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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 June 30, 2022
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 July 28, 2022, Urban Edge Properties had 117,442,769 common shares outstanding.



URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED JUNE 30, 2022

TABLE OF CONTENTS
Item 1.
Financial Statements
Consolidated Financial Statements of Urban Edge Properties:
Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (unaudited)
Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (unaudited)
Consolidated Financial Statements of Urban Edge Properties LP:
Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (unaudited)
Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (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 June 30, 2022 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 June 30, 2022, UE owned an approximate 95.8% ownership interest in UELP. The remaining approximate 4.2% 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.
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)
 June 30,December 31,
 20222021
ASSETS 
Real estate, at cost:  
Land$546,913 $543,827 
Buildings and improvements2,455,859 2,441,797 
Construction in progress258,330 212,296 
Furniture, fixtures and equipment7,922 7,530 
Total3,269,024 3,205,450 
Accumulated depreciation and amortization(775,931)(753,947)
Real estate, net2,493,093 2,451,503 
Operating lease right-of-use assets65,858 69,361 
Cash and cash equivalents125,483 164,478 
Restricted cash45,838 55,358 
Tenant and other receivables14,366 15,812 
Receivable arising from the straight-lining of rents63,749 62,692 
Identified intangible assets, net of accumulated amortization of $39,845 and $37,361, respectively
68,886 71,107 
Deferred leasing costs, net of accumulated amortization of $19,006 and $17,641, respectively
21,049 20,694 
Prepaid expenses and other assets71,977 74,111 
Total assets$2,970,299 $2,985,116 
LIABILITIES AND EQUITY  
Liabilities:
Mortgages payable, net $1,699,844 $1,687,190 
Operating lease liabilities61,265 64,578 
Accounts payable, accrued expenses and other liabilities74,913 84,829 
Identified intangible liabilities, net of accumulated amortization of $38,026 and $35,029, respectively
97,327 100,625 
Total liabilities1,933,349 1,937,222 
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,442,769 and 117,147,986 shares issued and outstanding, respectively
1,173 1,170 
Additional paid-in capital 1,002,679 1,001,253 
Accumulated other comprehensive loss(52) 
Accumulated deficit(23,568)(7,091)
Noncontrolling interests:
Operating partnership42,771 39,616 
Consolidated subsidiaries13,947 12,946 
Total equity1,036,950 1,047,894 
Total liabilities and equity$2,970,299 $2,985,116 

 
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 June 30,Six Months Ended June 30,
 2022202120222021
REVENUE
Rental revenue$97,454 $93,653 $196,870 $188,272 
Other income400 353 1,185 1,395 
Total revenue97,854 94,006 198,055 189,667 
EXPENSES
Depreciation and amortization24,691 22,488 49,218 45,363 
Real estate taxes15,456 15,363 31,431 31,964 
Property operating17,596 15,891 38,801 36,182 
General and administrative10,634 9,484 21,755 18,152 
Lease expense3,083 3,195 6,218 6,501 
Total expenses71,460 66,421 147,423 138,162 
Gain on sale of real estate353  353 11,722 
Interest income214 90 419 226 
Interest and debt expense(14,241)(14,728)(28,245)(29,555)
Income before income taxes12,720 12,947 23,159 33,898 
Income tax (expense) benefit(711)34 (1,616)(201)
Net income12,009 12,981 21,543 33,697 
Less net (income) loss attributable to NCI in:
Operating partnership(506)(584)(893)(1,459)
Consolidated subsidiaries123 150 462 229 
Net income attributable to common shareholders$11,626 $12,547 $21,112 $32,467 
Earnings per common share - Basic: $0.10 $0.11 $0.18 $0.28 
Earnings per common share - Diluted: $0.10 $0.11 $0.18 $0.28 
Weighted average shares outstanding - Basic117,364 116,981 117,347 116,969 
Weighted average shares outstanding - Diluted117,427 117,034 117,410 122,327 
Net income$12,009 $12,981 $21,543 $33,697 
Effective portion of change in fair value of derivatives(54) (54) 
Comprehensive income11,955 12,981 21,489 33,697 
Less comprehensive loss attributable to NCI in:
Operating partnership2  2  
Less net (income) loss attributable to NCI in:
Operating partnership(506)(584)(893)(1,459)
Consolidated subsidiaries123 150 462 229 
Comprehensive income attributable to common shareholders$11,574 $12,547 $21,060 $32,467 


