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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number: 001-36523 (Urban Edge Properties)
Commission File Number: 333-212951-01 (Urban Edge Properties LP)
URBAN EDGE PROPERTIES
URBAN EDGE PROPERTIES LP
(Exact name of Registrant as specified in its charter)
Maryland(Urban Edge Properties)47-6311266
Delaware(Urban Edge Properties LP)36-4791544
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
888 Seventh AvenueNew YorkNew York10019
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code:(212)956-2556
Securities registered pursuant to Section 12(b) of the Act:
Title of classTrading symbolName of exchange on which registered
Common shares of beneficial interest, par value $0.01 per shareUEThe New York Stock Exchange
_______________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
        Urban Edge Properties    Yes x   NO o         Urban Edge Properties LP     Yes x   NO o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
        Urban Edge Properties    Yes  x   NO o         Urban Edge Properties LP     Yes x   NO o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Urban Edge Properties:
Large Accelerated FilerxAccelerated Filer
☐
Non-Accelerated Filer
☐
Smaller Reporting Company
☐
Emerging Growth Company
☐
Urban Edge Properties LP:
Large Accelerated Filer
☐
Accelerated Filer
☐
Non-Accelerated FilerxSmaller Reporting Company
☐
Emerging Growth Company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
        Urban Edge Properties o                   Urban Edge Properties LP o   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
        Urban Edge Properties    YES ☐ NO x         Urban Edge Properties LP     YES ☐  NO x
As of October 25, 2024, Urban Edge Properties had 124,871,347 common shares outstanding.


URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS
Item 1.
Financial Statements
Consolidated Financial Statements of Urban Edge Properties:
Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023
Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)
Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited)
Consolidated Financial Statements of Urban Edge Properties LP:
Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023
Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)
Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited)
Urban Edge Properties and Urban Edge Properties LP
Notes to Consolidated Financial Statements (unaudited)
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
PART II
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
Signatures





EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2024 of Urban Edge Properties and Urban Edge Properties LP. Unless stated otherwise or the context otherwise requires, references to “UE”, “Urban Edge” and “the REIT” mean Urban Edge Properties, a Maryland real estate investment trust (“REIT”), and references to “UELP” and the “Operating Partnership” mean Urban Edge Properties LP, a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively UE, UELP and those entities/subsidiaries consolidated by UE.
UELP is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. UE is the sole general partner and also a limited partner of UELP. As the sole general partner of UELP, UE has exclusive control of UELP’s day-to-day management.
As of September 30, 2024, UE owned an approximate 94.8% interest in UELP. The remaining approximate 5.2% interest is owned by other limited partners. The other limited partners of UELP are members of management, our Board of Trustees and contributors of property interests acquired. Under the limited partnership agreement of UELP, unitholders may present their common units of UELP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Upon presentation of a common unit for redemption, UELP must redeem the unit for cash equal to the then value of a share of UE’s common shares, as defined by the limited partnership agreement. In lieu of cash redemption by UELP, however, UE may elect to acquire any common units so tendered by issuing common shares of UE in exchange for the common units. If UE so elects, its common shares will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. UE generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having UELP pay cash. With each such exchange or redemption, UE’s percentage ownership in UELP will increase. In addition, whenever UE issues common shares other than to acquire common units of UELP, UE must contribute any net proceeds it receives to UELP and UELP must issue to UE an equivalent number of common units of UELP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of UE and UELP into this single report provides the following benefits:
•enhances investors’ understanding of UE and UELP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both UE and UELP; and
•creates time and cost efficiencies throughout the preparation of one combined report instead of two separate reports.
Management operates Urban Edge Properties and the Operating Partnership as one business. The management of Urban Edge Properties consists of the same individuals as the management of the Operating Partnership. These individuals are officers of Urban Edge Properties and employees of the Operating Partnership.
The Company believes it is important to understand the few differences between UE and UELP in the context of how UE and UELP operate as a consolidated company. The financial results of UELP are consolidated into the financial statements of UE. UE does not have any other significant assets, liabilities or operations, other than its investment in UELP, nor does it have employees of its own. UELP, not UE, generally executes all significant business relationships other than transactions involving the securities of UE. UELP holds substantially all of the assets of UE and retains the ownership interests in the Company's joint ventures. UELP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by UE, which are contributed to the capital of UELP in exchange for units of limited partnership in UELP, as applicable, UELP generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit agreement, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of UE and UELP. The limited partners of UELP are accounted for as partners’ capital in UELP’s financial statements and as noncontrolling interests in UE’s financial statements. The noncontrolling interests in UELP’s financial statements include the interests of unaffiliated partners in consolidated entities. The noncontrolling interests in UE’s financial statements include the same noncontrolling interests at UELP’s level and limited partners of UELP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at UE and UELP levels.
To help investors better understand the key differences between UE and UELP, certain information for UE and UELP in this report has been separated, as set forth below: Item 1. Financial Statements (unaudited), which includes specific disclosures for UE and UELP, Note 14, Equity and Noncontrolling Interest and Note 16, Earnings Per Share and Unit.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of UE and UELP in order to establish that the requisite certifications have been made and that UE and UELP are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)
 September 30,December 31,
 20242023
ASSETS 
Real estate, at cost:  
Land$646,276 $635,905 
Buildings and improvements2,703,798 2,678,076 
Construction in progress246,815 262,275 
Furniture, fixtures and equipment10,934 9,923 
Total3,607,823 3,586,179 
Accumulated depreciation and amortization(868,892)(819,243)
Real estate, net2,738,931 2,766,936 
Operating lease right-of-use assets56,928 56,988 
Cash and cash equivalents67,915 101,123 
Restricted cash21,729 73,125 
Tenant and other receivables19,567 14,712 
Receivable arising from the straight-lining of rents61,045 60,775 
Identified intangible assets, net of accumulated amortization of $61,892 and $51,399, respectively
105,889 113,897 
Deferred leasing costs, net of accumulated amortization of $21,866 and $21,428, respectively
27,910 27,698 
Prepaid expenses and other assets111,804 64,555 
Total assets$3,211,718 $3,279,809 
LIABILITIES AND EQUITY  
Liabilities:
Mortgages payable, net $1,515,379 $1,578,110 
Unsecured credit facility— 153,000 
Operating lease liabilities53,943 53,863 
Accounts payable, accrued expenses and other liabilities130,985 102,997 
Identified intangible liabilities, net of accumulated amortization of $50,955 and $46,610, respectively
172,501 170,411 
Total liabilities1,872,808 2,058,381 
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 124,871,347 and 117,652,656 shares issued and outstanding, respectively
1,247 1,175 
Additional paid-in capital 1,135,191 1,011,942 
Accumulated other comprehensive (loss) income(34)460 
Accumulated earnings117,880 137,113 
Noncontrolling interests:
Operating partnership69,255 55,355 
Consolidated subsidiaries15,371 15,383 
Total equity1,338,910 1,221,428 
Total liabilities and equity$3,211,718 $3,279,809 

 
See notes to consolidated financial statements (unaudited).
1

URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except per share amounts)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
REVENUE
Rental revenue$112,262 $101,732 $328,167 $299,859 
Other income165 102 432 481 
Total revenue112,427 101,834 328,599 300,340 
EXPENSES
Depreciation and amortization34,653 26,922 112,906 77,519 
Real estate taxes17,667 16,182 52,142 47,980 
Property operating18,422 16,618 57,188 49,752 
General and administrative9,415 8,938 27,829 27,903 
Real estate impairment loss— — — 34,055 
Lease expense3,433 3,159 9,676 9,470 
Total expenses83,590 71,819 259,741 246,679 
Gain on sale of real estate— — 15,349 356 
Interest income679 565 2,028 1,640 
Interest and debt expense(19,531)(19,006)(62,004)(52,430)
Gain on extinguishment of debt, net— 43,029 21,427 42,540 
Income before income taxes9,985 54,603 45,658 45,767 
Income tax expense(518)(17,063)(1,722)(17,810)
Net income9,467 37,540 43,936 27,957 
Less net (income) loss attributable to NCI in:
Operating partnership(550)(1,555)(2,407)(1,211)
Consolidated subsidiaries163 133 913 516 
Net income attributable to common shareholders$9,080 $36,118 $42,442 $27,262 
Earnings per common share - Basic: $0.07 $0.31 $0.35 $0.23 
Earnings per common share - Diluted: $0.07 $0.31 $0.35 $0.23 
Weighted average shares outstanding - Basic123,359 117,543 120,109 117,492 
Weighted average shares outstanding - Diluted123,471 122,205 120,222 117,627 
Net income$9,467 $37,540 $43,936 $27,957 
Effective portion of change in fair value of derivatives(763)1,058 (523)737 
Comprehensive income8,704 38,598 43,413 28,694 
Less comprehensive loss (income) attributable to NCI in:
Operating partnership40 (45)29 (32)
Less net (income) loss attributable to NCI in:
Operating partnership(550)(1,555)(2,407)(1,211)
Consolidated subsidiaries163 133 913 516 
Comprehensive income attributable to common shareholders$8,357 $37,131 $41,948 $27,967 


