 $ 299,859 (1) Percentage rents for the three and nine months ended September 30, 2024 were $1.1 million and $2.3 million, respectively, and $1.3 million and $2.4 million for the same periods in 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: As of September 30, 2024 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,562 $ — $ 1,562 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 September 30, 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 September 30, 2024 and December 31, 2023: (Amounts in thousands) As of September 30, 2024 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 517 $ 51,253 SOFR + 2.26% 7.35% 5.26% 7/1/2025 Montclair interest rate swap 1,045 7,250 SOFR + 2.57% 7.69% 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 and nine months ended September 30, 2024 and 2023: Unrealized (Loss) Gain Recognized in OCI on Derivatives (Amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, Hedged Instrument 2024 2023 2024 2023 Plaza at Woodbridge interest rate cap $ (461) $ 875 $ (312) $ 607 Montclair interest rate swap (302) 183 (211) 130 Total $ (763) $ 1,058 $ (523) $ 737 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 September 30, 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 September 30, 2024 and December 31, 2023: As of September 30, 2024 As of December 31, 2023 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,529,047 $ 1,480,467 $ 1,590,735 $ 1,489,601 Unsecured credit facility — — 153,000 145,882 (1) Carrying amounts exclude unamortized debt issuance costs of $13.7 million and $12.6 million as of September 30, 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 and nine months ended September 30, 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. On June 27, 2024, the property was foreclosed on and the Company no longer has possession. 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	9 Months Ended
	Sep. 30, 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 $159.2 million, of which $95.2 million remains to be funded as of September 30, 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 $1.3 million and $1.4 million on our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, for remediation costs for environmental contamination at certain properties. While this accrual reflects our best estimates of the potential costs of remediation at these properties, there can be no assurance that the actual costs will not exceed these amounts. Although we are not aware of any other material environmental contamination, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. Bankruptcies Although our rental revenue is supported by long-term leases, leases may be rejected in a bankruptcy proceeding and the related tenant stores may permanently vacate prior to lease expiration. In the event a tenant with a significant number of leases or square footage in our shopping centers files for bankruptcy and rejects its leases with us, we could experience a reduction in our revenues. We monitor the operating performance and rent collections of all tenants in our shopping centers, especially those tenants in arrears or operating retail formats that are experiencing significant changes in competition, business practice, or store closings in other locations. During the nine months ended September 30, 2024, the Company had seven tenants file for Chapter 11 bankruptcy protection: Big Lots, Red Lobster, Lumber Liquidators, Blink Fitness, Express, Sam Ash Music, and Sticky’s Finger Joint. We have three leases with Big Lots, two leases with each of Red Lobster and Lumber Liquidators, and one lease with each of Blink Fitness, Express, Sam Ash Music and Sticky’s Finger Joint that were impacted by the bankruptcy filings. One of the Company’s leases with Lumber Liquidators and its sole lease with Sam Ash Music were rejected in the bankruptcy proceedings and the tenants vacated in September 2024 and July 2024, respectively. The nine active leases total 138,000 sf and generate $4.1 million in annual rental revenue. Given the recent bankruptcy filings, it is uncertain whether these stores will continue to operate, close permanently, or whether they will be sold to other operators as part of the bankruptcy proceedings. Letters of Credit As of September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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) September 30, 2024 December 31, 2023 Deferred tax asset, net $ 24,753 $ 20,899 Other assets 19,003 22,729 Deferred financing costs, net of accumulated amortization of $10,158 and $8,920, respectively 3,860 5,098 Finance lease right-of-use asset 2,724 2,724 Real estate held for sale 46,511 — Prepaid expenses: Real estate taxes 9,221 10,411 Insurance 4,828 1,792 Licenses/fees 904 902 Total prepaid expenses and other assets $ 111,804 $ 64,555

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 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) September 30, 2024 December 31, 2023 Accrued capital expenditures and leasing costs $ 18,524 $ 23,044 Deferred tenant revenue 31,580 34,840 Accrued interest payable 6,051 11,190 Security deposits 5,572 7,279 Other liabilities and accrued expenses 9,163 14,245 Finance lease liability 3,037 3,028 Liabilities held for sale 44,403 — Accrued payroll expenses 12,655 9,371 Total accounts payable, accrued expenses and other liabilities $ 130,985 $ 102,997

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2024 2023 2024 2023 Interest expense $ 18,401 $ 17,932 $ 58,817 $ 49,351 Amortization of deferred financing costs 1,130 1,074 3,187 3,079 Total interest and debt expense $ 19,531 $ 19,006 $ 62,004 $ 52,430

