Urban Edge Properties (UE) 10-K 12 Feb 25 2024 FY Annual report Financial data

COVER PAGE

COVER PAGE - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 06, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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	12 East 49th Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	956‑0082
Title of 12(b) Security	Common Shares, $.01 par value per share
Trading Symbol	UE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.3
Entity Common Stock, Shares Outstanding		125,459,966
Entity Central Index Key	0001611547
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE
Document Financial Statement Error Correction [Flag]	false
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Auditor Firm ID	34
Urban Edge Properties LP
Auditor [Line Items]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 660,198	$ 635,905
Buildings and improvements	2,791,728	2,678,076
Construction in progress	289,057	262,275
Furniture, fixtures and equipment	11,296	9,923
Total	3,752,279	3,586,179
Accumulated depreciation and amortization	(886,886)	(819,243)
Real estate, net	2,865,393	2,766,936
Operating lease right-of-use assets	65,491	56,988
Cash and cash equivalents	41,373	101,123
Restricted cash	49,267	73,125
Tenant and other receivables	20,672	14,712
Receivables arising from the straight-lining of rents	61,164	60,775
Identified intangible assets, net of accumulated amortization of $65,027 and $51,399, respectively	109,827	113,897
Deferred leasing costs, net of accumulated amortization of $22,488 and $21,428, respectively	27,799	27,698
Prepaid expenses and other assets	70,554	64,555
Total assets	3,311,540	3,279,809
Liabilities:
Mortgages payable, net	1,569,753	1,578,110
Unsecured credit facility	50,000	153,000
Operating lease liabilities	62,585	53,863
Accounts payable, accrued expenses and other liabilities	89,982	102,997
Identified intangible liabilities, net of accumulated amortization of $50,275 and $46,610, respectively	177,496	170,411
Total liabilities	1,949,816	2,058,381
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 125,450,684 and 117,652,656 shares issued and outstanding, respectively	1,253	1,175
Additional paid-in capital	1,149,981	1,011,942
Accumulated other comprehensive income	177	460
Accumulated earnings	126,670	137,113
Noncontrolling interests:
Operating partnership	65,069	55,355
Consolidated subsidiaries	18,574	15,383
Total equity	1,361,724	1,221,428
Total liabilities and equity	3,311,540	3,279,809
Urban Edge Properties LP
Real estate, at cost:
Land	660,198	635,905
Buildings and improvements	2,791,728	2,678,076
Construction in progress	289,057	262,275
Furniture, fixtures and equipment	11,296	9,923
Total	3,752,279	3,586,179
Accumulated depreciation and amortization	(886,886)	(819,243)
Real estate, net	2,865,393	2,766,936
Operating lease right-of-use assets	65,491	56,988
Cash and cash equivalents	41,373	101,123
Restricted cash	49,267	73,125
Tenant and other receivables	20,672	14,712
Receivables arising from the straight-lining of rents	61,164	60,775
Identified intangible assets, net of accumulated amortization of $65,027 and $51,399, respectively	109,827	113,897
Deferred leasing costs, net of accumulated amortization of $22,488 and $21,428, respectively	27,799	27,698
Prepaid expenses and other assets	70,554	64,555
Total assets	3,311,540	3,279,809
Liabilities:
Mortgages payable, net	1,569,753	1,578,110
Unsecured credit facility	50,000	153,000
Operating lease liabilities	62,585	53,863
Accounts payable, accrued expenses and other liabilities	89,982	102,997
Identified intangible liabilities, net of accumulated amortization of $50,275 and $46,610, respectively	177,496	170,411
Total liabilities	1,949,816	2,058,381
Commitments and contingencies (Note 10)
Shareholders’ equity:
General partner: 125,450,684 and 117,652,656 units outstanding, respectively	1,151,234	1,013,117
Limited partners: 6,386,837 and 5,659,781 units outstanding, respectively	59,466	49,311
Accumulated other comprehensive income	177	460
Accumulated earnings	132,273	143,157
Total partners’ capital	1,343,150	1,206,045
Noncontrolling interests:
Consolidated subsidiaries	18,574	15,383
Total equity	1,361,724	1,221,428
Total liabilities and equity	$ 3,311,540	$ 3,279,809

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accumulated amortization, identified intangible assets	$ 65,027	$ 51,399
Accumulated amortization, deferred leasing costs	22,488	21,428
Below market lease, accumulated amortization	$ 50,275	$ 46,610
Common stock, shares, outstanding (in shares)	125,450,684	117,652,656
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	500,000,000
Common stock, shares issued (in shares)	125,450,684	117,652,656
Urban Edge Properties LP
Accumulated amortization, identified intangible assets	$ 65,027	$ 51,399
Accumulated amortization, deferred leasing costs	22,488	21,428
Below market lease, accumulated amortization	$ 50,275	$ 46,610
Limited partners, units outstanding (in units)	6,386,837	5,659,781

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE
Revenues	$ 444,966	$ 416,922	$ 397,938
EXPENSES
Depreciation and amortization	150,389	108,979	98,432
Real estate taxes	68,651	64,889	61,864
Property operating	78,776	68,563	74,334
General and administrative	37,474	37,070	43,087
Real estate impairment loss	0	34,055	0
Capitalized internal leasing overhead	13,169	12,634	12,460
Total expenses	348,459	326,190	290,177
Gain on sale of real estate	38,818	217,708	353
Interest income	2,667	3,037	1,107
Interest and debt expense	(81,587)	(74,945)	(58,979)
Gain (loss) on extinguishment of debt	21,423	41,144	0
Income before income taxes	77,828	277,676	50,242
Income tax expense	(2,386)	(17,800)	(2,903)
Net income	75,442	259,876	47,339
Less net income attributable to noncontrolling interests in:
Operating partnership	(3,978)	(11,899)	(1,895)
Consolidated subsidiaries	1,099	520	726
Net income (loss) attributable to common shareholders	$ 72,563	$ 248,497	$ 46,170
Earnings per common share - Basic (in dollars per share)	$ 0.60	$ 2.11	$ 0.39
Earnings per common share - Diluted (in dollars per share)	$ 0.60	$ 2.11	$ 0.39
Weighted average shares outstanding - Basic (in shares)	121,324	117,506	117,366
Weighted average shares outstanding - Diluted (in shares)	121,432	117,597	121,640
Net income	$ 75,442	$ 259,876	$ 47,339
Effective portion of change in fair value of derivatives	(301)	(179)	656
Comprehensive income	75,141	259,697	47,995
Less: comprehensive loss (income) attributable to NCI in:
Operating partnership	18	10	(27)
Less: net (income) loss attributable to NCI in:
Operating partnership	(3,978)	(11,899)	(1,895)
Consolidated subsidiaries	1,099	520	726
Comprehensive income attributable to common shareholders	72,280	248,328	46,799
Rental revenue
REVENUE
Revenues from contract with customer	444,465	406,112	396,376
Other income
REVENUE
Revenues from contract with customer	501	10,810	1,562
Urban Edge Properties LP
REVENUE
Revenues	444,966	416,922	397,938
EXPENSES
Depreciation and amortization	150,389	108,979	98,432
Real estate taxes	68,651	64,889	61,864
Property operating	78,776	68,563	74,334
General and administrative	37,474	37,070	43,087
Real estate impairment loss	0	34,055	0
Capitalized internal leasing overhead	13,169	12,634	12,460
Total expenses	348,459	326,190	290,177
Gain on sale of real estate	38,818	217,708	353
Interest income	2,667	3,037	1,107
Interest and debt expense	(81,587)	(74,945)	(58,979)
Gain (loss) on extinguishment of debt	21,423	41,144	0
Income before income taxes	77,828	277,676	50,242
Income tax expense	(2,386)	(17,800)	(2,903)
Net income	75,442	259,876	47,339
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	1,099	520	726
Net income (loss) attributable to common shareholders	$ 76,541	$ 260,396	$ 48,065
Earnings per common share - Basic (in dollars per share)	$ 0.60	$ 2.13	$ 0.40
Earnings per common share - Diluted (in dollars per share)	$ 0.60	$ 2.13	$ 0.39
Weighted average shares outstanding - Basic (in shares)	125,987	121,901	121,374
Weighted average shares outstanding - Diluted (in shares)	126,095	121,992	121,640
Net income	$ 75,442	$ 259,876	$ 47,339
Effective portion of change in fair value of derivatives	(301)	(179)	656
Comprehensive income	75,141	259,697	47,995
Less: net (income) loss attributable to NCI in:
Consolidated subsidiaries	1,099	520	726
Comprehensive income attributable to common shareholders	76,240	260,217	48,721
Urban Edge Properties LP | Rental revenue
REVENUE
Revenues from contract with customer	444,465	406,112	396,376
Urban Edge Properties LP | Other income
REVENUE
Revenues from contract with customer	$ 501	$ 10,810	$ 1,562

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)	Total	Urban Edge Properties LP	Urban Edge Properties LP Accumulated Earnings (Deficit)	Urban Edge Properties LP Consolidated Subsidiaries	Urban Edge Properties LP General Partner	Urban Edge Properties LP Limited Partners		Common Shares	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Accumulated Earnings (Deficit) Urban Edge Properties LP	Operating Partnership	Consolidated Subsidiaries	Consolidated Subsidiaries Urban Edge Properties LP	AOCI Attributable to Parent	AOCI Attributable to Parent Urban Edge Properties LP
Beginning balance (in shares) at Dec. 31, 2021					117,147,986	4,662,654		117,147,986
Beginning balance at Dec. 31, 2021	$ 1,047,894,000	$ 1,047,894,000	$ (8,505,000)	$ 12,946,000	$ 1,002,423,000	$ 41,030,000	[1]	$ 1,170,000	$ 1,001,253,000	$ (7,091,000)		$ 39,616,000	$ 12,946,000		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common shareholders	46,170,000	48,065,000	48,065,000							46,170,000
Net income (loss) attributable to noncontrolling interests	1,169,000	(726,000)		(726,000)								1,895,000	(726,000)
Other comprehensive income (loss)	656,000	656,000									$ 27,000	27,000			629,000	629,000
Common units issued as a result of common shares issued by Urban Edge (in shares)					60,193	300,904
Common units issued as a result of common shares issued by Urban Edge		382,000	(84,000)		$ 466,000
Units redeemed for common shares/OP units (in shares)					250,000	(250,000)		250,000
Units redeemed for common shares	4,248,000	4,248,000			$ 2,124,000	$ 2,124,000	[1]	$ 3,000	2,121,000			2,124,000
Reallocation of noncontrolling interests	(4,248,000)	(4,248,000)			6,126,000	(10,374,000)	[1]		6,126,000			(10,374,000)
Distributions to Partners		(78,208,000)	(78,208,000)
Common shares issued (in shares)								60,193
Common shares issued	382,000								466,000	(84,000)
Dividends to common shareholders ($0.64 per share)	(75,099,000)									(75,099,000)
Distributions to redeemable NCI ($0.64 per unit)	(3,109,000)											(3,109,000)
Contributions from noncontrolling interests	1,686,000	1,686,000		1,686,000									1,686,000
Share-based compensation expense	10,486,000	10,486,000	0		$ 1,456,000	$ 9,030,000	[1]		1,456,000			9,030,000
Share-based awards retained for taxes (in shares)					(7,228)			(7,228)
Share-based awards retained for taxes	(129,000)	(129,000)			$ (129,000)				(129,000)
Ending balance (in shares) at Dec. 31, 2022					117,450,951	4,713,558		117,450,951
Ending balance at Dec. 31, 2022	$ 1,030,106,000	1,030,106,000	(38,705,000)	13,906,000	$ 1,012,466,000	$ 41,810,000	[1]	$ 1,173,000	1,011,293,000	(36,104,000)		39,209,000	13,906,000		629,000	629,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to redeemable NCI (in dollars per unit)	$ 0.64
Net income attributable to common shareholders	$ 248,497,000	260,396,000	260,396,000							248,497,000
Net income (loss) attributable to noncontrolling interests	11,379,000	(520,000)		(520,000)								11,899,000	(520,000)
Other comprehensive income (loss)	(179,000)	(179,000)									(10,000)	(10,000)			(169,000)	(169,000)
Common units issued as a result of common shares issued by Urban Edge (in shares)					139,342	1,016,223
Common units issued as a result of common shares issued by Urban Edge		372,000	(88,000)		$ 460,000
Units redeemed for common shares/OP units (in shares)					70,000	(70,000)		70,000
Units redeemed for common shares	1,145,000	1,145,000			$ 573,000	$ 572,000	[1]	$ 1,000	572,000			572,000
Reallocation of noncontrolling interests	(1,145,000)	(1,145,000)			(1,137,000)	(8,000)	[1]		(1,137,000)			(8,000)
Distributions to Partners		(78,436,000)	(78,436,000)
Common shares issued (in shares)								139,342
Common shares issued	372,000							$ 1,000	459,000	(88,000)
Dividends to common shareholders ($0.64 per share)	(75,192,000)									(75,192,000)
Distributions to redeemable NCI ($0.64 per unit)	(3,244,000)											(3,244,000)
Contributions from noncontrolling interests	1,997,000	1,997,000											1,997,000	$ 1,997,000
Share-based compensation expense	7,811,000	7,811,000			$ 874,000	$ 6,937,000	[1]		874,000			6,937,000
Share-based awards retained for taxes (in shares)					(7,637)			(7,637)
Share-based awards retained for taxes	$ (119,000)	(119,000)			$ (119,000)				(119,000)
Ending balance (in shares) at Dec. 31, 2023	117,652,656				117,652,656	5,659,781		117,652,656
Ending balance at Dec. 31, 2023	$ 1,221,428,000	1,221,428,000	143,157,000	15,383,000	$ 1,013,117,000	$ 49,311,000	[1]	$ 1,175,000	1,011,942,000	137,113,000		55,355,000	15,383,000		460,000	460,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to redeemable NCI (in dollars per unit)	$ 0.64
Net income attributable to common shareholders	$ 72,563,000	76,541,000	76,541,000							72,563,000
Net income (loss) attributable to noncontrolling interests	2,879,000	(1,099,000)		(1,099,000)								3,978,000	(1,099,000)
Other comprehensive income (loss)	(301,000)	(301,000)									$ (18,000)	(18,000)			(283,000)	(283,000)
Common units issued as a result of common shares issued by Urban Edge (in shares)					7,507,562
Common units issued as a result of common shares issued by Urban Edge		136,556,000	(91,000)		$ 136,647,000	$ 1,028,639
Units redeemed for common shares/OP units (in shares)					301,583	(301,583)		301,583
Units redeemed for common shares	5,884,000	5,884,000			$ 2,942,000	$ 2,942,000	[1]	$ 3,000	2,939,000			2,942,000
Reallocation of noncontrolling interests	(5,884,000)	(5,884,000)			(2,255,000)	(3,629,000)	[1]		(2,255,000)			(3,629,000)
Distributions to Partners		(87,316,000)	(87,316,000)
Common shares issued (in shares)								7,507,562
Common shares issued	136,556,000							$ 75,000	136,572,000	(91,000)
Dividends to common shareholders ($0.64 per share)	(82,915,000)									(82,915,000)
Distributions to redeemable NCI ($0.64 per unit)	(4,401,000)											(4,401,000)
Contributions from noncontrolling interests	4,290,000	4,290,000		4,290,000									4,290,000
Issuance of accrued LTIP units	1,389,000	1,389,000				1,389,000						1,389,000
Share-based compensation expense	10,431,000	10,431,000			$ 978,000	$ 9,453,000	[1]		978,000			9,453,000
Share-based awards retained for taxes (in shares)					(11,117)			(11,117)
Share-based awards retained for taxes	$ (195,000)	(195,000)			$ (195,000)				(195,000)
Ending balance (in shares) at Dec. 31, 2024	125,450,684				125,450,684	6,386,837		125,450,684
Ending balance at Dec. 31, 2024	$ 1,361,724,000	$ 1,361,724,000	$ 132,273,000	$ 18,574,000	$ 1,151,234,000	$ 59,466,000	[1]	$ 1,253,000	$ 1,149,981,000	$ 126,670,000		$ 65,069,000	$ 18,574,000		$ 177,000	$ 177,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to redeemable NCI (in dollars per unit)	$ 0.68
[1]Limited partners have a 4.8% common limited partnership interest in the Operating Partnership as of December 31, 2024 in the form of units of interest in the Operating Partnership (“OP Units”) and Long-Term Incentive Plan (“LTIP”) units.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends on common shares (in dollars per share)	$ 0.68	$ 0.64	$ 0.64
Distributions to redeemable NCI (in dollars per unit)	0.68	0.64	0.64
Accumulated Earnings (Deficit) | Urban Edge Properties LP
Dividends on common shares (in dollars per share)	$ 0.68	$ 0.64	$ 0.64
Operating Partnership | Limited Partners | Urban Edge Properties LP
Noncontrolling interest percentage	4.80%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 75,442	$ 259,876	$ 47,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	154,989	112,768	100,787
Real estate impairment loss	0	34,055	0
Gain on sale of real estate	(38,818)	(217,708)	(353)
Gain on extinguishment of debt	(21,423)	(41,144)	0
Amortization of above and below market leases, net	(9,669)	(11,602)	(6,660)
Noncash lease expense	7,333	6,590	7,051
Straight-lining of rent	(2,552)	(3,687)	(2,020)
Share-based compensation expense	10,431	7,811	10,486
Change in operating assets and liabilities:
Tenant and other receivables	(5,967)	2,811	(1,712)
Deferred leasing costs	(6,417)	(8,059)	(8,660)
Prepaid and other assets	349	12,387	854
Lease liabilities	(7,116)	(6,330)	(6,641)
Accounts payable, accrued expenses and other liabilities	(3,405)	15,247	(853)
Net cash provided by operating activities	153,177	163,015	139,618
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(110,627)	(115,724)	(116,044)
Acquisitions of real estate	(184,467)	(314,886)	(36,222)
Proceeds from sale of real estate	60,397	312,908	353
Net cash used in investing activities	(234,697)	(117,702)	(151,913)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgage loan borrowings	211,000	469,704	103,413
Debt repayments	(387,353)	(693,891)	(98,334)
Borrowings under unsecured credit facility	125,000	309,000	0
Dividends paid to common shareholders	(82,915)	(75,192)	(75,099)
Distributions paid to redeemable noncontrolling interests	(4,401)	(3,244)	(3,109)
Taxes withheld for vested restricted shares	(195)	(119)	(129)
Debt issuance costs	(4,070)	(8,466)	(7,292)
Purchase of interest rate cap	0	0	(285)
Proceeds related to the issuance of common shares, net	136,556	372	382
Contributions from noncontrolling interests	4,290	1,997	1,686
Net cash (used in) provided by financing activities	(2,088)	161	(78,767)
Net (decrease) increase in cash and cash equivalents and restricted cash	(83,608)	45,474	(91,062)
Cash and cash equivalents and restricted cash at beginning of year	174,248	128,774	219,836
Cash and cash equivalents and restricted cash at end of year	90,640	174,248	128,774
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest net of amounts capitalized	80,711	69,040	55,740
Cash payments for income taxes	9,858	52	913
NON-CASH INVESTING AND FINANCING ACTIVITIES
Assumption of debt through acquisition of real estate, net of debt mark-to-market	54,946	0	0
Assignment of debt through disposition of real estate	44,483	0	0
Accrued capital expenditures included in accounts payable and accrued expenses	16,133	21,628	34,673
Write-off of fully depreciated and impaired assets	17,223	41,954	8,733
Mortgage debt forgiven	0	44,105	0
Transfer of assets held for sale included in prepaid expenses and other assets	10,286	0	0
Decrease in assets and liabilities in connection with foreclosure:
Real estate, net	47,518	0	0
Mortgage debt, net	68,613	0	0
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year	101,123	85,518	164,478
Cash and cash equivalents at end of year	41,373	101,123	85,518
Restricted cash at beginning of year	73,125	43,256	55,358
Restricted cash at end of year	49,267	73,125	43,256
Cash and cash equivalents and restricted cash at beginning/end of period	90,640	174,248	128,774
Urban Edge Properties LP
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	75,442	259,876	47,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	154,989	112,768	100,787
Real estate impairment loss	0	34,055	0
Gain on sale of real estate	(38,818)	(217,708)	(353)
Gain on extinguishment of debt	(21,423)	(41,144)	0
Amortization of above and below market leases, net	(9,669)	(11,602)	(6,660)
Noncash lease expense	7,333	6,590	7,051
Straight-lining of rent	(2,552)	(3,687)	(2,020)
Share-based compensation expense	10,431	7,811	10,486
Change in operating assets and liabilities:
Tenant and other receivables	(5,967)	2,811	(1,712)
Deferred leasing costs	(6,417)	(8,059)	(8,660)
Prepaid and other assets	349	12,387	854
Lease liabilities	(7,116)	(6,330)	(6,641)
Accounts payable, accrued expenses and other liabilities	(3,405)	15,247	(853)
Net cash provided by operating activities	153,177	163,015	139,618
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements	(110,627)	(115,724)	(116,044)
Acquisitions of real estate	(184,467)	(314,886)	(36,222)
Proceeds from sale of real estate	60,397	312,908	353
Net cash used in investing activities	(234,697)	(117,702)	(151,913)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgage loan borrowings	211,000	469,704	103,413
Debt repayments	(387,353)	(693,891)	(98,334)
Borrowings under unsecured credit facility	125,000	309,000	0
Distributions paid to partners	(87,316)	(78,436)	(78,208)
Taxes withheld for vested restricted shares	(195)	(119)	(129)
Debt issuance costs	(4,070)	(8,466)	(7,292)
Purchase of interest rate cap	0	0	(285)
Proceeds related to the issuance of common shares, net	136,556	372	382
Contributions from noncontrolling interests	4,290	1,997	1,686
Net cash (used in) provided by financing activities	(2,088)	161	(78,767)
Net (decrease) increase in cash and cash equivalents and restricted cash	(83,608)	45,474	(91,062)
Cash and cash equivalents and restricted cash at beginning of year	174,248	128,774	219,836
Cash and cash equivalents and restricted cash at end of year	90,640	174,248	128,774
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest net of amounts capitalized	80,711	69,040	55,740
Cash payments for income taxes	9,858	52	913
NON-CASH INVESTING AND FINANCING ACTIVITIES
Assumption of debt through acquisition of real estate, net of debt mark-to-market	54,946	0	0
Assignment of debt through disposition of real estate	44,483	0	0
Accrued capital expenditures included in accounts payable and accrued expenses	16,133	21,628	34,673
Write-off of fully depreciated and impaired assets	17,223	41,954	8,733
Mortgage debt forgiven	0	44,105	0
Transfer of assets held for sale included in prepaid expenses and other assets	10,286	0	0
Decrease in assets and liabilities in connection with foreclosure:
Real estate, net	47,518	0	0
Mortgage debt, net	68,613	0	0
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year	101,123	85,518	164,478
Cash and cash equivalents at end of year	41,373	101,123	85,518
Restricted cash at beginning of year	73,125	43,256	55,358
Restricted cash at end of year	49,267	73,125	43,256
Cash and cash equivalents and restricted cash at beginning/end of period	$ 90,640	$ 174,248	$ 128,774

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized interest	$ 10,553	$ 11,209	$ 8,512
Urban Edge Properties LP
Capitalized interest	$ 10,553	$ 11,209	$ 8,512

