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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 51,288 $ 27,892
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23,271 21,747
Casualty and impairment loss 0 3,958
Gain on sale of real estate (39,775) (16,953)
Amortization of deferred financing costs 706 720
Amortization of below market leases, net (2,249) (2,360)
Noncash lease expense 1,806 2,014
Straight-lining of rent (674) (22)
Share-based compensation expense 3,248 3,664
Credit losses related to operating lease receivables 1,424 485
Change in operating assets and liabilities:    
Tenant and other receivables 1,134 (10,864)
Deferred leasing costs (636) (1,201)
Prepaid expenses and other assets (9,786) 93
Lease liabilities (1,578) (1,708)
Accounts payable, accrued expenses and other liabilities (7,383) 1,962
Net cash provided by operating activities 20,796 29,427
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements 6,538 26,696
Acquisition of real estate 92,132 0
Proceeds from sale of operating properties 54,402 18,202
Net cash used in investing activities (44,268) (8,494)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (2,076) (1,144)
Dividends to common shareholders (26,647) (26,390)
Distributions to redeemable noncontrolling interests (1,314) (1,576)
Taxes withheld for vested restricted shares (328) (592)
Borrowings under unsecured credit facility 250,000 0
Repurchase of common shares (38,656) 0
Proceeds related to the issuance of common shares 0 35
Net cash provided by (used in) financing activities 180,979 (29,667)
Net increase (decrease) in cash and cash equivalents and restricted cash 157,507 (8,734)
Cash and cash equivalents and restricted cash at beginning of period 485,136 457,522
Cash and cash equivalents and restricted cash at end of period 642,643 448,788
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $125 and $565, respectively 16,291 16,122
Cash payments for income taxes 6 7
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 2,013 15,559
Write-off of fully depreciated and impaired assets 5,225 7,106
Acquisition of real estate through the assumption of debt 72,473 0
Accrued common share repurchase 4,145 0
Cash and cash equivalents at beginning of period 432,954 440,430
Cash and cash equivalents at end of period 622,667 416,668
Restricted cash at beginning of period 52,182 17,092
Restricted cash at end of period 19,976 32,120
Cash and cash equivalents and restricted cash at beginning/end of period 642,643 448,788
Urban Edge Properties LP    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 51,288 27,892
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23,271 21,747
Casualty and impairment loss 0 3,958
Gain on sale of real estate (39,775) (16,953)
Amortization of deferred financing costs 706 720
Amortization of below market leases, net (2,249) (2,360)
Noncash lease expense 1,806 2,014
Straight-lining of rent (674) (22)
Share-based compensation expense 3,248 3,664
Credit losses related to operating lease receivables 1,424 485
Change in operating assets and liabilities:    
Tenant and other receivables 1,134 (10,864)
Deferred leasing costs (636) (1,201)
Prepaid expenses and other assets (9,786) 93
Lease liabilities (1,578) (1,708)
Accounts payable, accrued expenses and other liabilities (7,383) 1,962
Net cash provided by operating activities 20,796 29,427
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements 6,538 26,696
Acquisition of real estate 92,132 0
Proceeds from sale of operating properties 54,402 18,202
Net cash used in investing activities (44,268) (8,494)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (2,076) (1,144)
Distributions to partners (27,961) (27,966)
Taxes withheld for vested restricted shares (328) (592)
Borrowings under unsecured credit facility 250,000 0
Repurchase of common shares (38,656) 0
Proceeds related to the issuance of common shares 0 35
Net cash provided by (used in) financing activities 180,979 (29,667)
Net increase (decrease) in cash and cash equivalents and restricted cash 157,507 (8,734)
Cash and cash equivalents and restricted cash at beginning of period 485,136 457,522
Cash and cash equivalents and restricted cash at end of period 642,643 448,788
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $125 and $565, respectively 16,291 16,122
Cash payments for income taxes 6 7
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 2,013 15,559
Write-off of fully depreciated and impaired assets 5,225 7,106
Acquisition of real estate through the assumption of debt 72,473 0
Accrued common share repurchase 4,145 0
Cash and cash equivalents at beginning of period 432,954 440,430
Cash and cash equivalents at end of period 622,667 416,668
Restricted cash at beginning of period 52,182 17,092
Restricted cash at end of period 19,976 32,120
Cash and cash equivalents and restricted cash at beginning/end of period $ 485,136 $ 457,522