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	9 Months Ended
	Sep. 30, 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 (each a “Master Confirmation” and 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 nine months ended September 30, 2024, the Company issued 7,097,124 common shares at a weighted average gross price of $18.71 per share under the ATM Program, generating net cash proceeds of $131.1 million. In addition, we incurred $1.6 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 nine months ended September 30, 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 September 30, 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 September 30, 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 September 30, 2024 and 2023, the Company declared distributions on common shares and OP Units of $0.17 and $0.16 per share/unit, respectively. During the nine months ended September 30, 2024 and 2023, the Company declared distributions on common shares and OP Units of $0.51 and $0.48 per share/unit in the aggregate, 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 the Company’s 2024 Omnibus Share Plan, 2015 Omnibus Share Plan and 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 5.3% and 5.2% weighted-average interest in the Operating Partnership for the three and nine months ended September 30, 2024, respectively. Holders of outstanding vested LTIP Units may, from and after two years from the date of issuance, redeem their LTIP Units for cash, or for the Company’s common shares on a one-for-one basis, solely at our election. Holders of outstanding OP Units may redeem their units for cash or the Company’s common shares on a one-for-one basis, solely at our election. Noncontrolling Interests in Consolidated Subsidiaries The Company’s noncontrolling interests relate to the 5% interest held by others in our property in Walnut Creek, CA (Mount Diablo) and 17.5% held by others in our property in Massapequa, NY. The net income attributable to noncontrolling interests is presented separately on our consolidated statements of income and comprehensive income.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2024 2023 2024 2023 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,360 $ 909 $ 3,909 $ 3,158 Performance-based LTIP expense (2) 1,109 710 2,943 2,173 Restricted share expense 217 165 638 578 Deferred share unit (“DSU”) expense 30 30 89 94 Stock option expense — — — 20 Total Share-based compensation expense $ 2,716 $ 1,814 $ 7,579 $ 6,023 (1) Expense for the three and nine months ended September 30, 2024 includes the 2024, 2023, 2022, 2021, and 2020 LTI Plans. (2) Expense for the three and nine months ended September 30, 2024 includes the 2024, 2023, 2022, 2021, 2020, and 2019 LTI Plans. Equity award activity during the nine months ended September 30, 2024 included: (i) 1,043,543 LTIP Units granted, (ii) 336,661 LTIP Units vested, (iii) 155,513 LTIP Units earned upon completion of the 2021 LTI Plan, (iv) 63,041 restricted shares granted, (v) 42,037 restricted shares vested, (vi) 6,792 restricted shares forfeited, and (vii) 5,838 LTIP Units forfeited. 2024 Long-Term Incentive Plan On February 9, 2024, the Company established the 2024 Long-Term Incentive Plan (“2024 LTI Plan”) under its 2015 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Amounts in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income attributable to common shareholders $ 9,080 $ 36,118 $ 42,442 $ 27,262 Less: earnings allocated to unvested participating securities (8) (30) (39) (25) Net income available for common shareholders - basic $ 9,072 $ 36,088 $ 42,403 $ 27,237 Impact of assumed conversions: OP and LTIP Units — 1,375 — 10 Net income available for common shareholders - dilutive $ 9,072 $ 37,463 $ 42,403 $ 27,247 Denominator: Weighted average common shares outstanding - basic 123,359 117,543 120,109 117,492 Effect of dilutive securities (1) : Stock options using the treasury stock method 5 — 5 — Restricted share awards 107 96 108 90 Assumed conversion of OP and LTIP Units — 4,566 — 45 Weighted average common shares outstanding - diluted 123,471 122,205 120,222 117,627 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.07 $ 0.31 $ 0.35 $ 0.23 Earnings per common share - Diluted $ 0.07 $ 0.31 $ 0.35 $ 0.23 (1) For the three and nine months ended September 30, 2024 and 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 September 30, Nine Months Ended September 30, (Amounts in thousands, except per unit amounts) 2024 2023 2024 2023 Numerator: Net income attributable to unitholders $ 9,630 $ 37,673 $ 44,849 $ 28,473 Less: net income attributable to participating securities (270) (30) (832) (25) Net income available for unitholders $ 9,360 $ 37,643 $ 44,017 $ 28,448 Denominator: Weighted average units outstanding - basic 128,074 121,964 124,776 121,879 Effect of dilutive securities issued by Urban Edge 112 96 113 90 Unvested LTIP Units — 145 — 45 Weighted average units outstanding - diluted 128,186 122,205 124,889 122,014 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.07 $ 0.31 $ 0.35 $ 0.23 Earnings per unit - Diluted $ 0.07 $ 0.31 $ 0.35 $ 0.23

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to common shareholders/unitholders	$ 9,080	$ 36,118	$ 42,442	$ 27,262

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 (the “SEC”).
Consolidation and Noncontrolling Interests	The consolidated balance sheets as of September 30, 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 September 30, 2024 and December 31, 2023, excluding the Operating Partnership, we consolidated two VIEs with total assets of $45.3 million and $47.2 million, respectively, and total liabilities of $19.8 million and $20.3 million, respectively. The consolidated statements of income and comprehensive income for the three and nine months ended September 30, 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. The Company will adopt the provisions of this ASU for any future joint venture formations. 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 are 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 its 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)	9 Months Ended
	Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the nine months ended September 30, 2024 and 2023, the Company closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) February 8, 2024 Heritage Square Watchung NJ 87,000 $ 33,838 April 5, 2024 Ledgewood Commons Roxbury Township NJ 448,000 83,211 2024 Total $ 117,049 June 21, 2023 Sunrise Mall (Ground Lease) (2) Massapequa NY — $ 2,071 2023 Total $ 2,071 (1) The total purchase price for the properties acquired during the nine months ended September 30, 2024 and 2023 includes $2.1 million and $0.1 million of transaction costs, respectively. (2) Pertains to the buyout and termination of a ground lease for certain land parcels at our Sunrise Mall property in which the Company previously held a lessee position. The aggregate purchase prices of the above property acquisitions have 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 Ledgewood Commons 24,313 56,352 15,137 (12,591) 83,211 2024 Total $ 31,656 $ 80,995 $ 19,900 $ (15,502) $ 117,049 Sunrise Mall (Ground Lease) $ 2,071 $ — $ — $ — $ 2,071 2023 Total $ 2,071 $ — $ — $ — $ 2,071 (1) As of September 30, 2024, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 10.2 years and 18.1 years, respectively.

IDENTIFIED INTANGIBLE ASSETS _2

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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) $ 3,770 $ (400) $ (7,107) 2025 10,780 (2,448) (19,958) 2026 10,435 (1,254) (14,102) 2027 10,320 (1,023) (11,564) 2028 10,159 (990) (10,065) 2029 9,876 (931) (8,867) (1)