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, March 31, 2021117,026,289$1,170 $987,518 $(37,145)$43,523 $6,304 $1,001,370 
Net income attributable to common shareholders— — — 12,547 — — 12,547 
Net income (loss) attributable to NCI— — — — 584 (150)434 
Limited partnership interests:
Units redeemed for common shares100,000  840 — — — 840 
Reallocation of NCI— — 1,129 — (1,969)— (840)
Common shares issued11,799  204 (21)— — 183 
Dividends to common shareholders ($0.15 per share)
— — — (17,538)— — (17,538)
Distributions to redeemable NCI ($0.15 per unit)
— — — — (730)— (730)
Share-based compensation expense— — 566 — 2,160 — 2,726 
Share-based awards retained for taxes(751)— (2)— — — (2)
Balance, June 30, 2021117,137,337$1,170 $990,255 $(42,157)$43,568 $6,154 $998,990 


Common SharesNoncontrolling Interests (“NCI”)
 SharesAmountAdditional
Paid-In Capital
Accumulated Other Comprehensive LossAccumulated Earnings
(Deficit)
Operating PartnershipConsolidated SubsidiariesTotal Equity
Balance, March 31, 2022117,430,735$1,173 $1,001,006 $ $(16,399)$42,001 $13,352 $1,041,133 
Net income attributable to common shareholders— — — — 11,626 — — 11,626 
Net income (loss) attributable to NCI— — — — — 506 (123)383 
Other comprehensive loss— — — (52)— (2)— (54)
Limited partnership interests:
Reallocation of NCI— — 1,114 — — (1,114)—  
Common shares issued13,313 — 245 — (21)— — 224 
Dividends to common shareholders ($0.16 per share)
— — — — (18,774)— — (18,774)
Distributions to redeemable NCI ($0.16 per unit)
— — — — — (782)— (782)
Contributions from noncontrolling interests— — — — — — 718 718 
Share-based compensation expense— — 338 — — 2,162 — 2,500 
Share-based awards retained for taxes(1,279)— (24)— — — — (24)
Balance, June 30, 2022117,442,769$1,173 $1,002,679 $(52)$(23,568)$42,771 $13,947 $1,036,950 


See notes to consolidated financial statements (unaudited).







3



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— — — 32,467 — — 32,467 
Net income (loss) attributable to NCI— — — — 1,459 (229)1,230 
Limited partnership interests:
Units redeemed for common shares100,000  840 — — — 840 
Reallocation of NCI— — (1,688)— 848 — (840)
Common shares issued36,082 1287(104)— — 184 
Dividends to common shareholders ($0.30 per share)
— — — (35,053)— — (35,053)
Distributions to redeemable NCI ($0.30 per unit)
— — — — (1,441)— (1,441)
Contributions from NCI— — — — — 511 511 
Share-based compensation expense— — 1,163 — 4,246 — 5,409 
Share-based awards retained for taxes(13,062)— (210)— — — (210)
Balance, June 30, 2021117,137,337$1,170 $990,255 $(42,157)$43,568 $6,154 $998,990 


Common SharesNoncontrolling Interests (“NCI”)
 SharesAmountAdditional
Paid-In Capital
Accumulated Other Comprehensive LossAccumulated Earnings
(Deficit)
Operating PartnershipConsolidated SubsidiariesTotal Equity
Balance, December 31, 2021117,147,986 $1,170 $1,001,253 $ $(7,091)$39,616 $12,946 $1,047,894 
Net income attributable to common shareholders— — — — 21,112 — — 21,112 
Net income (loss) attributable to NCI— — — — — 893 (462)431 
Other comprehensive loss— — — (52)— (2)— (54)
Limited partnership interests:
Units redeemed for common shares250,000 3 2,121 — — 2,124 — 4,248 
Reallocation of NCI— — (1,505)— — (2,743)— (4,248)
Common shares issued51,054 — 265 — (42)— — 223 
Dividends to common shareholders ($0.32 per share)
— — — — (37,547)— — (37,547)
Distributions to redeemable NCI ($0.32 per unit)
— — — — — (1,555)— (1,555)
Contributions from NCI— — — — — — 1,463 1,463 
Share-based compensation expense— — 659 — — 4,438 — 5,097 
Share-based awards retained for taxes(6,271)— (114)— — — — (114)
Balance, June 30, 2022117,442,769$1,173 $1,002,679 $(52)$(23,568)$42,771 $13,947 $1,036,950 


