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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 March 31, 2021
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 Number)
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 class of registered securitiesTrading 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 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 April 23, 2021, Urban Edge Properties had 117,026,289 common shares outstanding.



URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED MARCH 31, 2021

TABLE OF CONTENTS
Item 1.
Financial Statements
Consolidated Financial Statements of Urban Edge Properties:
Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (unaudited)
Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (unaudited)
Consolidated Financial Statements of Urban Edge Properties LP:
Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (unaudited)
Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (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 March 31, 2021 of Urban Edge Properties and Urban Edge Properties LP. Unless stated otherwise or the context otherwise requires, references to “UE” and “Urban Edge” 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 March 31, 2021, UE owned an approximate 95.6% ownership interest in UELP. The remaining approximate 4.4% interest is owned by 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.
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)
 March 31,December 31,
 20212020
ASSETS 
Real estate, at cost:  
Land$563,346 $568,662 
Buildings and improvements2,331,880 2,326,450 
Construction in progress40,629 44,689 
Furniture, fixtures and equipment7,118 7,016 
Total2,942,973 2,946,817 
Accumulated depreciation and amortization(741,874)(730,366)
Real estate, net2,201,099 2,216,451 
Operating lease right-of-use assets79,185 80,997 
Cash and cash equivalents324,508 384,572 
Restricted cash52,412 34,681 
Tenant and other receivables16,549 15,673 
Receivable arising from the straight-lining of rents60,980 62,106 
Identified intangible assets, net of accumulated amortization of $33,980 and $37,009, respectively
53,714 56,184 
Deferred leasing costs, net of accumulated amortization of $16,494 and $16,419, respectively
18,237 18,585 
Prepaid expenses and other assets70,198 70,311 
Total assets$2,876,882 $2,939,560 
LIABILITIES AND EQUITY  
Liabilities:
Mortgages payable, net $1,584,978 $1,587,532 
Operating lease liabilities73,327 74,972 
Accounts payable, accrued expenses and other liabilities71,745 132,980 
Identified intangible liabilities, net of accumulated amortization of $73,898 and $71,375, respectively
145,462 148,183 
Total liabilities1,875,512 1,943,667 
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,026,289 and 117,014,317 shares issued and outstanding, respectively
1,170 1,169 
Additional paid-in capital 987,518 989,863 
Accumulated deficit(37,145)(39,467)
Noncontrolling interests:
Operating partnership43,523 38,456 
Consolidated subsidiaries6,304 5,872 
Total equity1,001,370 995,893 
Total liabilities and equity$2,876,882 $2,939,560 

 
See notes to consolidated financial statements (unaudited).
1


URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except share and per share amounts)
 
 Three Months Ended March 31,
 20212020
REVENUE
Rental revenue$94,619 $93,000 
Management and development fees365 314 
Other income677 46 
Total revenue95,661 93,360 
EXPENSES
Depreciation and amortization22,875 23,471 
Real estate taxes16,601 14,966 
Property operating20,291 14,537 
General and administrative8,668 9,847 
Lease expense3,306 3,434 
Total expenses71,741 66,255 
Gain on sale of real estate11,722 39,775 
Interest income136 1,683 
Interest and debt expense(14,827)(17,175)
Income before income taxes20,951 51,388 
Income tax expense(235)(100)
Net income20,716 51,288 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership(875)(2,308)
Consolidated subsidiaries79  
Net income attributable to common shareholders$19,920 $48,980 
Earnings per common share - Basic: $0.17 $0.40 
Earnings per common share - Diluted: $0.17 $0.40 
Weighted average shares outstanding - Basic116,956 120,966 
Weighted average shares outstanding - Diluted117,024 121,051 


