Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 24, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36523 | |
Entity Registrant Name | URBAN EDGE PROPERTIES | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-6311266 | |
Entity Address, Address Line One | 888 Seventh Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | (212) | |
Local Phone Number | 956‑2556 | |
Title of 12(b) Security | Common shares of beneficial interest, par value $0.01 per share | |
Trading Symbol | UE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 116,534,331 | |
Entity Central Index Key | 0001611547 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Urban Edge Properties LP | ||
Entity Information [Line Items] | ||
Entity File Number | 333-212951-01 | |
Entity Registrant Name | URBAN EDGE PROPERTIES LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4791544 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Real estate, at cost: | ||
Land | $ 529,809 | $ 515,621 |
Buildings and improvements | 2,336,405 | 2,197,076 |
Construction in progress | 28,629 | 28,522 |
Furniture, fixtures and equipment | 7,016 | 7,566 |
Total | 2,901,859 | 2,748,785 |
Accumulated depreciation and amortization | (686,139) | (671,946) |
Real estate, net | 2,215,720 | 2,076,839 |
Right-of-use assets | 79,962 | 81,768 |
Cash and cash equivalents | 622,667 | 432,954 |
Restricted cash | 19,976 | 52,182 |
Tenant and other receivables | 19,006 | 21,565 |
Receivable arising from the straight-lining of rents | 74,348 | 73,878 |
Identified intangible assets, net of accumulated amortization of $32,359 and $30,942, respectively | 59,810 | 48,121 |
Deferred leasing costs, net of accumulated amortization of $16,291 and $16,560, respectively | 21,105 | 21,474 |
Deferred financing costs, net of accumulated amortization of $4,008 and $3,765, respectively | 3,634 | 3,877 |
Prepaid expenses and other assets | 27,372 | 33,700 |
Total assets | 3,143,600 | 2,846,358 |
Liabilities: | ||
Mortgages payable, net | 1,616,853 | 1,546,195 |
Unsecured credit facility borrowings | 250,000 | 0 |
Lease liabilities | 78,334 | 79,913 |
Accounts payable, accrued expenses and other liabilities | 69,350 | 76,644 |
Identified intangible liabilities, net of accumulated amortization of $65,074 and $62,610, respectively | 130,840 | 128,830 |
Total liabilities | 2,145,377 | 1,831,582 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,956,031 and 121,370,125 shares issued and outstanding, respectively | 1,179 | 1,213 |
Additional paid-in capital | 986,489 | 1,019,149 |
Accumulated deficit | (30,243) | (52,546) |
Noncontrolling interests: | ||
Operating partnership | 40,374 | 46,536 |
Partners’ capital: | ||
Consolidated subsidiaries | 424 | 424 |
Total equity | 998,223 | 1,014,776 |
Total liabilities and equity | 3,143,600 | 2,846,358 |
Urban Edge Properties LP | ||
Real estate, at cost: | ||
Land | 529,809 | 515,621 |
Buildings and improvements | 2,336,405 | 2,197,076 |
Construction in progress | 28,629 | 28,522 |
Furniture, fixtures and equipment | 7,016 | 7,566 |
Total | 2,901,859 | 2,748,785 |
Accumulated depreciation and amortization | (686,139) | (671,946) |
Real estate, net | 2,215,720 | 2,076,839 |
Right-of-use assets | 79,962 | 81,768 |
Cash and cash equivalents | 622,667 | 432,954 |
Restricted cash | 19,976 | 52,182 |
Tenant and other receivables | 19,006 | 21,565 |
Receivable arising from the straight-lining of rents | 74,348 | 73,878 |
Identified intangible assets, net of accumulated amortization of $32,359 and $30,942, respectively | 59,810 | 48,121 |
Deferred leasing costs, net of accumulated amortization of $16,291 and $16,560, respectively | 21,105 | 21,474 |
Deferred financing costs, net of accumulated amortization of $4,008 and $3,765, respectively | 3,634 | 3,877 |
Prepaid expenses and other assets | 27,372 | 33,700 |
Total assets | 3,143,600 | 2,846,358 |
Liabilities: | ||
Mortgages payable, net | 1,616,853 | 1,546,195 |
Unsecured credit facility borrowings | 250,000 | 0 |
Lease liabilities | 78,334 | 79,913 |
Accounts payable, accrued expenses and other liabilities | 69,350 | 76,644 |
Identified intangible liabilities, net of accumulated amortization of $65,074 and $62,610, respectively | 130,840 | 128,830 |