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	The following is a summary of mortgages payable as of September 30, 2024 and December 31, 2023. (Amounts in thousands) Maturity Interest Rate at September 30, 2024 September 30, 2024 December 31, 2023 Mortgages secured by: Variable rate Hudson Commons (1) 11/15/2024 —% $ — $ 26,930 Gun Hill Commons (1) 12/1/2024 —% — 23,696 Plaza at Woodbridge (2) 6/8/2027 5.26% 51,253 52,278 Total variable rate debt 51,253 102,904 Fixed rate Brick Commons 12/10/2024 3.87% 46,941 47,683 West End Commons 12/10/2025 3.99% 23,839 24,196 Town Brook Commons 12/1/2026 3.78% 29,767 30,229 Rockaway River Commons 12/1/2026 3.78% 26,354 26,763 Hanover Commons 12/10/2026 4.03% 60,453 61,324 Tonnelle Commons 4/1/2027 4.18% 95,750 97,115 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 21,651 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 —% — 69,054 Hackensack Commons 3/1/2028 4.36% 66,400 66,400 Marlton Commons 12/1/2028 3.86% 36,202 36,725 Union (Vauxhall) (7) 12/10/2028 4.01% 44,592 45,202 Yonkers Gateway Center (4) 4/10/2029 6.30% 50,000 23,148 Ledgewood Commons 5/5/2029 6.03% 50,000 — The Shops at Riverwood 6/24/2029 4.25% 21,051 21,326 Shops at Bruckner 7/1/2029 6.00% 37,473 37,817 Greenbrook Commons (5) 9/1/2029 6.03% 31,000 25,065 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% 74,073 75,590 Montclair (6) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 39,069 39,607 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 15,770 15,920 Shops at Caguas 8/1/2033 6.60% 81,876 82,000 Briarcliff Commons 10/1/2034 5.47% 30,000 — Mount Kisco Commons 11/15/2034 6.40% 10,571 11,098 Total fixed rate debt 1,522,386 1,487,831 Total mortgages payable 1,573,639 1,590,735 Less: Union (Vauxhall - held for sale) (7) 12/10/2028 (4.01)% (44,592) — Total mortgages payable, excluding held for sale 1,529,047 1,590,735 Total unamortized debt issuance costs (13,858) (12,625) Less: Union (Vauxhall - held for sale) unamortized debt issuance costs (7) 190 — Total mortgages payable, net excluding held for sale $ 1,515,379 $ 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) On June 27, 2024, the property was foreclosed on and the lender took possession, discharging the Company of all assets and liabilities associated with it. As a result, the Company recognized a $21.7 million gain on extinguishment of debt in the second quarter of 2024. (4) On March 28, 2024, the Company refinanced the mortgage secured by the property with a new 5-year, $50 million loan. (5) The Company paid off the previous variable rate loan in January 2024. On August 29, 2024, the Company obtained a new 5-year, $31 million fixed rate loan. (6) 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. (7) The mortgage is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets as of September 30, 2024 as the property securing it is classified as held for sale.
Schedule of Principal Repayments	As of September 30, 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) $ 50,302 2025 37,082 2026 125,672 2027 317,348 2028 131,901 2029 233,092 Thereafter 633,650 (1) Remainder of 2024.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2024 2023 2024 2023 Rental Revenue Fixed lease revenue $ 83,098 $ 75,956 $ 243,354 $ 223,878 Variable lease revenue (1) 29,164 25,776 84,813 75,981 Total rental revenue $ 112,262 $ 101,732 $ 328,167 $ 299,859 (1) Percentage rents for the three and nine months ended September 30, 2024 were $1.1 million and $2.3 million, respectively, and $1.3 million and $2.4 million for the same periods in 2023.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: As of September 30, 2024 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,562 $ — $ 1,562 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 September 30, 2024 and December 31, 2023: (Amounts in thousands) As of September 30, 2024 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 517 $ 51,253 SOFR + 2.26% 7.35% 5.26% 7/1/2025 Montclair interest rate swap 1,045 7,250 SOFR + 2.57% 7.69% 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 and nine months ended September 30, 2024 and 2023: Unrealized (Loss) Gain Recognized in OCI on Derivatives (Amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, Hedged Instrument 2024 2023 2024 2023 Plaza at Woodbridge interest rate cap $ (461) $ 875 $ (312) $ 607 Montclair interest rate swap (302) 183 (211) 130 Total $ (763) $ 1,058 $ (523) $ 737
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 September 30, 2024 and December 31, 2023: As of September 30, 2024 As of December 31, 2023 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,529,047 $ 1,480,467 $ 1,590,735 $ 1,489,601 Unsecured credit facility — — 153,000 145,882 (1) Carrying amounts exclude unamortized debt issuance costs of $13.7 million and $12.6 million as of September 30, 2024 and December 31, 2023, respectively.

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2024 December 31, 2023 Deferred tax asset, net $ 24,753 $ 20,899 Other assets 19,003 22,729 Deferred financing costs, net of accumulated amortization of $10,158 and $8,920, respectively 3,860 5,098 Finance lease right-of-use asset 2,724 2,724 Real estate held for sale 46,511 — Prepaid expenses: Real estate taxes 9,221 10,411 Insurance 4,828 1,792 Licenses/fees 904 902 Total prepaid expenses and other assets $ 111,804 $ 64,555

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2024 December 31, 2023 Accrued capital expenditures and leasing costs $ 18,524 $ 23,044 Deferred tenant revenue 31,580 34,840 Accrued interest payable 6,051 11,190 Security deposits 5,572 7,279 Other liabilities and accrued expenses 9,163 14,245 Finance lease liability 3,037 3,028 Liabilities held for sale 44,403 — Accrued payroll expenses 12,655 9,371 Total accounts payable, accrued expenses and other liabilities $ 130,985 $ 102,997

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2024 2023 2024 2023 Interest expense $ 18,401 $ 17,932 $ 58,817 $ 49,351 Amortization of deferred financing costs 1,130 1,074 3,187 3,079 Total interest and debt expense $ 19,531 $ 19,006 $ 62,004 $ 52,430

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2024 2023 2024 2023 Share-based compensation expense components: Time-based LTIP expense (1) $ 1,360 $ 909 $ 3,909 $ 3,158 Performance-based LTIP expense (2) 1,109 710 2,943 2,173 Restricted share expense 217 165 638 578 Deferred share unit (“DSU”) expense 30 30 89 94 Stock option expense — — — 20 Total Share-based compensation expense $ 2,716 $ 1,814 $ 7,579 $ 6,023 (1) Expense for the three and nine months ended September 30, 2024 includes the 2024, 2023, 2022, 2021, and 2020 LTI Plans. (2) Expense for the three and nine months ended September 30, 2024 includes the 2024, 2023, 2022, 2021, 2020, and 2019 LTI Plans.