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Urban Edge Properties (“UE”, “Urban Edge” or the “Company”) (NYSE: UE) is a Maryland real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge Properties LP (“UELP” or the “Operating Partnership”) is a Delaware limited partnership formed to serve as UE’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries. The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership (“OP Units”). As of December 31, 2024, Urban Edge owned approximately 95.2% 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 December 31, 2024, our portfolio consisted of 71 shopping centers, two outlet centers and two malls totaling approximately 17.4 million sf, which is inclusive of a 95% controlling interest in Walnut Creek, CA (Mt. Diablo), and an 82.5% controlling interest in Sunrise Mall, in Massapequa, NY.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION	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 annual financial information and with the instructions of Form 10-K. The consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022 reflect the consolidation of the Company, the Operating Partnership, wholly-owned subsidiaries and those entities in which we have a controlling financial interest. All intercompany transactions have been eliminated in consolidation. In accordance with ASC 205 Presentation of Financial Statements , certain prior year balances have been reclassified in order to conform to the current period presentation. Our primary business is the ownership, management, acquisition, development, and redevelopment of retail shopping centers and malls. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance and allocating resources. The Company’s Chief Operating Decision Maker (“CODM”) reviews operating and financial information at the individual operating segment. We aggregate all of our properties into a single 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. See Note 17 to the consolidated financial statements for further information regarding Segment Reporting.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most critical accounting policies, which involve the use of estimates and assumptions as to future uncertainties and, therefore, may result in actual amounts that differ from estimates include acquisitions of real estate and valuation of 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 Real estate assets to be sold are reported at the lower of their carrying value or estimated fair value less costs to sell and are classified as real estate held for sale and included in prepaid expenses and other assets on the Company’s consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in real estate impairment loss on the consolidated statements of income and comprehensive income. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. The Company classifies real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset or that the plan will be withdrawn. 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, including market-based rental revenues. 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 quarterly, and 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, future market rental rates and, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiation. Impairment assessments are based on our current plans, intended holding periods and available market information at the time the assessments 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. Cash and Cash Equivalents — Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, including money market accounts, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). To date we have not experienced any losses on our invested cash. Restricted Cash — Restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, leasing commissions, capital expenditures and cash held for potential Internal Revenue Code Section 1031 tax deferred exchange transactions. 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. Deferred Leasing Costs — Deferred leasing costs include incremental costs of a lease that would have not been incurred if the lease had not been executed, including broker and sale commissions, and contingent legal fees. Such costs are capitalized and amortized on a straight-line basis over the term of the related leases as depreciation and amortization expense on the consolidated statements of income and comprehensive income. Deferred leasing costs also includes lease incentives that can be used at the discretion of the tenant. Lease incentives are capitalized and amortized over the term of the related leases as a reduction to rental revenue on the consolidated statements of income and comprehensive income. Deferred Financing Costs — Deferred financing costs and debt issuance costs include fees associated with the issuance of our mortgage loans and our $800 million revolving credit agreement with certain financial institutions (as amended, the “Revolving Credit Agreement”). Such fees are amortized on a straight-line basis over the terms of the related agreements as a component of interest expense, which approximates the effective interest rate method, in accordance with the terms of the agreement. Deferred financing costs associated with the revolving credit agreement are included in prepaid expenses and other assets on the consolidated balance sheets. Deferred financing costs associated with our mortgage loans are included in Mortgages payable, net on the consolidated balance sheets. Revenue Recognition — We have the following revenue sources and revenue recognition policies: • Rental revenue: Rental revenue comprises revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC 842 Leases, as described further in our Leases accounting policy in Note 3 to the audited consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K. • Rental revenue deemed uncollectible: 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. • Other income: Other income is generated in connection with certain services provided to tenants for which we earn a fee as well as management and development fee income from contractual property management agreements with third parties, and certain miscellaneous income that pertains to our operations. This revenue is recognized as the services are transferred in accordance with ASC 606 Revenue from Contracts with Customers . Leases — We have approximately 1,100 operating leases at our properties, which generate rental income from tenants and operating cash flows for the Company. Our tenant leases are dependent on the Company, as lessor, agreeing to provide our tenants with the right to control the use of our real estate assets, as lessees. Our real estate assets are comprised of retail shopping centers and malls. Tenants agree to use and control their agreed upon space for their business purposes. Thus, our tenants obtain substantially all of the economic benefits from the use of our shopping center space and have the right to direct how and for what purpose the real estate space is used throughout the period of use. Given these contractual terms, the Company has determined that all tenant contracts of this nature contain a lease. The Company assesses lease classification for each new and modified lease. All new and modified leases which commenced in the year ended December 31, 2024 have been assessed and classified as operating leases. Contractual rent increases of renewal options are often fixed at the time of the initial lease agreement which may result in tenants being able to exercise their renewal options at amounts that are less than the fair value of the rent at the date of renewal. In addition to fixed base rents, certain rental income derived from our tenant leases is variable and may be dependent on percentage rent or the Consumer Price Index (“CPI”). Variable lease payments from percentage rents are earned by the Company in the event the tenant's gross sales exceed certain amounts. Terms of percentage rent are agreed upon in the tenant's lease and will vary based on the tenant's sales. Variable lease payments dependent on the CPI will change in accordance with the corresponding increase or decrease in CPI if negotiated and agreed upon in the tenant's lease. Variable lease payments dependent on percentage rent and the CPI were $5.7 million, $5.5 million and $9.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease payments also arise from tenant expense reimbursements, which provide for the recovery of all or a portion of the operating expenses, common area maintenance expenses, real estate taxes, insurance and capital improvements of the respective property and amounted to $118.5 million, $103.7 million and $103.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company accounts for variable lease payments as rental revenue on the consolidated statements of income and comprehensive income in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. The Company also has 20 properties in its portfolio either completely or partially on land or in a building that are owned by third parties. These properties are leased or subleased to us pursuant to ground leases, building leases or easements, with remaining terms ranging from one (“ROU”) assets are recorded for these leases, which represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from these leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The initial measurement of a ROU asset may differ from the initial measurement of the lease liability due to initial direct costs, prepaid lease payments and lease incentives. As of December 31, 2024, no other contracts have been identified as leases . Our leases often offer renewal options, which we assess against relevant economic factors to determine whether the Company is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods, for which the Company has determined are reasonably certain of being exercised, are included in the measurement of the corresponding lease liability and ROU asset. For finance leases and operating leases, the discount rate applied to measure each ROU asset and lease liability is based on the incremental borrowing rate of the lease due to the rate implicit in the lease not being readily determinable. The Company initially considers the general economic environment and factors in various financing and asset specific secured borrowings so that the overall incremental borrowing rate is appropriate to the intended use of the lease. Certain expenses derived from these leases are variable and are not included in the measurement of the corresponding lease liability and ROU asset, but are recognized in the period in which the obligation for those payments is incurred. These variable lease payments consist of payments for real estate taxes and common area maintenance, which is dependent on projects and activities at each individual property under ground or building lease. Noncontrolling Interests — Noncontrolling interests in consolidated subsidiaries represent the portion of equity that we do not own in those entities that we consolidate. We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests in the Operating Partnership include OP units and limited partnership interests in the Operating Partnership in the form of LTIP unit awards classified as equity. Variable Interest Entities — Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties, or for which the equity owners as a group lack any one of the following characteristics: (i) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity’s economic performance, (ii) the obligation to absorb the expected losses of the legal entity, or (iii) the right to receive the expected residual returns of the legal entity, qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The consolidated financial statements reflect the consolidation of VIEs in which the Company is the primary beneficiary. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. Excluding the Operating Partnership, the Company had two entities that met the criteria of a VIE in which we held variable interests as of December 31, 2024 and 2023. These entities are VIEs primarily because the noncontrolling interests do not have substantive kick-out or participating rights and we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of these entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for these entities, they were consolidated in our financial statements as of December 31, 2024 and 2023. The majority of the operations of these VIEs are funded with cash flows generated by the properties and periodic cash contributions. As of December 31, 2024 and 2023, excluding the Operating Partnership, the two consolidated VIEs had total assets of $38.9 million and $47.2 million, respectively, and total liabilities of $9.2 million and $20.3 million, respectively. Earnings Per Share and Unit — Basic earnings per common share and unit is computed by dividing net income attributable to common shareholders and unitholders by the weighted average common shares and units outstanding during the period. Unvested share-based payment awards that entitle holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” Because the awards are considered participating securities, the Company and the Operating Partnership are required to apply the two-class method of computing basic and diluted earnings that would otherwise have been available to common shareholders and unitholders. Under the two-class method, earnings for the period are allocated between common shareholders and unitholders and other shareholders and unitholders, based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Diluted earnings per common share and unit reflects the potential dilution of the assumed exercises of shares including stock options and unvested restricted shares to the extent they are dilutive. Share-Based Compensation — We grant stock options, LTIP units, OP units, deferred share units, restricted share awards and performance-based units to our officers, trustees and employees. The term of each award is determined by the compensation committee of our Board of Trustees (the “Compensation Committee”), but in no event can such term be longer than ten years from the date of grant. The vesting schedule of each award is determined by the Compensation Committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of unvested restricted stock, which makes the restricted stock a participating security. Fair value is determined, depending on the type of award, using either the Black-Scholes option-pricing model or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date. In using the Black-Scholes option-pricing model, expected volatilities and dividend yields are primarily based on available implied data and peer group companies’ historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense for restricted share awards is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule or a cliff vesting schedule, we have elected to recognize compensation expense on a straight-line basis. We reduce compensation expense related to forfeited awards in the period of forfeiture. Share-based compensation expense is included in general and administrative expenses on the consolidated statements of income and comprehensive income. When the Company issues common shares as compensation, it receives a like number of common units from the Operating Partnership. Accordingly, the Company’s ownership in the Operating Partnership will increase based on the number of common shares awarded under our 2015 Omnibus Share Plan and 2024 Omnibus Share Plan. As a result of the issuance of common units to the Company for share-based compensation, the Operating Partnership accounts for share-based compensation in the same manner as the Company. Income Taxes — The Company elected to be taxed as a REIT under sections 856-860 of 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 in 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. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. The Company applies the Financial Accounting Standards Board’s (“FASB”) guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company records interest and penalties relating to unrecognized tax benefits, if any, as income tax expense. Concentration of Credit Risk — A concentration of credit risk arises in our business when a national or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our national or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. None of our tenants accounted for more than 10% of total revenues in the year ended December 31, 2024. As of December 31, 2024, The TJX Companies was our largest tenant with twenty-eight stores which comprised an aggregate of 873,159 sf and accounted for approximately $22.3 million, or 5.0% of our total revenue for the year ended December 31, 2024. Derivative Financial Instruments and Hedging — At times, the Company may use derivative financial instruments to manage and mitigate exposure to fluctuations in interest rates on our variable rate debt. These derivatives are measured at fair value and are recognized as assets or liabilities on the Company’s consolidated balance sheets, depending on the Company’s rights or obligations under the respective derivative contracts. The accounting for changes in the fair value of a derivative varies based on eligibility and Company elections, including the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedge relationship has satisfied certain criteria to be deemed an effective hedge. Effectiveness of the hedging relationship is assessed on a quarterly basis by a third party to determine if the relationship still meets the criteria to be considered an effective hedge. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. In a cash flow hedge, hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged transaction. A derivative instrument designated as a cash flow hedge is adjusted to fair value on the Company’s consolidated balance sheets. The change in fair value, net of the amortization of the purchase price of the instrument, is deemed to be the effective portion of change and is recognized in Other Comprehensive Income (“OCI”) in the Company’s consolidated statements of income and comprehensive income, with the amortization of the purchase price included in interest and debt expense. Cash flows from the derivative are included in the 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. For further information on the Company’s derivative instruments and hedge designations, refer to Note 9 . Recently Issued Accounting Literature In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses which provides an update to improve the disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses, including purchase of inventory, employee compensation, depreciation and amortization in commonly presented expense captions such as cost of sales, selling, general and administrative expenses and research and development. The Company is evaluating the impact of this update and will adopt the amendments in our December 31, 2025 Annual Report on Form 10-K. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards which provides clarity on how an entity determines whether a profits interest or similar award is within the scope of ASC 718. It also offers guidance on identifying whether such an award is not a share-based payment arrangement and therefore within the scope of other guidance. The Company has reviewed the update and determined it does not issue any profits interest or similar awards and therefore is not impacted by this ASU. 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 is evaluating the impact of this update and will adopt the amendments in its December 31, 2025 Annual Report on Form 10-K. 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 has evaluated the impact of this update on its disclosures and has applied the required amendments in this Annual report on Form 10-K for the year ended December 31, 2024. 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 has not elected retrospective application for its previously formed joint ventures and will adopt the provisions of this ASU for any future joint venture formations. 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. Subsequent to issuance, the rules became the subject of litigation, and the SEC issued an order staying the rules to allow the legal process to proceed. At this time it is not easily determined what the timeline for resolution is and it is uncertain whether the rules will be upheld, amended or abolished. The Company is continuing to review the final

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the years ended December 31, 2024 and December 31, 2023, the Company closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) October 29, 2024 The Village at Waugh Chapel Gambrills MD 382,000 $ 128,230 April 5, 2024 Ledgewood Commons Roxbury Township NJ 448,000 83,211 February 8, 2024 Heritage Square Watchung NJ 87,000 33,838 2024 Total $ 245,279 October 23, 2023 Shoppers World Framingham MA 752,000 $ 243,587 October 23, 2023 Gateway Center Everett MA 640,000 68,585 June 21, 2023 Sunrise Mall (Ground Lease) (2) Massapequa NY — 2,071 2023 Total $ 314,243 (1) The total purchase price for the properties acquired in the years ended December 31, 2024 and December 31, 2023 include $4.8 million and $3.2 million of transaction costs incurred related to the transactions, 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 October 29, 2024, the Company closed on the acquisition of The Village at Waugh Chapel, located in Gambrills, MD, for a purchase price of $128.2 million, including transaction costs. The grocery-anchored center aggregates 382,000 sf and includes national tenants such as Safeway, Marshalls, HomeGoods, T.J. Maxx and LA Fitness. The acquisition was funded through the assumption of a $60 million mortgage with an interest rate of 3.76%, as well as proceeds from equity issuances under the Company’s at-the-market equity offering program and asset sales. In conjunction with the acquisition, the Company entered into a forward Section 1031 Exchange with the disposition of its property in Union, NJ, allowing for the deferral of capital gains resulting from the sale for tax purposes. At the same time, the Company also entered into a reverse Section 1031 Exchange, which, for a maximum of 180 days, allows us to defer, for tax purposes, gains on the sale of other properties identified and sold within the period. In addition to the VIEs mentioned in Note 3 , pursuant to the exchange agreements, the property, The Village at Waugh Chapel, is in possession of an Exchange Accommodation Titleholder (“EAT”) and is classified as a VIE until the earlier of the termination of the agreements or 180 days after the acquisition date. The EAT is the legal owner of the property, however, we control the activities that most significantly impact the entity and retain all of the economic benefits and risks associated with it. Therefore, since the title of the property will be transferred back to the Company and we have determined that we are the primary beneficiary of the VIE, we have consolidated the VIE and its operations as of the acquisition date. 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. The purchase was initially funded using cash on hand. 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%. 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 four outparcels occupied by Chick-Fil-A, CityMD, Miller’s Ale House and Starbucks. The acquisition was funded using cash on hand. On October 23, 2023, the Company closed on the acquisition of two properties, Shoppers World and Gateway Center, for a purchase price of $312.2 million, including transaction costs. The two centers comprise 1.4 million sf and are located in the greater Boston area. The acquisitions were partially funded using proceeds from the disposition of the East Hanover Warehouses portfolio in a forward Section 1031 exchange, with the balance being financed by drawing on the Company’s unsecured line of credit. We entered into a reverse Section 1031 agreement with third-party intermediaries for the portion financed by the Company’s unsecured line of credit, which, for a maximum of 180 days, allows us to defer, for tax purposes, gains on the sale of other properties identified and sold within the period. The reverse Section 1031 Exchange requirements were satisfied with the disposition of Freeport Commons on December 29, 2023 and the exchange agreements were terminated on January 2, 2024. In connection with the acquisition of Sunrise Mall, located in Massapequa, NY, in December 2020, the Company acquired a lessee position in a ground lease with Arzillo Trust comprising two outparcels of approximately 2.25 acres. On June 21, 2023, the Company purchased the underlying assets from Arzillo Trust for a purchase price of $2.1 million, including transaction costs, which was allocated to land. As a result of this transaction, the existing ground lease was terminated and the remaining balance of the right-of-use asset of $1.0 million was reclassified to land. The aggregate purchase price of the above property acquisitions have been allocated as follows: (amount in thousands) Property Name Land Buildings and Improvements Identified Intangible Assets (1) Identified Intangible Liabilities (1) Debt Discount (2) Total Purchase Price (in thousands) The Village at Waugh Chapel $ 36,722 $ 91,207 $ 13,141 $ (17,894) $ 5,054 $ 128,230 Ledgewood Commons 24,313 56,352 15,137 (12,591) — 83,211 Heritage Square 7,343 24,643 4,763 (2,911) — 33,838 2024 Total $ 68,378 $ 172,202 $ 33,041 $ (33,396) $ 5,054 $ 245,279 Shoppers World $ 42,861 $ 198,317 $ 41,374 $ (38,965) $ — $ 243,587 Gateway Center 57,546 36,473 25,724 (51,158) — 68,585 Sunrise Mall (Ground Lease) 2,071 — — — — 2,071 2023 Total $ 102,478 $ 234,790 $ 67,098 $ (90,123) $ — $ 314,243 (1) As of December 31, 2024, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 8.2 years and 16.7 years, respectively, and the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2023 were 5.8 years and 29.1 years, respectively. (2) Included in mortgages payable, net on the consolidated balance sheets. Dispositions During the year ended December 31, 2024, the Company disposed of three properties comprising 454,000 sf and received proceeds of $59.9 million, net of selling costs, resulting in a $37.9 million gain on sale of real estate. On October 29, 2024, the Company sold a single-tenant property located in Union, NJ for a gross price of $71 million and recognized a gain on sale of real estate of $23.3 million. The outstanding $44.5 million mortgage encumbering the property was assumed by the buyer at closing. This transaction was structured as part of a Section 1031 Exchange with the acquisition of The Village at Waugh Chapel which closed on October 29, 2024, allowing for the deferral of capital gains resulting from the sale for income tax purposes. 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 $38.8 million for the year ended December 31, 2024 includes amounts related to properties disposed of in prior periods. During the year ended December 31, 2023, the Company disposed of two properties and one property parcel comprising 1.5 million sf for an aggregate gross sales price of $318 million. In connection with the dispositions and the release of escrow funds related to properties that were disposed of in prior periods, the Company recognized a gain on sale of real estate of $217.7 million. On December 29, 2023, the Company completed the sale of Freeport Commons, located in Freeport, NY, for a gross price of $78.5 million. The $43.1 million mortgage loan secured by the property was repaid at closing using proceeds from the sale. The sale of this property satisfied the remaining requirements of the Section 1031 Exchange agreement entered into with the acquisitions of Shoppers World and Gateway Center on October 23, 2023, allowing for the deferral of capital gains from the sale for income tax purposes. On December 13, 2023, the Company sold a parcel of its Tonnelle Commons property located in North Bergen, NJ for a gross price of $22 million. The parcel comprised approximately 75,000 sf and included a self-storage facility. On October 20, 2023, the Company completed the sale of its East Hanover Warehouses portfolio for a gross price of $217.5 million. The East Hanover Warehouses comprised seven buildings, totaling 1.2 million sf. The proceeds from the disposition were used to pay off the $40.1 million loan secured by the property at closing and to partially fund the purchase of two properties, Shoppers World and Gateway Center, located in the greater Boston area. In connection with the sale, we entered into a forward Section 1031 Exchange agreement with third-party intermediaries which allows us to defer, for tax purposes, the gain on sale of the property until the earlier of the termination of the agreement or 180 days after the date of the disposition. The forward 1031 Exchange requirements were satisfied with the Boston acquisitions on October 23, 2023 and the Exchange agreement was terminated. Real Estate Held for Sale During the fourth quarter of 2024, the Company executed a contract with a third-party buyer to sell a portion of Bergen Town Center East, located in Paramus, NJ, for a gross purchase price of $25 million. As of December 31, 2024, the portion of the property under contract met the criteria to be classified as held for sale and the aggregate carrying value of $10.3 million was reclassified and included in prepaid expenses and other assets on our consolidated balance sheets.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes our identified intangible assets and liabilities: (Amounts in thousands) December 31, 2024 December 31, 2023 In-place leases $ 164,291 $ 148,668 Accumulated amortization (61,671) (45,877) Above-market leases 10,564 14,993 Accumulated amortization (3,357) (3,897) Other intangible assets — 1,635 Accumulated amortization — (1,625) Identified intangible assets, net of accumulated amortization 109,827 113,897 Below-market leases 227,771 217,021 Accumulated amortization (50,275) (46,610) Identified intangible liabilities, net of accumulated amortization $ 177,496 $ 170,411 Amortization of acquired below-market leases, net of acquired above-market leases resulted in rental income of $9.7 million , $8.2 million , and $6.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization of acquired in-place leases and customer relationships resulted in depreciation and amortization expense of $30.3 million , $13.5 million , and $10.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. The following table sets forth the estimated annual amortization (expense) and income related to intangible assets and liabilities for the five succeeding years commencing January 1, 2025: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2025 $ 11,855 $ (2,448) $ (23,755) 2026 11,373 (1,254) (16,218) 2027 11,235 (1,023) (13,238) 2028 11,059 (990) (11,447) 2029 10,736 (931) (9,897)

MORTGAGES PAYABLE

MORTGAGES PAYABLE	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	MORTGAGES PAYABLE The following is a summary of mortgages payable as of December 31, 2024 and December 31, 2023. Interest Rate at December 31, December 31, (Amounts in thousands) Maturity December 31, 2024 2024 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% 50,905 52,278 Total variable rate debt 50,905 102,904 Fixed rate West End Commons 12/10/2025 3.99% 23,717 24,196 Town Brook Commons 12/1/2026 3.78% 29,610 30,229 Rockaway River Commons 12/1/2026 3.78% 26,215 26,763 Hanover Commons 12/10/2026 4.03% 60,155 61,324 Tonnelle Commons 4/1/2027 4.18% 95,286 97,115 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 21,525 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% 36,024 36,725 Union (Vauxhall) (4) 12/10/2028 —% — 45,202 Yonkers Gateway Center (5) 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% 20,958 21,326 Shops at Bruckner 7/1/2029 6.00% 37,350 37,817 Greenbrook Commons (6) 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% 73,551 75,590 Montclair (7) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 38,886 39,607 The Village at Waugh Chapel (8) 12/1/2031 3.76% 55,071 — Brick Commons (9) 12/10/2031 5.20% 50,000 47,683 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 15,719 15,920 Shops at Caguas 8/1/2033 6.60% 81,504 82,000 Briarcliff Commons 10/1/2034 5.47% 30,000 — Mount Kisco Commons (10) 11/15/2034 6.40% 10,390 11,098 Total fixed rate debt 1,532,915 1,487,831 Total mortgages payable 1,583,820 1,590,735 Unamortized debt issuance costs (14,067) (12,625) Total mortgages payable, net of unamortized debt issuance costs $ 1,569,753 $ 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 October 29, 2024, the Company sold the property and the outstanding $44.5 million mortgage was assumed by the buyer at closing. (5) On March 28, 2024, the Company refinanced the mortgage on Yonkers Gateway Center with a new 5-year, $50 million loan. (6) 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. (7) 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. (8) On October 29, 2024, the Company assumed the mortgage in connection with the acquisition of The Village at Waugh Chapel. The mortgage payable balance includes a $4.9 million debt mark-to-market discount. (9) On November 21, 2024, the Company refinanced the mortgage secured by Brick Commons with a new 7-year, $50 million loan. (10) Mortgage payable balance includes a $0.6 million debt mark-to-market discount. The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.5 billion as of December 31, 2024. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of December 31, 2024, we were in compliance with all debt covenants. As of December 31, 2024, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2025 $ 36,373 2026 124,959 2027 316,636 2028 181,188 2029 232,380 Thereafter 742,284 Revolving Credit Agreement On January 15, 2015, we entered into a $500 million Revolving Credit Agreement with certain financial institutions. On March 7, 2017, we amended and extended the Revolving Credit 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 Revolving Credit 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 Revolving Credit Agreement, which among other things, modifies 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 restated and amended the Revolving Credit 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 Revolving Credit 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 Revolving Credit 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 seven letters of credit issued under the Revolving Credit Agreement, aggregating $32.1 million. The letters of credit that were issued were provided to mortgage lenders and other entities to secure the Company’s obligations in relation to certain reserves and capital requirements. The letters of credit issued under the Revolving Credit Agreement have reduced the amount available under the facility commensurate with the face values but remain undrawn and no separate liability has been recorded in association with them. On October 25, 2024, the Company borrowed $65 million under its Revolving Credit Agreement and subsequently repaid $15 million of the balance. As of December 31, 2024, $50 million was outstanding under the Revolving Credit Agreement with an available remaining balance of $717.9 million under the facility, including undrawn letters of credit. Financing costs associated with executing the Revolving Credit Agreement of $3.4 million and $5.1 million as of December 31, 2024 and 2023, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net. Financing Activity 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 an interest rate of 3.76% and remaining term of approximately 7 years. 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%. 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%. 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%. Refinancing Activity On November 21, 2024, the Company refinanced the mortgage secured by its property Brick Commons with a new 7-year, $50 million loan bearing interest at a fixed rate of 5.20%. The proceeds from the new loan were used to pay off the previous mortgage on the property which had an outstanding balance of $46.8 million. On March 28, 2024, the Company refinanced the mortgage secured by its property, Yonkers Gateway Center, with a new 5-year, $50 million mortgage loan bearing interest at a fixed rate of 6.30%. The proceeds from the new loan were used to pay off the previous mortgage on the property which had an outstanding balance of $22.7 million. Mortgage Repayments 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 had interest rates of 7.34% on the payoff date. As a result of the early payoff, the Company recognized a $0.3 million loss on extinguishment of debt. 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 1.8 years. As of December 31, 2024, the remaining exposure under the guarantee is $4.1 million. There was no separate liability recorded related to this guarantee.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elected to be taxed as a REIT under sections 856-860 of the 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 in 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. The Company satisfied its REIT distribution requiremen t by distributing $0.68, $0.64 and $0.64 per common share in 2024, 2023 and 2022, respectively. The distributions comprised a regular quarterly cash dividend of $0.17 per common share declared for each quarter of 2024 and a regular quarterly cash dividend of $0.16 per common share declared for each quarter of 2023 and 2022. The taxability of such dividends for the years ended December 31, 2024, 2023 and 2022 are as follows: Year Ended December 31, 2024 2023 2022 Dividend paid per share $ 0.68 $ 0.64 $ 0.64 Ordinary income 91 % 88 % 100 % Return of capital — % — % — % Capital gains 9 % 12 % — % 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, the Company maintains certain non-real estate operating activities that could not be performed by the REIT, and occur through the Company’s TRS, which is subject to federal, state and local income taxes. These income taxes are included in income tax expense in the consolidated statements of income and comprehensive income. During the year ended December 31, 2024, the REIT was subject to Puerto Rico corporate income taxes on its allocable share of the Company’s 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 the Company’s Puerto Rico operating activities and such tax is included in income tax expense in the consolidated statements of income and comprehensive income. On August 30, 2023, the Company completed a mortgage refinancing at its mall in Puerto Rico, the Shops at Caguas. As a result of the refinancing and the cancellation of indebtedness for tax purposes, the Company recognized a Puerto Rico income tax expense of $16.3 million, consisting of a current tax liability of $4.7 million and a deferred tax expense of $11.6 million. The deferred tax expense is attributable to a write-down of our Puerto Rico tax basis in the Shops at Caguas for a portion of the debt forgiven. Refer to Note 6 to the consolidated financial statements included in Part II, Item 8 of the Annual Report on Form 10-K for the year ended December 31, 2023 for further information on the Shops at Caguas refinancing. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. Management’s determination of the ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the underlying temporary differences become deductible. As of December 31, 2024, with the exception of certain state and local deferred tax assets, management determined that it is more likely than not that all deferred tax assets will be realized. The Company recorded a valuation allowance against certain state and local deferred tax assets because management determined it is not more likely than not that these state and local deferred tax assets will be realized. There has been no change to the valuation allowance recorded against these state and local deferred tax assets during 2024. We account for uncertain tax positions in accordance with ASC 740 Income Taxes on the basis of a two-step process whereby (i) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority . During the years ended December 31, 2024 and 2023, income before income taxes from the Company’s operating activities in the United States was $71.1 million and $226.4 million, respectively, and in Puerto Rico was $6.7 million and $51.2 million, respectively. For the year ended December 31, 2024, the Puerto Rico income tax expense was $2.4 million, as compared to a Puerto Rico income tax expense of $18.5 million for the year ended December 31, 2023. The decrease was driven by the gain previously noted on the mortgage refinancing at the Shops at Caguas in the third quarter of 2023. Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the tax effect of temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities and for the tax effect of carried forward tax attributes such as net operating losses and tax credits. Income tax expense for the years ended December 31, 2024, 2023 and 2022 consist of the following: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Income tax expense (benefit): Current: U.S. federal income tax $ — $ 4 $ 11 U.S. state and local income tax 19 (674) 10 Puerto Rico income tax 2,486 4,753 78 Total current 2,505 4,083 99 Deferred: U.S. federal income tax (1) — 1 Puerto Rico income tax (118) 13,717 2,803 Total deferred (119) 13,717 2,804 Total income tax expense $ 2,386 $ 17,800 $ 2,903 Provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate to consolidated net income before income taxes as follows: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Federal provision at statutory tax rate (1) $ 16,345 $ 58,312 $ 10,551 REIT income before income taxes not subject to federal tax provision (16,345) (58,308) (10,539) State and local income tax provision, net of federal benefit 18 (674) 10 Puerto Rico income tax provision 2,368 18,470 2,881 Total income tax expense $ 2,386 $ 17,800 $ 2,903 (1) Federal statutory tax rate of 21% for the years ended December 31, 2024, 2023 and 2022. Below is a table summarizing the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023: Balance at (Amounts in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Depreciation $ 21,936 $ 21,586 Amortization of deferred financing costs 136 152 Rental revenue deemed uncollectible 627 410 Charitable contribution 7 7 Net operating loss 7 7 Tax credit carryforward (1) 3,808 — Total deferred tax assets 26,521 22,162 Deferred tax liabilities: Straight line rent (1,568) (1,111) Amortization of acquired leases (126) (152) Total deferred tax liabilities (1,694) (1,263) Net deferred tax assets $ 24,827 $ 20,899 (1) As of December 31, 2024, the Company has a Puerto Rico tax credit carryforward totaling $3.8 million which, if unused, may be carried forward indefinitely.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES Leases as lessor We have approximately 1,100 operating leases at our retail shopping centers and malls which generate rental income from tenants and operating cash flows for the Company. Our tenant base comprises a diverse group of merchants including department stores, grocers, discounters, entertainment offerings, health clubs, DIY stores, in-line specialty shops, restaurants and other food and beverage vendors and service providers. Tenant leases under 10,000 sf generally have lease terms of 5 years or less. Tenant leases 10,000 sf or more are considered anchor leases and generally have lease terms of 10 to 25 years, with one or more renewal options available upon expiration of the initial lease term. Contractual rent increases for the renewal options are often fixed at the time of the initial lease agreement which may result in tenants being able to exercise their renewal options at amounts that are less than the fair value of the rent at the date of renewal. The components of rental revenue for the years ended December 31, 2024, 2023 and 2022 were as follows: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Rental Revenue Fixed lease revenue $ 329,555 $ 304,050 $ 290,784 Variable lease revenue (1) 114,910 102,062 105,592 Total rental revenue $ 444,465 $ 406,112 $ 396,376 (1) Percentage rent for the years ended December 31, 2024, 2023 and 2022 were $3.6 million, $3.6 million and $3.9 million, respectively. Property, plant and equipment under operating leases as lessor As of December 31, 2024, 2023 and 2022 , substantially all of the Company’s real estate assets are subject to operating leases. Maturity analysis of lease payments as lessor The Company’s operating leases, including those with revenue recognized on a cash basis, are disclosed in the aggregate due to their consistent nature as real estate leases. As of December 31, 2024 , the undiscounted cash flows to be received from lease payments of our operating leases on an annual basis for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2025 $ 320,675 2026 306,161 2027 284,582 2028 256,069 2029 203,043 Thereafter 802,656 Total undiscounted cash flows $ 2,173,186 Leases as lessee As of December 31, 2024, the Company had 20 properties in its portfolio either completely or partially on land or in a building owned by third parties. These properties are leased or subleased to us pursuant to ground leases, building leases or easements, with remaining terms ranging from one The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Lease expense Operating lease cost (1) $ 10,239 $ 9,732 $ 9,707 Variable lease cost 2,930 2,902 2,753 Total lease expense $ 13,169 $ 12,634 $ 12,460 (1) During the years ended December 31, 2024, 2023, and 2022 the Company recognized sublease income of $20.4 million, $18.7 million and $18.6 million, respectively, included in rental revenue on the consolidated statements of income and comprehensive income in relation to certain ground and building lease arrangements. Operating lease cost includes amortization of below-market ground lease intangibles and straight-line lease expense. Supplemental balance sheet information related to leases as of December 31, 2024 and December 31, 2023 was as follows: December 31, 2024 December 31, 2023 Supplemental noncash information Operating leases Finance lease Operating leases Finance lease Weighted-average remaining lease term 11.4 years 31.2 years 13.8 years 32.2 years Weighted-average discount rates 4.38 % 4.01 % 4.39 % 4.01 % Supplemental cash information related to leases for the years ended December 31, 2024 and 2023 was as follows: (Amounts in thousands) Year Ended December 31, Cash paid for amounts included in the measurement of lease liabilities: 2024 2023 Operating cash flows from operating leases $ 10,016 $ 9,476 Operating cash flows from finance lease 122 121 Financing cash flows from finance lease 13 12 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 15,837 $ 810 Maturity analysis of lease payments as lessee The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented in the table below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability included within accounts payable, accrued expenses and other liabilities on the consolidated balance sheets by considering the present value discount. (Amounts in thousands) Operating Finance Year Ending December 31, leases lease 2025 $ 8,730 $ 109 2026 8,307 124 2027 8,045 127 2028 7,864 127 2029 6,020 127 Thereafter 36,208 5,917 Total undiscounted cash flows 75,174 6,531 Present value discount (12,589) (3,491) Discounted cash flows $ 62,585 $ 3,040

