Urban Edge PropertiesUE

Urban Edge Properties Earnings Per Share Disclosure

10-KFiled Feb 11, 20263 min read
EARNINGS PER SHARE AND UNIT
Urban Edge Earnings per Share
We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of Urban Edge common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such, have non-forfeitable rights to receive dividends.
The computation of diluted EPS reflects potential dilution of securities by adding potential common shares, including stock options and unvested restricted shares, to the weighted average number of common shares outstanding for the period. For the years ended December 31, 2025, 2024, and 2023, there were options outstanding for 333,972, 2,603,664, and 2,930,762 shares, respectively, that potentially could be exercised for common shares. During the years ended December 31, 2025, 2024 and 2023, no options were included in the diluted EPS calculation as their exercise prices were higher than the average market prices of our common shares. In addition, as of December 31, 2025 there were 74,037 unvested restricted shares outstanding that potentially could become unrestricted common shares. The computation of diluted EPS for the years ended December 31, 2025, 2024 and 2023 included 78,977, 107,821, and 90,804 weighted average unvested restricted shares outstanding, respectively, as their effect is dilutive.
The effect of the redemption of OP and vested LTIP units is not reflected in the computation of basic earnings per share, as they are redeemable for common shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. The assumed redemption of OP and vested LTIP units is included in the determination of diluted earnings per share when they have a dilutive effect on the calculation.
The following table sets forth the computation of our basic and diluted earnings per share:
Year Ended December 31,
(Amounts in thousands, except per share amounts)202520242023
Numerator:
Net income attributable to common shareholders$93,535 $72,563 $248,497 
Less: earnings allocated to unvested participating securities(58)(65)(200)
Net income available for common shareholders - basic$93,477 $72,498 $248,297 
Impact of assumed conversions:
LTIP units84 — 134 
Net income available for common shareholders - dilutive$93,561 $72,498 $248,431 
Denominator:
Weighted average common shares outstanding - basic125,686 121,324 117,506 
Effect of dilutive securities:
Restricted share awards79 108 91 
Assumed conversion of LTIP units142 — — 
Weighted average common shares outstanding - diluted125,907 121,432 117,597 
Earnings per share available to common shareholders:
Earnings per common share - Basic$0.74 $0.60 $2.11 
Earnings per common share - Diluted$0.74 $0.60 $2.11 

Operating Partnership Earnings per Unit
The following table sets forth the computation of basic and diluted earnings per unit:
Year Ended December 31,
(Amounts in thousands, except per unit amounts)202520242023
Numerator:
Net income attributable to unitholders$98,527 $76,541 $260,396 
Less: net income attributable to participating securities(1,327)(1,108)(200)
Net income available for unitholders$97,200 $75,433 $260,196 
Denominator:
Weighted average units outstanding - basic130,446 125,987 121,901 
Effect of dilutive securities issued by Urban Edge221 108 91 
Weighted average units outstanding - diluted130,667 126,095 121,992 
Earnings per unit available to unitholders:
Earnings per unit - Basic$0.75 $0.60 $2.13 
Earnings per unit - Diluted$0.74 $0.60 $2.13 
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Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 12, 2025
2023Feb 14, 2024
2022Feb 14, 2023
2021Feb 16, 2022
2020Feb 17, 2021

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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