EARNINGS PER SHARE AND UNIT (Ta

EARNINGS PER SHARE AND UNIT (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (Amounts in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income attributable to common shareholders $ 9,080 $ 36,118 $ 42,442 $ 27,262 Less: earnings allocated to unvested participating securities (8) (30) (39) (25) Net income available for common shareholders - basic $ 9,072 $ 36,088 $ 42,403 $ 27,237 Impact of assumed conversions: OP and LTIP Units — 1,375 — 10 Net income available for common shareholders - dilutive $ 9,072 $ 37,463 $ 42,403 $ 27,247 Denominator: Weighted average common shares outstanding - basic 123,359 117,543 120,109 117,492 Effect of dilutive securities (1) : Stock options using the treasury stock method 5 — 5 — Restricted share awards 107 96 108 90 Assumed conversion of OP and LTIP Units — 4,566 — 45 Weighted average common shares outstanding - diluted 123,471 122,205 120,222 117,627 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.07 $ 0.31 $ 0.35 $ 0.23 Earnings per common share - Diluted $ 0.07 $ 0.31 $ 0.35 $ 0.23 (1) For the three and nine months ended September 30, 2024 and 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 September 30, Nine Months Ended September 30, (Amounts in thousands, except per unit amounts) 2024 2023 2024 2023 Numerator: Net income attributable to unitholders $ 9,630 $ 37,673 $ 44,849 $ 28,473 Less: net income attributable to participating securities (270) (30) (832) (25) Net income available for unitholders $ 9,360 $ 37,643 $ 44,017 $ 28,448 Denominator: Weighted average units outstanding - basic 128,074 121,964 124,776 121,879 Effect of dilutive securities issued by Urban Edge 112 96 113 90 Unvested LTIP Units — 145 — 45 Weighted average units outstanding - diluted 128,186 122,205 124,889 122,014 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.07 $ 0.31 $ 0.35 $ 0.23 Earnings per unit - Diluted $ 0.07 $ 0.31 $ 0.35 $ 0.23

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2024 ft² property
Real Estate Properties [Line Items]
Area of real estate property (in sq ft) | ft²	17.2
Wholly owned properties | Shopping Center
Real Estate Properties [Line Items]
Number of real estate properties	71
Wholly owned properties | Mall
Real Estate Properties [Line Items]
Number of real estate properties	2
Wholly owned properties | Outlet Center
Real Estate Properties [Line Items]
Number of real estate properties	2
Operating Partnership | Parent | Vornado Realty L.P.
Real Estate Properties [Line Items]
Noncontrolling interest percentage	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	9 Months Ended
	Sep. 30, 2024 USD ($) variableInterestEntity segment	Dec. 31, 2023 USD ($)	Sep. 30, 2023 variableInterestEntity
Variable Interest Entity [Line Items]
Number of variable interest entities | variableInterestEntity	2		2
Assets	$ 3,211,718	$ 3,279,809
Liabilities	$ 1,872,808	2,058,381
Number of reportable segments | segment	1
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	$ 45,300	47,200
Liabilities	$ 19,800	$ 20,300

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Sep. 30, 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				9 Months Ended
	Apr. 05, 2024 USD ($) ft²	Feb. 08, 2024 USD ($) ft²	Jun. 21, 2023 USD ($) ft²	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²				17,200
Purchase Price				$ 2,071
Transaction costs				2,100	$ 100
Heritage Square
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²		87
Purchase Price		$ 33,838		$ 117,049
Ledgewood Commons
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²	448
Purchase Price	$ 83,211
Sunrise Mall
Business Acquisition [Line Items]
Area of real estate property (in sq ft) | ft²			0
Purchase Price			$ 2,071

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) ft² in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Oct. 29, 2024 USD ($) ft²

Sep. 13, 2024

Aug. 29, 2024

May 03, 2024 USD ($)

Apr. 26, 2024 USD ($) ft²

Apr. 05, 2024 USD ($) ft² property

Mar. 14, 2024 USD ($) ft²

Feb. 08, 2024 USD ($) ft² concept outparcel

Sep. 30, 2024 USD ($) ft²

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($) ft² property

Sep. 30, 2023 USD ($) property

Dec. 31, 2023 USD ($)

Business Acquisition [Line Items]

Area of real estate property (in sq ft) | ft²

17,200

17,200

Purchase price of real estate property acquired

$ 2,071

Number of disposed properties | property

2

0

Proceeds from sale of real estate, net of selling cost

$ 34,800

Gain on sale of real estate

$ 0

$ 0

15,349

$ 356

Disposal group, mortgage debt

44,403

44,403

$ 0

Mortgages

Business Acquisition [Line Items]

Debt instrument, term

10 years

5 years

5 years

Total mortgages payable

$ 50,000

Mortgages | Subsequent Event

Business Acquisition [Line Items]

Debt instrument, term

7 years

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Business Acquisition [Line Items]

Area of real estate property (in sq ft) | ft²

127

95

Gain on sale of real estate

$ 13,100

$ 1,500

15,300

$ 400

Aggregate sale price of disposed properties

$ 29,200

$ 8,700

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event

Business Acquisition [Line Items]

Aggregate sale price of disposed properties

$ 71,000

Disposal Group, Held-for-sale, Not Discontinued Operations

Business Acquisition [Line Items]

Disposal group, carrying amount of assets

46,500

46,500

Disposal group, mortgage debt

$ 44,400

44,400

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

$ 117,049

Number of company concepts | concept

2

Number of outparcels | outparcel

3

Ledgewood Commons

Business Acquisition [Line Items]

Area of real estate property (in sq ft) | ft²

448

Purchase price of real estate property acquired

$ 83,211

Number of pre approved underdeveloped outparcels | property

2

The Village at Waugh Chapel | Subsequent Event

Business Acquisition [Line Items]