Total liabilities | 2,145,377 | 1,831,582 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Accumulated deficit | (32,869) | (56,166) |
Partners’ capital: | ||
General partner: 117,956,031 and 121,370,125 units outstanding, respectively | 987,668 | 1,020,362 |
Limited partners: 4,971,944 and 5,833,318 units outstanding, respectively | 43,000 | 50,156 |
Total partners’ capital | 997,799 | 1,014,352 |
Consolidated subsidiaries | 424 | 424 |
Total equity | 998,223 | 1,014,776 |
Total liabilities and equity | $ 3,143,600 | $ 2,846,358 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated amortization, identified intangible assets | $ 32,359 | $ 30,942 |
Accumulated amortization, deferred leasing costs | 16,291 | 16,560 |
Accumulated amortization, deferred financing costs | 4,008 | 3,765 |
Accumulated amortization, identified intangible liabilities | $ 65,074 | $ 62,610 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares, outstanding (in shares) | 117,956,031 | 121,370,125 |
Urban Edge Properties LP | ||
Allowance for doubtful accounts, tenant and other receivables | $ 0 | $ 0 |
Allowance for doubtful accounts, receivables arising from the straight-lining of rents | 0 | 0 |
Accumulated amortization, identified intangible assets | 32,359 | 30,942 |
Accumulated amortization, deferred leasing costs | 16,291 | 16,560 |
Accumulated amortization, deferred financing costs | 4,008 | 3,765 |
Accumulated amortization, identified intangible liabilities | $ 65,074 | $ 62,610 |
Common stock, shares, outstanding (in shares) | 117,956,031 | 121,370,125 |
Limited Partners, units outstanding (in units) | 4,971,944 | 5,833,318 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
REVENUE | |||
Rental revenue | $ 93,000 | $ 97,308 | |
Total revenue | 93,360 | 97,732 | |
EXPENSES | |||
Depreciation and amortization | 23,471 | 21,830 | |
Real estate taxes | 14,966 | 15,477 | |
Property operating | 14,537 | 17,061 | |
General and administrative | 9,847 | 10,580 | |
Casualty and impairment loss | [1] | 0 | 3,958 |
Lease expense | 3,434 | 3,655 | |
Total expenses | 66,255 | 72,561 | |
Gain on sale of real estate | 39,775 | 16,953 | |
Interest income | 1,683 | 2,506 | |
Interest and debt expense | (17,175) | (16,536) | |
Income before income taxes | 51,388 | 28,094 | |
Income tax expense | (100) | (202) | |
Net income | 51,288 | 27,892 | |
Less net income attributable to noncontrolling interests in: | |||
Operating partnership | (2,308) | (2,355) | |
Consolidated subsidiaries | 0 | 0 | |
Net income (loss) attributable to common shareholders | $ 48,980 | $ 25,537 | |
Earnings per common share - Basic (in dollars per share) | $ 0.40 | $ 0.22 | |
Earnings per common share - Diluted (in dollars per share) | $ 0.40 | $ 0.22 | |
Weighted average shares outstanding - Basic (in shares) | 120,966 | 116,274 | |
Weighted average shares outstanding - Diluted (in shares) | 121,051 | 126,504 | |
Management and development fees | |||
REVENUE | |||
Revenues | $ 314 | $ 352 | |
Other income | |||
REVENUE | |||
Revenues | 46 | 72 | |
Urban Edge Properties LP | |||
REVENUE | |||
Rental revenue | 93,000 | 97,308 | |
Total revenue | 93,360 | 97,732 | |
EXPENSES | |||
Depreciation and amortization | 23,471 | 21,830 | |
Real estate taxes | 14,966 | 15,477 | |
Property operating | 14,537 | 17,061 | |
General and administrative | 9,847 | 10,580 | |
Casualty and impairment loss | [1] | 0 | 3,958 |
Lease expense | 3,434 | 3,655 | |
Total expenses | 66,255 | 72,561 | |
Gain on sale of real estate | 39,775 | 16,953 | |
Interest income | 1,683 | 2,506 | |
Interest and debt expense | (17,175) | (16,536) | |
Income before income taxes | 51,388 | 28,094 | |
Income tax expense | (100) | (202) | |
Net income | 51,288 | 27,892 | |
Less net income attributable to noncontrolling interests in: | |||
Consolidated subsidiaries | 0 | 0 | |
Net income (loss) attributable to common shareholders | $ 51,288 | $ 27,892 | |
Earnings per common share - Basic (in dollars per share) | $ 0.41 | $ 0.22 | |
Earnings per common share - Diluted (in dollars per share) | $ 0.40 | $ 0.22 | |
Weighted average shares outstanding - Basic (in shares) | 125,844 | 126,391 | |
Weighted average shares outstanding - Diluted (in shares) | 126,755 | 126,505 | |
Urban Edge Properties LP | Management and development fees | |||
REVENUE | |||
