Company Quick10K Filing
Urban Edge Properties
Price19.75 EPS1
Shares126 P/E21
MCap2,498 P/FCF22
Net Debt1,011 EBIT154
TEV3,509 TEV/EBIT23
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-03
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8-K 2020-11-16
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8-K 2018-02-23
8-K 2018-02-14

UE 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
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 - Other Information
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
Part IV
EX-31.1 exhibit311certofceo-sox302.htm
EX-31.2 exhibit312certofcfo-sox302.htm
EX-31.3 exhibit313certofceo-sox302.htm
EX-31.4 exhibit314certofcfo-sox302.htm
EX-32.1 exhibit321certofceoandcfo-.htm
EX-32.2 exhibit322certofceoandcfo-.htm

Urban Edge Properties Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02013201520172020
Assets, Equity
0.20.10.10.0-0.0-0.12013201520172020
Rev, G Profit, Net Income
0.30.20.10.0-0.1-0.22013201520172020
Ops, Inv, Fin

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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$