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 Earnings
(Deficit)
Operating PartnershipConsolidated SubsidiariesTotal Equity
Balance, December 31, 2019121,370,125$1,213 $1,019,149 $(52,546)$46,536 $424 $1,014,776 
Net income attributable to common shareholders— — — 48,980 — — 48,980 
Net income attributable to noncontrolling interests— — — — 2,308  2,308 
Limited partnership interests:
Units redeemed for common shares1,025,836 10 8,336 —  — 8,346 
Reallocation of noncontrolling interests— — 907 — (9,253)— (8,346)
Common shares issued30,292 1 30 (30)— — 1 
Repurchase of common shares(4,452,223)(45)(42,756)— — — (42,801)
Dividends to common shareholders ($0.22 per share)
— — — (26,647)— — (26,647)
Distributions to redeemable NCI ($0.22 per unit)
— — — — (1,314)— (1,314)
Share-based compensation expense— — 1,151  2,097 — 3,248 
Share-based awards retained for taxes(17,999)— (328)— — — (328)
Balance, March 31, 2020117,956,031$1,179 $986,489 $(30,243)$40,374 $424 $998,223 
Common SharesNoncontrolling Interests (“NCI”)
 SharesAmountAdditional
Paid-In Capital
Accumulated Earnings
(Deficit)
Operating PartnershipConsolidated SubsidiariesTotal Equity
Balance, December 31, 2020117,014,317$1,169 $989,863 $(39,467)$38,456 $5,872 $995,893 
Net income attributable to common shareholders— — — 19,920 — — 19,920 
Net income (loss) attributable to noncontrolling interests— — — — 875 (79)796 
Limited partnership interests:
Reallocation of noncontrolling interests— — (2,817)— 2,817 —  
Common shares issued24,283 1 83 (83)— — 1 
Dividends to common shareholders ($0.15 per share)
— — — (17,515)— — (17,515)
Distributions to redeemable NCI ($0.15 per unit)
— — — — (711)— (711)
Contributions from noncontrolling interests— — — — — 511 511 
Share-based compensation expense— — 597  2,086 — 2,683 
Share-based awards retained for taxes(12,311)— (208)— — — (208)
Balance, March 31, 2021117,026,289$1,170 $987,518 $(37,145)$43,523 $6,304 $1,001,370 

See notes to consolidated financial statements (unaudited).


3


URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 Three Months Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$20,716 $51,288 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization23,330 23,977 
Gain on sale of real estate(11,722)(39,775)
Amortization of below market leases, net(2,412)(2,249)
Noncash lease expense1,813 1,806 
Straight-lining of rent964 (674)
Share-based compensation expense2,683 3,248 
Change in operating assets and liabilities:  
Tenant and other receivables(876)2,558 
Deferred leasing costs(600)(636)
Prepaid expenses and other assets(6,879)(9,786)
Lease liabilities(1,645)(1,578)
Accounts payable, accrued expenses and other liabilities(6,547)(7,383)
Net cash provided by operating activities18,825 20,796 
CASH FLOWS FROM INVESTING ACTIVITIES  
Real estate development and capital improvements(7,810)(6,538)
Acquisitions of real estate (92,132)
Proceeds from sale of operating properties23,208 54,402 
Net cash provided by (used in) investing activities15,398 (44,268)
CASH FLOWS FROM FINANCING ACTIVITIES  
Debt repayments(2,727)(2,076)
Dividends to common shareholders(71,348)(26,647)
Distributions to redeemable noncontrolling interests(2,784)(1,314)
Taxes withheld for vested restricted shares(208)(328)
Contributions from noncontrolling interests511  
Borrowings under unsecured credit facility 250,000 
Repurchase of common shares (38,656)
Net cash (used in) provided by financing activities(76,556)180,979 
Net (decrease) increase in cash and cash equivalents and restricted cash(42,333)157,507 
Cash and cash equivalents and restricted cash at beginning of period419,253 485,136 
Cash and cash equivalents and restricted cash at end of period$376,920 $642,643 

See notes to consolidated financial statements (unaudited).
4


Three Months Ended March 31,
20212020
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash payments for interest, net of amounts capitalized of $81 and $125, respectively
$16,015 $16,291 
Cash payments for income taxes3 6 
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses8,632 2,013 
Write-off of fully depreciated and impaired assets1,107 5,225 
Assumption of debt through the acquisition of real estate 72,473 
Accrued common share repurchase 4,145 
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period$384,572 $432,954 
Restricted cash at beginning of period 34,681 52,182 
Cash and cash equivalents and restricted cash at beginning of period $419,253 $485,136 
Cash and cash equivalents at end of period$324,508 $622,667 
Restricted cash at end of period52,412 19,976 
Cash and cash equivalents and restricted cash at end of period$376,920 $642,643 

