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 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-05-02 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-23
8-K 2020-09-10 Regulation FD, Exhibits
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
8-K 2020-06-30 Regulation FD, Exhibits
8-K 2020-06-03
8-K 2020-06-02
8-K 2020-05-20
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-29
8-K 2020-03-26
8-K 2020-03-20
8-K 2020-03-04
8-K 2020-02-21
8-K 2020-02-12
8-K 2019-10-30
8-K 2019-10-18
8-K 2019-08-06
8-K 2019-07-31
8-K 2019-05-08
8-K 2019-05-01
8-K 2019-03-28
8-K 2019-02-28
8-K 2019-02-28
8-K 2019-02-13
8-K 2018-10-31
8-K 2018-10-11
8-K 2018-09-27
8-K 2018-08-01
8-K 2018-07-30
8-K 2018-05-31
8-K 2018-05-09
8-K 2018-05-02
8-K 2018-03-30
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-so.htm
EX-31.2 exhibit312certofcfo-so.htm
EX-31.3 exhibit313certofceo-so.htm
EX-31.4 exhibit314certofcfo-so.htm
EX-32.1 exhibit321certofceoand.htm
EX-32.2 exhibit322certofceoand.htm

Urban Edge Properties Earnings 2020-06-30

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

Document
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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, 2020
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 Avenue
New York
New York
 
10019
(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 securities
Trading symbol
Name of exchange on which registered
Common shares of beneficial interest, par value $0.01 per share
UE
The 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 Filer
x
Accelerated Filer o        
Non-Accelerated Filer o                             
Smaller Reporting Company
Emerging Growth Company
Urban Edge Properties LP:
Large Accelerated Filer o                              
Accelerated Filer o                              
Non-Accelerated Filer
x
Smaller 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 July 31, 2020, Urban Edge Properties had 116,701,311 common shares outstanding.




URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 
Financial Statements
 
 
 
 
Consolidated Financial Statements of Urban Edge Properties:
 
 
 
 
Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 (unaudited)
 
 
 
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
 
 
 
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
 
 
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (unaudited)
 
 
 
Consolidated Financial Statements of Urban Edge Properties LP:
 
 
 
 
Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 (unaudited)
 
 
 
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
 
 
 
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
 
 
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (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, 2020 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, 2020, UE owned an approximate 96.1% ownership interest in UELP. The remaining approximate 3.9% 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. 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,
 
2020
 
2019
ASSETS

 
 

Real estate, at cost:
 

 
 

Land
$
527,480

 
$
515,621

Buildings and improvements
2,325,299

 
2,197,076

Construction in progress
42,019

 
28,522

Furniture, fixtures and equipment
7,174

 
7,566

Total
2,901,972

 
2,748,785

Accumulated depreciation and amortization
(700,362
)
 
(671,946
)
Real estate, net
2,201,610

 
2,076,839

Right-of-use assets
77,957

 
81,768

Cash and cash equivalents
615,579

 
432,954

Restricted cash
24,256

 
52,182

Tenant and other receivables
28,410

 
21,565

Receivable arising from the straight-lining of rents
68,410

 
73,878

Identified intangible assets, net of accumulated amortization of $32,755 and $30,942, respectively
57,332

 
48,121

Deferred leasing costs, net of accumulated amortization of $16,478 and $16,560, respectively
20,162

 
21,474

Deferred financing costs, net of accumulated amortization of $4,262 and $3,765, respectively
3,903

 
3,877

Prepaid expenses and other assets
27,488

 
33,700

Total assets
$
3,125,107

 
$
2,846,358

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

Liabilities:
 
 
 
Mortgages payable, net
$
1,584,724

 
$
1,546,195

Unsecured credit facility borrowings
250,000

 

Lease liabilities
76,528

 
79,913

Accounts payable, accrued expenses and other liabilities
58,374

 
76,644

Identified intangible liabilities, net of accumulated amortization of $67,446 and $62,610, respectively
128,371

 
128,830

Total liabilities
2,097,997

 
1,831,582

Commitments and contingencies


 


Shareholders’ equity:
 
 
 
Common shares: $0.01 par value; 500,000,000 shares authorized and 116,701,311 and 121,370,125 shares issued and outstanding, respectively
1,166