See notes to consolidated financial statements (unaudited).
2

URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
(In thousands, except share and per share amounts)

Common SharesNoncontrolling Interests (“NCI”)
 SharesAmountAdditional
Paid-In Capital		Accumulated Other Comprehensive IncomeAccumulated (Deficit) EarningsOperating PartnershipConsolidated SubsidiariesTotal Equity
Balance, June 30, 2023117,639,602$1,175 $1,012,825 $321 $(82,588)$40,021 $14,744 $986,498 
Net income attributable to common shareholders— — — — 36,118 — — 36,118 
Net income (loss) attributable to NCI— — — — — 1,555 (133)1,422 
Other comprehensive income— — — 1,013 — 45 — 1,058 
Limited partnership interests:
Reallocation of NCI— — 265 — — (265)— — 
Common shares forfeited(425)— 22 — (22)— — — 
Dividends to common shareholders ($0.16 per share)
— — — — (18,803)— — (18,803)
Distributions to redeemable NCI ($0.16 per unit)
— — — — — (810)— (810)
Share-based compensation expense— — 194 — — 1,620 — 1,814 
Balance, September 30, 2023117,639,177$1,175 $1,013,306 $1,334 $(65,295)$42,166 $14,611 $1,007,297 


Common SharesNoncontrolling Interests (“NCI”)
 SharesAmountAdditional
Paid-In Capital		Accumulated Other Comprehensive Income (Loss)Accumulated Earnings (Deficit)Operating PartnershipConsolidated SubsidiariesTotal Equity
Balance, June 30, 2024120,444,011$1,203 $1,052,199 $689 $130,033 $66,092 $15,534 $1,265,750 
Net income attributable to common shareholders— — — — 9,080 — — 9,080 
Net income (loss) attributable to NCI— — — — — 550 (163)387 
Other comprehensive loss— — — (723)— (40)— (763)
Limited partnership interests:
Units redeemed for common shares21,000 — 208 — — 209 — 417 
Reallocation of NCI— — (1,056)— — 639 — (417)
Common shares issued, net4,406,336 44 83,593 — (23)— — 83,614 
Dividends to common shareholders ($0.17 per share)
— — — — (21,210)— — (21,210)
Distributions to redeemable NCI ($0.17 per unit)
— — — — — (1,053)— (1,053)
Share-based compensation expense— — 247 — — 2,469 — 2,716 
Issuance of LTIP Units— — — — — 389 — 389 
Balance, September 30, 2024124,871,347$1,247 $1,135,191 $(34)$117,880 $69,255 $15,371 $1,338,910 