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of one interest rate cap and one interest rate swap. We rely on third-party valuations that use market observable inputs, such as credit spreads, yield curves and discount rates, to assess the fair value of these instruments. In accordance with the fair value hierarchy established by ASC 820, these financial instruments have been classified as Level 2 as quoted market prices are not readily available for valuing the assets. The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023: As of December 31, 2024 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,642 $ — $ 1,642 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 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 December 31, 2024, the Company was a counterparty to two interest rate derivative agreements which have been designated as cash flow hedges. The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of December 31, 2024 and 2023: (Amounts in thousands) As of December 31, 2024 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 391 $ 50,905 SOFR + 2.26% 6.70% 5.26% 7/1/2025 Montclair interest rate swap $ 1,251 $ 7,250 SOFR + 2.57% 7.10% 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 years ended December 31, 2024 and 2023: Unrealized Gain Recognized in OCI on Derivatives (Amounts in thousands) Years ended December 31, Hedged Instrument 2024 2023 Plaza at Woodbridge interest rate cap $ (296) $ 32 Montclair interest rate swap (5) (211) Total $ (301) $ (179) 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 December 31, 2024 and December 31, 2023. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash and cash equivalents, mortgages payable and borrowings under the Company’s unsecured line of credit. Cash and cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable and borrowings under the line of credit are 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 and borrowings under the line of credit are classified as Level 2. The table below summarizes the carrying amounts and fair value of our level 2 financial instruments as of December 31, 2024 and December 31, 2023. As of December 31, 2024 As of As of December 31, 2023 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,583,820 $ 1,464,996 $ 1,590,735 $ 1,489,601 Unsecured credit facility 50,000 48,333 153,000 145,882 (1) Carrying amounts exclude unamortized debt issuance costs of $14.1 million and $12.6 million as of December 31, 2024 and 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 quarterly, and 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. There were no impairment charges recognized during the year ended December 31, 2024. During the first quarter of 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. Impairment charges of $34.1 million are included as an expense within real estate impairment loss on our consolidated statements of income and comprehensive income for the year ended December 31, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business. While we are unable to predict with certainty the outcome of any particular matter, management does not currently expect, when such matters are resolved, that our resulting exposure to loss contingencies, if any, will have a material adverse effect on our results of operations or consolidated financial position. During the fourth quarter of 2023, the Company settled an ongoing litigation matter pursuant to which it received a $10 million settlement payment related to unpaid rental income during the period of March 2020 through March 2021. The terms of the settlement are subject to a confidentiality agreement. Redevelopment and Anchor Repositioning The Company has 26 active development, redevelopment or anchor repositioning projects with total estimated costs of $162.6 million, of which $89.5 million remains to be funded as of December 31, 2024. We continue to monitor the stabilization dates of these projects, which can be impacted from economic conditions affecting our tenants, vendors and supply chains. We have identified future projects in our development pipeline, but we are under no obligation to execute and fund any of these projects and each of these projects is being further evaluated based on market conditions. Insurance The Company maintains numerous insurance policies including for general liability, property, pollution, acts of terrorism, trustees’ and officers’, cyber, workers’ compensation and automobile-related liabilities. However, all such policies are subject to terms, conditions, exclusions, deductibles and sub-limits, among 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 December 31, 2024 and 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 year ended December 31, 2024, the Company had ten tenants file for Chapter 11 bankruptcy protection: Party City, TGI Fridays, Vitamin Shoppe, Big Lots, Red Lobster, Lumber Liquidators, Blink Fitness, Express, Sam Ash Music, and Sticky’s Finger Joint. We have four leases with Vitamin Shoppe, three leases with each of Party City and Big Lots, two leases with each of Red Lobster and Lumber Liquidators, and one lease with each of TGI Fridays, 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 leases with TGI Fridays, Sam Ash Music and Blink Fitness were rejected in the bankruptcy proceedings and the tenants vacated during 2024. Red Lobster, Express and Sticky’s Finger Joint exited bankruptcy during the year and remain open and operating. Effective January 2025, one of our leases with Big Lots was rejected and the tenant vacated the premise. The ten remaining active leases total 117,000 sf and generate $3.1 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 December 31, 2024, the Company had seven letters of credit issued under our Revolving Credit Agreement aggregating $32.1 million. These letters were provided to mortgage lenders and other entities to secure the Company’s obligations in relation to certain reserves and capital requirements. If a lender or other entity were to draw on a letter of credit, the Company would have the option to pay the capital commitment directly to the holder of the letter 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 December 31, 2024, the letters remain undrawn and there is no separate liability recorded in connection with their issuance.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS The following is a summary of the composition of the prepaid expenses and other assets on the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2024 December 31, 2023 Other assets $ 15,811 $ 22,729 Deferred tax asset, net 24,827 20,899 Real estate held for sale 10,286 — Deferred financing costs, net of accumulated amortization of $10,571 and $8,920, respectively 3,447 5,098 Finance lease right-of-use asset 2,724 2,724 Prepaid expenses: Real estate taxes 10,905 10,411 Insurance 1,097 1,792 Rent, licenses/fees 1,457 902 Total prepaid expenses and other assets $ 70,554 $ 64,555

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The following is a summary of the composition of accounts payable, accrued expenses and other liabilities on the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2024 December 31, 2023 Accrued capital expenditures and leasing costs $ 17,557 $ 23,044 Deferred tenant revenue 26,878 34,840 Accrued interest payable 6,286 11,190 Accrued payroll expenses 14,326 9,371 Security deposits 5,877 7,279 Other liabilities and accrued expenses 16,018 14,245 Finance lease liability 3,040 3,028 Total accounts payable, accrued expenses and other liabilities $ 89,982 $ 102,997

INTEREST AND DEBT EXPENSE

INTEREST AND DEBT EXPENSE	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
INTEREST AND DEBT EXPENSE	13. INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Interest expense $ 77,265 $ 70,820 $ 55,557 Amortization of deferred financing costs 4,322 4,125 3,422 Total Interest and debt expense $ 81,587 $ 74,945 $ 58,979

EQUITY AND NONCONTROLLING INTER

EQUITY AND NONCONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
EQUITY AND NONCONTROLLING INTEREST	EQUITY AND NONCONTROLLING INTEREST At-The-Market Program On August 15, 2022 the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with various financial institutions acting as agents, forward sellers, and forward purchasers. Pursuant to the Equity Distribution Agreement, the Company may from time to time offer and sell, through the agents and forward sellers, the Company’s common shares, par value $0.01 per share, having an aggregate offering price of up to $250 million (the “ATM Program”). Concurrently with the Equity Distribution Agreement, the Company entered into separate master forward confirmations (collectively, the “Master Confirmations”) with each of the forward purchasers. Sales under the ATM Program may be made from time to time, as needed, by means of ordinary brokers’ transactions or other transactions that are deemed to be “at the market” offerings, in privately negotiated transactions, which may include block trades, or as otherwise agreed with the sales agents. The ATM Program replaces the Company’s previous at-the-market program established on June 7, 2021. The Equity Distribution Agreement provides that the Company may also enter into forward sale agreements pursuant to any Master Confirmation and related supplemental confirmations with the forward purchasers. In connection with any forward sale agreement, a forward purchaser will, at the Company’s request, borrow from third parties, through its forward seller, and sell a number of shares equal to the amount provided in such agreement. During the year ended December 31, 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 cash proceeds of $131.1 million, net of commissions paid to distribution agents. In addition, we incurred $1.7 million of offering expenses related to the issuance of these common shares. No common shares were issued under the ATM Program in the years ended December 31, 2023 and 2022. 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 of the Company’s common shares. Under the program, the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s shares, trading volume and general market conditions. The share repurchase program does not obligate the Company to acquire any particular amount of common shares and may be suspended or discontinued at any time at the Company’s discretion. During the years ended December 31, 2024 and 2023, no shares were repurchased by the Company. All share repurchases by the Company were completed between March and April of 2020, and aggregated 5.9 million common shares at a weighted average share price of $9.22, for a total of $54.1 million. As of December 31, 2024 there was approximately $145.9 million remaining for share repurchases under this program. Units of the Operating Partnership The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership. As of December 31, 2024, Urban Edge owned approximately 95.2% 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 year ended December 31, 2024, the Company declared distributions on our common shares and OP units of $0.68 per share/unit. This comprised regular quarterly dividends of $0.17 per common share and OP unit declared for each quarter in 2024. During the years ended December 31, 2023 and 2022, the Company declared distributions on our common shares and OP units of $0.64 per share/unit. This comprised regular quarterly dividends of $0.16 per common share and OP unit declared for each quarter in 2023 and 2022. We have a Dividend Reinvestment Plan (the “DRIP”), whereby shareholders may use their dividends to purchase shares. During the years ended December 31, 2024, 2023 and 2022, 4,629, 5,421 and 5,512 shares were issued under the DRIP, respectively. Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership reflected on the consolidated balance sheets of the Company are comprised of OP units and limited partnership interests in the Operating Partnership in the form of LTIP unit awards. LTIP unit awards were granted to certain executives pursuant to our 2024 Omnibus Share Plan, 2015 Omnibus Share Plan and our 2018 Inducement Equity Plan. OP units were issued to contributors in exchange for their property interests in connection with the Company’s property acquisitions in 2017. The total of the OP units and LTIP units represent a 5.1% weighted-average interest in the Operating Partnership for the year ended December 31, 2024. Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for cash, or for the Company’s common shares on a one-for-one basis, solely at our election. Holders of outstanding OP units may redeem their units for cash or the Company’s common shares on a one-for-one basis, solely at our election. During the years ended December 31, 2024, 2023 and 2022, 301,583, 70,000 and 250,000 units, respectively, were redeemed for an equivalent amount of common shares of the Company. Noncontrolling Interests in Consolidated Subsidiaries The Company’s noncontrolling interests relate to the 5% interest held by others in our property in Walnut Creek, CA (Mount Diablo) and 17.5% held by others in our property in Massapequa, NY. T he net income attributable to noncontrolling interests is presented separately in our consolidated statements of income and comprehensive income.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Omnibus Share Plan On January 7, 2015, our board and initial shareholders approved the Urban Edge Properties Omnibus Share Plan, under which awards may be granted up to a maximum of 15,000,000 of our common shares or share equivalents. On May 1, 2024, the board and shareholders approved the Urban Edge Properties 2024 Omnibus Share Plan, under which awards may be granted up to a maximum of 7,400,000 of our common shares or share equivalents. The Urban Edge Properties 2024 Omnibus Share Plan replaces the previous share plan approved in January 2015 and are collectively referred to as the “Omnibus Share Plans”. Pursuant to the Omnibus Share Plans, stock options, LTIP units, operating partnership units and restricted shares were granted. 2022 Long-Term Incentive Plan On February 11, 2022, the Company established the 2022 Long-Term Incentive Plan (“2022 LTI Plan”) under the Omnibus Share Plans. The plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, receive awards in the form of LTIP units that, with respect to one half of the program, vest based solely on the passage of time, and with respect to the other half of the program, are earned and vest if certain relative and absolute TSR and/or FFO growth targets are achieved by the Company over a three-year performance period. The total grant date fair value under the 2022 LTI Plan was $8.6 million, comprising both performance-based and time-based awards as described further below: Performance-based awards For the performance-based awards under the 2022 LTI Plan, participants have the opportunity to earn awards in the form of LTIP units if Urban Edge’s absolute and/or relative TSR meets certain criteria over the three-year performance measurement period (the “TSR Performance Period”) beginning on February 11, 2022 and ending on February 10, 2025. Participants also have the opportunity to earn awards in the form of LTIP units if Urban Edge’s FFO growth component meets certain criteria over the three-year performance measurement period (the “FFO Performance Period”) beginning January 1, 2022 and ending on December 31, 2024. The Company granted performance-based awards under the 2022 LTI Plan representing 349,438 units. The fair value of the performance-based award portion of the 2022 LTI Plan on the grant date was $4.3 million using a Monte Carlo simulation to estimate the fair value of the Absolute and Relative components through a risk-neutral premise. Assumptions include historical volatility (51.0%), risk-free interest rates (1.7%), and historical daily return as compared to certain peer companies. Under the absolute TSR component, 50% of the LTIP units will be earned if the Company’s TSR over the TSR Performance Period is equal to 18%, 100% will be earned if the Company’s TSR over the TSR Performance Period is equal to 27%, and 200% will be earned if the Company’s TSR over the TSR Performance Period is equal to or greater than 36%. The relative TSR component is based on the Company’s performance compared to a peer group comprised of 13 companies. Under the relative TSR Component, 50% of the LTIP units will be earned if the Company’s TSR over the TSR Performance Period is equal to the 35 th percentile of the peer group, 100% will be earned if the Company’s TSR over the TSR Performance Period is equal to the 55 th percentile, and 200% will be earned if the Company’s TSR over the TSR Performance Period is equal to or above the 75 th percentile. Under the FFO growth component, 50% of the LTIP units will be earned if the Company’s FFO growth over the FFO Performance Period is equal to 3%, 100% will be earned if the Company’s FFO growth over the FFO Performance Period is equal to 5%, and 200% will be earned if the Company’s FFO growth over the FFO Performance Period is equal to or greater than 7%. If the Company’s performance-based awards are between such thresholds, earnings will be determined using linear interpolation. During the year ended December 31, 2024, 2023 and 2022, respectively, we recognized $1.0 million, $0.8 million and $0.7 million of compensation expense related to the performance-based awards under the 2022 LTI Plan. Time-based awards The time-based awards granted under the 2022 LTI Plan, also granted in the form of LTIP units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratable over four years. As of December 31, 2024, the Company granted time-based awards under the 2022 LTI Plan that represent 266,766 LTIP units with a grant date fair value of $4.3 million. During the years ended December 31, 2024, 2023 and 2022, respectively, we recognized $0.7 million, $0.9 million and $1.5 million, respectively, of compensation expense related to the time-based awards under the 2022 LTI Plan. 2023 Long-Term Incentive Plan On February 10, 2023, the Company established the 2023 Long-Term Incentive Plan (“2023 LTI Plan”) under the Omnibus Share Plans. 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 TSR and/or FFO and same-property net operating income (“SP NOI”) growth targets are achieved by the Company over a three-year performance period. The total grant date fair value under the 2023 LTI Plan was $7.4 million, comprising both performance-based and time-based awards as described further below: Performance-based awards For the performance-based awards under the 2023 LTI plan, participants have the opportunity to earn awards in the form of LTIP units if Urban Edge’s absolute and/or relative TSR meets certain criteria over the three-year performance measurement period beginning on February 10, 2023 and ending on February 9, 2026. Participants also have the opportunity to earn awards in the form of LTIP units if Urban Edge’s FFO growth component and SP NOI growth component meets certain criteria over the three-year performance measurement period beginning January 1, 2023 and ending on December 31, 2025. The Company granted performance-based awards under the 2023 LTI Plan representing 309,611 units. The fair value of the performance-based award portion of the 2023 LTI Plan on the grant date was $3.7 million using a Monte Carlo simulation to estimate the fair value of the Absolute and Relative components through a risk-neutral premise. Assumptions include historical volatility (53.3%), risk-free interest rates (4.2%), and historical daily return as compared to certain peer companies. Under the absolute TSR component, 50% of the LTIP units will be earned if the Company’s TSR over the TSR Performance Period is equal to 12%, 100% will be earned if the Company’s TSR over the TSR Performance Period is equal to 21%, and 200% will be earned if the Company’s TSR over the TSR Performance Period is equal to or greater than 30%. The relative TSR component is based on the Company’s performance compared to a peer group comprised of 11 companies. Under the relative TSR Component, 50% of the LTIP units will be earned if the Company’s TSR over the TSR Performance Period is equal to the 35 th percentile of the peer group, 100% will be earned if the Company’s TSR over the TSR Performance Period is equal to the 55 th percentile, and 200% will be earned if the Company’s TSR over the TSR Performance Period is equal to or above the 75 th percentile. Under the FFO growth component, 50% of the LTIP units will be earned if the Company’s FFO growth over the FFO Performance Period is equal to 1%, 100% will be earned if the Company’s FFO growth over the FFO Performance Period is equal to 3.5%, and 200% will be earned if the Company’s FFO growth over the FFO Performance Period is equal to or greater than 6%. Under the SP NOI Performance component, 50% of the LTIP units will be earned if the Company’s SP NOI Performance component is equal to the 35 th percentile of the peer group, 100% will be earned if the Company’s SP NOI growth over the SP NOI Performance Period is equal to the 55 th percentile, and 200% will be earned if the Company’s SP NOI growth over the SP NOI Performance Period is equal to or above the 75 th percentile. If the Company’s performance-based awards are between such thresholds, earnings will be determined using linear interpolation. During the years ended December 31, 2024 and 2023, respectively, we recognized $1.4 million and $0.9 million of compensation expense related to the performance-based awards under the 2023 LTI Plan. Time-based awards The time-based awards granted under the 2023 LTI Plan, also granted in the form of LTIP units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratable over four years. As of December 31, 2024, the Company granted time-based awards under the 2023 LTI Plan that represent 257,561 LTIP units with a grant date fair value of $3.7 million. During the years ended December 31, 2024 and 2023, respectively, we recognized $1.0 million and $1.1 million of compensation expense related to the time-based awards under the 2023 LTI Plan. 2024 Long-Term Incentive Plan On February 9, 2024, the Company established the 2024 Long-Term Incentive Plan (“2024 LTI Plan”) under the Omnibus Share Plans. 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 TSR and/or FFO and 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 295,892 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. Under the absolute TSR component, 50% of the LTIP units will be earned if the Company’s TSR over the TSR Performance Period is equal to 12%, 100% will be earned if the Company’s TSR over the TSR Performance Period is equal to 21%, and 200% will be earned if the Company’s TSR over the TSR Performance Period is equal to or greater than 30%. The relative TSR component is based on the Company’s performance compared to a peer group comprised of 10 companies. Under the relative TSR Component, 50% of the LTIP units will be earned if the Company’s TSR over the TSR Performance Period is equal to the 35 th percentile of the peer group, 100% will be earned if the Company’s TSR over the TSR Performance Period is equal to the 55 th percentile, and 200% will be earned if the Company’s TSR over the TSR Performance Period is equal to or above the 75 th percentile. Under the relative FFO growth performance, 50% of the LTIP units will be earned if the Company’s FFO growth over the Relative FFO Performance Period is equal to the 35 th percentile, 100% will be earned if the Company’s FFO growth over the Relative FFO Performance Period is equal to the 55 th percentile, and 200% will be earned if the Company’s FFO growth over the Relative FFO Performance Period is equal to or above the 75 th percentile. Under the SP NOI Performance component, 50% of the LTIP units will be earned if the Company’s SP NOI Performance component is equal to the 35 th percentile of the peer group, 100% will be earned if the Company’s SP NOI growth over the SP NOI Performance Period is equal to the 55 th percentile, and 200% will be earned if the Company’s SP NOI growth over the SP NOI Performance Period is equal to or above the 75 th percentile. If the Company’s performance-based awards are between such thresholds, earnings will be determined using linear interpolation. During the year ended December 31, 2024, we recognized $0.9 million of compensation expense related to the performance-based awards under the 2024 LTI Plan. 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 December 31, 2024, the Company granted time-based awards under the 2024 LTI Plan that represent 232,808 LTIP units with a grant date fair value of $3.7 million. During the year ended December 31, 2024, we recognized $1.0 million of compensation expense related to the time-based awards under the 2024 LTI Plan. 2025 Long-Term Incentive Plan On January 31, 2025, the Company established the 2025 Long-Term Incentive Plan (“2025 LTI Plan”) under the Omnibus Share Plans. The plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, receive awards in the form of LTIP units that, with respect to one half of the program, vest based solely on the passage of time, and with respect to the other half of the program, are earned and vest if certain relative and absolute TSR and/or FFO and SP NOI growth targets are achieved by the Company over a three year performance period (one-half of the program). As part of the 2025 LTI Plan, participants other than our named executive officers may receive restricted stock awards or LTIP unit awards subject to a three-year vesting period. The total grant date fair value under the 2025 LTI Plan was $8.8 million, comprising both performance-based and time-based awards. Other Long Term Incentive Plans The Company has several long-term incentive plans that were previously established under the Omnibus Share Plans but remain active for the years presented in this Annual Report on Form 10-K, including the 2017 Outperformance Plan (“2017 OPP”), 2018 Long-Term Incentive Plan (“2018 LTI Plan”), 2019 Long-Term Incentive Plan (“2019 LTI Plan”), 2020 Long-Term Incentive Plan (“2020 LTI Plan”), and 2021 Long-Term Incentive Plan (“2021 LTI Plan”). The plans are multi-year, equity compensation programs under which participants, including our Chairman and Chief Executive Officer, have the opportunity to earn awards in the form of LTIP units that vest based on the passage of time and performance goals tied to our relative and absolute TSR during the performance period following their grant date. The aggregate fair values of these plans on the date of their grants was $38.5 million. In the years ending December 31, 2024, 2023, and 2022 we recognized $1.0 million, $2.3 million and $4.8 million, respectively, of compensation expense related to the 2017 OPP, 2018 LTI Plan, 2019 LTI Plan, 2020 LTI Plan, and 2021 LTI Plan. As of December 31, 2024, there was $0.2 million of unrecognized compensation cost related to the 2020 LTI Plan. 2024 Equity Matching Award The Compensation Committee approved a Matching Award pursuant to which officers of the Company may elect to forgo all or a portion (in 25% increments) of their 2024 cash bonuses, and instead, receive LTIP units with a grant date fair value equal to the cash forgone, 20% of which are matched by the Company and all of which vest ratably over three years. The program is designed to enhance retention and increase employee ownership in the Company to further align with shareholder interests. On January 31, 2025, the Compensation Committee approved the grant of $6.7 million under the Matching Award, which reflects both the cash bonus forgone and the portion matched by the Company. 2023 Equity Matching Award The Compensation Committee approved a Matching Award pursuant to which officers of the Company may elect to forgo all or a portion (in 25% increments) of their 2023 cash bonuses, and instead, receive LTIP units with a grant date fair value equal to the cash forgone, that are matched on a one-for-one basis by the Company and all of which vest ratably over four years. The program is designed to enhance retention and increase employee ownership in the Company to further align with shareholder interests. On February 9, 2024, the Compensation Committee approved the grant of $12.6 million under the Matching Award, which reflects both the cash bonus forgone and the portion matched by the Company. Units, Deferred Share Units, and Restricted Share Units Granted to Trustees All trustees are granted annual awards in the form of LTIP units, Deferred Share Units (“DSU”), or Restricted Share Units (“RSU”). The following table presents trustee awards granted over the last three years: Award Date Award Type # of Units Granted Weighted Average Grant Date Fair Value Per Unit May 6, 2024 LTIP 40,025 $14.99 May 6, 2024 DSU 8,528 14.07 May 6, 2024 RSU 7,036 17.06 May 3, 2023 LTIP 56,556 12.73 May 3, 2023 DSU 10,050 11.94 May 3, 2023 RSU 8,293 14.47 March 15, 2023 RSU 8,352 13.94 October 3, 2022 LTIP 15,566 10.97 September 1, 2022 LTIP 14,194 12.74 June 10, 2022 DSU 8,645 13.88 June 10, 2022 LTIP 51,498 13.99 Shares Under Option All stock options granted have ten-year contractual lives, containing vesting terms of three Restricted Shares The following table presents information regarding restricted share activity during the year ended December 31, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2024 92,602 $ 15.95 Granted 63,041 17.40 Vested (42,037) 15.90 Forfeited (6,792) 16.28 Unvested at December 31, 2024 106,814 $ 16.81 During the year ended December 31, 2024, we granted 63,041 restricted shares that are subject to forfeiture and vest over periods ranging from one Restricted Units During the years ended December 31, 2024, 2023 and 2022, respectively, there were 1,043,543, 314,117, and 431,330 LTIP units issued. During the years ended December 31, 2024, 2023 and 2022, 336,661, 277,133, and 498,298 units vested, respectively. During the years ended December 31, 2024, 2023 and 2022, 5,838, 825, and 75,962 units were forfeited, respectively. During the years ended December 31, 2024 and 2023, there were 301,583 and 20,000 restricted units converted to common shares, respectively. There were no restricted units converted to common shares during the year ended December 31, 2022. As of December 31, 2024 the remaining 1,379,717 units vest over a weighted average period of approximately six years. 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: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Share-based compensation expense components: LTIP expense (1) $ 5,269 $ 4,052 $ 5,862 Performance-based LTI expense (2) 4,184 2,883 3,170 Stock option expense — 20 977 Restricted share expense 859 732 367 DSU expense 119 124 110 Total Share-based compensation expense $ 10,431 $ 7,811 $ 10,486 (1) LTIP expense includes the time-based portion of the 2024, 2023, 2022, 2021, and 2020 LTI Plans. (2) Performance-based LTI expense includes the 2017 OPP plan and the performance-based portion of the 2024, 2023, 2022, 2021, 2020, and 2019 LTI Plans. As of December 31, 2024, we had a total of $16.6 million of unrecognized compensation expense related to unvested and restricted share-based payment arrangements including LTIP units, deferred share units, and restricted share awards which were granted under our Omnibus Share Plans. This expense is expected to be recognized over a weighted average period of four years.