 See notes to consolidated financial statements (unaudited).
5


URBAN EDGE PROPERTIES LP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except unit and per unit amounts)
 March 31,December 31,
 20212020
ASSETS 
Real estate, at cost:  
Land$563,346 $568,662 
Buildings and improvements2,331,880 2,326,450 
Construction in progress40,629 44,689 
Furniture, fixtures and equipment7,118 7,016 
Total2,942,973 2,946,817 
Accumulated depreciation and amortization(741,874)(730,366)
Real estate, net2,201,099 2,216,451 
Operating lease right-of-use assets79,185 80,997 
Cash and cash equivalents324,508 384,572 
Restricted cash52,412 34,681 
Tenant and other receivables16,549 15,673 
Receivable arising from the straight-lining of rents60,980 62,106 
Identified intangible assets, net of accumulated amortization of $33,980 and $37,009, respectively
53,714 56,184 
Deferred leasing costs, net of accumulated amortization of $16,494 and $16,419, respectively
18,237 18,585 
Prepaid expenses and other assets70,198 70,311 
Total assets$2,876,882 $2,939,560 
LIABILITIES AND EQUITY  
Liabilities:
Mortgages payable, net$1,584,978 $1,587,532 
Operating lease liabilities73,327 74,972 
Accounts payable, accrued expenses and other liabilities71,745 132,980 
Identified intangible liabilities, net of accumulated amortization of $73,898 and $71,375, respectively
145,462 148,183 
Total liabilities1,875,512 1,943,667 
Commitments and contingencies
Equity:
Partners’ capital:
General partner: 117,026,289 and 117,014,317 units outstanding, respectively
988,688 991,032 
Limited partners: 5,352,644 and 4,729,010 units outstanding, respectively
46,205 41,302 
Accumulated deficit(39,827)(42,313)
Total partners’ capital 995,066 990,021 
Noncontrolling interest in consolidated subsidiaries6,304 5,872 
Total equity1,001,370 995,893 
Total liabilities and equity$2,876,882 $2,939,560 

 
See notes to consolidated financial statements (unaudited).

6


URBAN EDGE PROPERTIES LP
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except unit and per unit amounts)
 
 Three Months Ended March 31,
 20212020
REVENUE
Rental revenue$94,619 $93,000 
Management and development fees365 314 
Other income677 46 
Total revenue95,661 93,360 
EXPENSES
Depreciation and amortization22,875 23,471 
Real estate taxes16,601 14,966 
Property operating20,291 14,537 
General and administrative8,668 9,847 
Lease expense3,306 3,434 
Total expenses71,741 66,255 
Gain on sale of real estate11,722 39,775 
Interest income136 1,683 
Interest and debt expense(14,827)(17,175)
Income before income taxes20,951 51,388 
Income tax expense(235)(100)
Net income20,716 51,288 
Less net loss attributable to NCI in consolidated subsidiaries79  
Net income attributable to unitholders$20,795 $51,288 
Earnings per unit - Basic: $0.17 $0.41 
Earnings per unit - Diluted: $0.17 $0.40 
Weighted average units outstanding - Basic120,763 125,844 
Weighted average units outstanding - Diluted122,166 126,755 


See notes to consolidated financial statements (unaudited).


7


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 Earnings
(Deficit)
NCI in Consolidated SubsidiariesTotal Equity
Balance, December 31, 2019121,370,125 $1,020,362 5,833,318 $50,156 $(56,166)$424 $1,014,776 
Net income attributable to unitholders— — — — 51,288 — 51,288 
Common units issued as a result of common shares issued by Urban Edge30,292 31 164,462 — (30)— 1 
Equity redemption of OP units1,025,836 8,346 (1,025,836) — — 8,346 
Repurchase of common shares(4,452,223)(42,801)— — — — (42,801)
Limited partnership units issued, net— —  — — —  
Reallocation of noncontrolling interests— 907 — (9,253)— — (8,346)
Distributions to Partners ($0.22 per unit)
— — — — (27,961)— (27,961)
Share-based compensation expense— 1,151 — 2,097 — — 3,248 
Share-based awards retained for taxes(17,999)(328)— — — — (328)
Balance, March 31, 2020117,956,031 $987,668 4,971,944 $43,000 $(32,869)$424 $998,223 
(1) Limited partners have a 4.0% common limited partnership interest in the Operating Partnership as of March 31, 2020 in the form of units of interest in the OP Units and LTIP units.