 
1,213

Additional paid-in capital
984,933

 
1,019,149

Accumulated earnings (deficit)
1,012

 
(52,546
)
Noncontrolling interests:
 
 
 
Operating partnership
39,575

 
46,536

Consolidated subsidiaries
424

 
424

Total equity
1,027,110

 
1,014,776

Total liabilities and equity
$
3,125,107

 
$
2,846,358

 

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 June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
REVENUE
 
 
 
 
 
 
 
Rental revenue
$
73,265

 
$
101,488

 
$
166,265

 
$
198,796

Management and development fees
285

 
308

 
599

 
660

Other income
69

 
951

 
115

 
1,023

Total revenue
73,619

 
102,747

 
166,979

 
200,479

EXPENSES
 
 
 
 
 
 
 
Depreciation and amortization
23,299

 
22,567

 
46,770

 
44,397

Real estate taxes
14,896

 
15,221

 
29,862

 
30,698

Property operating
11,894

 
14,416

 
26,431

 
31,477

General and administrative
18,053

 
10,010

 
27,900

 
20,590

Casualty and impairment loss, net(1)

 
5,112

 

 
9,070

Lease expense
3,351

 
3,896

 
6,785

 
7,551

Total expenses
71,493

 
71,222

 
137,748

 
143,783

Gain on sale of real estate

 
11,550

 
39,775

 
28,503

Interest income
422

 
2,458

 
2,105

 
4,964

Interest and debt expense
(18,573
)
 
(16,472
)
 
(35,748
)
 
(33,008
)
Gain on extinguishment of debt
34,908

 

 
34,908

 

Income before income taxes
18,883

 
29,061

 
70,271

 
57,155

Income tax benefit (expense)
13,662

 
(994
)
 
13,562

 
(1,196
)
Net income
32,545

 
28,067

 
83,833

 
55,959

Less net (income) loss attributable to noncontrolling interests in:
 
 
 
 
 
 
 
Operating partnership
(1,290
)
 
(1,518
)
 
(3,598
)
 
(3,873
)
Consolidated subsidiaries

 
22

 

 
22

Net income attributable to common shareholders
$
31,255

 
$
26,571

 
$
80,235

 
$
52,108

 
 
 
 
 
 
 
 
Earnings per common share - Basic:
$
0.27

 
$
0.22

 
$
0.68

 
$
0.44

Earnings per common share - Diluted:
$
0.27

 
$
0.22

 
$
0.67

 
$
0.44

Weighted average shares outstanding - Basic
116,522

 
120,364

 
118,744

 
118,330

Weighted average shares outstanding - Diluted
116,595

 
120,461

 
119,607

 
118,436

(1) Refer to Note 2 to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.


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 Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, March 31, 2019
120,099,294

 
$
1,201

 
$
1,005,129

 
$
(56,663
)
 
$
55,976

 
$
449

 
$
1,006,092

Net income attributable to common shareholders

 

 

 
26,571

 

 

 
26,571

Net income (loss) attributable to noncontrolling interests

 

 

 

 
1,518

 
(22
)
 
1,496

Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
1,049,508

 
11

 
8,155

 

 

 

 
8,166

Reallocation of noncontrolling interests

 

 
536

 

 
(8,702
)
 

 
(8,166
)
Common shares issued
24,365

 

 
314

 
(35
)
 

 

 
279

Dividends to common shareholders ($0.22 per share)

 

 

 
(26,453
)
 

 

 
(26,453
)
Distributions to redeemable NCI ($0.22 per unit)

 

 

 

 
(1,553
)
 

 
(1,553
)
Share-based compensation expense

 

 
1,377

 

 
1,918

 

 
3,295

Share-based awards retained for taxes
(2,164
)
 

 
(41
)
 

 

 

 
(41
)
Balance, June 30, 2019
121,171,003

 
$
1,212

 
$
1,015,470

 
$
(56,580
)
 
$
49,157

 
$
427

 
$
1,009,686


 
Common Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, March 31, 2020
117,956,031

 
$
1,179

 
$
986,489

 
$
(30,243
)
 
$
40,374

 
$
424

 
$
998,223

Net income attributable to common shareholders

 