Area of real estate property (in sq ft) | ft²

382

Purchase price of real estate property acquired

$ 125,600

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Allocated price to land	$ 31,656	$ 2,071
Allocated price to buildings and improvements	80,995	0
Identified intangible assets	19,900	0
Identified intangible liabilities	(15,502)	0
Total Purchase Price	$ 117,049	2,071
Weighted average useful life	10 years 2 months 12 days
Weighted average related liabilities	18 years 1 month 6 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)
Total Purchase Price	33,838
Ledgewood Commons
Business Acquisition [Line Items]
Allocated price to land	24,313
Allocated price to buildings and improvements	56,352
Identified intangible assets	15,137
Identified intangible liabilities	(12,591)
Total Purchase Price	$ 83,211
Sunrise Mall
Business Acquisition [Line Items]
Allocated price to land		2,071
Allocated price to buildings and improvements		0
Identified intangible assets		0
Identified intangible liabilities		0
Total Purchase Price		$ 2,071

IDENTIFIED INTANGIBLE ASSETS _3

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Identified intangible assets, net of accumulated amortization	$ 105,889		$ 105,889		$ 113,897
Identified intangible liabilities, net of accumulated amortization	172,501		172,501		$ 170,411
Amortization of acquired below-market leases, net of above-market leases	2,800	$ 1,700	4,900	$ 5,200
Amortization expense of intangible assets	$ 7,000	$ 2,300	$ 21,500	$ 7,200

IDENTIFIED INTANGIBLE ASSETS _4

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Below-Market Operating Lease Amortization
2024	$ 3,770
2025	10,780
2026	10,435
2027	10,320
2028	10,159
2029	9,876
Above-Market
Above-Market Operating Lease Amortization
2024	(400)
2025	(2,448)
2026	(1,254)
2027	(1,023)
2028	(990)
2029	(931)
In-Place Leases
2024	(400)
2025	(2,448)
2026	(1,254)
2027	(1,023)
2028	(990)
2029	(931)
In-Place Lease
Above-Market Operating Lease Amortization
2024	(7,107)
2025	(19,958)
2026	(14,102)
2027	(11,564)
2028	(10,065)
2029	(8,867)
In-Place Leases
2024	(7,107)
2025	(19,958)
2026	(14,102)
2027	(11,564)
2028	(10,065)
2029	$ (8,867)