See notes to consolidated financial statements (unaudited).
3

Common SharesNoncontrolling Interests (“NCI”)
 SharesAmountAdditional
Paid-In Capital		Accumulated Other Comprehensive IncomeAccumulated (Deficit) EarningsOperating PartnershipConsolidated SubsidiariesTotal Equity
Balance, December 31, 2022117,450,951 $1,173 $1,011,293 $629 $(36,104)$39,209 $13,906 $1,030,106 
Net income attributable to common shareholders— — — — 27,262 — — 27,262 
Net income (loss) attributable to NCI— — — — — 1,211 (516)695 
Other comprehensive income— — — 705 — 32 — 737 
Limited partnership interests:
Units redeemed for common shares70,000 1 572 — — 572 — 1,145 
Reallocation of NCI— — 610 — — (1,755)— (1,145)
Common shares issued125,863 1 260— (66)— — 195 
Dividends to common shareholders ($0.48 per share)
— — — — (56,387)— — (56,387)
Distributions to redeemable NCI ($0.48 per unit)
— — — — — (2,436)— (2,436)
Contributions from NCI— — — — — — 1,221 1,221 
Share-based compensation expense— — 690 — — 5,333 — 6,023 
Share-based awards retained for taxes(7,637)— (119)— — — — (119)
Balance, September 30, 2023117,639,177$1,175 $1,013,306 $1,334 $(65,295)$42,166 $14,611 $1,007,297 


Common SharesNoncontrolling Interests (“NCI”)
 SharesAmountAdditional
Paid-In Capital		Accumulated Other Comprehensive Income (Loss)Accumulated Earnings (Deficit)Operating PartnershipConsolidated SubsidiariesTotal Equity
Balance, December 31, 2023117,652,656 $1,175 $1,011,942 $460 $137,113 $55,355 $15,383 $1,221,428 
Net income attributable to common shareholders— — — — 42,442 — — 42,442 
Net income (loss) attributable to NCI— — — — — 2,407 (913)1,494 
Other comprehensive loss— — — (494)— (29)— (523)
Limited partnership interests:
Units redeemed for common shares59,833 — 576 — — 577 — 1,153 
Reallocation of NCI— — (7,637)— — 6,484 — (1,153)
Common shares issued, net7,169,975 72 129,778 — (69)— — 129,781 
Dividends to common shareholders ($0.51 per share)
— — — — (61,606)— — (61,606)
Distributions to redeemable NCI ($0.51 per unit)
— — — — — (3,389)— (3,389)
Contributions from NCI— — — — — — 901 901 
Share-based compensation expense— — 727 — — 6,852 — 7,579 
Issuance of LTIP Units— — — — — 998 — 998 
Share-based awards retained for taxes(11,117)— (195)— — — — (195)
Balance, September 30, 2024124,871,347$1,247 $1,135,191 $(34)$117,880 $69,255 $15,371 $1,338,910 


See notes to consolidated financial statements (unaudited).
4

URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 Nine Months Ended September 30,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$43,936 $27,957 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization116,092 79,985 
Gain on sale of real estate(15,349)(356)
Real estate impairment loss— 34,055 
Gain on extinguishment of debt, net(21,427)(42,540)
Amortization of below market leases, net(4,926)(5,184)
Noncash lease expense5,407 5,390 
Straight-lining of rent(2,389)(2,786)
Share-based compensation expense7,579 6,023 
Change in operating assets and liabilities:  
Tenant and other receivables(4,862)1,700 
Deferred leasing costs(5,369)(5,004)
Prepaid expenses and other assets(4,906)2,458 
Lease liabilities(5,267)(5,186)
Accounts payable, accrued expenses and other liabilities(7,781)6,340 
Net cash provided by operating activities100,738 102,852 
CASH FLOWS FROM INVESTING ACTIVITIES  
Real estate development and capital improvements(65,978)(84,760)
Proceeds from sale of real estate35,183 356 
Acquisitions of real estate(115,549)(2,071)
Net cash used in investing activities(146,344)(86,475)
CASH FLOWS FROM FINANCING ACTIVITIES  
Debt repayments(322,041)(428,948)
Dividends to common shareholders(61,606)(56,387)
Distributions to redeemable noncontrolling interests(3,389)(2,436)
Taxes withheld for vested restricted shares(195)(119)
Contributions from noncontrolling interests901 1,221 
Borrowings under unsecured credit facility60,000 — 
Proceeds from mortgage loan borrowings161,000 426,000 
Debt issuance costs(3,449)(6,753)
Proceeds related to the issuance of common shares, net129,781 195 
Net cash used in financing activities(38,998)(67,227)
Net decrease in cash and cash equivalents and restricted cash(84,604)(50,850)
Cash and cash equivalents and restricted cash at beginning of period174,248 128,774 
Cash and cash equivalents and restricted cash at end of period$89,644 $77,924 