See notes to consolidated financial statements (unaudited).
4


URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 Six Months Ended June 30,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$21,543 $33,697 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization50,150 46,259 
Gain on sale of real estate(353)(11,722)
Amortization of below market leases, net(3,507)(4,754)
Noncash lease expense3,503 3,569 
Straight-lining of rent(1,057)690 
Share-based compensation expense5,097 5,409 
Change in operating assets and liabilities:  
Tenant and other receivables1,446 (151)
Deferred leasing costs(2,272)(1,410)
Prepaid expenses and other assets1,147 (4,677)
Lease liabilities(3,313)(3,264)
Accounts payable, accrued expenses and other liabilities(11,408)(10,061)
Net cash provided by operating activities60,976 53,585 
CASH FLOWS FROM INVESTING ACTIVITIES  
Real estate development and capital improvements(48,098)(19,361)
Acquisitions of real estate(36,222) 
Proceeds from sale of operating properties353 23,208 
Net cash (used in) provided by investing activities(83,967)3,847 
CASH FLOWS FROM FINANCING ACTIVITIES  
Debt repayments(89,686)(5,738)
Dividends to common shareholders(37,547)(88,885)
Distributions to redeemable noncontrolling interests(1,555)(3,514)
Taxes withheld for vested restricted shares(114)(210)
Contributions from noncontrolling interests1,464 511 
Purchase of interest rate cap(285) 
Proceeds from mortgage loan borrowings103,413  
Debt issuance costs(1,437) 
Proceeds related to the issuance of common shares223 184 
Net cash used in financing activities(25,524)(97,652)
Net decrease in cash and cash equivalents and restricted cash(48,515)(40,220)
Cash and cash equivalents and restricted cash at beginning of period219,836 419,253 
Cash and cash equivalents and restricted cash at end of period$171,321 $379,033 


See notes to consolidated financial statements (unaudited).
5


Six Months Ended June 30,
20222021
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash payments for interest, net of amounts capitalized of $3,690 and $348, respectively
$26,913 $30,300 
Cash payments for income taxes1,017 3,724 
NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures included in accounts payable and accrued expenses17,576 10,677 
Write-off of fully depreciated assets1,772 1,688 
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period$164,478 $384,572 
Restricted cash at beginning of period 55,358 34,681 
Cash and cash equivalents and restricted cash at beginning of period $219,836 $419,253 
Cash and cash equivalents at end of period$125,483 $321,200 
Restricted cash at end of period45,838 57,833 
Cash and cash equivalents and restricted cash at end of period$171,321 $379,033 


See notes to consolidated financial statements (unaudited).
6


URBAN EDGE PROPERTIES LP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except unit amounts)
 June 30,December 31,
 20222021
ASSETS 
Real estate, at cost:  
Land$546,913 $543,827 
Buildings and improvements2,455,859 2,441,797 
Construction in progress258,330 212,296 
Furniture, fixtures and equipment7,922 7,530 
Total3,269,024 3,205,450 
Accumulated depreciation and amortization(775,931)(753,947)
Real estate, net2,493,093 2,451,503 
Operating lease right-of-use assets65,858 69,361 
Cash and cash equivalents125,483 164,478 
Restricted cash45,838 55,358 
Tenant and other receivables14,366 15,812 
Receivable arising from the straight-lining of rents63,749 62,692 
Identified intangible assets, net of accumulated amortization of $39,845 and $37,361, respectively
68,886 71,107 
Deferred leasing costs, net of accumulated amortization of $19,006 and $17,641, respectively
21,049 20,694 
Prepaid expenses and other assets71,977 74,111 
Total assets$2,970,299 $2,985,116 
LIABILITIES AND EQUITY  
Liabilities:
Mortgages payable, net$1,699,844 $1,687,190 
Operating lease liabilities61,265 64,578 
Accounts payable, accrued expenses and other liabilities74,913 84,829 
Identified intangible liabilities, net of accumulated amortization of $38,026 and $35,029, respectively
97,327 100,625 
Total liabilities1,933,349 1,937,222 
Commitments and contingencies (Note 10)
Equity:
Partners’ capital:
General partner: 117,442,769 and 117,147,986 units outstanding, respectively
1,003,852 1,002,423 
Limited partners: 5,124,493 and 4,662,654 units outstanding, respectively
44,849 41,030 
Accumulated other comprehensive loss(52) 
Accumulated deficit(25,646)(8,505)
Total partners’ capital 1,023,003 1,034,948 
Noncontrolling interest in consolidated subsidiaries13,947 12,946 
Total equity1,036,950 1,047,894 
Total liabilities and equity$2,970,299 $2,985,116 


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 June 30,Six Months Ended June 30,
 2022202120222021
REVENUE
Rental revenue$97,454 $93,653 $196,870 $188,272 
Other income400 353 1,185 1,395 
Total revenue97,854 94,006 198,055 189,667