EARNINGS PER SHARE AND UNIT

EARNINGS PER SHARE AND UNIT	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND UNIT	EARNINGS PER SHARE AND UNIT Urban Edge Earnings per Share We have calculated 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. For the years ended December 31, 2024, 2023, and 2022, there were options outstanding for 2,603,664, 2,930,762, and 3,930,762 shares, respectively, that potentially could be exercised for common shares. During the years ended December 31, 2024, 2023 and 2022, no options were included in the diluted EPS calculation as their exercise prices were higher than the average market prices of our common shares. In addition, as of December 31, 2024 there were 106,814 unvested restricted shares outstanding that potentially could become unrestricted common shares. The computation of diluted EPS for the years ended December 31, 2024, 2023 and 2022 included 107,821, 90,804, and 59,459 weighted average unvested restricted shares outstanding, respectively, as their effect is dilutive. The effect of the redemption of OP and vested LTIP units is not reflected in the computation of basic earnings per share, 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 assumed redemption of OP and vested LTIP units is included in the determination of diluted earnings per share when they have a dilutive effect on the calculation. The following table sets forth the computation of our basic and diluted earnings per share: Year Ended December 31, (Amounts in thousands, except per share amounts) 2024 2023 2022 Numerator: Net income attributable to common shareholders $ 72,563 $ 248,497 $ 46,170 Less: earnings allocated to unvested participating securities (65) (200) (23) Net income available for common shareholders - basic $ 72,498 $ 248,297 $ 46,147 Impact of assumed conversions: OP and LTIP units — 134 1,635 Net income available for common shareholders - dilutive $ 72,498 $ 248,431 $ 47,782 Denominator: Weighted average common shares outstanding - basic 121,324 117,506 117,366 Effect of dilutive securities: Restricted share awards 108 91 59 Assumed conversion of OP and LTIP units — — 4,215 Weighted average common shares outstanding - diluted 121,432 117,597 121,640 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.60 $ 2.11 $ 0.39 Earnings per common share - Diluted $ 0.60 $ 2.11 $ 0.39 Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Year Ended December 31, (Amounts in thousands, except per unit amounts) 2024 2023 2022 Numerator: Net income attributable to unitholders $ 76,541 $ 260,396 $ 48,065 Less: net income attributable to participating securities (1,108) (200) (23) Net income available for unitholders $ 75,433 $ 260,196 $ 48,042 Denominator: Weighted average units outstanding - basic 125,987 121,901 121,374 Effect of dilutive securities issued by Urban Edge 108 91 59 Unvested LTIP units — — 207 Weighted average units outstanding - diluted 126,095 121,992 121,640 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.60 $ 2.13 $ 0.40 Earnings per unit - Diluted $ 0.60 $ 2.13 $ 0.39

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting Disclosure	SEGMENT REPORTING Our primary business is the ownership, management, acquisition, development, and redevelopment of retail shopping centers and malls. Substantially all of our revenues are derived from contractual rents and tenant expense reimbursements as outlined within individual lease agreements. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance and allocating resources. We review operating and financial information for each property on an individual basis and therefore each property represents an individual operating segment. Our properties are aggregated into a single reportable segment due to the similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance and the fact that they are operated using consistent business strategies. The Company’s CODM, its Chief Executive Officer, reviews operating and financial information at the individual operating segment using property net operating income (“Property NOI”) as the key measure to assess performance and allocate resources. Property NOI is defined as all revenues and expenses incurred at the property level excluding non-cash rental income and expenses, impairments on depreciable real estate, lease termination income, interest and debt expense, and gains or losses from sale of real estate and debt extinguishments. Property NOI excludes corporate level transactions. The CODM also uses Property NOI and its components to monitor budget versus actual results, perform variance analysis of current results to prior period results, and forecast future performance. Company resources are allocated by evaluating the operating results of the individual segments and business as a whole as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with the Company’s overall business strategy. The CODM does not review asset information as a measure to assess performance. The following table provides the components of Property NOI related to our single reportable segment for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 REVENUE Property rentals $ 312,674 $ 291,717 $ 286,747 Tenant expense reimbursements 119,141 104,756 103,787 Total property revenues 431,815 396,473 390,534 EXPENSES Real estate taxes 70,521 66,756 63,688 Property operating 79,159 68,997 74,797 Lease expense 9,559 11,110 11,540 Total property operating expenses 159,239 146,863 150,025 Property net operating income $ 272,576 $ 249,610 $ 240,509 Reconciliation of Property NOI to income before income taxes Depreciation and amortization (150,389) (108,979) (98,432) Interest and debt expense (81,587) (74,945) (58,979) General and administrative expense (37,474) (37,070) (43,087) Gain (loss) on extinguishment of debt 21,423 41,144 — Real estate impairment loss — (34,055) — Interest income 2,192 2,608 1,056 Straight-line rents, amortization of above and below-market leases, and other 11,999 11,610 8,257 Gain on sale of real estate 38,818 217,708 353 Other (expense) income (1) 270 10,045 565 Income before income taxes $ 77,828 $ 277,676 $ 50,242 (1) Includes intercompany eliminations, lease expense for our corporate offices and other income and expenses.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III - Real Estate and Accumulated Depreciation	URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Initial cost to company Gross amount at which Description Encumbrances Land Building and Costs Land Building and Total (2) Accumulated depreciation and amortization (1) Date of Date SHOPPING CENTERS AND MALLS: Baltimore (Towson), MD $ — $ 581 $ 3,227 $ 20,587 $ 581 $ 23,814 $ 24,395 $ (11,109) 1968 1968 Bensalem, PA — 2,727 6,698 2,039 2,727 8,737 11,464 (5,166) 1972/ 1999 1972 Bergen Town Center - East, Paramus, NJ — 6,305 6,824 29,928 4,572 38,485 43,057 (12,313) 1957/ 2009 2003/ 2019 Bergen Town Center - West, Paramus, NJ 290,000 22,930 89,358 440,364 33,430 519,223 552,653 (172,317) 1957/ 2009 2003/ 2020 Brick, NJ 50,000 1,391 11,179 15,592 1,391 26,771 28,162 (16,427) 1968 1968 Bronx (Bruckner Boulevard), NY — 66,100 259,503 29,236 42,643 312,196 354,839 (71,431) N/A 2007 Bronx (Shops at Bruckner), NY 37,350 — 32,979 18,470 — 51,449 51,449 (7,388) N/A 2017 Bronx (1750-1780 Gun Hill Road), NY — 6,427 11,885 24,014 6,428 35,898 42,326 (16,647) 2009 2005 Brooklyn (Kingswood Crossing), NY — 8,150 64,159 3,521 8,150 67,680 75,830 (9,057) N/A 2020 Broomall, PA — 850 2,171 11,225 644 13,602 14,246 (2,982) 1966 1966 Buffalo (Amherst), NY — 5,743 4,056 16,022 4,697 21,124 25,821 (9,455) 1968 1968 Cambridge (leased through 2033) (3) , MA — — — 504 — 504 504 (183) N/A 2007 Carlstadt (leased through 2050) (3) , NJ — — 16,458 214 — 16,672 16,672 (7,189) N/A 2007 Charleston (leased through 2063) (3) , SC — — 3,634 308 — 3,942 3,942 (1,761) N/A 2006 Cherry Hill (Plaza at Cherry Hill), NJ — 14,602 33,666 3,379 13,804 37,843 51,647 (8,690) N/A 2017 Dewitt (leased through 2041) (3) , NY — — 7,116 — — 7,116 7,116 (3,468) N/A 2006 East Brunswick, NJ 63,000 2,417 17,169 7,695 2,417 24,864 27,281 (20,940) 1957/ 1957/ East Hanover (200 - 240 Route 10 West), NJ 60,155 2,232 18,241 17,712 2,671 35,514 38,185 (25,554) 1962 1962/ East Rutherford (leased through 2099) (3) , NJ 23,000 — 36,727 2,066 — 38,793 38,793 (12,966) 2007 2007 Everett (Gateway Center), MA — 57,546 36,473 55 57,546 36,528 94,074 (3,689) 2000 2023 Framingham (Shopper's World), MA — 42,861 198,317 122 42,861 198,439 241,300 (8,961) 1951 2023 Freeport (Meadowbrook Commons) (leased through 2040) (3) , NY — — — 927 — 927 927 (324) N/A 2005 Gambrills, MD 55,071 36,722 91,177 25 36,722 91,202 127,924 (590) 2000 2024 Garfield, NJ 38,886 45 8,068 46,807 44 54,876 54,920 (27,628) 2009 1998 Glenarden, MD (Woodmore Towne Centre) 117,200 28,397 144,834 2,294 28,214 147,311 175,525 (15,295) N/A 2021 Glenolden, PA — 850 1,820 939 850 2,759 3,609 (2,464) 1975 1975 Hackensack, NJ 66,400 692 10,219 7,880 692 18,099 18,791 (14,136) 1963 1963 Initial cost to company Gross amount at which Description Encumbrances Land Building and Costs Land Building and Total (2) Accumulated depreciation and amortization (1) Date of Date Huntington, NY 43,704 21,200 33,667 41,881 20,814 75,934 96,748 (11,321) N/A 2007 Hyde Park (Shops at Riverwood), MA 20,958 10,867 19,441 159 10,867 19,600 30,467 (1,559) N/A 2022 Inwood, NY — 12,419 19,097 4,234 12,419 23,331 35,750 (5,781) N/A 2004 Jersey City (Hudson Commons), NJ — 652 7,495 1,185 652 8,680 9,332 (4,878) 1965 1965 Jersey City (Hudson Mall), NJ — 15,824 37,593 1,630 14,289 40,758 55,047 (9,017) N/A 2017 Kearny, NJ — 309 3,376 19,355 296 22,744 23,040 (9,863) 1938 1959 Lancaster, PA — 3,140 63 2,227 3,140 2,290 5,430 (1,448) 1966 1966 Lodi (Washington Street, NJ) — 7,606 13,125 (8,778) 3,823 8,130 11,953 (3,968) N/A 2004 Manalapan, NJ — 725 7,189 8,859 826 15,947 16,773 (10,293) 1971 1971 Manchester, MO 12,500 4,409 13,756 (6,008) 2,858 9,299 12,157 (1,585) N/A 2017 Marlton, NJ 36,024 1,611 3,464 19,709 1,385 23,399 24,784 (14,215) 1973 1973 Massapequa, (portion leased through 2069) (3) , NY — 45,153 6,226 60,462 14,330 97,511 111,841 (330) N/A 2020 Middletown, NJ 29,610 283 5,248 2,721 283 7,969 8,252 (7,038) 1963 1963 Millburn, NJ 21,525 15,783 25,837 (2,013) 15,783 23,824 39,607 (5,386) N/A 2017 Montclair, NJ 7,250 66 419 472 66 891 957 (819) 1972 1972 Montehiedra, Puerto Rico 73,551 9,182 66,751 44,507 8,030 112,410 120,440 (47,062) 1996/ 1997 Morris Plains, NJ 30,000 1,104 6,411 23,133 1,104 29,544 30,648 (12,788) 1961 1985 Mount Kisco, NY 10,390 22,700 26,700 5,265 23,297 31,368 54,665 (12,710) N/A 2007 New Hyde Park (leased through 2029) (3) , NY — — 4 — — 4 4 (4) 1970 1976 Newington, CT 15,719 2,421 1,200 2,541 2,113 4,049 6,162 (1,789) 1965 1965 Norfolk (leased through 2069) (3) , VA — — 3,927 15 — 3,942 3,942 (3,939) N/A 2005 North Bergen (Kennedy Boulevard), NJ — 2,308 636 276 2,308 912 3,220 (810) 1993 1959 North Bergen (Tonnelle Avenue), NJ 95,286 24,978 10,462 58,470 33,988 59,922 93,910 (26,048) 2009 2006 North Plainfield, NJ 23,717 6,577 13,983 1,252 6,577 15,235 21,812 (6,850) 1955 1989 Paramus (leased through 2033) (3) , NJ — — — 12,569 — 12,569 12,569 (7,991) 1957/ 2003 Queens, NY — 14,537 12,304 5,264 14,537 17,568 32,105 (4,661) N/A 2015 Rochester (Henrietta) (leased through 2056) (3) , NY — — 2,647 1,165 — 3,812 3,812 (3,662) 1971 1971 Rockaway, NJ 26,215 559 6,363 5,113 559 11,476 12,035 (8,195) 1964 1964 Rockville, MD — 3,470 20,599 1,685 3,470 22,284 25,754 (10,802) N/A 2005 Roxbury Township, NJ 50,000 24,313 56,352 637 23,815 57,487 81,302 (2,210) 2020 2024 Revere (Wonderland), MA — 6,323 17,130 586 6,323 17,716 24,039 (4,836) N/A 2019 Salem (leased through 2102) (3) , NH — 6,083 — (1,821) 2,994 1,268 4,262 (331) N/A 2006 Shops at Caguas, Puerto Rico 81,504 15,280 64,370 26,073 15,280 90,443 105,723 (42,003) 1996 2002 South Plainfield (leased through 2039) (3) , NJ — — 10,044 1,950 — 11,994 11,994 (5,460) N/A 2007 Initial cost to company Gross amount at which Description Encumbrances Land Building and Costs Land Building and Total (2) Accumulated depreciation and amortization (1) Date of Date Springfield (leased through 2025) (3) , PA — — — 80 — 80 80 (80) N/A 2005 Staten Island, NY — 11,446 21,262 5,813 11,446 27,075 38,521 (14,273) N/A 2004 Totowa, NJ 50,800 120 11,994 1,109 45 13,178 13,223 (10,345) 1957/ 1957 Union (Route 22 and Morris Avenue), NJ — 3,025 7,470 7,770 3,012 15,253 18,265 (8,076) 1962 1962 Walnut Creek (1149 South Main Street), CA — 2,699 19,930 (1,003) 2,699 18,927 21,626 (5,566) N/A 2006 Walnut Creek (Mt. Diablo), CA — 5,909 — 3,599 2,589 6,919 9,508 (236) N/A 2007 Watchung (Greenbrook Commons), NJ 31,000 4,178 5,463 3,537 4,441 8,737 13,178 (7,062) 1994 1959 Watchung (Heritage Square), NJ — 7,343 24,643 832 7,343 25,475 32,818 (978) 2019 2024 Wheaton (leased through 2060) (3) , MD — — 5,367 — — 5,367 5,367 (2,449) N/A 2006 Wilkes-Barre (461 - 499 Mundy Street), PA — 6,053 26,646 (11,247) 3,133 18,319 21,452 (1,457) N/A 2007 Woodbridge (Woodbridge Commons), NJ 22,100 1,509 2,675 6,339 1,539 8,984 10,523 (5,058) 1959 1959 Woodbridge (Plaza at Woodbridge), NJ 50,905 21,547 75,017 6,900 20,925 82,539 103,464 (18,408) N/A 2017 Wyomissing (leased through 2065) (3) , PA — — 2,646 1,144 — 3,790 3,790 (3,010) N/A 2005 Yonkers, NY 50,000 63,341 110,635 19,204 65,716 127,464 193,180 (27,178) N/A 2017 TOTAL UE PROPERTIES $ 1,583,820 $ 714,620 $ 1,945,585 $ 1,080,777 $ 660,198 $ 3,080,785 $ 3,740,983 $ (881,958) Leasehold Improvements, — — — 11,296 — 11,296 11,296 (4,928) TOTAL $ 1,583,820 $ 714,620 $ 1,945,585 $ 1,092,073 $ 660,198 $ 3,092,081 $ 3,752,279 $ (886,886) (1) Depreciation of the buildings and improvements are calculated over lives ranging from one to forty years. (2) Adjusted tax basis for federal income tax purposes was $1.9 billion as of December 31, 2024. (3) The Company is a lessee under a ground or building lease. The building will revert to the lessor upon lease expiration. URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in thousands) The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2024 2023 2022 Real Estate Balance at beginning of period $ 3,586,179 $ 3,326,884 $ 3,205,450 Additions during the period: Land 68,378 103,466 11,984 Buildings & improvements 187,951 255,463 54,082 Construction in progress 82,599 83,703 101,696 3,925,107 3,769,516 3,373,212 Less: Impairments, assets sold, written-off or reclassified as held for sale (172,828) (183,337) (46,328) Balance at end of period $ 3,752,279 $ 3,586,179 $ 3,326,884 Accumulated Depreciation Balance at beginning of period $ 819,243 $ 791,485 $ 753,947 Additions charged to operating expenses 116,140 91,407 83,866 935,383 882,892 837,813 Less: Accumulated depreciation on assets sold, written-off or reclassified as held for sale (48,497) (63,649) (46,328) Balance at end of period $ 886,886 $ 819,243 $ 791,485

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to common shareholders	$ 72,563	$ 248,497	$ 46,170

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	As we see increased reliance on information technology in the workplace and our business operations, and more companies offering hybrid work schedules, Urban Edge has employed several measures to mitigate cyber risks. The Cyber Steering Committee is responsible for the risk management program which includes, but is not limited to, identifying cyber risks, the risk severity, risk response, and tracking risk remediation. The Cyber Steering Committee meets (i) at least quarterly to review emerging threats, controls, and procedures, (ii) at least annually with the Corporate Governance and Nominating Committee to discuss trends in cyber risks and our strategy to defend our information against cybersecurity incidents, and (iii) promptly following the occurrence of a material cyber incident. In addition to a dedicated information technology and cybersecurity team monitoring our daily operations, the Company engages an independent third-party cybersecurity audit firm to periodically review cybersecurity risks and our Incident Response Program. The third-party firm evaluates our preparedness based on several factors including cyber risk assessment, vulnerability management, disaster recovery, and penetration testing. They also simulate attacks on the Company as part of their audit procedures to gauge if our incident response is repeatable and effective and provide recommendations for areas of improvement. Our vendor management program requires that critical and/or significant third-party service providers furnish information about their cyber policies to ensure compliance with cybersecurity standards. We utilize a risk-based approach that aligns with the National Institute of Standards and Technology Cybersecurity Framework, and Microsoft best practices. Our policies and procedures are reviewed and updated annually by the Cyber Steering Committee and incorporate third-party assessments to benchmark ourselves against industry standards. The Company utilizes advanced endpoint protection, firewalls, intrusion detection and prevention, threat intelligence, security event logging and correlation, and backup and redundancy systems. We have formal policies and procedures addressing data retention, incident response, asset and device management and have a Disaster Recovery and Business Continuity Committee that meets biannually to review and update our plan, policies, and procedures to align with changes in risk assessment and emerging technologies. In addition, our Information Technology team conducts disaster recovery tests annually and reports results to the Cyber Steering Committee. A cybersecurity breach may result in disruption of our operations, damage to our reputation and cause us to lose revenue or incur significant expenses to remediate which could have a material adverse effect on our results of operations or consolidated financial position. As of the date of this report, we have not experienced any material cyber breaches and are periodically reviewing our policies and procedures to respond to, and mitigate the impact of, emerging trends and technologies affecting our industry. Additionally, as a public company, we are subject to the Sarbanes-Oxley Act requirements and must undergo independent audits of information technology general controls in support of internal control over financial reporting. These audits, which are conducted by our independent public accounting firm, assess key information security and cybersecurity risks in the environment that may affect the confidentiality, integrity and availability of systems and data. Any control deficiencies that represent cybersecurity risks, as well as any recommended changes to our processes, if appropriate, would be reported to senior management and the Board of Trustees.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	As we see increased reliance on information technology in the workplace and our business operations, and more companies offering hybrid work schedules, Urban Edge has employed several measures to mitigate cyber risks. The Cyber Steering Committee is responsible for the risk management program which includes, but is not limited to, identifying cyber risks, the risk severity, risk response, and tracking risk remediation. The Cyber Steering Committee meets (i) at least quarterly to review emerging threats, controls, and procedures, (ii) at least annually with the Corporate Governance and Nominating Committee to discuss trends in cyber risks and our strategy to defend our information against cybersecurity incidents, and (iii) promptly following the occurrence of a material cyber incident. In addition to a dedicated information technology and cybersecurity team monitoring our daily operations, the Company engages an independent third-party cybersecurity audit firm to periodically review cybersecurity risks and our Incident Response Program. The third-party firm evaluates our preparedness based on several factors including cyber risk assessment, vulnerability management, disaster recovery, and penetration testing. They also simulate attacks on the Company as part of their audit procedures to gauge if our incident response is repeatable and effective and provide recommendations for areas of improvement. Our vendor management program requires that critical and/or significant third-party service providers furnish information about their cyber policies to ensure compliance with cybersecurity standards. We utilize a risk-based approach that aligns with the National Institute of Standards and Technology Cybersecurity Framework, and Microsoft best practices. Our policies and procedures are reviewed and updated annually by the Cyber Steering Committee and incorporate third-party assessments to benchmark ourselves against industry standards. The Company utilizes advanced endpoint protection, firewalls, intrusion detection and prevention, threat intelligence, security event logging and correlation, and backup and redundancy systems. We have formal policies and procedures addressing data retention, incident response, asset and device management and have a Disaster Recovery and Business Continuity Committee that meets biannually to review and update our plan, policies, and procedures to align with changes in risk assessment and emerging technologies. In addition, our Information Technology team conducts disaster recovery tests annually and reports results to the Cyber Steering Committee. A cybersecurity breach may result in disruption of our operations, damage to our reputation and cause us to lose revenue or incur significant expenses to remediate which could have a material adverse effect on our results of operations or consolidated financial position.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity is an integral part of the Board of Trustees’, Audit Committee’s and Corporate Governance and Nominating Committee’s risk analysis and discussions with management. The Board of Trustees has assigned cybersecurity oversight responsibility to the Corporate Governance and Nominating Committee as outlined in the Committee’s Charter, which is publicly available on the Company’s website.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Trustees has assigned cybersecurity oversight responsibility to the Corporate Governance and Nominating Committee as outlined in the Committee’s Charter, which is publicly available on the Company’s website. We also have a Cyber Steering Committee which works in conjunction with the Computer Incident Response Team (“CIRT”) to develop strategies to mitigate risks and to address any cyber issues that may arise. The Cyber Steering Committee and CIRT are made up of certain executives, management, members of our information technology team and third-party advisors. The committees are led by our SVP, Chief Information Officer.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our policies outline processes for identifying, reporting, investigating, and responding to a cyber incident. In the event of such an incident, the CIRT coordinator will work with the Cyber Steering Committee to conduct a risk analysis. The committee may also engage other members of management to assess the tangible, intangible and financial impact of the incident. Any breach or cyber incident that meets certain criteria will be communicated by the Cyber Steering Committee to the Corporate Governance and Nominating Committee in a timely manner.
Cybersecurity Risk Role of Management [Text Block]	The SVP, Chief Information Officer researches the latest technologies and trends used by cybercriminals through publications, conferences and discussions with peers. Cyber threats identified are communicated to all members of the Company via email to promote awareness and assist with protecting us from potential risks or breaches. All employees are required to undergo regular security awareness trainings and we routinely conduct internal phishing and other exercises to gauge the effectiveness of the trainings and assess the need for continued education and/or areas where improvement may be needed.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Cyber Steering Committee and CIRT are made up of certain executives, management, members of our information technology team and third-party advisors. The committees are led by our SVP, Chief Information Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The SVP, Chief Information Officer researches the latest technologies and trends used by cybercriminals through publications, conferences and discussions with peers.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our policies outline processes for identifying, reporting, investigating, and responding to a cyber incident. In the event of such an incident, the CIRT coordinator will work with the Cyber Steering Committee to conduct a risk analysis. The committee may also engage other members of management to assess the tangible, intangible and financial impact of the incident. Any breach or cyber incident that meets certain criteria will be communicated by the Cyber Steering Committee to the Corporate Governance and Nominating Committee in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for annual financial information and with the instructions of Form 10-K
Consolidation and Noncontrolling Interests	The consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022 reflect the consolidation of the Company, the Operating Partnership, wholly-owned subsidiaries and those entities in which we have a controlling financial interest. All intercompany transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates —
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 Real estate assets to be sold are reported at the lower of their carrying value or estimated fair value less costs to sell and are classified as real estate held for sale and included in prepaid expenses and other assets on the Company’s consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in real estate impairment loss on the consolidated statements of income and comprehensive income. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. The Company classifies real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset or that the plan will be withdrawn. 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, including market-based rental revenues. 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 quarterly, and 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, future market rental rates and, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiation. Impairment assessments are based on our current plans, intended holding periods and available market information at the time the assessments 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.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents — Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, including money market accounts, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). To date we have not experienced any losses on our invested cash. Restricted Cash — Restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, leasing commissions, capital expenditures and cash held for potential Internal Revenue Code Section 1031 tax deferred exchange transactions.
Accounts Receivables and Changes in Collectbility 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.
Deferred Leasing Costs	Deferred Leasing Costs — Deferred leasing costs include incremental costs of a lease that would have not been incurred if the lease had not been executed, including broker and sale commissions, and contingent legal fees. Such costs are capitalized and amortized on a straight-line basis over the term of the related leases as depreciation and amortization expense on the consolidated statements of income and comprehensive income. Deferred leasing costs also includes lease incentives that can be used at the discretion of the tenant. Lease incentives are capitalized and amortized over the term of the related leases as a reduction to rental revenue on the consolidated statements of income and comprehensive income.
Deferred Financing Costs	Deferred Financing Costs
Revenue Recognition	Revenue Recognition — We have the following revenue sources and revenue recognition policies: • Rental revenue: Rental revenue comprises revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC 842 Leases, as described further in our Leases accounting policy in Note 3 to the audited consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K. • Rental revenue deemed uncollectible: 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. • Other income: Other income is generated in connection with certain services provided to tenants for which we earn a fee as well as management and development fee income from contractual property management agreements with third parties, and certain miscellaneous income that pertains to our operations. This revenue is recognized as the services are transferred in accordance with ASC 606 Revenue from Contracts with Customers .
Leases, lessor	Leases — We have approximately 1,100 operating leases at our properties, which generate rental income from tenants and operating cash flows for the Company. Our tenant leases are dependent on the Company, as lessor, agreeing to provide our tenants with the right to control the use of our real estate assets, as lessees. Our real estate assets are comprised of retail shopping centers and malls. Tenants agree to use and control their agreed upon space for their business purposes. Thus, our tenants obtain substantially all of the economic benefits from the use of our shopping center space and have the right to direct how and for what purpose the real estate space is used throughout the period of use. Given these contractual terms, the Company has determined that all tenant contracts of this nature contain a lease. The Company assesses lease classification for each new and modified lease. All new and modified leases which commenced in the year ended December 31, 2024 have been assessed and classified as operating leases. Contractual rent increases of renewal options are often fixed at the time of the initial lease agreement which may result in tenants being able to exercise their renewal options at amounts that are less than the fair value of the rent at the date of renewal. In addition to fixed base rents, certain rental income derived from our tenant leases is variable and may be dependent on percentage rent or the Consumer Price Index (“CPI”). Variable lease payments from percentage rents are earned by the Company in the event the tenant's gross sales exceed certain amounts. Terms of percentage rent are agreed upon in the tenant's lease and will vary based on the tenant's sales. Variable lease payments dependent on the CPI will change in accordance with the corresponding increase or decrease in CPI if negotiated and agreed upon in the tenant's lease. Variable lease payments dependent on percentage rent and the CPI were $5.7 million, $5.5 million and $9.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease payments also arise from tenant expense reimbursements, which provide for the recovery of all or a portion of the operating expenses, common area maintenance expenses, real estate taxes, insurance and capital improvements of the respective property and amounted to $118.5 million, $103.7 million and $103.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company accounts for variable lease payments as rental revenue on the consolidated statements of income and comprehensive income in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. The Company also has 20 properties in its portfolio either completely or partially on land or in a building that are owned by third parties. These properties are leased or subleased to us pursuant to ground leases, building leases or easements, with remaining terms ranging from one (“ROU”) assets are recorded for these leases, which represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from these leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The initial measurement of a ROU asset may differ from the initial measurement of the lease liability due to initial direct costs, prepaid lease payments and lease incentives. As of December 31, 2024, no other contracts have been identified as leases . Our leases often offer renewal options, which we assess against relevant economic factors to determine whether the Company is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods, for which the Company has determined are reasonably certain of being exercised, are included in the measurement of the corresponding lease liability and ROU asset. For finance leases and operating leases, the discount rate applied to measure each ROU asset and lease liability is based on the incremental borrowing rate of the lease due to the rate implicit in the lease not being readily determinable. The Company initially considers the general economic environment and factors in various financing and asset specific secured borrowings so that the overall incremental borrowing rate is appropriate to the intended use of the lease. Certain expenses derived from these leases are variable and are not included in the measurement of the corresponding lease liability and ROU asset, but are recognized in the period in which the obligation for those payments is incurred. These variable lease payments consist of payments for real estate taxes and common area maintenance, which is dependent on projects and activities at each individual property under ground or building lease.
Leases, lessee	Leases — We have approximately 1,100 operating leases at our properties, which generate rental income from tenants and operating cash flows for the Company. Our tenant leases are dependent on the Company, as lessor, agreeing to provide our tenants with the right to control the use of our real estate assets, as lessees. Our real estate assets are comprised of retail shopping centers and malls. Tenants agree to use and control their agreed upon space for their business purposes. Thus, our tenants obtain substantially all of the economic benefits from the use of our shopping center space and have the right to direct how and for what purpose the real estate space is used throughout the period of use. Given these contractual terms, the Company has determined that all tenant contracts of this nature contain a lease. The Company assesses lease classification for each new and modified lease. All new and modified leases which commenced in the year ended December 31, 2024 have been assessed and classified as operating leases. Contractual rent increases of renewal options are often fixed at the time of the initial lease agreement which may result in tenants being able to exercise their renewal options at amounts that are less than the fair value of the rent at the date of renewal. In addition to fixed base rents, certain rental income derived from our tenant leases is variable and may be dependent on percentage rent or the Consumer Price Index (“CPI”). Variable lease payments from percentage rents are earned by the Company in the event the tenant's gross sales exceed certain amounts. Terms of percentage rent are agreed upon in the tenant's lease and will vary based on the tenant's sales. Variable lease payments dependent on the CPI will change in accordance with the corresponding increase or decrease in CPI if negotiated and agreed upon in the tenant's lease. Variable lease payments dependent on percentage rent and the CPI were $5.7 million, $5.5 million and $9.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease payments also arise from tenant expense reimbursements, which provide for the recovery of all or a portion of the operating expenses, common area maintenance expenses, real estate taxes, insurance and capital improvements of the respective property and amounted to $118.5 million, $103.7 million and $103.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company accounts for variable lease payments as rental revenue on the consolidated statements of income and comprehensive income in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. The Company also has 20 properties in its portfolio either completely or partially on land or in a building that are owned by third parties. These properties are leased or subleased to us pursuant to ground leases, building leases or easements, with remaining terms ranging from one (“ROU”) assets are recorded for these leases, which represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from these leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The initial measurement of a ROU asset may differ from the initial measurement of the lease liability due to initial direct costs, prepaid lease payments and lease incentives. As of December 31, 2024, no other contracts have been identified as leases . Our leases often offer renewal options, which we assess against relevant economic factors to determine whether the Company is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods, for which the Company has determined are reasonably certain of being exercised, are included in the measurement of the corresponding lease liability and ROU asset. For finance leases and operating leases, the discount rate applied to measure each ROU asset and lease liability is based on the incremental borrowing rate of the lease due to the rate implicit in the lease not being readily determinable. The Company initially considers the general economic environment and factors in various financing and asset specific secured borrowings so that the overall incremental borrowing rate is appropriate to the intended use of the lease. Certain expenses derived from these leases are variable and are not included in the measurement of the corresponding lease liability and ROU asset, but are recognized in the period in which the obligation for those payments is incurred. These variable lease payments consist of payments for real estate taxes and common area maintenance, which is dependent on projects and activities at each individual property under ground or building lease.
Noncontrolling Interest	Noncontrolling Interests
Variable Interest Entities	Variable Interest Entities — Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties, or for which the equity owners as a group lack any one of the following characteristics: (i) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity’s economic performance, (ii) the obligation to absorb the expected losses of the legal entity, or (iii) the right to receive the expected residual returns of the legal entity, qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The consolidated financial statements reflect the consolidation of VIEs in which the Company is the primary beneficiary. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. Excluding the Operating Partnership, the Company had two entities that met the criteria of a VIE in which we held variable interests as of December 31, 2024 and 2023. These entities are VIEs primarily because the noncontrolling interests do not have substantive kick-out or participating rights and we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of these entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for these entities, they were consolidated in our financial statements as of December 31, 2024 and 2023. The majority of the operations of these VIEs are funded with cash flows generated by the properties and periodic cash contributions.
Earnings Per Share and Unit	Earnings Per Share and Unit —
Share-Based Compensation	Share-Based Compensation — We grant stock options, LTIP units, OP units, deferred share units, restricted share awards and performance-based units to our officers, trustees and employees. The term of each award is determined by the compensation committee of our Board of Trustees (the “Compensation Committee”), but in no event can such term be longer than ten years from the date of grant. The vesting schedule of each award is determined by the Compensation Committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of unvested restricted stock, which makes the restricted stock a participating security. Fair value is determined, depending on the type of award, using either the Black-Scholes option-pricing model or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date. In using the Black-Scholes option-pricing model, expected volatilities and dividend yields are primarily based on available implied data and peer group companies’ historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense for restricted share awards is based on the fair value of our common shares at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule or a cliff vesting schedule, we have elected to recognize compensation expense on a straight-line basis. We reduce compensation expense related to forfeited awards in the period of forfeiture. Share-based compensation expense is included in general and administrative expenses on the consolidated statements of income and comprehensive income. When the Company issues common shares as compensation, it receives a like number of common units from the Operating Partnership. Accordingly, the Company’s ownership in the Operating Partnership will increase based on the number of common shares awarded under our 2015 Omnibus Share Plan and 2024 Omnibus Share Plan. As a result of the issuance of common units to the Company for share-based compensation, the Operating Partnership accounts for share-based compensation in the same manner as the Company.
Income Taxes	Income Taxes — The Company elected to be taxed as a REIT under sections 856-860 of 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 in 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. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. The Company applies the Financial Accounting Standards Board’s (“FASB”) guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company records interest and penalties relating to unrecognized tax benefits, if any, as income tax expense.
Concentration of Credit Risk	Concentration of Credit Risk —
Derivative Financial Instruments and Hedging	Derivative Financial Instruments and Hedging — At times, the Company may use derivative financial instruments to manage and mitigate exposure to fluctuations in interest rates on our variable rate debt. These derivatives are measured at fair value and are recognized as assets or liabilities on the Company’s consolidated balance sheets, depending on the Company’s rights or obligations under the respective derivative contracts. The accounting for changes in the fair value of a derivative varies based on eligibility and Company elections, including the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedge relationship has satisfied certain criteria to be deemed an effective hedge. Effectiveness of the hedging relationship is assessed on a quarterly basis by a third party to determine if the relationship still meets the criteria to be considered an effective hedge. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. In a cash flow hedge, hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged transaction. A derivative instrument designated as a cash flow hedge is adjusted to fair value on the Company’s consolidated balance sheets. The change in fair value, net of the amortization of the purchase price of the instrument, is deemed to be the effective portion of change and is recognized in Other Comprehensive Income (“OCI”) in the Company’s consolidated statements of income and comprehensive income, with the amortization of the purchase price included in interest and debt expense. Cash flows from the derivative are included in the 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. For further information on the Company’s derivative instruments and hedge designations, refer to Note 9 .
Recently Issued Accounting Literature	Recently Issued Accounting Literature In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses which provides an update to improve the disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses, including purchase of inventory, employee compensation, depreciation and amortization in commonly presented expense captions such as cost of sales, selling, general and administrative expenses and research and development. The Company is evaluating the impact of this update and will adopt the amendments in our December 31, 2025 Annual Report on Form 10-K. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards which provides clarity on how an entity determines whether a profits interest or similar award is within the scope of ASC 718. It also offers guidance on identifying whether such an award is not a share-based payment arrangement and therefore within the scope of other guidance. The Company has reviewed the update and determined it does not issue any profits interest or similar awards and therefore is not impacted by this ASU. 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 is evaluating the impact of this update and will adopt the amendments in its December 31, 2025 Annual Report on Form 10-K. 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 has evaluated the impact of this update on its disclosures and has applied the required amendments in this Annual report on Form 10-K for the year ended December 31, 2024. 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 has not elected retrospective application for its previously formed joint ventures and will adopt the provisions of this ASU for any future joint venture formations. 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. Subsequent to issuance, the rules became the subject of litigation, and the SEC issued an order staying the rules to allow the legal process to proceed. At this time it is not easily determined what the timeline for resolution is and it is uncertain whether the rules will be upheld, amended or abolished. The Company is continuing to review the final rule and monitoring the litigation progress for possible impacts on the disclosure requirements. 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.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Closed Acquisitions	During the years ended December 31, 2024 and December 31, 2023, the Company closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (1) (in thousands) October 29, 2024 The Village at Waugh Chapel Gambrills MD 382,000 $ 128,230 April 5, 2024 Ledgewood Commons Roxbury Township NJ 448,000 83,211 February 8, 2024 Heritage Square Watchung NJ 87,000 33,838 2024 Total $ 245,279 October 23, 2023 Shoppers World Framingham MA 752,000 $ 243,587 October 23, 2023 Gateway Center Everett MA 640,000 68,585 June 21, 2023 Sunrise Mall (Ground Lease) (2) Massapequa NY — 2,071 2023 Total $ 314,243 (1) The total purchase price for the properties acquired in the years ended December 31, 2024 and December 31, 2023 include $4.8 million and $3.2 million of transaction costs incurred related to the transactions, 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.
Schedule of Aggregate Purchase Price Allocations	The aggregate purchase price of the above property acquisitions have been allocated as follows: (amount in thousands) Property Name Land Buildings and Improvements Identified Intangible Assets (1) Identified Intangible Liabilities (1) Debt Discount (2) Total Purchase Price (in thousands) The Village at Waugh Chapel $ 36,722 $ 91,207 $ 13,141 $ (17,894) $ 5,054 $ 128,230 Ledgewood Commons 24,313 56,352 15,137 (12,591) — 83,211 Heritage Square 7,343 24,643 4,763 (2,911) — 33,838 2024 Total $ 68,378 $ 172,202 $ 33,041 $ (33,396) $ 5,054 $ 245,279 Shoppers World $ 42,861 $ 198,317 $ 41,374 $ (38,965) $ — $ 243,587 Gateway Center 57,546 36,473 25,724 (51,158) — 68,585 Sunrise Mall (Ground Lease) 2,071 — — — — 2,071 2023 Total $ 102,478 $ 234,790 $ 67,098 $ (90,123) $ — $ 314,243 (1) As of December 31, 2024, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 8.2 years and 16.7 years, respectively, and the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2023 were 5.8 years and 29.1 years, respectively. (2) Included in mortgages payable, net on the consolidated balance sheets.