 Total SharesGeneral Partner Total Units
Limited Partners(2)
Accumulated
Deficit
NCI in Consolidated SubsidiariesTotal Equity
Balance, December 31, 2020117,014,317 $991,032 4,729,010 $41,302 $(42,313)$5,872 $995,893 
Net income attributable to unitholders— — — — 20,795 — 20,795 
Net loss attributable to noncontrolling interests— — — — — (79)(79)
Common units issued as a result of common shares issued by Urban Edge24,283 84  — (83)— 1 
Limited partnership units issued, net— — 623,634 — — —  
Reallocation of noncontrolling interests— (2,817)— 2,817 — —  
Distributions to Partners ($0.15 per unit)
— — — — (18,226)— (18,226)
Contributions from noncontrolling interests— — — — — 511 511 
Share-based compensation expense— 597 — 2,086 — — 2,683 
Share-based awards retained for taxes(12,311)(208)— — — — (208)
Balance, March 31, 2021117,026,289 $988,688 5,352,644 $46,205 $(39,827)$6,304 $1,001,370 
(2) Limited partners have a 4.4% common limited partnership interest in the Operating Partnership as of March 31, 2021 in the form of units of interest in the OP Units and LTIP units.

See notes to consolidated financial statements (unaudited).

8


URBAN EDGE PROPERTIES LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 Three Months Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$20,716 $51,288 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization23,330 23,977 
Gain on sale of real estate(11,722)(39,775)
Amortization of below market leases, net(2,412)(2,249)
Noncash lease expense1,813 1,806 
Straight-lining of rent964 (674)
Share-based compensation expense2,683 3,248 
Change in operating assets and liabilities:  
Tenant and other receivables(876)2,558 
Deferred leasing costs(600)(636)
Prepaid expenses and other assets(6,879)(9,786)
Lease liabilities(1,645)(1,578)
Accounts payable, accrued expenses and other liabilities(6,547)(7,383)
Net cash provided by operating activities18,825 20,796 
CASH FLOWS FROM INVESTING ACTIVITIES  
Real estate development and capital improvements(7,810)(6,538)
Acquisitions of real estate (92,132)
Proceeds from sale of operating properties23,208 54,402 
Net cash provided by (used in) investing activities15,398 (44,268)
CASH FLOWS FROM FINANCING ACTIVITIES  
Debt repayments(2,727)(2,076)
Distributions to partners(74,132)(27,961)
Taxes withheld for vested restricted units(208)(328)
Borrowings under unsecured credit facility 250,000 
Repurchase of common shares (38,656)
Contributions from noncontrolling interests511  
Net cash (used in) provided by financing activities(76,556)180,979 
Net (decrease) increase in cash and cash equivalents and restricted cash(42,333)157,507 
Cash and cash equivalents and restricted cash at beginning of period419,253 485,136 
Cash and cash equivalents and restricted cash at end of period$376,920 $642,643 

See notes to consolidated financial statements (unaudited).
9


Three Months Ended March 31,
20212020
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash payments for interest, net of amounts capitalized of $81 and $125, respectively
$16,015 $16,291 
Cash payments for income taxes3 6 
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses8,632 2,013 
Write-off of fully depreciated and impaired assets1,107 5,225 
Assumption of debt through the acquisition of real estate 72,473 
Accrued common share repurchase 4,145 
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period$384,572 $432,954 
Restricted cash at beginning of period 34,681 52,182 
Cash and cash equivalents and restricted cash at beginning of period $419,253 $485,136 
Cash and cash equivalents at end of period$324,508 $622,667 
Restricted cash at end of period52,412 19,976 
Cash and cash equivalents and restricted cash at end of period$376,920 $642,643 

 See notes to consolidated financial statements (unaudited).

10


URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.ORGANIZATION

Urban Edge Properties (“UE”, “Urban Edge” or the “Company”) (NYSE: UE) is a Maryland real estate investment trust focused on managing, developing, redeveloping, and acquiring retail real estate in urban communities, primarily in the New York metropolitan area. Urban Edge Properties LP (“UELP” or the “Operating Partnership”) is a Delaware limited partnership formed to serve as UE’s majority-owned partnership subsidiary and to own, through affiliates, all of the Company’s real estate properties and other assets. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries.
The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership (“OP Units”). As of March 31, 2021, Urban Edge owned approximately 95.6% of the outstanding common OP Units with the remaining limited OP Units held by members of management, Urban Edge’s Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary which consolidates it. The Company’s only investment is the Operating Partnership. The VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest.
As of March 31, 2021, our portfolio consisted of 70 shopping centers, five malls and two industrial parks totaling approximately 16.2 million square feet (“sf”), which is inclusive of a 95% controlling interest in Walnut Creek, CA (Mt. Diablo), and an 82.5% controlling interest in Sunrise Mall, in Massapequa, NY.
2.BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
 