Revenues | $ 314 | $ 352 | |
Urban Edge Properties LP | Other income | |||
REVENUE | |||
Revenues | $ 46 | $ 72 | |
[1] |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) | Total | Urban Edge Properties LP | Urban Edge Properties LPAccumulated Earnings (Deficit) | Urban Edge Properties LPConsolidated Subsidiaries | Urban Edge Properties LPGeneral Partner | Urban Edge Properties LPLimited Partners | Common Shares | Additional Paid-In Capital | Accumulated Earnings (Deficit) | Operating Partnership | Consolidated Subsidiaries | Operating PartnershipUrban Edge Properties LPLimited Partners | |
Beginning balance (in shares) at Dec. 31, 2018 | 114,345,565 | ||||||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 114,345,565 | 12,736,633 | |||||||||||
Beginning balance at Dec. 31, 2018 | $ 1,005,977,000 | $ 1,005,977,000 | $ (57,482,000) | $ 449,000 | $ 957,563,000 | $ 105,447,000 | [1] | $ 1,143,000 | $ 956,420,000 | $ (52,857,000) | $ 100,822,000 | $ 449,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income attributable to common shareholders | 25,537,000 | 27,892,000 | 27,892,000 | 25,537,000 | |||||||||
Net income attributable to noncontrolling interests | 2,355,000 | 2,355,000 | |||||||||||
Common units issued as a result of common shares issued by Urban Edge (in shares) | 20,657 | ||||||||||||
Common units issued as a result of common shares issued by Urban Edge | (35,000) | 35,000 | $ (70,000) | ||||||||||
Units redeemed for common shares (in shares) | 5,762,184 | (5,762,184) | 5,762,184 | ||||||||||
Units redeemed for common shares | 46,147,000 | 46,147,000 | $ 46,147,000 | $ 57,000 | 46,090,000 | ||||||||
Limited partnership units issued, net (in shares) | 135,337 | ||||||||||||
Limited partnership units issued, net | 0 | ||||||||||||
Reallocation of noncontrolling interests | (46,147,000) | (46,147,000) | 1,250,000 | $ (47,397,000) | [1] | 1,250,000 | (47,397,000) | ||||||
Common shares issued (in shares) | 20,657 | ||||||||||||
Common shares issued | 35,000 | $ 1,000 | 69,000 | (35,000) | |||||||||
Dividends to common shareholders | (26,390,000) | (26,390,000) | |||||||||||
Distributions to redeemable NCI | (1,576,000) | (1,576,000) | |||||||||||
Distributions to Partners | (27,966,000) | (27,966,000) | |||||||||||
Share-based compensation expense | 3,664,000 | 3,664,000 | 0 | $ 1,892,000 | $ 1,772,000 | [1] | 1,892,000 | 1,772,000 | |||||
Share-based awards retained for taxes (in shares) | (29,112) | (29,112) | |||||||||||
Distributions to redeemable NCI ($0.22 per unit) | (592,000) | (592,000) | $ (592,000) | (592,000) | |||||||||
Ending balance (in shares) at Mar. 31, 2019 | 120,099,294 | ||||||||||||
Ending balance (in shares) at Mar. 31, 2019 | 120,099,294 | 7,109,786 | |||||||||||
Ending balance at Mar. 31, 2019 | $ 1,006,092,000 | $ 1,006,092,000 | (60,509,000) | 449,000 | $ 1,006,330,000 | $ 59,822,000 | [1] | $ 1,201,000 | 1,005,129,000 | (56,663,000) | 55,976,000 | 449,000 | |
Noncontrolling interest percentage | 5.60% | ||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 121,370,125 | 121,370,125 | 121,370,125 | ||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 121,370,125 | 5,833,318 | |||||||||||
Beginning balance at Dec. 31, 2019 | $ 1,014,776,000 | $ 1,014,776,000 | (56,166,000) | 424,000 | $ 1,020,362,000 | $ 50,156,000 | [2] | $ 1,213,000 | 1,019,149,000 | (52,546,000) | 46,536,000 | 424,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income attributable to common shareholders | 48,980,000 | 51,288,000 | 51,288,000 | 48,980,000 | |||||||||
Net income attributable to noncontrolling interests | 2,308,000 | 2,308,000 | |||||||||||
Common units issued as a result of common shares issued by Urban Edge (in shares) | 30,292 | ||||||||||||
Common units issued as a result of common shares issued by Urban Edge | (1,000) | 30,000 | $ (31,000) | $ (164,462) | |||||||||
Units redeemed for common shares (in shares) | 1,025,836 | (1,025,836) | 1,025,836 | ||||||||||
Units redeemed for common shares | $ 8,346,000 | 8,346,000 | $ 8,346,000 | $ 10,000 | 8,336,000 | ||||||||
Repurchase of common shares (in shares) | (4,452,223) | ||||||||||||
Repurchase of common shares | $ (42,801,000) | (42,801,000) | (42,801,000) | $ (45,000) | (42,756,000) | ||||||||