See notes to consolidated financial statements (unaudited).
5

Nine Months Ended September 30,
20242023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash payments for interest, net of amounts capitalized of $7,701 and $8,379, respectively
$62,668 $50,266 
Cash payments for income taxes9,539 41 
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses16,715 18,306 
Write-off of fully depreciated and impaired assets12,440 38,311 
Mortgage debt forgiven— 44,105 
Transfer of assets held for sale included in prepaid expenses and other assets46,511 — 
Transfer of liabilities held for sale included in accounts payable, accrued expenses and other liabilities(44,403)— 
Decrease in assets and liabilities in connection with foreclosure:
Real estate, net47,518 — 
Mortgage debt, net68,613 — 
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period$101,123 $85,518 
Restricted cash at beginning of period 73,125 43,256 
Cash and cash equivalents and restricted cash at beginning of period $174,248 $128,774 
Cash and cash equivalents at end of period$67,915 $50,793 
Restricted cash at end of period21,729 27,131 
Cash and cash equivalents and restricted cash at end of period$89,644 $77,924 


See notes to consolidated financial statements (unaudited).
6

URBAN EDGE PROPERTIES LP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except unit amounts)
 September 30,December 31,
 20242023
ASSETS 
Real estate, at cost:  
Land$646,276 $635,905 
Buildings and improvements2,703,798 2,678,076 
Construction in progress246,815 262,275 
Furniture, fixtures and equipment10,934 9,923 
Total3,607,823 3,586,179 
Accumulated depreciation and amortization(868,892)(819,243)
Real estate, net2,738,931 2,766,936 
Operating lease right-of-use assets56,928 56,988 
Cash and cash equivalents67,915 101,123 
Restricted cash21,729 73,125 
Tenant and other receivables19,567 14,712 
Receivable arising from the straight-lining of rents61,045 60,775 
Identified intangible assets, net of accumulated amortization of $61,892 and $51,399, respectively
105,889 113,897 
Deferred leasing costs, net of accumulated amortization of $21,866 and $21,428, respectively
27,910 27,698 
Prepaid expenses and other assets111,804 64,555 
Total assets$3,211,718 $3,279,809 
LIABILITIES AND EQUITY  
Liabilities:
Mortgages payable, net$1,515,379 $1,578,110 
Unsecured credit facility— 153,000 
Operating lease liabilities53,943 53,863 
Accounts payable, accrued expenses and other liabilities130,985 102,997 
Identified intangible liabilities, net of accumulated amortization of $50,955 and $46,610, respectively
172,501 170,411 
Total liabilities1,872,808 2,058,381 
Commitments and contingencies (Note 10)
Equity:
Partners’ capital:
General partner: 124,871,347 and 117,652,656 units outstanding, respectively
1,136,438 1,013,117 
Limited partners: 6,894,784 and 5,659,781 units outstanding, respectively
64,222 49,311 
Accumulated other comprehensive (loss) income(34)460 
Accumulated earnings122,913 143,157 
Total partners’ capital 1,323,539 1,206,045 
Noncontrolling interest in consolidated subsidiaries15,371 15,383 
Total equity1,338,910 1,221,428 
Total liabilities and equity$3,211,718 $3,279,809 