IDENTIFIED INTANGIBLE ASSETS _2

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	The following table summarizes our identified intangible assets and liabilities: (Amounts in thousands) December 31, 2024 December 31, 2023 In-place leases $ 164,291 $ 148,668 Accumulated amortization (61,671) (45,877) Above-market leases 10,564 14,993 Accumulated amortization (3,357) (3,897) Other intangible assets — 1,635 Accumulated amortization — (1,625) Identified intangible assets, net of accumulated amortization 109,827 113,897 Below-market leases 227,771 217,021 Accumulated amortization (50,275) (46,610) Identified intangible liabilities, net of accumulated amortization $ 177,496 $ 170,411
Schedule of Estimated Annual Amortization Expense	The following table sets forth the estimated annual amortization (expense) and income related to intangible assets and liabilities for the five succeeding years commencing January 1, 2025: (Amounts in thousands) Below-Market Above-Market In-Place Lease Year Operating Lease Amortization Operating Lease Amortization Amortization 2025 $ 11,855 $ (2,448) $ (23,755) 2026 11,373 (1,254) (16,218) 2027 11,235 (1,023) (13,238) 2028 11,059 (990) (11,447) 2029 10,736 (931) (9,897)

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	The following is a summary of mortgages payable as of December 31, 2024 and December 31, 2023. Interest Rate at December 31, December 31, (Amounts in thousands) Maturity December 31, 2024 2024 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% 50,905 52,278 Total variable rate debt 50,905 102,904 Fixed rate West End Commons 12/10/2025 3.99% 23,717 24,196 Town Brook Commons 12/1/2026 3.78% 29,610 30,229 Rockaway River Commons 12/1/2026 3.78% 26,215 26,763 Hanover Commons 12/10/2026 4.03% 60,155 61,324 Tonnelle Commons 4/1/2027 4.18% 95,286 97,115 Manchester Plaza 6/1/2027 4.32% 12,500 12,500 Millburn Gateway Center 6/1/2027 3.97% 21,525 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% 36,024 36,725 Union (Vauxhall) (4) 12/10/2028 —% — 45,202 Yonkers Gateway Center (5) 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% 20,958 21,326 Shops at Bruckner 7/1/2029 6.00% 37,350 37,817 Greenbrook Commons (6) 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% 73,551 75,590 Montclair (7) 8/15/2030 3.15% 7,250 7,250 Garfield Commons 12/1/2030 4.14% 38,886 39,607 The Village at Waugh Chapel (8) 12/1/2031 3.76% 55,071 — Brick Commons (9) 12/10/2031 5.20% 50,000 47,683 Woodmore Towne Centre 1/6/2032 3.39% 117,200 117,200 Newington Commons 7/1/2033 6.00% 15,719 15,920 Shops at Caguas 8/1/2033 6.60% 81,504 82,000 Briarcliff Commons 10/1/2034 5.47% 30,000 — Mount Kisco Commons (10) 11/15/2034 6.40% 10,390 11,098 Total fixed rate debt 1,532,915 1,487,831 Total mortgages payable 1,583,820 1,590,735 Unamortized debt issuance costs (14,067) (12,625) Total mortgages payable, net of unamortized debt issuance costs $ 1,569,753 $ 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 October 29, 2024, the Company sold the property and the outstanding $44.5 million mortgage was assumed by the buyer at closing. (5) On March 28, 2024, the Company refinanced the mortgage on Yonkers Gateway Center with a new 5-year, $50 million loan. (6) 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. (7) 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. (8) On October 29, 2024, the Company assumed the mortgage in connection with the acquisition of The Village at Waugh Chapel. The mortgage payable balance includes a $4.9 million debt mark-to-market discount. (9) On November 21, 2024, the Company refinanced the mortgage secured by Brick Commons with a new 7-year, $50 million loan. (10) Mortgage payable balance includes a $0.6 million debt mark-to-market discount.
Schedule of Principal Repayments	As of December 31, 2024, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2025 $ 36,373 2026 124,959 2027 316,636 2028 181,188 2029 232,380 Thereafter 742,284

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Tax Status of Dividends Paid	The Company satisfied its REIT distribution requiremen t by distributing $0.68, $0.64 and $0.64 per common share in 2024, 2023 and 2022, respectively. The distributions comprised a regular quarterly cash dividend of $0.17 per common share declared for each quarter of 2024 and a regular quarterly cash dividend of $0.16 per common share declared for each quarter of 2023 and 2022. The taxability of such dividends for the years ended December 31, 2024, 2023 and 2022 are as follows: Year Ended December 31, 2024 2023 2022 Dividend paid per share $ 0.68 $ 0.64 $ 0.64 Ordinary income 91 % 88 % 100 % Return of capital — % — % — % Capital gains 9 % 12 % — %
Schedule of Income Tax Expense (Benefit)	Income tax expense for the years ended December 31, 2024, 2023 and 2022 consist of the following: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Income tax expense (benefit): Current: U.S. federal income tax $ — $ 4 $ 11 U.S. state and local income tax 19 (674) 10 Puerto Rico income tax 2,486 4,753 78 Total current 2,505 4,083 99 Deferred: U.S. federal income tax (1) — 1 Puerto Rico income tax (118) 13,717 2,803 Total deferred (119) 13,717 2,804 Total income tax expense $ 2,386 $ 17,800 $ 2,903
Schedule of Provision for Income Taxes Computed Applying Statutory Federal Tax Rate	Provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate to consolidated net income before income taxes as follows: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Federal provision at statutory tax rate (1) $ 16,345 $ 58,312 $ 10,551 REIT income before income taxes not subject to federal tax provision (16,345) (58,308) (10,539) State and local income tax provision, net of federal benefit 18 (674) 10 Puerto Rico income tax provision 2,368 18,470 2,881 Total income tax expense $ 2,386 $ 17,800 $ 2,903 (1) Federal statutory tax rate of 21% for the years ended December 31, 2024, 2023 and 2022.
Schedule of Net Deferred Income Tax Liability	Below is a table summarizing the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023: Balance at (Amounts in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Depreciation $ 21,936 $ 21,586 Amortization of deferred financing costs 136 152 Rental revenue deemed uncollectible 627 410 Charitable contribution 7 7 Net operating loss 7 7 Tax credit carryforward (1) 3,808 — Total deferred tax assets 26,521 22,162 Deferred tax liabilities: Straight line rent (1,568) (1,111) Amortization of acquired leases (126) (152) Total deferred tax liabilities (1,694) (1,263) Net deferred tax assets $ 24,827 $ 20,899 (1) As of December 31, 2024, the Company has a Puerto Rico tax credit carryforward totaling $3.8 million which, if unused, may be carried forward indefinitely.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the years ended December 31, 2024, 2023 and 2022 were as follows: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Rental Revenue Fixed lease revenue $ 329,555 $ 304,050 $ 290,784 Variable lease revenue (1) 114,910 102,062 105,592 Total rental revenue $ 444,465 $ 406,112 $ 396,376 (1) Percentage rent for the years ended December 31, 2024, 2023 and 2022 were $3.6 million, $3.6 million and $3.9 million, respectively.
Schedule of Maturity Analysis of Operating Lease Payments to be Received as Lessor	The Company’s operating leases, including those with revenue recognized on a cash basis, are disclosed in the aggregate due to their consistent nature as real estate leases. As of December 31, 2024 , the undiscounted cash flows to be received from lease payments of our operating leases on an annual basis for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2025 $ 320,675 2026 306,161 2027 284,582 2028 256,069 2029 203,043 Thereafter 802,656 Total undiscounted cash flows $ 2,173,186
Schedule of Components of Lease Expense and Supplemental Cash Information Related to Leases	The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Lease expense Operating lease cost (1) $ 10,239 $ 9,732 $ 9,707 Variable lease cost 2,930 2,902 2,753 Total lease expense $ 13,169 $ 12,634 $ 12,460 (1) During the years ended December 31, 2024, 2023, and 2022 the Company recognized sublease income of $20.4 million, $18.7 million and $18.6 million, respectively, included in rental revenue on the consolidated statements of income and comprehensive income in relation to certain ground and building lease arrangements. Operating lease cost includes amortization of below-market ground lease intangibles and straight-line lease expense. Supplemental cash information related to leases for the years ended December 31, 2024 and 2023 was as follows: (Amounts in thousands) Year Ended December 31, Cash paid for amounts included in the measurement of lease liabilities: 2024 2023 Operating cash flows from operating leases $ 10,016 $ 9,476 Operating cash flows from finance lease 122 121 Financing cash flows from finance lease 13 12 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 15,837 $ 810
Schedule of Supplemental Noncash Information Related to Operating Leases	Supplemental balance sheet information related to leases as of December 31, 2024 and December 31, 2023 was as follows: December 31, 2024 December 31, 2023 Supplemental noncash information Operating leases Finance lease Operating leases Finance lease Weighted-average remaining lease term 11.4 years 31.2 years 13.8 years 32.2 years Weighted-average discount rates 4.38 % 4.01 % 4.39 % 4.01 %
Schedule of Supplemental Noncash Information Related to Finance Leases	Supplemental balance sheet information related to leases as of December 31, 2024 and December 31, 2023 was as follows: December 31, 2024 December 31, 2023 Supplemental noncash information Operating leases Finance lease Operating leases Finance lease Weighted-average remaining lease term 11.4 years 31.2 years 13.8 years 32.2 years Weighted-average discount rates 4.38 % 4.01 % 4.39 % 4.01 %
Schedule of Maturity Analysis of Operating Lease Payments as Lessee	The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented in the table below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability included within accounts payable, accrued expenses and other liabilities on the consolidated balance sheets by considering the present value discount. (Amounts in thousands) Operating Finance Year Ending December 31, leases lease 2025 $ 8,730 $ 109 2026 8,307 124 2027 8,045 127 2028 7,864 127 2029 6,020 127 Thereafter 36,208 5,917 Total undiscounted cash flows 75,174 6,531 Present value discount (12,589) (3,491) Discounted cash flows $ 62,585 $ 3,040
Schedule of Maturity Analysis of Finance Lease Payments as Lessee	The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented in the table below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability included within accounts payable, accrued expenses and other liabilities on the consolidated balance sheets by considering the present value discount. (Amounts in thousands) Operating Finance Year Ending December 31, leases lease 2025 $ 8,730 $ 109 2026 8,307 124 2027 8,045 127 2028 7,864 127 2029 6,020 127 Thereafter 36,208 5,917 Total undiscounted cash flows 75,174 6,531 Present value discount (12,589) (3,491) Discounted cash flows $ 62,585 $ 3,040

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023: As of December 31, 2024 (Amounts in thousands) Level 1 Level 2 Level 3 Total Interest rate cap and swap (1) $ — $ 1,642 $ — $ 1,642 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 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 December 31, 2024 and December 31, 2023. As of December 31, 2024 As of As of December 31, 2023 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgages payable (1) $ 1,583,820 $ 1,464,996 $ 1,590,735 $ 1,489,601 Unsecured credit facility 50,000 48,333 153,000 145,882 (1) Carrying amounts exclude unamortized debt issuance costs of $14.1 million and $12.6 million as of December 31, 2024 and 2023, respectively.
Schedule of Derivative Instruments	The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of December 31, 2024 and 2023: (Amounts in thousands) As of December 31, 2024 Hedged Instrument Fair Value Notional Amount Spread Interest Rate Effective Interest Rate Expiration Plaza at Woodbridge interest rate cap $ 391 $ 50,905 SOFR + 2.26% 6.70% 5.26% 7/1/2025 Montclair interest rate swap $ 1,251 $ 7,250 SOFR + 2.57% 7.10% 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 years ended December 31, 2024 and 2023: Unrealized Gain Recognized in OCI on Derivatives (Amounts in thousands) Years ended December 31, Hedged Instrument 2024 2023 Plaza at Woodbridge interest rate cap $ (296) $ 32 Montclair interest rate swap (5) (211) Total $ (301) $ (179)

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Composition of Prepaid Expenses and Other Assets	The following is a summary of the composition of the prepaid expenses and other assets on the consolidated balance sheets: Balance at (Amounts in thousands) December 31, 2024 December 31, 2023 Other assets $ 15,811 $ 22,729 Deferred tax asset, net 24,827 20,899 Real estate held for sale 10,286 — Deferred financing costs, net of accumulated amortization of $10,571 and $8,920, respectively 3,447 5,098 Finance lease right-of-use asset 2,724 2,724 Prepaid expenses: Real estate taxes 10,905 10,411 Insurance 1,097 1,792 Rent, licenses/fees 1,457 902 Total prepaid expenses and other assets $ 70,554 $ 64,555

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Schedule 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) December 31, 2024 December 31, 2023 Accrued capital expenditures and leasing costs $ 17,557 $ 23,044 Deferred tenant revenue 26,878 34,840 Accrued interest payable 6,286 11,190 Accrued payroll expenses 14,326 9,371 Security deposits 5,877 7,279 Other liabilities and accrued expenses 16,018 14,245 Finance lease liability 3,040 3,028 Total accounts payable, accrued expenses and other liabilities $ 89,982 $ 102,997

INTEREST AND DEBT EXPENSE (Tabl

INTEREST AND DEBT EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Interest and Debt Expense	The following table sets forth the details of interest and debt expense: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Interest expense $ 77,265 $ 70,820 $ 55,557 Amortization of deferred financing costs 4,322 4,125 3,422 Total Interest and debt expense $ 81,587 $ 74,945 $ 58,979

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Assumptions Used to Estimate Fair Value of Options Granted	All stock options granted have ten-year contractual lives, containing vesting terms of three
Schedule of Restricted Share Activity	The following table presents information regarding restricted share activity during the year ended December 31, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2024 92,602 $ 15.95 Granted 63,041 17.40 Vested (42,037) 15.90 Forfeited (6,792) 16.28 Unvested at December 31, 2024 106,814 $ 16.81
Schedule 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: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 Share-based compensation expense components: LTIP expense (1) $ 5,269 $ 4,052 $ 5,862 Performance-based LTI expense (2) 4,184 2,883 3,170 Stock option expense — 20 977 Restricted share expense 859 732 367 DSU expense 119 124 110 Total Share-based compensation expense $ 10,431 $ 7,811 $ 10,486 (1) LTIP expense includes the time-based portion of the 2024, 2023, 2022, 2021, and 2020 LTI Plans. (2) Performance-based LTI expense includes the 2017 OPP plan and the performance-based portion of the 2024, 2023, 2022, 2021, 2020, and 2019 LTI Plans.
Disclosure of Units, Deferred Share Units, and Restricted Share Units Granted to Trustees	All trustees are granted annual awards in the form of LTIP units, Deferred Share Units (“DSU”), or Restricted Share Units (“RSU”). The following table presents trustee awards granted over the last three years: Award Date Award Type # of Units Granted Weighted Average Grant Date Fair Value Per Unit May 6, 2024 LTIP 40,025 $14.99 May 6, 2024 DSU 8,528 14.07 May 6, 2024 RSU 7,036 17.06 May 3, 2023 LTIP 56,556 12.73 May 3, 2023 DSU 10,050 11.94 May 3, 2023 RSU 8,293 14.47 March 15, 2023 RSU 8,352 13.94 October 3, 2022 LTIP 15,566 10.97 September 1, 2022 LTIP 14,194 12.74 June 10, 2022 DSU 8,645 13.88 June 10, 2022 LTIP 51,498 13.99

EARNINGS PER SHARE AND UNIT (Ta

EARNINGS PER SHARE AND UNIT (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share and Unit	The following table sets forth the computation of our basic and diluted earnings per share: Year Ended December 31, (Amounts in thousands, except per share amounts) 2024 2023 2022 Numerator: Net income attributable to common shareholders $ 72,563 $ 248,497 $ 46,170 Less: earnings allocated to unvested participating securities (65) (200) (23) Net income available for common shareholders - basic $ 72,498 $ 248,297 $ 46,147 Impact of assumed conversions: OP and LTIP units — 134 1,635 Net income available for common shareholders - dilutive $ 72,498 $ 248,431 $ 47,782 Denominator: Weighted average common shares outstanding - basic 121,324 117,506 117,366 Effect of dilutive securities: Restricted share awards 108 91 59 Assumed conversion of OP and LTIP units — — 4,215 Weighted average common shares outstanding - diluted 121,432 117,597 121,640 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.60 $ 2.11 $ 0.39 Earnings per common share - Diluted $ 0.60 $ 2.11 $ 0.39 Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Year Ended December 31, (Amounts in thousands, except per unit amounts) 2024 2023 2022 Numerator: Net income attributable to unitholders $ 76,541 $ 260,396 $ 48,065 Less: net income attributable to participating securities (1,108) (200) (23) Net income available for unitholders $ 75,433 $ 260,196 $ 48,042 Denominator: Weighted average units outstanding - basic 125,987 121,901 121,374 Effect of dilutive securities issued by Urban Edge 108 91 59 Unvested LTIP units — — 207 Weighted average units outstanding - diluted 126,095 121,992 121,640 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.60 $ 2.13 $ 0.40 Earnings per unit - Diluted $ 0.60 $ 2.13 $ 0.39

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table provides the components of Property NOI related to our single reportable segment for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (Amounts in thousands) 2024 2023 2022 REVENUE Property rentals $ 312,674 $ 291,717 $ 286,747 Tenant expense reimbursements 119,141 104,756 103,787 Total property revenues 431,815 396,473 390,534 EXPENSES Real estate taxes 70,521 66,756 63,688 Property operating 79,159 68,997 74,797 Lease expense 9,559 11,110 11,540 Total property operating expenses 159,239 146,863 150,025 Property net operating income $ 272,576 $ 249,610 $ 240,509 Reconciliation of Property NOI to income before income taxes Depreciation and amortization (150,389) (108,979) (98,432) Interest and debt expense (81,587) (74,945) (58,979) General and administrative expense (37,474) (37,070) (43,087) Gain (loss) on extinguishment of debt 21,423 41,144 — Real estate impairment loss — (34,055) — Interest income 2,192 2,608 1,056 Straight-line rents, amortization of above and below-market leases, and other 11,999 11,610 8,257 Gain on sale of real estate 38,818 217,708 353 Other (expense) income (1) 270 10,045 565 Income before income taxes $ 77,828 $ 277,676 $ 50,242 (1) Includes intercompany eliminations, lease expense for our corporate offices and other income and expenses.