Limited partnership units issued, net | 0 | ||||||||||||
Reallocation of noncontrolling interests | (8,346,000) | (8,346,000) | 907,000 | $ (9,253,000) | [2] | 907,000 | (9,253,000) | ||||||
Common shares issued (in shares) | 30,292 | ||||||||||||
Common shares issued | 1,000 | $ 1,000 | 30,000 | (30,000) | |||||||||
Dividends to common shareholders | (26,647,000) | (26,647,000) | |||||||||||
Distributions to redeemable NCI | (1,314,000) | (1,314,000) | |||||||||||
Distributions to Partners | (27,961,000) | (27,961,000) | |||||||||||
Share-based compensation expense | 3,248,000 | 3,248,000 | $ 1,151,000 | $ 2,097,000 | [2] | 1,151,000 | 2,097,000 | ||||||
Share-based awards retained for taxes (in shares) | (17,999) | (17,999) | |||||||||||
Distributions to redeemable NCI ($0.22 per unit) | $ (328,000) | $ (328,000) | $ (328,000) | (328,000) | |||||||||
Ending balance (in shares) at Mar. 31, 2020 | 117,956,031 | 117,956,031 | 117,956,031 | ||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 117,956,031 | 4,971,944 | |||||||||||
Ending balance at Mar. 31, 2020 | $ 998,223,000 | $ 998,223,000 | $ (32,869,000) | $ 424,000 | $ 987,668,000 | $ 43,000,000 | [2] | $ 1,179,000 | $ 986,489,000 | $ (30,243,000) | $ 40,374,000 | $ 424,000 | |
Noncontrolling interest percentage | 4.00% | ||||||||||||
[1] | Limited partners have a 5.6% common limited partnership interest in the Operating Partnership as of March 31, 2019 in the form of units of interest in the OP Units and LTIP units. | ||||||||||||
[2] | 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. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Distributions to redeemable NCI (in dollars per unit) | $ 0.22 | $ 0.22 |
Accumulated Earnings (Deficit) | Urban Edge Properties LP | ||
Dividends on common shares (in dollars per share) | 0.22 | 0.22 |
Accumulated Earnings (Deficit) | ||
Dividends on common shares (in dollars per share) | 0.22 | 0.22 |
Operating Partnership | ||
Distributions to redeemable NCI (in dollars per unit) | $ 0.22 | $ 0.22 |
Operating Partnership | Limited Partners | Urban Edge Properties LP | ||
Noncontrolling interest percentage | 4.00% | 5.60% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 51,288 | $ 27,892 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 23,271 | 21,747 |
Casualty and impairment loss | 0 | 3,958 |
Gain on sale of real estate | (39,775) | (16,953) |
Amortization of deferred financing costs | 706 | 720 |
Amortization of below market leases, net | (2,249) | (2,360) |
Noncash lease expense | 1,806 | 2,014 |
Straight-lining of rent | (674) | (22) |
Share-based compensation expense | 3,248 | 3,664 |
Credit losses related to operating lease receivables | 1,424 | 485 |
Change in operating assets and liabilities: | ||
Tenant and other receivables | 1,134 | (10,864) |
Deferred leasing costs | (636) | (1,201) |
Prepaid expenses and other assets | (9,786) | 93 |
Lease liabilities | (1,578) | (1,708) |
Accounts payable, accrued expenses and other liabilities | (7,383) | 1,962 |
Net cash provided by operating activities | 20,796 | 29,427 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Real estate development and capital improvements | 6,538 | 26,696 |
Acquisition of real estate | 92,132 | 0 |
Proceeds from sale of operating properties | 54,402 | 18,202 |
Net cash used in investing activities | (44,268) | (8,494) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt repayments | (2,076) | (1,144) |
Dividends to common shareholders | (26,647) | (26,390) |
Distributions to redeemable noncontrolling interests | (1,314) | (1,576) |
Taxes withheld for vested restricted shares | (328) | (592) |
Borrowings under unsecured credit facility | 250,000 | 0 |
Repurchase of common shares | (38,656) | 0 |
Proceeds related to the issuance of common shares | 0 | 35 |
Net cash provided by (used in) financing activities | 180,979 | (29,667) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 157,507 | (8,734) |
Cash and cash equivalents and restricted cash at beginning of period | 485,136 | 457,522 |
Cash and cash equivalents and restricted cash at end of period | 642,643 | 448,788 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest, net of amounts capitalized of $125 and $565, respectively | 16,291 | 16,122 |