See notes to consolidated financial statements (unaudited).
7

URBAN EDGE PROPERTIES LP
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except per unit amounts)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
REVENUE
Rental revenue$112,262 $101,732 $328,167 $299,859 
Other income165 102 432 481 
Total revenue112,427 101,834 328,599 300,340 
EXPENSES
Depreciation and amortization34,653 26,922 112,906 77,519 
Real estate taxes17,667 16,182 52,142 47,980 
Property operating18,422 16,618 57,188 49,752 
General and administrative9,415 8,938 27,829 27,903 
Real estate impairment loss— — — 34,055 
Lease expense3,433 3,159 9,676 9,470 
Total expenses83,590 71,819 259,741 246,679 
Gain on sale of real estate— — 15,349 356 
Interest income679 565 2,028 1,640 
Interest and debt expense(19,531)(19,006)(62,004)(52,430)
Gain on extinguishment of debt, net— 43,029 21,427 42,540 
Income before income taxes9,985 54,603 45,658 45,767 
Income tax expense(518)(17,063)(1,722)(17,810)
Net income9,467 37,540 43,936 27,957 
Less net loss attributable to NCI in consolidated subsidiaries163 133 913 516 
Net income attributable to unitholders$9,630 $37,673 $44,849 $28,473 
Earnings per unit - Basic: $0.07 $0.31 $0.35 $0.23 
Earnings per unit - Diluted: $0.07 $0.31 $0.35 $0.23 
Weighted average units outstanding - Basic128,074 121,964 124,776 121,879 
Weighted average units outstanding - Diluted128,186 122,205 124,889 122,014 
Net income$9,467 $37,540 $43,936 $27,957 
Effective portion of change in fair value of derivatives(763)1,058 (523)737 
Comprehensive income8,704 38,598 43,413 28,694 
Less net loss attributable to NCI in consolidated subsidiaries163 133 913 516 
Comprehensive income attributable to unitholders$8,867 $38,731 $44,326 $29,210 


See notes to consolidated financial statements (unaudited).


8

URBAN EDGE PROPERTIES LP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
(In thousands, except unit and per unit amounts)
 Total SharesGeneral Partner Total Units
Limited Partners(1)
Accumulated Other Comprehensive IncomeAccumulated (Deficit) EarningsNCI in Consolidated SubsidiariesTotal Equity
Balance, June 30, 2023117,639,602 $1,014,000 5,053,057 $44,605 $321 $(87,172)$14,744 $986,498 
Net income attributable to unitholders— — — — — 37,673 — 37,673 
Net loss attributable to NCI— — — — — — (133)(133)
Other comprehensive income— — — — 1,013 45 — 1,058 
Common units issued as a result of common shares issued by Urban Edge(425)22 165,585 — — (22)— — 
Reallocation of NCI— 265 — (265)— — — — 
Distributions to Partners ($0.16 per unit)
— — — — — (19,613)— (19,613)
Share-based compensation expense— 194 — 1,620 — — — 1,814 
Balance, September 30, 2023117,639,177 $1,014,481 5,218,642 $45,960 $1,334 $(69,089)$14,611 $1,007,297 
(1) Limited partners have a 4.2% common limited partnership interest in the Operating Partnership as of September 30, 2023 in the form of Operating Partnership Units (“OP Units”) and Long-Term Incentive Plan Units (“LTIP Units”).


 Total SharesGeneral Partner Total Units
Limited Partners(2)
Accumulated Other Comprehensive Income (Loss)Accumulated Earnings (Deficit)NCI in Consolidated SubsidiariesTotal Equity
Balance, June 30, 2024120,444,011 $1,053,402 6,722,628 $60,516 $689 $135,609 $15,534 $1,265,750 
Net income attributable to unitholders— — — — — 9,630 — 9,630 
Net loss attributable to NCI— — — — — — (163)(163)
Other comprehensive loss— — — — (723)(40)— (763)
Common units issued as a result of common shares issued by Urban Edge, net4,406,336 83,637 193,156 — — (23)— 83,614 
Equity redemption of OP Units21,000 208 (21,000)209 — — — 417 
Reallocation of noncontrolling interests— (1,056)— 639 — — — (417)
Distributions to Partners ($0.17 per unit)
— — — — — (22,263)— (22,263)
Share-based compensation expense— 247 — 2,469 — — — 2,716 
Issuance of LTIP Units— — — 389 — — — 389 
Balance, September 30, 2024124,871,347 $1,136,438 6,894,784 $64,222 $(34)$122,913 $15,371 $1,338,910 
(2) Limited partners have a 5.2% common limited partnership interest in the Operating Partnership as of September 30, 2024 in the form of OP Units and LTIP Units.


See notes to consolidated financial statements (unaudited).
9

 Total SharesGeneral Partner Total Units
Limited Partners(1)
Accumulated Other Comprehensive IncomeAccumulated (Deficit) EarningsNCI in Consolidated SubsidiariesTotal Equity
Balance, December 31, 2022117,450,951 $1,012,466 4,713,558 $41,810 $629 $(38,705)$13,906 <