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2024 ft² center property	Dec. 31, 2023
Real Estate Properties [Line Items]
Square Feet | ft²	17.4
Walnut Creek (Mt. Diablo), CA
Real Estate Properties [Line Items]
Ownership percentage	95%
Massapequa (portion leased through 2069), NY | Massapequa (portion leased through 2069), NY
Real Estate Properties [Line Items]
Ownership percentage		82.50%
Wholly owned properties | Shopping Center
Real Estate Properties [Line Items]
Number of real estate properties	71
Wholly owned properties | Outlet centers
Real Estate Properties [Line Items]
Number of real estate properties | center	2
Wholly owned properties | Mall
Real Estate Properties [Line Items]
Number of real estate properties	2
Parent | Vornado Realty L.P. | Operating Partnership
Real Estate Properties [Line Items]
Noncontrolling interest percentage	95.20%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) ft² property lease entity	Dec. 31, 2023 USD ($) entity	Dec. 31, 2022 USD ($)	Aug. 09, 2022 USD ($)	Mar. 07, 2017 USD ($)	Jan. 15, 2015 USD ($)
Property, Plant and Equipment [Line Items]
Variable lease payments based on CPI	$ 5,700,000	$ 5,500,000	$ 9,200,000
Tenant expense reimbursements	$ 118,500,000	$ 103,700,000	103,300,000
Number of VIEs | entity	2	2
Assets	$ 3,311,540,000	$ 3,279,809,000
Liabilities	$ 1,949,816,000	2,058,381,000
Term of share-based compensation awards	10 years
Square Feet | ft²	17,400,000
Revenues	$ 444,966,000	416,922,000	$ 397,938,000
The Home Depot
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	28
Square Feet | ft²	873,159
Customer Concentration Risk | Sales Revenue, Net | The Home Depot
Property, Plant and Equipment [Line Items]
Revenues	$ 22,300,000
Concentration risk percentage	5%
Variable Interest Entity, Primary Beneficiary
Property, Plant and Equipment [Line Items]
Assets	$ 38,900,000	47,200,000
Liabilities	$ 9,200,000	$ 20,300,000
Retail Shopping Centers and Malls
Property, Plant and Equipment [Line Items]
Number of operating leases | lease	1,100
Ground and Building
Property, Plant and Equipment [Line Items]
Number of properties in operating lease portfolio | property	20
Corporate Offices
Property, Plant and Equipment [Line Items]
Number of properties in operating lease portfolio | property	2
Lessee, operating lease term of contract	1 year
Corporate Offices Two
Property, Plant and Equipment [Line Items]
Lessee, operating lease term of contract	4 years
Revolving Credit Facility
Property, Plant and Equipment [Line Items]
Maximum borrowing capacity				$ 800,000,000	$ 600,000,000
Revolving Credit Facility | Unsecured credit facility
Property, Plant and Equipment [Line Items]
Maximum borrowing capacity	$ 32,100,000
Revolving Credit Facility | Revolving Credit Agreement
Property, Plant and Equipment [Line Items]
Maximum borrowing capacity						$ 500,000,000
Revolving Credit Facility | Revolving Credit Agreement | Unsecured credit facility
Property, Plant and Equipment [Line Items]
Maximum borrowing capacity				$ 800,000,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of real estate property	1 year
Minimum | Ground and Building
Property, Plant and Equipment [Line Items]
Lessee, operating lease term of contract	1 year
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of real estate property	40 years
Maximum | Ground and Building
Property, Plant and Equipment [Line Items]
Lessee, operating lease term of contract	75 years

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) ft² in Thousands, $ in Thousands						12 Months Ended
	Oct. 29, 2024 USD ($) ft²	Apr. 05, 2024 USD ($) ft²	Feb. 08, 2024 USD ($) ft²	Oct. 23, 2023 USD ($) ft²	Jun. 21, 2023 USD ($) ft²	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Square Feet | ft²						17,400
Purchase price						$ 245,279	$ 314,243
Transaction costs						$ 4,800	$ 3,200
The Village at Waugh Chapel
Business Acquisition [Line Items]
Square Feet | ft²	382
Purchase price	$ 128,230
Ledgewood Commons
Business Acquisition [Line Items]
Square Feet | ft²		448
Purchase price		$ 83,211
Heritage Square
Business Acquisition [Line Items]
Square Feet | ft²			87
Purchase price			$ 33,838
Shoppers World
Business Acquisition [Line Items]
Square Feet | ft²				752
Purchase price				$ 243,587
Gateway Center
Business Acquisition [Line Items]
Square Feet | ft²				640
Purchase price				$ 68,585
Sunrise Mall
Business Acquisition [Line Items]
Square Feet | ft²					0
Purchase price					$ 2,071

ACQUISITIONS AND DISPOSITIONS_2

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

1 Months Ended

12 Months Ended

Nov. 21, 2024

Oct. 29, 2024 USD ($) ft²

Sep. 13, 2024

Aug. 29, 2024

May 03, 2024 USD ($)

Apr. 05, 2024 USD ($) ft² property

Mar. 28, 2024

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

Oct. 23, 2023 USD ($) ft² property

Jun. 21, 2023 USD ($) ft²

Dec. 31, 2020 a outparcel

Dec. 31, 2024 USD ($) ft²

Dec. 31, 2023 USD ($)

Oct. 20, 2023 property

Business Acquisition [Line Items]

Business acquisition, consideration paid

$ 245,279

$ 314,243

Square Feet | ft²

17,400

Number of outparcels | outparcel

2

Number of acres | a

2.25

Mortgages

Business Acquisition [Line Items]

Face amount

$ 50,000

Debt instrument, term

7 years

7 years

10 years

5 years

5 years

5 years

The Village at Waugh Chapel | Mortgages | Unsecured Debt

Business Acquisition [Line Items]

Face amount

$ 60,000

Ledgewood Commons | First Mortgage | Mortgages

Business Acquisition [Line Items]

Interest rate

6.03%

The Village at Waugh Chapel

Business Acquisition [Line Items]

Business acquisition, consideration paid

$ 128,230

Square Feet | ft²

382

Ledgewood Commons

Business Acquisition [Line Items]

Business acquisition, consideration paid

$ 83,211

Square Feet | ft²

448

Number of pre approved underdeveloped outparcels | property

2

Heritage Square

Business Acquisition [Line Items]

Business acquisition, consideration paid

$ 33,838

Square Feet | ft²

87

Number of company concepts | concept

2

Number of outparcels | outparcel

4

Shoppers World and Gateway Center

Business Acquisition [Line Items]

Business acquisition, consideration paid

$ 312,200

Square Feet | ft²

1,400

Number of real estate properties acquired | property

2

2

Sunrise Mall

Business Acquisition [Line Items]

Business acquisition, consideration paid

$ 2,071

Square Feet | ft²

0

Arzillo Trust

Business Acquisition [Line Items]

Right-of-use asset, reclassed to land

$ 1,000

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Land	$ 68,378	$ 102,478
Buildings and Improvements	172,202	234,790
Identified intangible assets	33,041	67,098
Identified intangible liabilities	(33,396)	(90,123)
Debt discount	5,054	0
Total purchase price	$ 245,279	$ 314,243
Remaining weighted average amortization period of acquired intangibles	8 years 2 months 12 days	5 years 9 months 18 days
Remaining weighted average amortization period of acquired intangibles liabilities	16 years 8 months 12 days	29 years 1 month 6 days
The Village at Waugh Chapel
Business Acquisition [Line Items]
Land	$ 36,722
Buildings and Improvements	91,207
Identified intangible assets	13,141
Identified intangible liabilities	(17,894)
Debt discount	5,054
Total purchase price	128,230
Ledgewood Commons
Business Acquisition [Line Items]
Land	24,313
Buildings and Improvements	56,352
Identified intangible assets	15,137
Identified intangible liabilities	(12,591)
Debt discount	0
Total purchase price	83,211
Heritage Square
Business Acquisition [Line Items]
Land	7,343
Buildings and Improvements	24,643
Identified intangible assets	4,763
Identified intangible liabilities	(2,911)
Debt discount	0
Total purchase price	$ 33,838
Shoppers World
Business Acquisition [Line Items]
Land		$ 42,861
Buildings and Improvements		198,317
Identified intangible assets		41,374
Identified intangible liabilities		(38,965)
Debt discount		0
Total purchase price		243,587
Gateway Center
Business Acquisition [Line Items]
Land		57,546
Buildings and Improvements		36,473
Identified intangible assets		25,724
Identified intangible liabilities		(51,158)
Debt discount		0
Total purchase price		68,585
Sunrise Mall
Business Acquisition [Line Items]
Land		2,071
Buildings and Improvements		0
Identified intangible assets		0
Identified intangible liabilities		0
Debt discount		0
Total purchase price		$ 2,071

ACQUISITIONS AND DISPOSITIONS_4

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) ft² in Thousands, $ in Thousands							12 Months Ended
	Oct. 29, 2024 USD ($)	Apr. 26, 2024 USD ($) ft²	Mar. 14, 2024 USD ($) ft²	Dec. 29, 2023 USD ($)	Dec. 13, 2023 USD ($) ft²	Oct. 20, 2023 USD ($) ft² property building	Dec. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2023 USD ($) ft² entity	Dec. 31, 2023 USD ($) ft² parcel	Dec. 31, 2022 USD ($)	Oct. 23, 2023 ft² property
Business Acquisition [Line Items]
Number of properties sold | property							3
Proceeds from sale of real estate, net of selling cost							$ 59,900
Gain on sale of real estate							$ 38,818	$ 217,708			$ 353
Square Feet | ft²							17,400
Real estate held for sale							$ 10,286	0	$ 0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of properties sold									2	1
Gain on sale of real estate		$ 13,100	$ 1,500				$ 37,900	217,700
Proceeds from sale of properties		$ 29,200	$ 8,700					$ 318,000
Square Feet | ft²		127	95			1,200	454	1,500	1,500	1,500
Number of real estate buildings | building						7
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Union, NJ
Business Acquisition [Line Items]
Gain on sale of real estate	$ 23,300
Proceeds from sale of properties	71,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Mortgage | Union, NJ
Business Acquisition [Line Items]
Mortgage loans on real estate	$ 44,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Freeport Commons
Business Acquisition [Line Items]
Proceeds from sale of properties				$ 78,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Freeport Commons | First Mortgage
Business Acquisition [Line Items]
Mortgage loans on real estate				$ 43,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tonnelle Commons
Business Acquisition [Line Items]
Proceeds from sale of properties					$ 22,000
Square Feet | ft²					75
Disposal Group, Disposed of by Sale, Not Discontinued Operations | East Hanover Warehouses
Business Acquisition [Line Items]
Proceeds from sale of properties						$ 217,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | East Hanover Warehouses | First Mortgage
Business Acquisition [Line Items]
Mortgage loans on real estate						$ 40,100
Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Property held for sale							$ 25,000
Shoppers World and Gateway Center
Business Acquisition [Line Items]
Square Feet | ft²												1,400
Number of real estate properties acquired | property						2						2

IDENTIFIED INTANGIBLE ASSETS _3

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Identifiable Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (65,027)	$ (51,399)
Identified intangible assets, net of accumulated amortization	109,827	113,897
Below-market leases	227,771	217,021
Accumulated amortization	(50,275)	(46,610)
Identified intangible liabilities, net of accumulated amortization	177,496	170,411
In-place leases
Finite-Lived Intangible Assets [Line Items]
In-place leases	164,291	148,668
Accumulated amortization	(61,671)	(45,877)
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Above-market leases	10,564	14,993
Accumulated amortization	(3,357)	(3,897)
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	0	1,635
Accumulated amortization	$ 0	$ (1,625)

IDENTIFIED INTANGIBLE ASSETS _4

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired below-market leases, net of above-market leases	$ (9.7)	$ (8.2)	$ 6.7
Amortization expense of intangible assets	$ 30.3	$ 13.5	$ 10.9

IDENTIFIED INTANGIBLE ASSETS _5

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Below-Market Operating Leases
2025	$ 11,855
2026	11,373
2027	11,235
2028	11,059
2029	10,736
Above-market leases
Above Market and In Place Leases
2025	(2,448)
2026	(1,254)
2027	(1,023)
2028	(990)
2029	(931)
In-place leases
Above Market and In Place Leases
2025	(23,755)
2026	(16,218)
2027	(13,238)
2028	(11,447)
2029	$ (9,897)

MORTGAGES PAYABLE - Summary of

MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 21, 2024	Aug. 29, 2024	May 03, 2024	Mar. 28, 2024	Mar. 27, 2024	Apr. 06, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (21,423)	$ (41,144)	$ 0
Mortgages | Fixed rate | The Village at Waugh Chapel
Debt Instrument [Line Items]
Debt mark-to-market discount		4,900
Mortgages | Fixed rate | Mount Kisco (Target)
Debt Instrument [Line Items]
Debt mark-to-market discount		600
Mortgages | First Mortgage
Debt Instrument [Line Items]
Total mortgages payable		1,583,820	1,590,735
Unamortized debt issuance costs		(14,067)	(12,625)
Total mortgages payable, net of unamortized debt issuance costs		1,569,753	1,578,110
Mortgages | First Mortgage | Ledgewood Commons
Debt Instrument [Line Items]
Interest rate							6.03%
Mortgages | First Mortgage | Variable rate
Debt Instrument [Line Items]
Total mortgages payable		$ 50,905	102,904
Mortgages | First Mortgage | Variable rate | Hudson Commons
Debt Instrument [Line Items]
Interest rate		0%
Total mortgages payable		$ 0	26,930
Mortgages | First Mortgage | Variable rate | Bronx (1750-1780 Gun Hill Road), NY
Debt Instrument [Line Items]
Interest rate		0%
Total mortgages payable		$ 0	$ 23,696
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge
Debt Instrument [Line Items]
Interest rate		5.26%	5.26%
Total mortgages payable		$ 50,905	$ 52,278
Interest rate spread on variable rate		2.26%
Derivative, cap interest rate		3%
Mortgages | First Mortgage | Fixed rate
Debt Instrument [Line Items]
Total mortgages payable		$ 1,532,915	1,487,831
Mortgages | First Mortgage | Fixed rate | North Plainfield, NJ
Debt Instrument [Line Items]
Interest rate		3.99%
Total mortgages payable		$ 23,717	24,196
Mortgages | First Mortgage | Fixed rate | Middletown, NJ
Debt Instrument [Line Items]
Interest rate		3.78%
Total mortgages payable		$ 29,610	30,229
Mortgages | First Mortgage | Fixed rate | Rockaway
Debt Instrument [Line Items]
Interest rate		3.78%
Total mortgages payable		$ 26,215	26,763
Mortgages | First Mortgage | Fixed rate | East Hanover (200 - 240 Route 10 West), NJ
Debt Instrument [Line Items]
Interest rate		4.03%
Total mortgages payable		$ 60,155	61,324
Mortgages | First Mortgage | Fixed rate | North Bergen (Tonnelle Avenue), NJ
Debt Instrument [Line Items]
Interest rate		4.18%
Total mortgages payable		$ 95,286	97,115
Mortgages | First Mortgage | Fixed rate | Manchester Plaza
Debt Instrument [Line Items]
Interest rate		4.32%
Total mortgages payable		$ 12,500	12,500
Mortgages | First Mortgage | Fixed rate | Millburn
Debt Instrument [Line Items]
Interest rate		3.97%
Total mortgages payable		$ 21,525	22,015
Mortgages | First Mortgage | Fixed rate | Totowa, NJ
Debt Instrument [Line Items]
Interest rate		4.33%
Total mortgages payable		$ 50,800	50,800
Mortgages | First Mortgage | Fixed rate | Woodbridge Commons
Debt Instrument [Line Items]
Interest rate		4.36%
Total mortgages payable		$ 22,100	22,100
Mortgages | First Mortgage | Fixed rate | East Brunswick, NJ
Debt Instrument [Line Items]
Interest rate		4.38%
Total mortgages payable		$ 63,000	63,000
Mortgages | First Mortgage | Fixed rate | East Rutherford, NJ
Debt Instrument [Line Items]
Interest rate		4.49%
Total mortgages payable		$ 23,000	23,000
Mortgages | First Mortgage | Fixed rate | Brooklyn (Kingswood Center)
Debt Instrument [Line Items]
Interest rate		0%
Total mortgages payable		$ 0	69,054
Loss on extinguishment of debt	$ (21,700)
Mortgages | First Mortgage | Fixed rate | Hackensack, NJ
Debt Instrument [Line Items]
Interest rate		4.36%
Total mortgages payable		$ 66,400	66,400
Mortgages | First Mortgage | Fixed rate | Marlton, NJ
Debt Instrument [Line Items]
Interest rate		3.86%
Total mortgages payable		$ 36,024	36,725
Mortgages | First Mortgage | Fixed rate | Union (2445 Springfield Avenue), NJ
Debt Instrument [Line Items]
Interest rate		0%
Total mortgages payable		$ 0	45,202
Mortgages | First Mortgage | Fixed rate | Yonkers Gateway Center
Debt Instrument [Line Items]
Interest rate		6.30%
Total mortgages payable		$ 50,000	23,148						$ 22,700
Term								5 years
Mortgages | First Mortgage | Fixed rate | Ledgewood Commons
Debt Instrument [Line Items]
Interest rate		6.03%
Total mortgages payable		$ 50,000
Mortgages | First Mortgage | Fixed rate | The Shops at Riverwood
Debt Instrument [Line Items]
Interest rate		4.25%
Total mortgages payable		$ 20,958	21,326
Mortgages | First Mortgage | Fixed rate | Shops at Bruckner
Debt Instrument [Line Items]
Interest rate		6%
Total mortgages payable		$ 37,350	37,817
Mortgages | First Mortgage | Fixed rate | Watchung, NJ
Debt Instrument [Line Items]
Interest rate		6.03%
Total mortgages payable		$ 31,000	25,065
Mortgages | First Mortgage | Fixed rate | Huntington Commons
Debt Instrument [Line Items]
Interest rate		6.29%
Total mortgages payable		$ 43,704	43,704
Mortgages | First Mortgage | Fixed rate | Bergen Town Center
Debt Instrument [Line Items]
Interest rate		6.30%
Total mortgages payable			290,000							$ 290,000
Mortgages | First Mortgage | Fixed rate | Montehiedra Town Center
Debt Instrument [Line Items]
Interest rate		5%
Total mortgages payable		$ 73,551	$ 75,590
Mortgages | First Mortgage | Fixed rate | Montclair, NJ
Debt Instrument [Line Items]
Interest rate		3.15%	3.15%
Total mortgages payable		$ 7,250	$ 7,250
Interest rate spread on variable rate		257%
Mortgages | First Mortgage | Fixed rate | Garfield, NJ
Debt Instrument [Line Items]
Interest rate		4.14%
Total mortgages payable		$ 38,886	39,607
Mortgages | First Mortgage | Fixed rate | The Village at Waugh Chapel
Debt Instrument [Line Items]
Interest rate		3.76%
Total mortgages payable		$ 55,071
Mortgages | First Mortgage | Fixed rate | Brick, NJ
Debt Instrument [Line Items]
Interest rate		5.20%
Total mortgages payable		$ 50,000	47,683		$ 46,800
Term						7 years
Mortgages | First Mortgage | Fixed rate | Woodmore Towne Centre
Debt Instrument [Line Items]
Interest rate		3.39%
Total mortgages payable		$ 117,200	117,200
Mortgages | First Mortgage | Fixed rate | Newington Commons
Debt Instrument [Line Items]
Interest rate		6%
Total mortgages payable			15,920
Mortgages | First Mortgage | Fixed rate | Shops at Caguas
Debt Instrument [Line Items]
Interest rate		6.60%
Total mortgages payable		$ 81,504	82,000
Mortgages | First Mortgage | Fixed rate | Briarcliff Commons
Debt Instrument [Line Items]
Interest rate		5.47%
Total mortgages payable		$ 30,000
Mortgages | First Mortgage | Fixed rate | Mount Kisco (Target)
Debt Instrument [Line Items]
Interest rate		6.40%
Total mortgages payable		$ 10,390	$ 11,098
Mortgages | First Mortgage | Fixed rate | Greenbrook Commons
Debt Instrument [Line Items]
Term						5 years

MORTGAGES PAYABLE - Schedule of

MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 36,373
2026	124,959
2027	316,636
2028	181,188
2029	232,380
Thereafter	$ 742,284

MORTGAGES PAYABLE - Narrative (

MORTGAGES PAYABLE - Narrative (Details) ft² in Thousands

3 Months Ended

12 Months Ended

Nov. 21, 2024 USD ($)

Oct. 29, 2024 USD ($)

Oct. 25, 2024 USD ($)

Sep. 13, 2024

Aug. 29, 2024

Jun. 27, 2024 USD ($)

May 03, 2024 USD ($)

Mar. 28, 2024

Jan. 02, 2024 loan

Aug. 09, 2022 USD ($) extension_option

Jun. 03, 2022

Jun. 03, 2020

Jul. 29, 2019 extension_option

Mar. 07, 2017 USD ($) extension_option

Jun. 30, 2024 USD ($)

Dec. 31, 2024 USD ($) credit

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2025 USD ($)

Mar. 27, 2024 USD ($)

Feb. 02, 2024 USD ($)

May 31, 2023

Mar. 31, 2023 ft²

Jan. 15, 2015 USD ($)

Debt Instrument [Line Items]

Net carrying amount of real estate collateralizing indebtedness

$ 1,500,000,000

Increase in credit facility

$ 200,000,000

$ 100,000,000

Number of credit letters | credit

7

Borrowings under unsecured credit facility

$ 125,000,000

$ 309,000,000

$ 0

Unsecured credit facility

50,000,000

153,000,000

Encumbrances

1,583,820,000

Mortgage debt, net

$ 68,600,000

68,613,000

0

0

Loss on extinguishment of debt

(21,423,000)

(41,144,000)

$ 0

Real Estate

Debt Instrument [Line Items]

Encumbrances

1,583,820,000

Property Lease Guarantee

Debt Instrument [Line Items]

Maximum exposure, undiscounted

$ 12,500,000

Guarantor, obligations, amortization period

1 year 9 months 18 days

Guarantee

$ 4,100,000

Property Lease Guarantee | Forecast

Debt Instrument [Line Items]

Maximum exposure, undiscounted

$ 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 mortgage loans | loan

3

Watchung, NJ | Shopping Centers and Malls | Real Estate

Debt Instrument [Line Items]

Encumbrances

31,000,000

Brick, NJ | Shopping Centers and Malls | Real Estate

Debt Instrument [Line Items]

Encumbrances

50,000,000

Morris Plains, NJ | Shopping Centers and Malls | Real Estate

Debt Instrument [Line Items]

Encumbrances

30,000,000

First Mortgage | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Union, NJ

Debt Instrument [Line Items]

Mortgage loans on real estate

$ 44,500,000

First Mortgage | Hudson Commons, Greenbrook Commons, and Gun Hill Commons | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Debt Instrument [Line Items]

Mortgage loans on real estate

$ 75,700,000

Mortgages

Debt Instrument [Line Items]

Face amount

$ 50,000,000

Debt instrument, term

7 years

7 years

10 years

5 years

5 years

5 years

Mortgages | First Mortgage

Debt Instrument [Line Items]

Total mortgages payable

1,583,820,000

1,590,735,000

Mortgages | First Mortgage | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

1,532,915,000

1,487,831,000

Mortgages | First Mortgage | Variable rate

Debt Instrument [Line Items]

Total mortgages payable

50,905,000

102,904,000

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

Debt Instrument [Line Items]

Total mortgages payable

$ 55,071,000

Interest rate

3.76%

Mortgages | First Mortgage | Briarcliff Commons | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

$ 30,000,000

Interest rate

5.47%

Mortgages | First Mortgage | Watchung, NJ | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

$ 31,000,000

25,065,000

Interest rate

6.03%

Mortgages | First Mortgage | Ledgewood Commons

Debt Instrument [Line Items]

Interest rate

6.03%

Mortgages | First Mortgage | Ledgewood Commons | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

$ 50,000,000

Interest rate

6.03%

Mortgages | First Mortgage | Brick, NJ | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

$ 46,800,000

$ 50,000,000

47,683,000

Interest rate

5.20%

Mortgages | First Mortgage | Yonkers Gateway Center | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

$ 50,000,000

23,148,000

$ 22,700,000

Interest rate

6.30%

Mortgages | First Mortgage | Hudson Commons, Greenbrook Commons, and Gun Hill Commons | Variable rate

Debt Instrument [Line Items]

Interest rate

7.34%

Loss on extinguishment of debt

$ 300,000

Mortgages | First Mortgage | Brooklyn (Kingswood Center) | Fixed rate

Debt Instrument [Line Items]

Total mortgages payable

$ 0

69,054,000

Interest rate

0%

Accrue default interest

0.05

Loss on extinguishment of debt

$ (21,700,000)

Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 800,000,000

$ 600,000,000

Revolving Credit Facility | Unsecured credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 32,100,000

Number of extension options | extension_option

2

2

Term of each extension option

6 months

Borrowings under unsecured credit facility

$ 65,000,000

Repayments of lines of credit

$ 15,000,000

Unsecured credit facility

50,000,000

Remaining borrowing capacity

717,900,000

Revolving Credit Facility | Revolving Credit Agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 500,000,000

Number of extension options | extension_option

2

Term of each extension option

6 months

6 months

Gross debt issuance costs

$ 3,400,000

$ 5,100,000

Revolving Credit Facility | Revolving Credit Agreement | Minimum

Debt Instrument [Line Items]

Facility fee

0.15%

Financial covenants, minimum fixed charge coverage ratio

1.5

Revolving Credit Facility | Revolving Credit Agreement | Maximum

Debt Instrument [Line Items]

Facility fee

0.30%

Financial covenants, maximum leverage ratio

0.60

Revolving Credit Facility | Revolving Credit Agreement | Unsecured credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 800,000,000

Revolving Credit Facility | Revolving Credit Agreement | Unsecured credit facility | Minimum

Debt Instrument [Line Items]

Interest rate spread on variable rate

1.03%

Revolving Credit Facility | Revolving Credit Agreement | Unsecured credit facility | Maximum

Debt Instrument [Line Items]

Interest rate spread on variable rate

1.50%

Unsecured Debt | Mortgages | The Village at Waugh Chapel

Debt Instrument [Line Items]

Face amount

$ 60,000,000

INCOME TAXES - Tax Status of Di

INCOME TAXES - Tax Status of Dividends Paid (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Dividend paid per share													$ 0.68	$ 0.64	$ 0.64
Ordinary income													91%	88%	100%
Return of capital													0%	0%	0%
Capital gains													9%	12%	0%
Distributions to redeemable NCI (in dollars per unit)	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.68	$ 0.64	$ 0.64

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Deferred tax asset, net		$ 24,827	$ 20,899
Rental income		77,828	277,676	$ 50,242
Income tax (benefit) expense		2,386	17,800	2,903
State and local tax benefit		19	(674)	10
Deferred Income Tax Expense (Benefit)		(119)	13,717	$ 2,804
Puerto Rico
Income Tax Contingency [Line Items]
Rental income		6,700	51,200
Income tax (benefit) expense		2,400	18,500
Domestic Tax Jurisdiction
Income Tax Contingency [Line Items]
Rental income		$ 71,100	$ 226,400
Puerto Rico
Income Tax Contingency [Line Items]
Branch profit tax		10%
Puerto Rico | Puerto Rico | Shops at Caguas
Income Tax Contingency [Line Items]
Income tax (benefit) expense	$ 16,300
Taxes Payable, Current	4,700
Deferred Income Tax Expense (Benefit)	$ 11,600
Puerto Rico | Minimum
Income Tax Contingency [Line Items]
State and local income taxes		18.50%
Puerto Rico | Maximum
Income Tax Contingency [Line Items]
State and local income taxes		37.50%

