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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUE        
Rental revenue $ 73,265 $ 101,488 $ 166,265 $ 198,796
Total revenue 73,619 102,747 166,979 200,479
EXPENSES        
Depreciation and amortization 23,299 22,567 46,770 44,397
Real estate taxes 14,896 15,221 29,862 30,698
Property operating 11,894 14,416 26,431 31,477
General and administrative 18,053 10,010 27,900 20,590
Casualty and impairment loss, net(1) [1] 0 5,112 0 9,070
Lease expense 3,351 3,896 6,785 7,551
Total expenses 71,493 71,222 137,748 143,783
Gain on sale of real estate 0 11,550 39,775 28,503
Interest income 422 2,458 2,105 4,964
Interest and debt expense (18,573) (16,472) (35,748) (33,008)
Gain on extinguishment of debt 34,908 0 34,908 0
Income before income taxes 18,883 29,061 70,271 57,155
Income tax benefit (expense) 13,662 (994) 13,562 (1,196)
Net income 32,545 28,067 83,833 55,959
Less net (income) loss attributable to noncontrolling interests in:        
Operating partnership (1,290) (1,518) (3,598) (3,873)
Consolidated subsidiaries 0 22 0 22
Net income (loss) attributable to common shareholders $ 31,255 $ 26,571 $ 80,235 $ 52,108
Earnings per common share - Basic (in dollars per share) $ 0.27 $ 0.22 $ 0.68 $ 0.44
Earnings per common share - Diluted (in dollars per share) $ 0.27 $ 0.22 $ 0.67 $ 0.44
Weighted average shares outstanding - Basic (in shares) 116,522 120,364 118,744 118,330
Weighted average shares outstanding - Diluted (in shares) 116,595 120,461 119,607 118,436
Management and development fees        
REVENUE        
Revenues $ 285 $ 308 $ 599 $ 660
Other income        
REVENUE        
Revenues 69 951 115 1,023
Urban Edge Properties LP        
REVENUE        
Rental revenue 73,265 101,488 166,265 198,796
Total revenue 73,619 102,747 166,979 200,479
EXPENSES        
Depreciation and amortization 23,299 22,567 46,770 44,397
Real estate taxes 14,896 15,221 29,862 30,698
Property operating 11,894 14,416 26,431 31,477
General and administrative 18,053 10,010 27,900 20,590
Casualty and impairment loss, net(1) [1] 0 5,112 0 9,070
Lease expense 3,351 3,896 6,785 7,551
Total expenses 71,493 71,222 137,748 143,783
Gain on sale of real estate 0 11,550 39,775 28,503
Interest income 422 2,458 2,105 4,964
Interest and debt expense (18,573) (16,472) (35,748) (33,008)
Gain on extinguishment of debt 34,908 0 34,908 0
Income before income taxes 18,883 29,061 70,271 57,155
Income tax benefit (expense) 13,662 (994) 13,562 (1,196)
Net income 32,545 28,067 83,833 55,959
Less net (income) loss attributable to noncontrolling interests in:        
Consolidated subsidiaries 0 22 0 22
Net income (loss) attributable to common shareholders $ 32,545 $ 28,089 $ 83,833 $ 55,981
Earnings per common share - Basic (in dollars per share) $ 0.27 $ 0.22 $ 0.68 $ 0.44
Earnings per common share - Diluted (in dollars per share) $ 0.27 $ 0.22 $ 0.68 $ 0.44
Weighted average shares outstanding - Basic (in shares) 120,535 126,478 123,190 126,442
Weighted average shares outstanding - Diluted (in shares) 121,407 126,580 124,082 126,554
Urban Edge Properties LP | Management and development fees        
REVENUE        
Revenues $ 285 $ 308 $ 599 $ 660
Urban Edge Properties LP | Other income        
REVENUE        
Revenues $ 69 $ 951 $ 115 $ 1,023
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