 

 
31,255

 

 

 
31,255

Net income attributable to noncontrolling interests

 

 

 

 
1,290

 

 
1,290

Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
253,553

 
1

 
281

 

 

 

 
282

Reallocation of noncontrolling interests

 

 
6,951

 

 
(7,233
)
 

 
(282
)
Common shares issued
22,901

 

 
204

 

 

 

 
204

Repurchase of common shares
(1,421,700
)
 
(14
)
 
(11,326
)
 

 

 

 
(11,340
)
Share-based compensation expense

 

 
3,467

 

 
5,144

 

 
8,611

Share-based awards retained for taxes
(109,474
)
 

 
(1,133
)
 

 

 

 
(1,133
)
Balance, June 30, 2020
116,701,311

 
$
1,166

 
$
984,933

 
$
1,012

 
$
39,575

 
$
424

 
$
1,027,110


See notes to consolidated financial statements (unaudited).



3



 
Common Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, December 31, 2018
114,345,565

 
$
1,143

 
$
956,420

 
$
(52,857
)
 
$
100,822

 
$
449

 
$
1,005,977

Net income attributable to common shareholders

 

 

 
52,108

 

 

 
52,108

Net income (loss) attributable to noncontrolling interests

 

 

 

 
3,873

 
(22
)
 
3,851

Impact of ASC 842 adoption

 

 

 
(2,918
)
 

 

 
(2,918
)
Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
6,811,692

 
68

 
54,245

 

 

 

 
54,313

Reallocation of noncontrolling interests

 

 
1,786

 

 
(56,099
)
 

 
(54,313
)
Common shares issued
45,022

 
1

 
383

 
(70
)
 

 

 
314

Dividends to common shareholders ($0.44 per share)

 

 

 
(52,843
)
 

 

 
(52,843
)
Distributions to redeemable NCI ($0.44 per unit)

 

 

 

 
(3,129
)
 

 
(3,129
)
Share-based compensation expense

 

 
3,269

 

 
3,690

 

 
6,959

Share-based awards retained for taxes
(31,276
)
 

 
(633
)
 

 

 

 
(633
)
Balance, June 30, 2019
121,171,003

 
$
1,212

 
$
1,015,470

 
$
(56,580
)
 
$
49,157

 
$
427

 
$
1,009,686


 
Common Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, December 31, 2019
121,370,125

 
$
1,213

 
$
1,019,149

 
$
(52,546
)
 
$
46,536

 
$
424

 
$
1,014,776

Net income attributable to common shareholders

 

 

 
80,235

 

 

 
80,235

Net income attributable to noncontrolling interests

 

 

 

 
3,598

 

 
3,598

Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
1,279,389

 
11

 
8,617

 

 

 

 
8,628

Reallocation of noncontrolling interests

 

 
7,858

 

 
(16,486
)
 

 
(8,628
)
Common shares issued
53,193

 
1

 
234

 
(30
)
 

 

 
205

Repurchase of common shares
(5,873,923
)
 
(59
)
 
(54,082
)
 

 

 

 
(54,141
)
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

 

 
4,618

 

 
7,241

 

 
11,859

Share-based awards retained for taxes
(127,473
)
 

 
(1,461
)
 

 

 

 
(1,461
)
Balance, June 30, 2020
116,701,311

 
$
1,166

 
$
984,933

 
$
1,012

 
$
39,575

 
$
424

 
$
1,027,110



See notes to consolidated financial statements (unaudited).

4



URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 
Six Months Ended June 30,
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net income
$
83,833

 
$
55,959

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization
46,267

 
44,231

Casualty and impairment loss, net

 
9,070

Gain on sale of real estate
(39,775
)
 
(28,503
)
Gain on extinguishment of debt
(34,908
)
 

Amortization of deferred financing costs
1,410

 
1,439

Amortization of below market leases, net
(4,454
)
 
(11,802
)
Noncash lease expense
3,817

 
4,448

Straight-lining of rent
5,264

 
37

Share-based compensation expense
11,859

 
6,959

Rental revenue deemed uncollectible
13,079

 
773

Change in operating assets and liabilities:
 

 
 

Tenant and other receivables