Cash payments for income taxes | 6 | 7 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures included in accounts payable and accrued expenses | 2,013 | 15,559 |
Write-off of fully depreciated and impaired assets | 5,225 | 7,106 |
Acquisition of real estate through the assumption of debt | 72,473 | 0 |
Accrued common share repurchase | 4,145 | 0 |
Cash and cash equivalents at beginning of period | 432,954 | 440,430 |
Cash and cash equivalents at end of period | 622,667 | 416,668 |
Restricted cash at beginning of period | 52,182 | 17,092 |
Restricted cash at end of period | 19,976 | 32,120 |
Cash and cash equivalents and restricted cash at beginning/end of period | 642,643 | 448,788 |
Urban Edge Properties LP | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 51,288 | 27,892 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 23,271 | 21,747 |
Casualty and impairment loss | 0 | 3,958 |
Gain on sale of real estate | (39,775) | (16,953) |
Amortization of deferred financing costs | 706 | 720 |
Amortization of below market leases, net | (2,249) | (2,360) |
Noncash lease expense | 1,806 | 2,014 |
Straight-lining of rent | (674) | (22) |
Share-based compensation expense | 3,248 | 3,664 |
Credit losses related to operating lease receivables | 1,424 | 485 |
Change in operating assets and liabilities: | ||
Tenant and other receivables | 1,134 | (10,864) |
Deferred leasing costs | (636) | (1,201) |
Prepaid expenses and other assets | (9,786) | 93 |
Lease liabilities | (1,578) | (1,708) |
Accounts payable, accrued expenses and other liabilities | (7,383) | 1,962 |
Net cash provided by operating activities | 20,796 | 29,427 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Real estate development and capital improvements | 6,538 | 26,696 |
Acquisition of real estate | 92,132 | 0 |
Proceeds from sale of operating properties | 54,402 | 18,202 |
Net cash used in investing activities | (44,268) | (8,494) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt repayments | (2,076) | (1,144) |
Distributions to partners | (27,961) | (27,966) |
Taxes withheld for vested restricted shares | (328) | (592) |
Borrowings under unsecured credit facility | 250,000 | 0 |
Repurchase of common shares | (38,656) | 0 |
Proceeds related to the issuance of common shares | 0 | 35 |
Net cash provided by (used in) financing activities | 180,979 | (29,667) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 157,507 | (8,734) |
Cash and cash equivalents and restricted cash at beginning of period | 485,136 | 457,522 |
Cash and cash equivalents and restricted cash at end of period | 642,643 | 448,788 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest, net of amounts capitalized of $125 and $565, respectively | 16,291 | 16,122 |
Cash payments for income taxes | 6 | 7 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures included in accounts payable and accrued expenses | 2,013 | 15,559 |
Write-off of fully depreciated and impaired assets | 5,225 | 7,106 |
Acquisition of real estate through the assumption of debt | 72,473 | 0 |
Accrued common share repurchase | 4,145 | 0 |
Cash and cash equivalents at beginning of period | 432,954 | 440,430 |
Cash and cash equivalents at end of period | 622,667 | 416,668 |
Restricted cash at beginning of period | 52,182 | 17,092 |
Restricted cash at end of period | 19,976 | 32,120 |
Cash and cash equivalents and restricted cash at beginning/end of period | $ 485,136 | $ 457,522 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Capitalized interest | $ 125 | $ 565 |
Urban Edge Properties LP | ||
Capitalized interest | $ 125 | $ 565 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | 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, 2020 , Urban Edge owned approximately 96.0% 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, 2020 , our portfolio consisted of 73 shopping centers, four malls and a warehouse park, totaling approximately 15.1 million |
BASIS OF PRESENTATION AND PRINC