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 29, 2024	May 03, 2024	Mar. 28, 2024	Mar. 27, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gain on extinguishment of debt, net	$ 0	$ 43,029	$ 21,427	$ 42,540
Mortgages | First Mortgage
Debt Instrument [Line Items]
Total mortgages payable	1,573,639		1,573,639						$ 1,590,735
Less: Union (Vauxhall - held for sale)	$ (44,592)		$ (44,592)
Interest Rate, properties held for sale	(4.01%)		(4.01%)
Total mortgages payable, excluding held for sale	$ 1,529,047		$ 1,529,047						1,590,735
Total unamortized debt issuance costs	(13,858)		(13,858)						(12,625)
Less: Union (Vauxhall - held for sale) unamortized debt issuance costs	190		190
Total mortgages payable, net excluding held for sale	1,515,379		1,515,379						1,578,110
Mortgages | First Mortgage | Ledgewood Commons
Debt Instrument [Line Items]
Effective Interest Rate						6.03%
Mortgages | First Mortgage | Variable rate
Debt Instrument [Line Items]
Total mortgages payable	$ 51,253		$ 51,253						102,904
Mortgages | First Mortgage | Variable rate | Hudson Commons
Debt Instrument [Line Items]
Effective Interest Rate	0%		0%
Total mortgages payable	$ 0		$ 0						26,930
Mortgages | First Mortgage | Variable rate | Gun Hill Commons
Debt Instrument [Line Items]
Effective Interest Rate	0%		0%
Total mortgages payable	$ 0		$ 0						23,696
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge
Debt Instrument [Line Items]
Effective Interest Rate	5.26%		5.26%
Total mortgages payable	$ 51,253		$ 51,253						$ 52,278
Interest rate cap	3%		3%
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge | Interest Rate Cap
Debt Instrument [Line Items]
Effective Interest Rate									5.26%
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge | SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate			226%
Mortgages | First Mortgage | Variable rate | Greenbrook Commons
Debt Instrument [Line Items]
Effective Interest Rate	6.03%		6.03%
Total mortgages payable	$ 31,000		$ 31,000						$ 25,065
Term					5 years
Mortgages | First Mortgage | Variable rate | Montclair, NJ | SOFR
Debt Instrument [Line Items]
Interest rate spread on variable rate			257%
Mortgages | First Mortgage | Fixed rate
Debt Instrument [Line Items]
Total mortgages payable	$ 1,522,386		$ 1,522,386						1,487,831
Mortgages | First Mortgage | Fixed rate | Brick Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.87%		3.87%
Total mortgages payable	$ 46,941		$ 46,941						47,683
Mortgages | First Mortgage | Fixed rate | West End Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.99%		3.99%
Total mortgages payable	$ 23,839		$ 23,839						24,196
Mortgages | First Mortgage | Fixed rate | Town Brook Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.78%		3.78%
Total mortgages payable	$ 29,767		$ 29,767						30,229
Mortgages | First Mortgage | Fixed rate | Rockaway River Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.78%		3.78%
Total mortgages payable	$ 26,354		$ 26,354						26,763
Mortgages | First Mortgage | Fixed rate | Hanover Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.03%		4.03%
Total mortgages payable	$ 60,453		$ 60,453						61,324
Mortgages | First Mortgage | Fixed rate | Tonnelle Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.18%		4.18%
Total mortgages payable	$ 95,750		$ 95,750						97,115
Mortgages | First Mortgage | Fixed rate | Manchester Plaza
Debt Instrument [Line Items]
Effective Interest Rate	4.32%		4.32%
Total mortgages payable	$ 12,500		$ 12,500						12,500
Mortgages | First Mortgage | Fixed rate | Millburn Gateway Center
Debt Instrument [Line Items]
Effective Interest Rate	3.97%		3.97%
Total mortgages payable	$ 21,651		$ 21,651						22,015
Mortgages | First Mortgage | Fixed rate | Totowa Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.33%		4.33%
Total mortgages payable	$ 50,800		$ 50,800						50,800
Mortgages | First Mortgage | Fixed rate | Woodbridge Commons
Debt Instrument [Line Items]
Total mortgages payable									22,100
Mortgages | First Mortgage | Fixed rate | Woodbridge Commons | Interest Rate Cap
Debt Instrument [Line Items]
Effective Interest Rate	4.36%		4.36%
Total mortgages payable	$ 22,100		$ 22,100
Mortgages | First Mortgage | Fixed rate | Brunswick Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.38%		4.38%
Total mortgages payable	$ 63,000		$ 63,000						63,000
Mortgages | First Mortgage | Fixed rate | Rutherford Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.49%		4.49%
Total mortgages payable	$ 23,000		$ 23,000						23,000
Mortgages | First Mortgage | Fixed rate | Kingswood Center
Debt Instrument [Line Items]
Effective Interest Rate	0%		0%
Total mortgages payable	$ 0		$ 0						69,054
Mortgages | First Mortgage | Fixed rate | Hackensack Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.36%		4.36%
Total mortgages payable	$ 66,400		$ 66,400						66,400
Mortgages | First Mortgage | Fixed rate | Marlton Commons
Debt Instrument [Line Items]
Effective Interest Rate	3.86%		3.86%
Total mortgages payable	$ 36,202		$ 36,202						36,725
Mortgages | First Mortgage | Fixed rate | Union (Vauxhall)
Debt Instrument [Line Items]
Effective Interest Rate	4.01%		4.01%
Total mortgages payable	$ 44,592		$ 44,592						45,202
Mortgages | First Mortgage | Fixed rate | Yonkers Gateway Center
Debt Instrument [Line Items]
Effective Interest Rate							6.30%
Total mortgages payable							$ 50,000	$ 22,700	23,148
Term	5 years		5 years				5 years
Mortgages | First Mortgage | Fixed rate | The Shops at Riverwood
Debt Instrument [Line Items]
Effective Interest Rate	4.25%		4.25%
Total mortgages payable	$ 21,051		$ 21,051						21,326
Mortgages | First Mortgage | Fixed rate | Shops at Bruckner
Debt Instrument [Line Items]
Effective Interest Rate	6%		6%
Total mortgages payable	$ 37,473		$ 37,473						37,817
Mortgages | First Mortgage | Fixed rate | Huntington Commons
Debt Instrument [Line Items]
Effective Interest Rate	6.29%		6.29%
Total mortgages payable	$ 43,704		$ 43,704						43,704
Mortgages | First Mortgage | Fixed rate | Bergen Town Center
Debt Instrument [Line Items]
Effective Interest Rate	6.30%		6.30%
Total mortgages payable	$ 290,000		$ 290,000						290,000
Mortgages | First Mortgage | Fixed rate | The Outlets at Montehiedra | Senior Loan
Debt Instrument [Line Items]
Effective Interest Rate	5%		5%
Total mortgages payable	$ 74,073		$ 74,073						$ 75,590
Mortgages | First Mortgage | Fixed rate | Montclair, NJ
Debt Instrument [Line Items]
Effective Interest Rate	3.15%		3.15%						3.15%
Total mortgages payable	$ 7,250		$ 7,250						$ 7,250
Mortgages | First Mortgage | Fixed rate | Garfield Commons
Debt Instrument [Line Items]
Effective Interest Rate	4.14%		4.14%
Total mortgages payable	$ 39,069		$ 39,069						39,607
Mortgages | First Mortgage | Fixed rate | Woodmore Towne Centre
Debt Instrument [Line Items]
Effective Interest Rate	3.39%		3.39%
Total mortgages payable	$ 117,200		$ 117,200						117,200
Mortgages | First Mortgage | Fixed rate | Newington Commons
Debt Instrument [Line Items]
Effective Interest Rate	6%		6%
Total mortgages payable	$ 15,770		$ 15,770						15,920
Mortgages | First Mortgage | Fixed rate | Shops At Caguas
Debt Instrument [Line Items]
Effective Interest Rate	6.60%		6.60%
Total mortgages payable	$ 81,876		$ 81,876						82,000
Mortgages | First Mortgage | Fixed rate | Briarcliff Commons
Debt Instrument [Line Items]
Effective Interest Rate	5.47%		5.47%
Total mortgages payable	$ 30,000		$ 30,000
Mortgages | First Mortgage | Fixed rate | Mount Kisco Commons
Debt Instrument [Line Items]
Effective Interest Rate	6.40%		6.40%
Total mortgages payable	$ 10,571		$ 10,571						$ 11,098

MORTGAGES PAYABLE - Additional

MORTGAGES PAYABLE - Additional Information (Details) ft² in Thousands

3 Months Ended

9 Months Ended

Oct. 29, 2024 USD ($)

Sep. 13, 2024

Aug. 29, 2024

Jun. 27, 2024 USD ($)

May 03, 2024 USD ($)

Jan. 02, 2024 USD ($) loan

Aug. 09, 2022 USD ($) extension_option

Mar. 07, 2017 USD ($) extension_option

Sep. 30, 2024 USD ($) credit

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($) credit

Sep. 30, 2023 USD ($)

Dec. 31, 2024 USD ($)

Mar. 28, 2024 USD ($)

Mar. 27, 2024 USD ($)

Dec. 31, 2023 USD ($)

May 31, 2023

Mar. 31, 2023 ft²

Jan. 15, 2015 USD ($)

Debt Instrument [Line Items]

