Urban Edge Properties

Listed Company

UECIK 0001611547NYSELarge AcceleratedReal EstateMarylandFY ends Dec 31

Period

FY 2025

Revenue

$471.94M

Net Income

$93.53M

Total Assets

$3.31B

Equity

$1.38B

Shares Out

126.02M

Op. Cash Flow

$182.72M

Business

Urban Edge Properties owns, manages, acquires, develops and redevelops retail real estate focused on urban and suburban shopping centers. It offers ownership and operation of shopping centers, outlet centers and malls, along with leasing, asset management, redevelopment, pad development and tenant relations to repurpose retail space for grocers, discounters, entertainment and food offerings. Key organizational components include its majority-owned operating partnership (Urban Edge Properties LP), portfolio management and active development/redevelopment programs. The company primarily operates in the Washington, D.C. to Boston corridor and targets densely populated, high-barrier-to-entry trade areas.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	472	445	417	398	425
Depreciation and amortization	139	150	109	98	92
Real estate taxes	66	69	65	62	64
Property operating	86	79	69	74	69
General and administrative	40	37	37	43	39
Real estate impairment loss	0	0	34	0	468,000
Lease expense	13	13	13	12	13
Other expense	349,000	0	0	—	—
Total expenses	346	348	326	290	277
Gain on sale of real estate	50	39	218	353,000	19
Interest income	3	3	3	1	360,000
Interest and debt expense	−78	−82	−75	−59	−58
Gain (loss) on extinguishment of debt	−534,000	21	41	0	0
Income before income taxes	100	78	278	50	109
Income tax expense	−3	−2	−18	−3	−1
Net income	98	75	260	47	108
Operating partnership	−5	−4	−12	−2	−4
Consolidated subsidiaries	1	1	520,000	726,000	−833,000
Net income (loss) attributable to common shareholders	94	73	248	46	103
Earnings per common share - Basic (in dollars per share)	0.74	0.6	2.11	0.39	0.88
Earnings per common share - Diluted (in dollars per share)	0.74	0.6	2.11	0.39	0.88
Weighted average shares outstanding - Basic (in shares)	126	121	118	117	117
Weighted average shares outstanding - Diluted (in shares)	126	121	118	122	121
Effective portion of change in fair value of derivatives	−928,000	−301,000	−179,000	656,000	0
Comprehensive income	97	75	260	48	108
Operating partnership	48,000	18,000	10,000	−27,000	0
Comprehensive income attributable to common shareholders	93	72	248	47	103

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	669	660	636	536	544
Buildings and improvements	2,836	2,792	2,678	2,468	2,442
Construction in progress	327	289	262	314	212
Furniture, fixtures and equipment	13	11	10	9	8
Total	3,845	3,752	3,586	3,327	3,205
Accumulated depreciation and amortization	−936	−887	−819	−791	−754
Real estate, net	2,910	2,865	2,767	2,535	2,452
Operating lease right-of-use assets	59	65	57	64	69
Cash and cash equivalents	49	41	101	86	164
Restricted cash	30	49	73	43	55
Tenant and other receivables	27	21	15	18	16
Receivables arising from the straight-lining of rents	64	61	61	65	63
Identified intangible assets, net of accumulated amortization of $70,514 and $65,027, respectively	88	110	114	63	71
Deferred leasing costs, net of accumulated amortization of $21,982 and $22,488, respectively	31	28	28	27	21
Prepaid expenses and other assets	55	71	65	77	74
Total assets	3,312	3,312	3,280	2,977	2,985
Mortgages payable, net	1,607	1,570	1,578	1,692	—
Unsecured credit facility	0	50	153	0	—
Operating lease liabilities	56	63	54	60	65
Accounts payable, accrued expenses and other liabilities	97	90	103	103	85
Identified intangible liabilities, net of accumulated amortization of $59,668 and $50,275, respectively	175	177	170	93	101
Total liabilities	1,935	1,950	2,058	1,947	1,937
Commitments and contingencies (Note 10)	—	—	—	—	—
Common shares: $0.01 par value; 500,000,000 shares authorized and 125,912,647 and 125,450,684 shares issued and outstanding, respectively	1	1	1	1	1
Additional paid-in capital	1,164	1,150	1,012	1,011	1,001
Accumulated other comprehensive (loss) income	−703,000	177,000	460,000	629,000	0
Accumulated earnings	125	127	137	−36	−7
Operating partnership	69	65	55	39	40
Consolidated subsidiaries	18	19	15	14	13
Total equity	1,376	1,362	1,221	1,030	1,048
Total liabilities and equity	3,312	3,312	3,280	2,977	2,985

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	139	151	110	101	94
Amortization of above and below market leases, net	−15	−10	−12	−7	−55
Amortization of lease incentives	387,000	467,000	422,000	—	—
Noncash lease expense	7	7	7	7	7
Straight-lining of rent	−3	−3	−4	−2	−878,000
Share-based compensation expense	12	10	8	10	11
Amortization of deferred financing costs and premiums/discounts on debt obligations	6	4	3	—	—
Tenant and other receivables	−6	−6	3	−2	−139,000
Deferred leasing costs	−8	−6	−8	−9	−6
Prepaid and other assets	2	349,000	12	854,000	6
Lease liabilities	−6	−7	−6	−7	−6
Accounts payable, accrued expenses and other liabilities	7	−3	15	−853,000	−4
Net cash provided by operating activities	183	153	163	140	135
Real estate development and capital improvements	−101	−111	−116	−116	−95
Acquisitions of real estate	−39	−184	−315	−36	−253
Proceeds from sale of real estate	64	60	313	353,000	34
Net cash used in investing activities	−76	−235	−118	−152	−311
Proceeds from mortgage loan borrowings	124	211	470	103	117
Debt repayments	−214	−387	−694	−98	−18
Borrowings under unsecured credit facility	75	125	309	0	0
Dividends paid to common shareholders	−96	−83	−75	−75	−124
Distributions paid to redeemable noncontrolling interests	−5	−4	−3	−3	−5
Taxes withheld for vested restricted shares	−273,000	−195,000	−119,000	−129,000	−210,000
Debt issuance costs	−3	−4	−8	−7	0
Proceeds related to the issuance of common shares, net	−419,000	137	372,000	382,000	366,000
Contributions from noncontrolling interests	716,000	4	2	2	6
Net cash (used in) provided by financing activities	−119	−2	161,000	−79	−24
Net (decrease) increase in cash and cash equivalents and restricted cash	−12	−84	45	−91	−199
Cash payments for interest net of amounts capitalized	73	81	69	56	59
Cash payments for income taxes	866,000	10	52,000	913,000	5
Mortgage debt modification	80	0	0	—	—
Write-off of fully depreciated and impaired assets	41	17	42	9	11
Accrued capital expenditures included in accounts payable and accrued expenses	24	16	22	35	19
Issuance of LTIP units	5	0	0	—	—
Assumption of debt through acquisition of real estate, net of debt mark-to-market	0	55	0	0	0
Assignment of debt through disposition of real estate	0	44	0	0	—
Mortgage debt forgiven	0	0	44	0	0
Transfer of assets held for sale included in prepaid expenses and other assets	0	10	0	0	—
Real estate, net	0	48	0	0	—
Mortgage debt, net	0	69	0	0	—

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