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
U.S. federal income tax	$ 0	$ 4	$ 11
U.S. state and local income tax	19	(674)	10
Total current	2,505	4,083	99
Deferred:
U.S. federal income tax	(1)	0	1
Total deferred	(119)	13,717	2,804
Total income tax expense	2,386	17,800	2,903
Puerto Rico
Current:
Puerto Rico income tax	2,486	4,753	78
Deferred:
Puerto Rico income tax	(118)	13,717	$ 2,803
Total income tax expense	$ 2,400	$ 18,500

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes Computed Applying Federal Statutory Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal provision at statutory tax rate	$ 16,345	$ 58,312	$ 10,551
REIT income before income taxes not subject to federal tax provision	(16,345)	(58,308)	(10,539)
State and local income tax provision, net of federal benefit	18	(674)	10
Puerto Rico income tax provision	2,368	18,470	2,881
Total income tax expense	$ 2,386	$ 17,800	$ 2,903

INCOME TAXES - Net Deferred Inc

INCOME TAXES - Net Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Depreciation	$ 21,936	$ 21,586
Amortization of deferred financing costs	136	152
Rental revenue deemed uncollectible	627	410
Charitable contribution	7	7
Net operating loss	7	7
Tax credit carryforwards	3,808	0
Total deferred tax assets	26,521	22,162
Deferred tax liabilities:
Straight line rent	(1,568)	(1,111)
Amortization of acquired leases	(126)	(152)
Total deferred tax liabilities	1,694	1,263
Net deferred tax assets	$ 24,827	$ 20,899

LEASES - Additional Information

LEASES - Additional Information (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2024 USD ($) ft² property lease	Dec. 31, 2023 USD ($)
Operating Leased Assets [Line Items]
Area of leased real estate property (in sq ft)	17,400
Operating lease liabilities | $	$ 62,585	$ 53,863
Retail Shopping Centers and Malls
Operating Leased Assets [Line Items]
Number of operating leases | lease	1,100
Under 10,000 sq ft
Operating Leased Assets [Line Items]
Area of leased real estate property (in sq ft)	10
Lessor, operating lease term of contract	5 years
10,000 sq ft or more
Operating Leased Assets [Line Items]
Area of leased real estate property (in sq ft)	10
10,000 sq ft or more | Minimum
Operating Leased Assets [Line Items]
Lessor, operating lease term of contract	10 years
10,000 sq ft or more | Maximum
Operating Leased Assets [Line Items]
Lessor, operating lease term of contract	25 years
Ground and Building
Operating Leased Assets [Line Items]
Number of properties in operating lease portfolio | property	20
Ground and Building | Minimum
Operating Leased Assets [Line Items]
Lessee, operating lease term of contract	1 year
Ground and Building | Maximum
Operating Leased Assets [Line Items]
Lessee, operating lease term of contract	75 years
Corporate Offices
Operating Leased Assets [Line Items]
Number of properties in operating lease portfolio | property	2
Lessee, operating lease term of contract	1 year
Corporate Offices Two
Operating Leased Assets [Line Items]
Lessee, operating lease term of contract	4 years

LEASES - Components of Rental R

LEASES - Components of Rental Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Fixed lease revenue	$ 329,555	$ 304,050	$ 290,784
Variable lease revenue(1)	114,910	102,062	105,592
Total rental revenue	444,465	$ 406,112	396,376
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]		Property revenues
Percentage rent	$ 3,600	$ 3,600	$ 3,900

LEASES - Maturity Analysis of O

LEASES - Maturity Analysis of Operating Lease Payments to be Received as Lessor (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 320,675
2026	306,161
2027	284,582
2028	256,069
2029	203,043
Thereafter	802,656
Total undiscounted cash flows	$ 2,173,186

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 10,239	$ 9,732	$ 9,707
Variable lease cost	2,930	2,902	2,753
Total lease expense	13,169	12,634	12,460
Sublease income	$ 20,400	$ 18,700	$ 18,600

LEASES - Supplemental Noncash I

LEASES - Supplemental Noncash Information Related Operating and Finance Leases (Details)	Dec. 31, 2024	Dec. 31, 2023
Operating leases
Weighted-average remaining lease term	11 years 4 months 24 days	13 years 9 months 18 days
Weighted-average discount rates	4.38%	4.39%
Finance lease
Weighted-average remaining lease term	31 years 2 months 12 days	32 years 2 months 12 days
Weighted-average discount rates	4.01%	4.01%

LEASES - Supplemental Cash Info

LEASES - Supplemental Cash Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 10,016	$ 9,476
Operating cash flows from finance lease	122	121
Financing cash flows from finance lease	13	12
Operating leases	$ 15,837	$ 810

LEASES - Maturity Analysis of_2

LEASES - Maturity Analysis of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating leases
2025	$ 8,730
2026	8,307
2027	8,045
2028	7,864
2029	6,020
Thereafter	36,208
Total undiscounted cash flows	75,174
Present value discount	(12,589)
Operating lease liabilities	62,585	$ 53,863
Finance lease
2025	109
2026	124
2027	127
2028	127
2029	127
Thereafter	5,917
Total undiscounted cash flows	6,531
Present value discount	(3,491)
Discounted cash flows	$ 3,040	$ 3,028

FAIR VALUE MEASUREMENTS - Recur

FAIR VALUE MEASUREMENTS - Recurring and Nonrecurring (Details) - Interest Rate Cap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 1,642	$ 2,515
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	1,642	2,515
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Derivative Instrument (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, fixed interest rate	7.10%	7.76%
First Mortgage | The Plaza at Woodbridge | Variable rate | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.26%	5.26%
First Mortgage | Montclair, NJ | Fixed rate | Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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]
Derivative Asset	$ 391	$ 1,259
Notional Amount	$ 50,905	$ 52,278
Spread	2.26%	2.26%
Derivative, fixed interest rate	6.70%	7.49%
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 1,251	$ 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 - Balan

FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Mortgages | First Mortgage
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ (14,067)	$ (12,625)
Carrying Amount | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,583,820	1,590,735
Unamortized debt issuance costs	(14,100)	(12,600)
Carrying Amount | Unsecured credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	50,000	153,000
Fair Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	1,464,996	1,489,601
Fair Value | Unsecured credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	$ 48,333	$ 145,882

FAIR VALUE MEASUREMENTS - Unrea

FAIR VALUE MEASUREMENTS - Unrealized Gain Recognized In OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	$ (301)	$ (179)
The Plaza at Woodbridge | Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	(296)	32
Montclair, NJ | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) Recognized in OCI on Derivatives	$ (5)	$ (211)

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) ft²	Dec. 31, 2024 USD ($) ft² cap swap derivative	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate impairment loss | $	$ 34,100	$ 0	$ 34,055	$ 0
Area of leased real estate property (in sq ft)		17,400
Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing Asset, Measurement Input	0.08
Retail | Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing Asset, Measurement Input	0.06
Office | Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing Asset, Measurement Input	0.07
Tenant A | Office Oriented Mixed-Use Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of leased real estate property (in sq ft)	50
Tenant A | Office And Retail Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of leased real estate property (in sq ft)	129
Tenant B | Office Oriented Mixed-Use Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Area of leased real estate property (in sq ft)	17
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | derivative		2
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | cap		1
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivatives held | swap		1
Level 3 | Real Estate | Fair Value, Measurements, Nonrecurring | Brooklyn (Kingswood Center) | Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets measured at fair value | $	$ 49,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) ft² in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) ft² project lease credit tenant	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2025 lease	Aug. 09, 2022 USD ($)	Mar. 07, 2017 USD ($)
Loss Contingencies [Line Items]
Proceeds from legal settlements	$ 10,000
Number of real estate projects | project		26
Total real estate inventory costs		$ 162,600
Estimated cost to complete development and redevelopment projects		89,500
Accrued environmental remediation costs	$ 1,400	$ 1,300	$ 1,400
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag		consolidated balance sheets
Number of tenant | tenant		10
Area of leased real estate property (in sq ft) | ft²		17,400
Rental revenue		$ 444,465	$ 406,112	$ 396,376
Number of credit letters | credit		7
Subsequent Event
Loss Contingencies [Line Items]
Number of contracts rejected | lease					1
Revolving Credit Facility
Loss Contingencies [Line Items]
Maximum borrowing capacity						$ 800,000	$ 600,000
Revolving Credit Facility | Unsecured credit facility
Loss Contingencies [Line Items]
Maximum borrowing capacity		$ 32,100
Party City, TGI Fridays, Vitamin Shoppe, Big Lots, Red Lobster, Lumber Liquidators, Blink Fitness, Express, Sam Ash Music, and Sticky’s Finger Joint
Loss Contingencies [Line Items]
Number of contracts | lease		10
Area of leased real estate property (in sq ft) | ft²		117
Rental revenue		$ 3,100
Vitamin Shoppe
Loss Contingencies [Line Items]
Number of contracts | lease		4
Party City and Big Lots
Loss Contingencies [Line Items]
Number of contracts | lease		3
Red Lobster and Lumber Liquidators
Loss Contingencies [Line Items]
Number of contracts | lease		2
TGI Fridays, Blink Fitness, Express, Sam Ash Music and Sticky’s Finger Joint
Loss Contingencies [Line Items]
Number of contracts | lease		1

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 15,811	$ 22,729
Deferred tax asset, net	24,827	20,899
Real estate held for sale	10,286	0
Deferred financing costs, net of accumulated amortization of $10,571 and $8,920, respectively	3,447	5,098
Finance lease right-of-use asset	2,724	2,724
Prepaid expenses:
Real estate taxes	10,905	10,411
Insurance	1,097	1,792
Rent, licenses/fees	1,457	902
Prepaid expenses and other assets	70,554	64,555
Accumulated amortization, deferred financing costs	$ 10,571	$ 8,920
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Deferred tenant revenue	$ 26,878	$ 34,840
Accrued capital expenditures and leasing costs	$ 17,557	$ 23,044
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total accounts payable, accrued expenses and other liabilities	Total accounts payable, accrued expenses and other liabilities
Finance lease liability	$ 3,040	$ 3,028
Accrued interest payable	6,286	11,190
Security deposits	5,877	7,279
Accrued payroll expenses	14,326	9,371
Other liabilities and accrued expenses	16,018	14,245
Total accounts payable, accrued expenses and other liabilities	$ 89,982	$ 102,997

INTEREST AND DEBT EXPENSE (Deta

INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Interest expense	$ 77,265	$ 70,820	$ 55,557
Amortization of deferred financing costs	4,322	4,125	3,422
Total Interest and debt expense	$ 81,587	$ 74,945	$ 58,979

EQUITY AND NONCONTROLLING INT_2

EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 15, 2022	Mar. 31, 2020
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)	$ 0.01												$ 0.01
Stock repurchase program, authorized amount																	$ 200,000,000
Proceeds related to the issuance of common shares, net													$ 136,556,000	$ 372,000	$ 382,000
Repurchase of common stock (in shares)													0		5,900,000
Weighted average cost per share (in dollars per share)															$ 9.22
Repurchase of common shares															$ 54,100,000
Distributions to redeemable NCI (in dollars per unit)	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.68	$ 0.64	$ 0.64
Conversion rate to common shares													1
Units redeemed for common shares (in shares)													301,583	70,000	250,000
Remaining authorized repurchase amount	$ 145,900,000												$ 145,900,000
At-The-Market Program
Noncontrolling Interest [Line Items]
Common stock, par value (in dollars per share)																$ 0.01
Stock repurchase program, authorized amount																$ 250,000,000
Stock offering expense													$ 1,700,000
Common Shares
Noncontrolling Interest [Line Items]
Common shares issued (in shares)													7,507,562	139,342	60,193
Common Shares | At-The-Market Program
Noncontrolling Interest [Line Items]
Common shares issued (in shares)													7,097,124
Shares issued (in dollars per share)	$ 18.71												$ 18.71
Proceeds related to the issuance of common shares, net													$ 131,100,000
LTIP
Noncontrolling Interest [Line Items]
Number of equity awards issued (in shares)													1,043,543	314,117	431,330
Award vesting period													2 years
DRIP
Noncontrolling Interest [Line Items]
Number of equity awards issued (in shares)													4,629	5,421	5,512
Operating Partnership | Operating Partnership Units
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage													5.10%
Massapequa (portion leased through 2069), NY | Noncontrolling Interest | Massapequa (portion leased through 2069), NY
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage					17.50%									17.50%
Walnut Creek (Mt. Diablo), CA | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage													5%
Vornado Realty L.P. | Parent | Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage													95.20%

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)

12 Months Ended

Jan. 31, 2025 USD ($)

May 06, 2024 $ / shares shares

Feb. 09, 2024 USD ($) company

May 03, 2023 $ / shares shares

Feb. 10, 2023 company

Oct. 03, 2022 $ / shares shares

Sep. 01, 2022 $ / shares shares

Jun. 10, 2022 $ / shares shares

Feb. 11, 2022 USD ($) company shares

Dec. 31, 2024 USD ($) $ / shares shares

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2022 USD ($) shares

May 01, 2024 shares

Jan. 07, 2015 shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized share-based compensation expense for nonvested awards | $

$ 16,600,000

Period for recognition of share-based compensation expense for nonvested awards

4 years

Term of share-based compensation awards

10 years

Grant date fair value of vested awards | $

$ 700,000

Granted (in shares) | shares

0

Issuance of accrued LTIP units | $

$ 1,389,000

Options outstanding (in shares) | shares

2,603,664

2,930,762

3,930,762

LTIP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of equity awards issued (in shares) | shares

1,043,543

314,117

431,330

Award vesting period

2 years

Number of awards vested (in shares) | shares

336,661

277,133

498,298

Number of unvested awards (in shares) | shares

1,379,717

Weighted average remaining contractual period of nonvested awards

6 years

Conversion of units | shares

301,583

20,000

0

LTIP | Trustees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of awards granted (in shares) | shares

40,025

56,556

15,566

14,194

51,498

Weighted average grant date fair value of options granted (in dollars per share) | $ / shares

$ 14.99

$ 12.73

$ 10.97

$ 12.74

$ 13.99

Performance-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Historical volatility rate

29.90%

Risk-free interest rate

4.30%

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Term of share-based compensation awards

10 years

Options outstanding (in shares) | shares

2,603,664

2,930,762

Weighted average exercise price per share (in usd per share) | $ / shares

$ 24.10

$ 23.69

Options forfeitures (in shares) | shares

327,098

Forfeited or expired (in dollars per share) | $ / shares

$ 20.48

Weighted average remaining contractual term of options outstanding

3 months 21 days

Intrinsic value of options outstanding | $

$ 0

Stock Options | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Stock Options | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

5 years

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of awards granted (in shares) | shares

63,041

Weighted average grant date fair value of options granted (in dollars per share) | $ / shares

$ 17.40

Number of awards vested (in shares) | shares

42,037

Number of unvested awards (in shares) | shares

106,814

92,602

Forfeited (in shares) | shares

(6,792)

Restricted Stock | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

1 year

Restricted Stock | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

DSUs | Trustees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of awards granted (in shares) | shares

8,528

10,050

8,645

Weighted average grant date fair value of options granted (in dollars per share) | $ / shares

$ 14.07

$ 11.94

$ 13.88

Restricted Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Forfeited (in shares) | shares

(5,838)

(825)

(75,962)

Omnibus Share Plan 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares) | shares

15,000,000

2019 LTIP Plan | Performance-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized share-based compensation expense for nonvested awards | $

$ 200,000

Long-Term Incentive Plan 2022 | LTIP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

OPP award threshold, TSR multi-year duration

3 years

Grant date fair value of plan | $

$ 8,600,000

Long-Term Incentive Plan 2022 | Performance-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity award earned percentage based on absolute TSR component

50%

Equity award percentage of absolute component of TSR

18%

Equity award earned percentage based on absolute TSR component

100%

Equity award earned percentage based on relative TSR component of peer group

50%

Equity award percentage of absolute component of TSR

27%

Equity award earned percentage based on absolute TSR component

200%

Equity award percentage of absolute component of TSR

36%

Number of REIT peer groups | company

13

Equity award percentage of relative component TSR of peer group

3,500%

Equity award earned percentage based on relative TSR component of peer group

100%

Equity award percentage of relative component TSR of peer group

5,500%

Equity award earned percentage based on relative TSR component of peer group

200%

Deferred compensation arrangement with individual, fair value of shares issued | $

1,000,000

$ 800,000

$ 700,000

Award vesting period

3 years

Number of awards granted (in shares) | shares

349,438

Historical volatility rate

51%

Risk-free interest rate

1.70%

Issuance of accrued LTIP units | $

4,300,000

Equity award percentage of relative component TSR of peer group

7,500%

Equity award earned percentage based on relative FFO component of peer group

50%

Equity award percentage of relative component FFO of peer group

3%

Equity award earned percentage based on relative FFO component of peer group

100%

Equity award percentage of relative component FFO of peer group

5%

Equity award earned percentage based on relative FFO component of peer group

200%

Equity award percentage of relative component FFO of peer group

7%

Long-Term Incentive Plan 2022 | Time-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred compensation arrangement with individual, fair value of shares issued | $

$ 700,000

900,000

1,500,000

Award vesting period

3 years

Number of awards granted (in shares) | shares

266,766

Long-Term Incentive Plan 2022 | Time-Based Shares | Chairman And Chief Executive Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

4 years

Long-Term Incentive Plan 2023 | LTIP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Issuance of accrued LTIP units | $

$ 7,400,000

Long-Term Incentive Plan 2023 | Performance-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity award earned percentage based on absolute TSR component

50%

Equity award percentage of absolute component of TSR

12%

Equity award earned percentage based on absolute TSR component

100%

Equity award earned percentage based on relative TSR component of peer group

50%

Equity award percentage of absolute component of TSR

21%

Equity award earned percentage based on absolute TSR component

200%

Equity award percentage of absolute component of TSR

30%

Number of REIT peer groups | company

11

Equity award percentage of relative component TSR of peer group

3,500%

Equity award earned percentage based on relative TSR component of peer group

100%

Equity award percentage of relative component TSR of peer group

5,500%

Equity award earned percentage based on relative TSR component of peer group

200%

Deferred compensation arrangement with individual, fair value of shares issued | $

1,400,000

900,000

Award vesting period

3 years

Number of awards granted (in shares) | shares

309,611

Historical volatility rate

53.30%

Risk-free interest rate

4.20%

Issuance of accrued LTIP units | $

3,700,000

Equity award percentage of relative component TSR of peer group

7,500%

Equity award earned percentage based on relative FFO component of peer group

50%

Equity award percentage of relative component FFO of peer group

1%

Equity award earned percentage based on relative FFO component of peer group

100%

Equity award percentage of relative component FFO of peer group

3.50%

Equity award earned percentage based on relative FFO component of peer group

200%

Equity award percentage of relative component FFO of peer group

6%

Equity award earned percentage based on relative Same Property NOI Performance component of peer group

50%

Equity award percentage of relative component Same Property NOI Performance of peer group

3,500%

Equity award earned percentage based on relative Same Property NOI Performance component of peer group

100%

Equity award percentage of relative component Same Property NOI Performance of peer group

5,500%

Equity award earned percentage based on relative Same Property NOI Performance component of peer group

200%

Equity award percentage of relative component Same Property NOI Performance of peer group

7,500%

Long-Term Incentive Plan 2023 | Time-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred compensation arrangement with individual, fair value of shares issued | $

$ 1,000,000

1,100,000

Award vesting period

3 years

Number of awards granted (in shares) | shares

257,561

Long-Term Incentive Plan 2023 | Time-Based Shares | Chairman And Chief Executive Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

4 years

Long-Term Incentive Plan 2024 | LTIP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

OPP award threshold, TSR multi-year duration

3 years

Long-Term Incentive Plan 2024 | Performance-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity award earned percentage based on absolute TSR component

50%

Equity award percentage of absolute component of TSR

12%

Equity award earned percentage based on absolute TSR component

100%

Equity award earned percentage based on relative TSR component of peer group

50%

Equity award percentage of absolute component of TSR

21%

Equity award earned percentage based on absolute TSR component

200%

Equity award percentage of absolute component of TSR

30%

Number of REIT peer groups | company

10

Equity award percentage of relative component TSR of peer group

3,500%

Equity award earned percentage based on relative TSR component of peer group

100%

Equity award percentage of relative component TSR of peer group

5,500%

Equity award earned percentage based on relative TSR component of peer group

200%

Deferred compensation arrangement with individual, fair value of shares issued | $

$ 900,000

Number of awards granted (in shares) | shares

295,892

Issuance of accrued LTIP units | $

$ 3,800,000

Equity award percentage of relative component TSR of peer group

7,500%

Equity award earned percentage based on relative FFO component of peer group

50%

Equity award percentage of relative component FFO of peer group

3,500%

Equity award earned percentage based on relative FFO component of peer group

100%

Equity award percentage of relative component FFO of peer group

5,500%

Equity award earned percentage based on relative FFO component of peer group

200%

Equity award percentage of relative component FFO of peer group

7,500%

Equity award earned percentage based on relative Same Property NOI Performance component of peer group

50%

Equity award percentage of relative component Same Property NOI Performance of peer group

3,500%

Equity award earned percentage based on relative Same Property NOI Performance component of peer group

100%

Equity award percentage of relative component Same Property NOI Performance of peer group

5,500%

Equity award earned percentage based on relative Same Property NOI Performance component of peer group

200%

Equity award percentage of relative component Same Property NOI Performance of peer group

7,500%

Long-Term Incentive Plan 2024 | Time-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value of plan | $

3,700,000

Deferred compensation arrangement with individual, fair value of shares issued | $

$ 1,000,000

Award vesting period

3 years

Number of awards granted (in shares) | shares

232,808

Long-Term Incentive Plan 2024 | Time-Based Shares | Chairman And Chief Executive Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

4 years

Long-Term Incentive Plan 2024 | Time-Based And Performance-Based LTIP Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value of plan | $

$ 7,500,000

Long-Term Incentive Plan 2025 | LTIP | Subsequent Event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

OPP award threshold, TSR multi-year duration

3 years

Award vesting period

3 years

Long-Term Incentive Plan 2025 | Time-Based And Performance-Based LTIP Shares | Subsequent Event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value of plan | $

$ 8,800,000

Other Long Term Incentive Plans | LTIP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Issuance of accrued LTIP units | $

$ 38,500,000

2017 OPP, 2018 LTI Plan, 2019 LTI Plan, and 2020 LTI Plan | Time-Based Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred compensation arrangement with individual, fair value of shares issued | $

$ 1,000,000

$ 2,300,000

$ 4,800,000

Matching Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

4 years

Incremental deferral of cash bonuses

0.25

0.25

Percent of match

20%

Granted under the Matching Award | $

$ 12,600,000

Matching Award | Subsequent Event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted under the Matching Award | $

$ 6,700,000

Omnibus Share Plan 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares) | shares

7,400,000

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options Activity (Details)	12 Months Ended
	Dec. 31, 2024 shares
Shares Under Options
Outstanding at January 1 (in shares)	2,930,762
Granted (in shares)	0
Outstanding at December 31 (in shares)	2,603,664

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Shares
Unvested at January 1 (in shares) | shares	92,602
Granted (in shares) | shares	63,041
Vested (in shares) | shares	(42,037)
Forfeited (in shares) | shares	(6,792)
Unvested at December 31 (in shares) | shares	106,814
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at January 1 (in dollars per share) | $ / shares	$ 15.95
Granted (in dollars per share) | $ / shares	17.40
Vested (in dollars per share) | $ / shares	15.90
Forfeited (in dollars per share) | $ / shares	16.28
Unvested at December 31 (in dollars per share) | $ / shares	$ 16.81

SHARE-BASED COMPENSATION - Unit

SHARE-BASED COMPENSATION - Units, Deferred Share Units, and Restricted Share Units Granted to Trustees (Details) - Trustees - $ / shares	May 06, 2024	May 03, 2023	Mar. 15, 2023	Oct. 03, 2022	Sep. 01, 2022	Jun. 10, 2022
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	40,025	56,556		15,566	14,194	51,498
Granted (in dollars per share)	$ 14.99	$ 12.73		$ 10.97	$ 12.74	$ 13.99
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	7,036	8,293	8,352
Granted (in dollars per share)	$ 17.06	$ 14.47	$ 13.94
DSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	8,528	10,050				8,645
Granted (in dollars per share)	$ 14.07	$ 11.94				$ 13.88

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 10,431	$ 7,811	$ 10,486
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	859	732	367
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	0	20	977
LTIP
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	5,269	4,052	5,862
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	4,184	2,883	3,170
DSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total Share-based compensation expense	$ 119	$ 124	$ 110

EARNINGS PER SHARE AND UNIT - A

EARNINGS PER SHARE AND UNIT - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Options outstanding (in shares)	2,603,664	2,930,762	3,930,762
Conversion rate to common shares	1
Stock Options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock options using treasure stock method and restricted stock awards (in shares)	0	0	0
Restricted share awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock options using treasure stock method and restricted stock awards (in shares)	107,821	90,804	59,459
Unvested restricted shares outstanding (in shares)	106,814

EARNINGS PER SHARE AND UNIT - C

EARNINGS PER SHARE AND UNIT - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to common shareholders	$ 72,563	$ 248,497	$ 46,170
Less: earnings allocated to unvested participating securities	(65)	(200)	(23)
Net income available for common shareholders - basic	72,498	248,297	46,147
OP and LTIP units	0	134	1,635
Net income available for common shareholders - dilutive	$ 72,498	$ 248,431	$ 47,782
Denominator:
Weighted average common shares outstanding - basic (in shares)	121,324	117,506	117,366
Effect of dilutive securities:
Assumed conversion of OP and LTIP units (in shares)	0	0	4,215
Weighted average common shares outstanding - diluted (in shares)	121,432	117,597	121,640
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.60	$ 2.11	$ 0.39
Earnings per common share - Diluted (in dollars per share)	$ 0.60	$ 2.11	$ 0.39
Urban Edge Properties LP
Numerator:
Net income attributable to common shareholders	$ 76,541	$ 260,396	$ 48,065
Less: earnings allocated to unvested participating securities	(1,108)	(200)	(23)
Net income available for common shareholders - basic	$ 75,433	$ 260,196	$ 48,042
Denominator:
Weighted average common shares outstanding - basic (in shares)	125,987	121,901	121,374
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	108	91	59
Assumed conversion of OP and LTIP units (in shares)	0	0	207
Weighted average common shares outstanding - diluted (in shares)	126,095	121,992	121,640
Earnings per share available to common shareholders:
Earnings per common share - Basic (in dollars per share)	$ 0.60	$ 2.13	$ 0.40
Earnings per common share - Diluted (in dollars per share)	$ 0.60	$ 2.13	$ 0.39
Restricted share awards
Effect of dilutive securities:
Stock options using treasure stock method and restricted stock awards (in shares)	108	91	59

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Real estate taxes		$ 68,651	$ 64,889	$ 61,864
Property operating		78,776	68,563	74,334
Capitalized internal leasing overhead		13,169	12,634	12,460
Depreciation and amortization		(150,389)	(108,979)	(98,432)
Interest and debt expense		(81,587)	(74,945)	(58,979)
General and administrative		(37,474)	(37,070)	(43,087)
Gain (loss) on extinguishment of debt		21,423	41,144	0
Real estate impairment loss	$ (34,100)	0	(34,055)	0
Interest income		2,667	3,037	1,107
Gain on sale of real estate		38,818	217,708	353
Income before income taxes		77,828	277,676	50,242
Properties | Operating Segments
Segment Reporting Information [Line Items]
Property revenues		431,815	396,473	390,534
Real estate taxes		70,521	66,756	63,688
Property operating		79,159	68,997	74,797
Capitalized internal leasing overhead		9,559	11,110	11,540
Costs and Expenses		159,239	146,863	150,025
Property Net Operating Income		272,576	249,610	240,509
Depreciation and amortization		(150,389)	(108,979)	(98,432)
Interest and debt expense		(81,587)	(74,945)	(58,979)
General and administrative		(37,474)	(37,070)	(43,087)
Gain (loss) on extinguishment of debt		21,423	41,144	0
Real estate impairment loss		0	(34,055)	0
Interest income		2,192	2,608	1,056
Straight-line rents, amortization of above and below-market leases, and other		11,999	11,610	8,257
Gain on sale of real estate		38,818	217,708	353
Other (expense) income		270	10,045	565
Income before income taxes		77,828	277,676	50,242
Property Rentals | Properties | Operating Segments
Segment Reporting Information [Line Items]
Property revenues		312,674	291,717	286,747
Tenant Expense Reimbursements | Properties | Operating Segments
Segment Reporting Information [Line Items]
Property revenues		$ 119,141	$ 104,756	$ 103,787