Net carrying amount of real estate collateralizing indebtedness

$ 1,400,000,000

$ 1,400,000,000

Number of credit letters | credit

5

5

Gain (loss) on extinguishment of debt

$ 0

$ 43,029,000

$ 21,427,000

$ 42,540,000

Decrease in forgiveness of debt in connection with foreclosure

$ 68,600,000

68,613,000

$ 0

Unsecured credit facility

0

0

$ 153,000,000

Subsequent Event

Debt Instrument [Line Items]

Unsecured credit facility

$ 65,000,000

Property Lease Guarantee

Debt Instrument [Line Items]

Conditional corporate guarantee

$ 12,500,000

$ 12,500,000

Guarantor obligations, amortization period

2 years

2 years

Guarantor obligations, remaining amount of potential guarantee

$ 4,600,000

$ 4,600,000

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]

Number of loans | loan

3

Mortgages

Debt Instrument [Line Items]

Debt instrument, term

10 years

5 years

5 years

Total mortgages payable

$ 50,000,000

Mortgages | Subsequent Event

Debt Instrument [Line Items]

Debt instrument, term

7 years

Mortgages | First Mortgage

Debt Instrument [Line Items]

Total mortgages payable

1,573,639,000

1,573,639,000

1,590,735,000

Mortgages | First Mortgage | Ledgewood Commons

Debt Instrument [Line Items]

Effective Interest Rate

6.03%

Total mortgages payable

$ 50,000,000

Mortgages | Variable rate | First Mortgage

Debt Instrument [Line Items]

Total mortgages payable

51,253,000

51,253,000

102,904,000

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%

Gain (loss) on extinguishment of debt

(300,000)

Mortgages | Variable rate | First Mortgage | Kingswood Center

Debt Instrument [Line Items]

Gain (loss) on extinguishment of debt

$ 21,700,000

Mortgages | Fixed rate | First Mortgage

Debt Instrument [Line Items]

Total mortgages payable

$ 1,522,386,000

$ 1,522,386,000

1,487,831,000

Mortgages | Fixed rate | First Mortgage | Yonkers Gateway Center

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

5 years

Mortgages | Fixed rate | First Mortgage | Kingswood Center

Debt Instrument [Line Items]

Accrue default interest

0.05

Mortgages | Fixed rate | First Mortgage | The Village at Waugh Chapel | Subsequent Event

Debt Instrument [Line Items]

Total mortgages payable

$ 60,000,000

Effective Interest Rate

3.76%

Revolving Credit Facility | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 600,000,000

$ 30,100,000

$ 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

Remaining borrowing capacity

769,900,000

769,900,000

Gross debt issuance costs

$ 3,900,000

$ 3,900,000

$ 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

1.03%

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	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 50,302
2025	37,082
2026	125,672
2027	317,348
2028	131,901
2029	233,092
Thereafter	$ 633,650

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Income tax expense	$ 518	$ 17,063	$ 1,722	$ 17,810
Current state and local tax expense		(700)		(700)
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	$ 500	$ 17,100	$ 1,700	$ 18,500
Puerto Rico | Minimum
Income Tax Contingency [Line Items]
State and local income taxes			18.50%
Puerto Rico | Maximum
Income Tax Contingency [Line Items]
State and local income taxes			37.50%

LEASES - Components of Rental R

LEASES - Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed lease revenue	$ 83,098	$ 75,956	$ 243,354	$ 223,878
Variable lease revenue	29,164	25,776	84,813	75,981
Total rental revenue	112,262	101,732	328,167	299,859
Percentage rent	$ 1,100	$ 1,300	$ 2,300	$ 2,400

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rate Cap Schedule (Details) - Fair Value, Recurring - Interest Rate Cap - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,562	$ 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	1,562	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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate	7.69%	7.76%
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%
First Mortgage | Montclair, NJ | Fixed rate | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effective Interest Rate	3.15%	3.15%
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	$ 517	$ 1,259
Notional Amount	$ 51,253	$ 52,278
Spread	2.26%	2.26%
Interest Rate	7.35%	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	$ 1,045	$ 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 - Unrea

FAIR VALUE MEASUREMENTS - Unrealized Gain Recognized In OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized (Loss) Gain Recognized in OCI on Derivatives	$ (763)	$ 1,058	$ (523)	$ 737
The Plaza at Woodbridge | Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized (Loss) Gain Recognized in OCI on Derivatives	(461)	875	(312)	607
Montclair, NJ | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized (Loss) Gain Recognized in OCI on Derivatives	$ (302)	$ 183	$ (211)	$ 130

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) ft² in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) ft² derivative property	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² derivative property	Sep. 30, 2023 USD ($)	Mar. 31, 2023 ft²
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate impairment loss | $	$ 0	$ 0	$ 34,100,000	$ 0	$ 34,055,000
Area of Real Estate Property	17,200			17,200
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | derivative	2			2
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | property	1			1
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | property	1			1
Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.08			0.08
Disposal Group, Held-for-sale, Not Discontinued Operations | Real Estate | Level 3 | Fair Value, Nonrecurring | Kingswood Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets measured at fair value | $		$ 49,000,000			$ 49,000,000
Retail | Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.06			0.06
Office | Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.07			0.07
Tenant A | Office And Retail Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property						129
Tenant A | Office Oriented Mixed-Use Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of Real Estate Property						50
Tenant B | Office Oriented Mixed-Use Center
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	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 1,529,047	$ 1,590,735
Carrying Amount | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	0	153,000
Fair Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,480,467	1,489,601
Total unamortized debt issuance costs	(13,700)	(12,600)
Fair Value | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 0	$ 145,882

