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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 83,833 $ 55,959
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46,267 44,231
Casualty and impairment loss, net 0 9,070
Gain on sale of real estate (39,775) (28,503)
Gain on extinguishment of debt (34,908) 0
Amortization of deferred financing costs 1,410 1,439
Amortization of below market leases, net (4,454) (11,802)
Noncash lease expense 3,817 4,448
Straight-lining of rent 5,264 37
Share-based compensation expense 11,859 6,959
Rental revenue deemed uncollectible 13,079 773
Change in operating assets and liabilities:    
Tenant and other receivables (19,924) (4,700)
Deferred leasing costs (759) (1,874)
Prepaid expenses and other assets (9,983) 13,488
Lease liabilities (3,385) (15,930)
Accounts payable, accrued expenses and other liabilities (10,364) 3,242
Net cash provided by operating activities 41,977 76,837
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements 11,170 50,631
Acquisitions of real estate 92,132 0
Proceeds from sale of operating properties 54,402 33,821
Insurance proceeds 0 4,400
Net cash used in investing activities (48,900) (12,410)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (85,978) (2,059)
Dividends to common shareholders (26,647) (52,843)
Distributions to redeemable noncontrolling interests (1,314) (3,129)
Taxes withheld for vested restricted shares (1,461) (633)
Borrowings under unsecured credit facility 250,000 0
Proceeds from mortgage loan borrowings 83,000  
Repurchase of common shares (54,141) 0
Debt issuance costs (2,042) 0
Proceeds related to the issuance of common shares 205 314
Net cash provided by (used in) financing activities 161,622 (58,350)
Net increase in cash and cash equivalents and restricted cash 154,699 6,077
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 639,835 463,599
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $281 and $989, respectively 37,268 32,478
Cash payments for income taxes 448 1,571
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 4,045 15,463
Write-off of fully depreciated and impaired assets 10,353 38,101
Mortgage debt forgiven in refinancing 30,000 0
Assumption of debt through the acquisition of real estate 72,473 0
Cash and cash equivalents at beginning of period 432,954 440,430
Cash and cash equivalents at end of period 615,579 412,126
Restricted cash at beginning of period 52,182 17,092
Restricted cash at end of period 24,256 51,473
Cash and cash equivalents and restricted cash at beginning/end of period 639,835 463,599
Urban Edge Properties LP    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 83,833 55,959
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46,267 44,231
Casualty and impairment loss, net 0 9,070
Gain on sale of real estate (39,775) (28,503)
Gain on extinguishment of debt (34,908) 0
Amortization of deferred financing costs 1,410 1,439
Amortization of below market leases, net (4,454) (11,802)
Noncash lease expense 3,817 4,448
Straight-lining of rent 5,264 37
Share-based compensation expense 11,859 6,959
Rental revenue deemed uncollectible 13,079 773
Change in operating assets and liabilities:    
Tenant and other receivables (19,924) (4,700)
Deferred leasing costs (759) (1,874)
Prepaid expenses and other assets (9,983) 13,488
Lease liabilities (3,385) (15,930)
Accounts payable, accrued expenses and other liabilities (10,364) 3,242
Net cash provided by operating activities 41,977 76,837
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements 11,170 50,631
Acquisitions of real estate 92,132 0
Proceeds from sale of operating properties 54,402 33,821
Insurance proceeds 0 4,400
Net cash used in investing activities (48,900) (12,410)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (85,978) (2,059)
Distributions to partners 27,961 55,972
Taxes withheld for vested restricted shares (1,461) (633)
Borrowings under unsecured credit facility 250,000 0
Proceeds from mortgage loan borrowings 83,000 0
Repurchase of common shares (54,141) 0
Debt issuance costs (2,042) 0
Proceeds related to the issuance of common shares 205 314
Net cash provided by (used in) financing activities 161,622 (58,350)
Net increase in cash and cash equivalents and restricted cash 154,699 6,077
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 639,835 463,599
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $281 and $989, respectively 37,268 32,478
Cash payments for income taxes 448 1,571
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 4,045 15,463
Write-off of fully depreciated and impaired assets 10,353 38,101
Mortgage debt forgiven in refinancing 30,000 0
Assumption of debt through the acquisition of real estate 72,473 0
Cash and cash equivalents at beginning of period 432,954 440,430
Cash and cash equivalents at end of period 615,579 412,126
Restricted cash at beginning of period 52,182 17,092
Restricted cash at end of period 24,256 51,473
Cash and cash equivalents and restricted cash at beginning/end of period $ 639,835 $ 463,599