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions of Form 10-Q. Certain information and footnote disclosures included in our annual financial statements have been condensed or omitted. In the opinion of management, the consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and the Operating Partnership and the results of operations and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. Accordingly, these consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities Exchange Commission (“SEC”).
The consolidated balance sheets as of March 31, 2021 and December 31, 2020 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of March 31, 2021 and December 31, 2020, excluding the Operating Partnership, we consolidated two VIEs with total assets of $44.2 million and $43.6 million, respectively and total liabilities of $32.0 million and $31.5 million, respectively. The consolidated statements of income for the three months ended March 31, 2021 and 2020 include the consolidated accounts of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation.
In accordance with ASC 205 Presentation of Financial Statements, certain prior year balances have been reclassified in order to conform to the current period presentation.
Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers and malls. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. The Company’s chief operating decision maker reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. None of our tenants accounted for more than 10% of our revenue or property operating income as of March 31, 2021. We aggregate all of our properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance.
11


3.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations that improve or extend the useful lives of assets are capitalized. As real estate is undergoing redevelopment activities, all property operating expenses directly associated with and attributable to the redevelopment, including interest, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the property when completed. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to impairment expense. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation is recognized on a straight-line basis over estimated useful lives which range from one to 40 years.

Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments on a relative fair value basis. We assess fair value based on estimated cash flow projections utilizing appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired.

Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Such events and changes include macroeconomic conditions, including those caused by global pandemics, like the recent coronavirus disease pandemic (“COVID-19” or the “COVID-19 pandemic”), which resulted in property operational disruption and indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis taking into account the appropriate capitalization rate in determining a future terminal value. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Estimated fair value may be based on discounted future cash flows utilizing appropriate discount and capitalization rates and, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiation. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows change based on uncertain market conditions, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.

Tenant and Other Receivables and Changes in Collectibility Assessment — Tenant receivables include unpaid amounts billed to tenants, disputed enforceable charges and accrued revenues for future billings to tenants for property expenses. We evaluate the collectibility of amounts due from tenants and disputed enforceable charges on both a lease-by-lease and a portfolio-level, which result from the inability of tenants to make required payments under their operating lease agreements. In light of the recent and ongoing COVID-19 pandemic, the Company is closely monitoring changes in the collectibility assessment of its tenant receivables as a result of certain tenants suffering adverse financial consequences. We recognize changes in the collectibility assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842 Leases. Management exercises judgment in assessing collectibility and considers payment history, current credit status and publicly available information about the financial condition of the tenant, among other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectibility of substantially all future lease payments from a specific lease is not probable for collection, at which point, the Company will begin recognizing revenue from such leases prospectively, based on actual amounts received. This write-off effectively reduces cumulative non-cash rental income recognized from the straight-lining of rents since lease commencement. In addition, future revenue recognition is limited to amounts paid by the lessee. We generally reclassify tenant receivables to the accrual basis of accounting, if and when, collectability of substantially all the remaining contractual lease payments is reasonably probable.

Recently Issued Accounting Literature — Effective for the fiscal period beginning January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses. In connection with the adoption of ASU 2016-03, we also adopted (i) ASU 2018-19 Codification Improvements to ASC 326, Financial Instruments - Credit Losses, (ii) ASU 2019-04, Codification Improvements to ASC 326, Financial Statements - Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments, (iii) ASU 2019-05 Financial Instruments - Credit Losses (ASC 326): Targeted Transition Relief and (iv) ASU 2019-11 Codification Improvements to ASC 326, Financial Instruments - Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments and also modifies the impairment model with new methodology for estimating credits losses. In November 2018, the FASB issued ASU 2018-19
12


Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which included amendments to clarify receivables arising from operating leases are within the scope ASC 842 Leases. Due to the adoption of ASC 842 on January 1, 2019, the Company includes rental revenue deemed uncollectible as a reduction to rental revenue in "Rental revenue" in the consolidated statements of income. As of March 31, 2021, the Company did not have any material outstanding financial instruments. The adoption of ASU 2016-13 has had no impact to our consolidated financial statements and disclosures.

In December 2019, the FASB issued ASU 2019-12 Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which enhances and simplifies various aspects of the income tax accounting. ASU 2019-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020. Early adoption is permitted. We adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and disclosures.