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² project lease credit tenant	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² project lease credit tenant	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 07, 2017 USD ($)	Jan. 15, 2015 USD ($)
Loss Contingencies [Line Items]
Number of projects | project	22		22
Real estate redevelopment in process	$ 159,200		$ 159,200
Estimated cost to complete development and redevelopment projects	95,200		95,200
Deferred lease expense	$ 1,300		$ 1,300		$ 1,400
Area of real estate property (in sq ft) | ft²	17,200,000		17,200,000
Rental revenue	$ 112,262	$ 101,732	$ 328,167	$ 299,859
Number of credit letters | credit	5		5
Revolving Credit Facility | Line of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity	$ 30,100		$ 30,100			$ 600,000	$ 500,000
Big Lots, Red Lobster, Lumber Liquidators, Blink Fitness, Express, Sam Ash Music, and Sticky’s Finger Joint
Loss Contingencies [Line Items]
Number of tenants | tenant	7		7
Number of leases | lease	9		9
Area of real estate property (in sq ft) | ft²	138,000		138,000
Rental revenue			$ 4,100
Big Lots
Loss Contingencies [Line Items]
Number of leases | lease	3		3
Red Lobster and Lumber Liquidators
Loss Contingencies [Line Items]
Number of leases | lease	2		2
Blink Fitness, Express, Sam Ash Music and Sticky’s Finger
Loss Contingencies [Line Items]
Number of leases | lease	1		1

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred tax asset, net	$ 24,753	$ 20,899
Other assets	19,003	22,729
Debt issuance costs, net	3,860	5,098
Finance lease right-of-use asset	2,724	2,724
Real estate held for sale	46,511	0
Prepaid expenses:
Real estate taxes	9,221	10,411
Insurance	4,828	1,792
Licenses/fees	904	902
Total prepaid expenses and other assets	111,804	64,555
Accumulated amortization, deferred financing costs	$ 10,158	$ 8,920
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total prepaid expenses and other assets	Total prepaid expenses and other assets

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued capital expenditures and leasing costs	$ 18,524	$ 23,044
Deferred tenant revenue	31,580	34,840
Accrued interest payable	6,051	11,190
Security deposits	5,572	7,279
Other liabilities and accrued expenses	9,163	14,245
Finance lease liability	3,037	3,028
Accrued payroll expenses	12,655	9,371
Total accounts payable, accrued expenses and other liabilities	$ 130,985	$ 102,997
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Disposal group, mortgage debt	$ 44,403	$ 0

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Interest expense	$ 18,401	$ 17,932	$ 58,817	$ 49,351
Amortization of deferred financing costs	1,130	1,074	3,187	3,079
Total interest and debt expense	$ 19,531	$ 19,006	$ 62,004	$ 52,430

EQUITY AND NONCONTROLLING INT_2

EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 15, 2022
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Authorized amount		$ 200,000,000		$ 200,000,000
Proceeds related to the issuance of common shares, net				$ 129,781,000	$ 195,000
Repurchase of common shares (in shares)	5,900,000			0	0
Treasury stock acquired, average cost per share (in dollars per share)	$ 9.22
Repurchase of common shares	$ 54,100,000
Remaining for share repurchase program		$ 145,900,000		$ 145,900,000
Distributions to redeemable NCI (in dollars per unit)		$ 0.17	$ 0.16	$ 0.51	$ 0.48
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				$ 1,600,000
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)		4,406,336		7,169,975	125,863
Common Shares | At-The-Market Program
Noncontrolling Interest [Line Items]
Common shares issued (in shares)				7,097,124
Shares Issued, Price Per Share		$ 18.71		$ 18.71
Proceeds related to the issuance of common shares, net				$ 131,100,000
Operating Partnership | OP Units
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		5.30%		5.20%
Walnut Creek (Mt. Diablo), CA | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage				5%
Sunrise Mall Massapequa, NY | Noncontrolling Interest | Sunrise Mall Massapequa, NY
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		17.50%		17.50%
Vornado Realty L.P. | Operating Partnership | Parent
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage				94.80%

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 2,716	$ 1,814	$ 7,579	$ 6,023
Time-based LTIP Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,360	909	3,909	3,158
Performance-based LTIP expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	1,109	710	2,943	2,173
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	0	0	0	20
Restricted share expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	217	165	638	578
Deferred share unit (“DSU”) expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Share-based compensation expense	$ 30	$ 30	$ 89	$ 94

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Feb. 09, 2024	Sep. 30, 2024	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of LTIP Units		$ 389	$ 998
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number or equity awards granted (in shares)			1,043,543
Number of awards vested (in shares)			336,661
Number of shares earned (in shares)			155,513
Number of shares forfeited (in shares)			5,838
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 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	$ 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)			63,041
Number of awards vested (in shares)			42,037
Number of shares forfeited (in shares)			6,792

EARNINGS PER SHARE AND UNIT (De

EARNINGS PER SHARE AND UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to common shareholders/unitholders	$ 9,080	$ 36,118	$ 42,442	$ 27,262
Less: earnings allocated to unvested participating securities	(8)	(30)	(39)	(25)
Net income available for common shareholders - basic	9,072	36,088	42,403	27,237
OP and LTIP Units	0	1,375	0	10
Net income available for common shareholders - dilutive	$ 9,072	$ 37,463	$ 42,403	$ 27,247
Denominator:
Weighted average common shares outstanding - basic (in shares)	123,359	117,543	120,109	117,492
Effect of dilutive securities:
Stock options using the treasury stock method (in shares)	5	0	5	0
Assumed conversion of OP and LTIP units (in shares)	0	4,566	0	45
Weighted average common shares outstanding - diluted (in shares)	123,471	122,205	120,222	117,627
Earnings per share available to common shareholders:
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Urban Edge Properties LP
Numerator:
Net income attributable to common shareholders/unitholders	$ 9,630	$ 37,673	$ 44,849	$ 28,473
Less: earnings allocated to unvested participating securities	(270)	(30)	(832)	(25)
Net income available for common shareholders - basic	$ 9,360	$ 37,643	$ 44,017	$ 28,448
Denominator:
Weighted average common shares outstanding - basic (in shares)	128,074	121,964	124,776	121,879
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	112	96	113	90
Assumed conversion of OP and LTIP units (in shares)	0	145	0	45
Weighted average common shares outstanding - diluted (in shares)	128,186	122,205	124,889	122,014
Earnings per share available to common shareholders:
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.07	$ 0.31	$ 0.35	$ 0.23
Restricted share expense
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	107	96	108	90