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Real Estate Property (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Initial cost to company
Encumbrances	$ 1,583,820
Land	714,620
Building and improvements	1,945,585
Costs capitalized subsequent to acquisition	1,092,073
Gross amount at which carried at close of period
Land	660,198
Building and improvements	3,092,081
Total	3,752,279	$ 3,586,179	$ 3,326,884	$ 3,205,450
Accumulated depreciation and amortization	(886,886)	$ (819,243)	$ (791,485)	$ (753,947)
Aggregate cost for federal income tax purposes	1,900,000
Real Estate
Initial cost to company
Encumbrances	1,583,820
Land	714,620
Building and improvements	1,945,585
Costs capitalized subsequent to acquisition	1,080,777
Gross amount at which carried at close of period
Land	660,198
Building and improvements	3,080,785
Total	3,740,983
Accumulated depreciation and amortization	(881,958)
Real Estate | Shopping Centers and Malls | Baltimore (Towson), MD
Initial cost to company
Encumbrances	0
Land	581
Building and improvements	3,227
Costs capitalized subsequent to acquisition	20,587
Gross amount at which carried at close of period
Land	581
Building and improvements	23,814
Total	24,395
Accumulated depreciation and amortization	(11,109)
Real Estate | Shopping Centers and Malls | Bensalem, PA
Initial cost to company
Encumbrances	0
Land	2,727
Building and improvements	6,698
Costs capitalized subsequent to acquisition	2,039
Gross amount at which carried at close of period
Land	2,727
Building and improvements	8,737
Total	11,464
Accumulated depreciation and amortization	(5,166)
Real Estate | Shopping Centers and Malls | Bergen Town Center - East, Paramus, NJ
Initial cost to company
Encumbrances	0
Land	6,305
Building and improvements	6,824
Costs capitalized subsequent to acquisition	29,928
Gross amount at which carried at close of period
Land	4,572
Building and improvements	38,485
Total	43,057
Accumulated depreciation and amortization	(12,313)
Real Estate | Shopping Centers and Malls | Bergen Town Center - West, Paramus, NJ
Initial cost to company
Encumbrances	290,000
Land	22,930
Building and improvements	89,358
Costs capitalized subsequent to acquisition	440,364
Gross amount at which carried at close of period
Land	33,430
Building and improvements	519,223
Total	552,653
Accumulated depreciation and amortization	(172,317)
Real Estate | Shopping Centers and Malls | Brick, NJ
Initial cost to company
Encumbrances	50,000
Land	1,391
Building and improvements	11,179
Costs capitalized subsequent to acquisition	15,592
Gross amount at which carried at close of period
Land	1,391
Building and improvements	26,771
Total	28,162
Accumulated depreciation and amortization	(16,427)
Real Estate | Shopping Centers and Malls | Bronx (Bruckner Boulevard), NY
Initial cost to company
Encumbrances	0
Land	66,100
Building and improvements	259,503
Costs capitalized subsequent to acquisition	29,236
Gross amount at which carried at close of period
Land	42,643
Building and improvements	312,196
Total	354,839
Accumulated depreciation and amortization	(71,431)
Real Estate | Shopping Centers and Malls | Bronx (Shops at Bruckner), NY
Initial cost to company
Encumbrances	37,350
Land	0
Building and improvements	32,979
Costs capitalized subsequent to acquisition	18,470
Gross amount at which carried at close of period
Land	0
Building and improvements	51,449
Total	51,449
Accumulated depreciation and amortization	(7,388)
Real Estate | Shopping Centers and Malls | Bronx (1750-1780 Gun Hill Road), NY
Initial cost to company
Encumbrances	0
Land	6,427
Building and improvements	11,885
Costs capitalized subsequent to acquisition	24,014
Gross amount at which carried at close of period
Land	6,428
Building and improvements	35,898
Total	42,326
Accumulated depreciation and amortization	(16,647)
Real Estate | Shopping Centers and Malls | Brooklyn (Kingswood Crossing), NY
Initial cost to company
Encumbrances	0
Land	8,150
Building and improvements	64,159
Costs capitalized subsequent to acquisition	3,521
Gross amount at which carried at close of period
Land	8,150
Building and improvements	67,680
Total	75,830
Accumulated depreciation and amortization	(9,057)
Real Estate | Shopping Centers and Malls | Broomall, PA
Initial cost to company
Encumbrances	0
Land	850
Building and improvements	2,171
Costs capitalized subsequent to acquisition	11,225
Gross amount at which carried at close of period
Land	644
Building and improvements	13,602
Total	14,246
Accumulated depreciation and amortization	(2,982)
Real Estate | Shopping Centers and Malls | Buffalo (Amherst), NY
Initial cost to company
Encumbrances	0
Land	5,743
Building and improvements	4,056
Costs capitalized subsequent to acquisition	16,022
Gross amount at which carried at close of period
Land	4,697
Building and improvements	21,124
Total	25,821
Accumulated depreciation and amortization	(9,455)
Real Estate | Shopping Centers and Malls | Cambridge (leased through 2033, MA
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	0
Costs capitalized subsequent to acquisition	504
Gross amount at which carried at close of period
Land	0
Building and improvements	504
Total	504
Accumulated depreciation and amortization	(183)
Real Estate | Shopping Centers and Malls | Carlstadt (leased through 2050), NJ
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	16,458
Costs capitalized subsequent to acquisition	214
Gross amount at which carried at close of period
Land	0
Building and improvements	16,672
Total	16,672
Accumulated depreciation and amortization	(7,189)
Real Estate | Shopping Centers and Malls | Charleston (leased through 2063), SC
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	3,634
Costs capitalized subsequent to acquisition	308
Gross amount at which carried at close of period
Land	0
Building and improvements	3,942
Total	3,942
Accumulated depreciation and amortization	(1,761)
Real Estate | Shopping Centers and Malls | Cherry Hill (Plaza at Cherry Hill), NJ
Initial cost to company
Encumbrances	0
Land	14,602
Building and improvements	33,666
Costs capitalized subsequent to acquisition	3,379
Gross amount at which carried at close of period
Land	13,804
Building and improvements	37,843
Total	51,647
Accumulated depreciation and amortization	(8,690)
Real Estate | Shopping Centers and Malls | Dewitt (leased through 2041), NY
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	7,116
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Building and improvements	7,116
Total	7,116
Accumulated depreciation and amortization	(3,468)
Real Estate | Shopping Centers and Malls | East Brunswick, NJ
Initial cost to company
Encumbrances	63,000
Land	2,417
Building and improvements	17,169
Costs capitalized subsequent to acquisition	7,695
Gross amount at which carried at close of period
Land	2,417
Building and improvements	24,864
Total	27,281
Accumulated depreciation and amortization	(20,940)
Real Estate | Shopping Centers and Malls | East Hanover (200 - 240 Route 10 West), NJ
Initial cost to company
Encumbrances	60,155
Land	2,232
Building and improvements	18,241
Costs capitalized subsequent to acquisition	17,712
Gross amount at which carried at close of period
Land	2,671
Building and improvements	35,514
Total	38,185
Accumulated depreciation and amortization	(25,554)
Real Estate | Shopping Centers and Malls | East Rutherford (leased through 2099)(3), NJ
Initial cost to company
Encumbrances	23,000
Land	0
Building and improvements	36,727
Costs capitalized subsequent to acquisition	2,066
Gross amount at which carried at close of period
Land	0
Building and improvements	38,793
Total	38,793
Accumulated depreciation and amortization	(12,966)
Real Estate | Shopping Centers and Malls | Everett (Gateway Center), MA
Initial cost to company
Encumbrances	0
Land	57,546
Building and improvements	36,473
Costs capitalized subsequent to acquisition	55
Gross amount at which carried at close of period
Land	57,546
Building and improvements	36,528
Total	94,074
Accumulated depreciation and amortization	(3,689)
Real Estate | Shopping Centers and Malls | Framingham (Shopper's World), MA
Initial cost to company
Encumbrances	0
Land	42,861
Building and improvements	198,317
Costs capitalized subsequent to acquisition	122
Gross amount at which carried at close of period
Land	42,861
Building and improvements	198,439
Total	241,300
Accumulated depreciation and amortization	(8,961)
Real Estate | Shopping Centers and Malls | Freeport (240 West Sunrise Highway) (leased through 2040), NY
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	0
Costs capitalized subsequent to acquisition	927
Gross amount at which carried at close of period
Land	0
Building and improvements	927
Total	927
Accumulated depreciation and amortization	(324)
Real Estate | Shopping Centers and Malls | Gambrills, MD
Initial cost to company
Land	36,722
Building and improvements	91,177
Costs capitalized subsequent to acquisition	25
Gross amount at which carried at close of period
Land	36,722
Building and improvements	91,202
Total	127,924
Accumulated depreciation and amortization	(590)
Real Estate | Shopping Centers and Malls | Garfield, NJ
Initial cost to company
Encumbrances	38,886
Land	45
Building and improvements	8,068
Costs capitalized subsequent to acquisition	46,807
Gross amount at which carried at close of period
Land	44
Building and improvements	54,876
Total	54,920
Accumulated depreciation and amortization	(27,628)
Real Estate | Shopping Centers and Malls | Glenarden, MD
Initial cost to company
Encumbrances	117,200
Land	28,397
Building and improvements	144,834
Costs capitalized subsequent to acquisition	2,294
Gross amount at which carried at close of period
Land	28,214
Building and improvements	147,311
Total	175,525
Accumulated depreciation and amortization	(15,295)
Real Estate | Shopping Centers and Malls | Glenolden, PA
Initial cost to company
Encumbrances	0
Land	850
Building and improvements	1,820
Costs capitalized subsequent to acquisition	939
Gross amount at which carried at close of period
Land	850
Building and improvements	2,759
Total	3,609
Accumulated depreciation and amortization	(2,464)
Real Estate | Shopping Centers and Malls | Hackensack, NJ
Initial cost to company
Encumbrances	66,400
Land	692
Building and improvements	10,219
Costs capitalized subsequent to acquisition	7,880
Gross amount at which carried at close of period
Land	692
Building and improvements	18,099
Total	18,791
Accumulated depreciation and amortization	(14,136)
Real Estate | Shopping Centers and Malls | Huntington, NY
Initial cost to company
Encumbrances	43,704
Land	21,200
Building and improvements	33,667
Costs capitalized subsequent to acquisition	41,881
Gross amount at which carried at close of period
Land	20,814
Building and improvements	75,934
Total	96,748
Accumulated depreciation and amortization	(11,321)
Real Estate | Shopping Centers and Malls | Hyde Park (Shops at Riverwood), MA
Initial cost to company
Encumbrances	20,958
Land	10,867
Building and improvements	19,441
Costs capitalized subsequent to acquisition	159
Gross amount at which carried at close of period
Land	10,867
Building and improvements	19,600
Total	30,467
Accumulated depreciation and amortization	(1,559)
Real Estate | Shopping Centers and Malls | Inwood, NY
Initial cost to company
Encumbrances	0
Land	12,419
Building and improvements	19,097
Costs capitalized subsequent to acquisition	4,234
Gross amount at which carried at close of period
Land	12,419
Building and improvements	23,331
Total	35,750
Accumulated depreciation and amortization	(5,781)
Real Estate | Shopping Centers and Malls | Jersey City (Hudson Commons), NJ
Initial cost to company
Encumbrances	0
Land	652
Building and improvements	7,495
Costs capitalized subsequent to acquisition	1,185
Gross amount at which carried at close of period
Land	652
Building and improvements	8,680
Total	9,332
Accumulated depreciation and amortization	(4,878)
Real Estate | Shopping Centers and Malls | Jersey City (Hudson Mall), NJ
Initial cost to company
Encumbrances	0
Land	15,824
Building and improvements	37,593
Costs capitalized subsequent to acquisition	1,630
Gross amount at which carried at close of period
Land	14,289
Building and improvements	40,758
Total	55,047
Accumulated depreciation and amortization	(9,017)
Real Estate | Shopping Centers and Malls | Kearny, NJ
Initial cost to company
Encumbrances	0
Land	309
Building and improvements	3,376
Costs capitalized subsequent to acquisition	19,355
Gross amount at which carried at close of period
Land	296
Building and improvements	22,744
Total	23,040
Accumulated depreciation and amortization	(9,863)
Real Estate | Shopping Centers and Malls | Lancaster, PA
Initial cost to company
Encumbrances	0
Land	3,140
Building and improvements	63
Costs capitalized subsequent to acquisition	2,227
Gross amount at which carried at close of period
Land	3,140
Building and improvements	2,290
Total	5,430
Accumulated depreciation and amortization	(1,448)
Real Estate | Shopping Centers and Malls | Lodi (Washington Street, NJ)
Initial cost to company
Encumbrances	0
Land	7,606
Building and improvements	13,125
Costs capitalized subsequent to acquisition	(8,778)
Gross amount at which carried at close of period
Land	3,823
Building and improvements	8,130
Total	11,953
Accumulated depreciation and amortization	(3,968)
Real Estate | Shopping Centers and Malls | Manalapan, NJ
Initial cost to company
Encumbrances	0
Land	725
Building and improvements	7,189
Costs capitalized subsequent to acquisition	8,859
Gross amount at which carried at close of period
Land	826
Building and improvements	15,947
Total	16,773
Accumulated depreciation and amortization	(10,293)
Real Estate | Shopping Centers and Malls | Manchester, MO
Initial cost to company
Encumbrances	12,500
Land	4,409
Building and improvements	13,756
Costs capitalized subsequent to acquisition	(6,008)
Gross amount at which carried at close of period
Land	2,858
Building and improvements	9,299
Total	12,157
Accumulated depreciation and amortization	(1,585)
Real Estate | Shopping Centers and Malls | Marlton, NJ
Initial cost to company
Encumbrances	36,024
Land	1,611
Building and improvements	3,464
Costs capitalized subsequent to acquisition	19,709
Gross amount at which carried at close of period
Land	1,385
Building and improvements	23,399
Total	24,784
Accumulated depreciation and amortization	(14,215)
Real Estate | Shopping Centers and Malls | Massapequa (portion leased through 2069), NY
Initial cost to company
Encumbrances	0
Land	45,153
Building and improvements	6,226
Costs capitalized subsequent to acquisition	60,462
Gross amount at which carried at close of period
Land	14,330
Building and improvements	97,511
Total	111,841
Accumulated depreciation and amortization	(330)
Real Estate | Shopping Centers and Malls | Middletown, NJ
Initial cost to company
Encumbrances	29,610
Land	283
Building and improvements	5,248
Costs capitalized subsequent to acquisition	2,721
Gross amount at which carried at close of period
Land	283
Building and improvements	7,969
Total	8,252
Accumulated depreciation and amortization	(7,038)
Real Estate | Shopping Centers and Malls | Millburn, NJ
Initial cost to company
Encumbrances	21,525
Land	15,783
Building and improvements	25,837
Costs capitalized subsequent to acquisition	(2,013)
Gross amount at which carried at close of period
Land	15,783
Building and improvements	23,824
Total	39,607
Accumulated depreciation and amortization	(5,386)
Real Estate | Shopping Centers and Malls | Montclair, NJ
Initial cost to company
Encumbrances	7,250
Land	66
Building and improvements	419
Costs capitalized subsequent to acquisition	472
Gross amount at which carried at close of period
Land	66
Building and improvements	891
Total	957
Accumulated depreciation and amortization	(819)
Real Estate | Shopping Centers and Malls | Montehiedra, Puerto Rico
Initial cost to company
Encumbrances	73,551
Land	9,182
Building and improvements	66,751
Costs capitalized subsequent to acquisition	44,507
Gross amount at which carried at close of period
Land	8,030
Building and improvements	112,410
Total	120,440
Accumulated depreciation and amortization	(47,062)
Real Estate | Shopping Centers and Malls | Morris Plains, NJ
Initial cost to company
Encumbrances	30,000
Land	1,104
Building and improvements	6,411
Costs capitalized subsequent to acquisition	23,133
Gross amount at which carried at close of period
Land	1,104
Building and improvements	29,544
Total	30,648
Accumulated depreciation and amortization	(12,788)
Real Estate | Shopping Centers and Malls | Mount Kisco, NY
Initial cost to company
Encumbrances	10,390
Land	22,700
Building and improvements	26,700
Costs capitalized subsequent to acquisition	5,265
Gross amount at which carried at close of period
Land	23,297
Building and improvements	31,368
Total	54,665
Accumulated depreciation and amortization	(12,710)
Real Estate | Shopping Centers and Malls | New Hyde Park (leased through 2029), NY
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	4
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Building and improvements	4
Total	4
Accumulated depreciation and amortization	(4)
Real Estate | Shopping Centers and Malls | Newington, CT
Initial cost to company
Encumbrances	15,719
Land	2,421
Building and improvements	1,200
Costs capitalized subsequent to acquisition	2,541
Gross amount at which carried at close of period
Land	2,113
Building and improvements	4,049
Total	6,162
Accumulated depreciation and amortization	(1,789)
Real Estate | Shopping Centers and Malls | Norfolk (leased through 2020), VA
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	3,927
Costs capitalized subsequent to acquisition	15
Gross amount at which carried at close of period
Land	0
Building and improvements	3,942
Total	3,942
Accumulated depreciation and amortization	(3,939)
Real Estate | Shopping Centers and Malls | North Bergen (Kennedy Boulevard), NJ
Initial cost to company
Encumbrances	0
Land	2,308
Building and improvements	636
Costs capitalized subsequent to acquisition	276
Gross amount at which carried at close of period
Land	2,308
Building and improvements	912
Total	3,220
Accumulated depreciation and amortization	(810)
Real Estate | Shopping Centers and Malls | North Bergen (Tonnelle Avenue), NJ
Initial cost to company
Encumbrances	95,286
Land	24,978
Building and improvements	10,462
Costs capitalized subsequent to acquisition	58,470
Gross amount at which carried at close of period
Land	33,988
Building and improvements	59,922
Total	93,910
Accumulated depreciation and amortization	(26,048)
Real Estate | Shopping Centers and Malls | North Plainfield, NJ
Initial cost to company
Encumbrances	23,717
Land	6,577
Building and improvements	13,983
Costs capitalized subsequent to acquisition	1,252
Gross amount at which carried at close of period
Land	6,577
Building and improvements	15,235
Total	21,812
Accumulated depreciation and amortization	(6,850)
Real Estate | Shopping Centers and Malls | Paramus (leased through 2033), NJ
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	0
Costs capitalized subsequent to acquisition	12,569
Gross amount at which carried at close of period
Land	0
Building and improvements	12,569
Total	12,569
Accumulated depreciation and amortization	(7,991)
Real Estate | Shopping Centers and Malls | Queens, NY
Initial cost to company
Encumbrances	0
Land	14,537
Building and improvements	12,304
Costs capitalized subsequent to acquisition	5,264
Gross amount at which carried at close of period
Land	14,537
Building and improvements	17,568
Total	32,105
Accumulated depreciation and amortization	(4,661)
Real Estate | Shopping Centers and Malls | Rochester (Henrietta) (leased through 2026), NY
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	2,647
Costs capitalized subsequent to acquisition	1,165
Gross amount at which carried at close of period
Land	0
Building and improvements	3,812
Total	3,812
Accumulated depreciation and amortization	(3,662)
Real Estate | Shopping Centers and Malls | Rockaway
Initial cost to company
Encumbrances	26,215
Land	559
Building and improvements	6,363
Costs capitalized subsequent to acquisition	5,113
Gross amount at which carried at close of period
Land	559
Building and improvements	11,476
Total	12,035
Accumulated depreciation and amortization	(8,195)
Real Estate | Shopping Centers and Malls | Rockville, MD
Initial cost to company
Encumbrances	0
Land	3,470
Building and improvements	20,599
Costs capitalized subsequent to acquisition	1,685
Gross amount at which carried at close of period
Land	3,470
Building and improvements	22,284
Total	25,754
Accumulated depreciation and amortization	(10,802)
Real Estate | Shopping Centers and Malls | Roxbury Township, NJ
Initial cost to company
Encumbrances	50,000
Land	24,313
Building and improvements	56,352
Costs capitalized subsequent to acquisition	637
Gross amount at which carried at close of period
Land	23,815
Building and improvements	57,487
Total	81,302
Accumulated depreciation and amortization	(2,210)
Real Estate | Shopping Centers and Malls | Revere (Wonderland), MA
Initial cost to company
Encumbrances	0
Land	6,323
Building and improvements	17,130
Costs capitalized subsequent to acquisition	586
Gross amount at which carried at close of period
Land	6,323
Building and improvements	17,716
Total	24,039
Accumulated depreciation and amortization	(4,836)
Real Estate | Shopping Centers and Malls | Salem (leased through 2061), NH
Initial cost to company
Encumbrances	0
Land	6,083
Building and improvements	0
Costs capitalized subsequent to acquisition	(1,821)
Gross amount at which carried at close of period
Land	2,994
Building and improvements	1,268
Total	4,262
Accumulated depreciation and amortization	(331)
Real Estate | Shopping Centers and Malls | Shops at Caguas, Puerto Rico
Initial cost to company
Encumbrances	81,504
Land	15,280
Building and improvements	64,370
Costs capitalized subsequent to acquisition	26,073
Gross amount at which carried at close of period
Land	15,280
Building and improvements	90,443
Total	105,723
Accumulated depreciation and amortization	(42,003)
Real Estate | Shopping Centers and Malls | South Plainfield (leased through 2039)(3), NJ
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	10,044
Costs capitalized subsequent to acquisition	1,950
Gross amount at which carried at close of period
Land	0
Building and improvements	11,994
Total	11,994
Accumulated depreciation and amortization	(5,460)
Real Estate | Shopping Centers and Malls | Springfield (leased through 2025), PA
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	0
Costs capitalized subsequent to acquisition	80
Gross amount at which carried at close of period
Land	0
Building and improvements	80
Total	80
Accumulated depreciation and amortization	(80)
Real Estate | Shopping Centers and Malls | Staten Island, NY
Initial cost to company
Encumbrances	0
Land	11,446
Building and improvements	21,262
Costs capitalized subsequent to acquisition	5,813
Gross amount at which carried at close of period
Land	11,446
Building and improvements	27,075
Total	38,521
Accumulated depreciation and amortization	(14,273)
Real Estate | Shopping Centers and Malls | Totowa, NJ
Initial cost to company
Encumbrances	50,800
Land	120
Building and improvements	11,994
Costs capitalized subsequent to acquisition	1,109
Gross amount at which carried at close of period
Land	45
Building and improvements	13,178
Total	13,223
Accumulated depreciation and amortization	(10,345)
Real Estate | Shopping Centers and Malls | Union (Route 22 and Morris Avenue), NJ
Initial cost to company
Encumbrances	0
Land	3,025
Building and improvements	7,470
Costs capitalized subsequent to acquisition	7,770
Gross amount at which carried at close of period
Land	3,012
Building and improvements	15,253
Total	18,265
Accumulated depreciation and amortization	(8,076)
Real Estate | Shopping Centers and Malls | Walnut Creek (1149 South Main Street), CA
Initial cost to company
Encumbrances	0
Land	2,699
Building and improvements	19,930
Costs capitalized subsequent to acquisition	(1,003)
Gross amount at which carried at close of period
Land	2,699
Building and improvements	18,927
Total	21,626
Accumulated depreciation and amortization	(5,566)
Real Estate | Shopping Centers and Malls | Walnut Creek (Mt. Diablo), CA
Initial cost to company
Encumbrances	0
Land	5,909
Building and improvements	0
Costs capitalized subsequent to acquisition	3,599
Gross amount at which carried at close of period
Land	2,589
Building and improvements	6,919
Total	9,508
Accumulated depreciation and amortization	(236)
Real Estate | Shopping Centers and Malls | Watchung (Greenbrook Commons), NJ
Initial cost to company
Encumbrances	31,000
Land	4,178
Building and improvements	5,463
Costs capitalized subsequent to acquisition	3,537
Gross amount at which carried at close of period
Land	4,441
Building and improvements	8,737
Total	13,178
Accumulated depreciation and amortization	(7,062)
Real Estate | Shopping Centers and Malls | Heritage Square
Initial cost to company
Encumbrances	0
Land	7,343
Building and improvements	24,643
Costs capitalized subsequent to acquisition	832
Gross amount at which carried at close of period
Land	7,343
Building and improvements	25,475
Total	32,818
Accumulated depreciation and amortization	(978)
Real Estate | Shopping Centers and Malls | Wheaton (leased through 2060)(3), MD
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	5,367
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Building and improvements	5,367
Total	5,367
Accumulated depreciation and amortization	(2,449)
Real Estate | Shopping Centers and Malls | Wilkes-Barre (461 - 499 Mundy Street), PA
Initial cost to company
Encumbrances	0
Land	6,053
Building and improvements	26,646
Costs capitalized subsequent to acquisition	(11,247)
Gross amount at which carried at close of period
Land	3,133
Building and improvements	18,319
Total	21,452
Accumulated depreciation and amortization	(1,457)
Real Estate | Shopping Centers and Malls | Woodbridge (Woodbridge Commons), NJ
Initial cost to company
Encumbrances	22,100
Land	1,509
Building and improvements	2,675
Costs capitalized subsequent to acquisition	6,339
Gross amount at which carried at close of period
Land	1,539
Building and improvements	8,984
Total	10,523
Accumulated depreciation and amortization	(5,058)
Real Estate | Shopping Centers and Malls | Woodbridge (Plaza at Woodbridge), NJ
Initial cost to company
Encumbrances	50,905
Land	21,547
Building and improvements	75,017
Costs capitalized subsequent to acquisition	6,900
Gross amount at which carried at close of period
Land	20,925
Building and improvements	82,539
Total	103,464
Accumulated depreciation and amortization	(18,408)
Real Estate | Shopping Centers and Malls | Wyomissing (leased through 2025), PA
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	2,646
Costs capitalized subsequent to acquisition	1,144
Gross amount at which carried at close of period
Land	0
Building and improvements	3,790
Total	3,790
Accumulated depreciation and amortization	(3,010)
Real Estate | Shopping Centers and Malls | Yonkers, NY
Initial cost to company
Encumbrances	50,000
Land	63,341
Building and improvements	110,635
Costs capitalized subsequent to acquisition	19,204
Gross amount at which carried at close of period
Land	65,716
Building and improvements	127,464
Total	193,180
Accumulated depreciation and amortization	(27,178)
Leasehold Improvements, Equipment and Other
Initial cost to company
Encumbrances	0
Land	0
Building and improvements	0
Costs capitalized subsequent to acquisition	11,296
Gross amount at which carried at close of period
Land	0
Building and improvements	11,296
Total	11,296
Accumulated depreciation and amortization	$ (4,928)
Buildings & improvements
Gross amount at which carried at close of period
Life used for depreciation	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate
Balance at beginning of period	$ 3,586,179	$ 3,326,884	$ 3,205,450
Real estate before impairments and assets written-off	3,925,107	3,769,516	3,373,212
Less: Impairments, assets sold, written-off or reclassified as held for sale	(172,828)	(183,337)	(46,328)
Balance at end of period	3,752,279	3,586,179	3,326,884
Accumulated Depreciation
Balance at beginning of period	886,886	819,243	791,485
Additions charged to operating expenses	116,140	91,407	83,866
Accumulated depreciation before depreciation of assets written-off	935,383	882,892	837,813
Less: Accumulated depreciation on assets sold, written-off or reclassified as held for sale	(48,497)	(63,649)	(46,328)
Balance at end of period	819,243	791,485	753,947
Land
Real Estate
Additions during the period:	68,378	103,466	11,984
Buildings & improvements
Real Estate
Additions during the period:	187,951	255,463	54,082
Construction in progress
Real Estate
Additions during the period:	$ 82,599	$ 83,703	$ 101,696