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION | 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, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020 . 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, 2019 , as filed with the Securities Exchange Commission (“SEC”). The consolidated balance sheets as of March 31, 2020 and December 31, 2019 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. The consolidated statements of income for the three months ended March 31, 2020 and 2019 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. 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 may result 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. 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 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 credit losses related to operating lease receivables as a reduction to rental revenue in "Rental revenue" in the consolidated statements of income . As of March 31, 2020, the Company did not have any 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 are currently evaluating the impact ASU 2019-12 may have to our consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact ASU 2020-04 may have to our consolidated financial statements and disclosures. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. There were no lease concessions granted as a result of COVID-19 during the first quarter. The future impact of the Lease Modification Q&A is dependent upon the extent of lease concessions granted to tenants as a result of COVID-19 in future periods and the elections made by the Company at the time of entering into such concessions. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Acquisitions During the three months ended March 31, 2019, no acquisitions were completed by the Company. During the three months ended March 31, 2020 , we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (in thousands) February 12, 2020 Kingswood Center Brooklyn NY 130,000 $ 90,212 February 12, 2020 Kingswood Crossing Brooklyn NY 110,000 77,077 2020 Total $ 167,289 (1) (1) The total purchase price for the properties acquired during the three months ended March 31, 2020 includes $2.5 million of transaction costs incurred related to the transactions. During the quarter, the Company acquired Kingswood Center and Kingswood Crossing for $167.3 million , including transaction costs. The properties are located along Kings Highway in the Midwood neighborhood of Brooklyn, NY and were funded via 1031 exchanges using cash proceeds from dispositions. Additionally, as part of the acquisition of Kingswood Center, the Company assumed a $65.5 million mortgage, which matures in 2028. A portion of the acquisition of Kingswood Crossing was completed as a reverse Section 1031 like-kind exchange. We entered into a reverse Section 1031 like-kind exchange agreement with third-party intermediaries, which, for a maximum of 180 days , allowed us to defer for tax purposes, gains on the sale of other properties identified and sold within the period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition dates, the third-party intermediaries are the legal owner of the properties; however, we controlled the activities that most significantly impact each property and retained all of the economic benefits and risks associated with each property. Therefore, at the date of acquisition, we determined that we were the primary beneficiary of these variable interest entities and consolidated the properties and their operations as of the acquisition date. The aggregate purchase price of the above property acquisitions has been allocated as follows: Property Name Land Buildings and improvements Identified intangible assets (1) Identified intangible liabilities (1) Debt premium Total Purchase Price (in thousands) Kingswood Center $ 15,690 $ 76,766 $ 9,263 $ (4,534 ) $ (6,973 ) $ 90,212 Kingswood Crossing 8,150 64,159 4,768 — — 77,077 2020 Total $ 23,840 $ 140,925 $ 14,031 $ (4,534 ) $ (6,973 ) $ 167,289 (1) As of March 31, 2020 , the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired were 8.9 years and 11.3 years, respectively. Dispositions During the three months ended March 31, 2020 , we disposed of three properties and received proceeds of $58.1 million , net of selling costs, resulting in a $39.8 million net gain on sale of real estate. The sale of all three dispositions were completed as 1031 exchanges with Kingswood Crossing as a result of the sales occurring within 180 days of the Company’s acquisition. On March 15, 2019, we completed the sale of our property in Chicopee, MA for $18.2 million , net of selling costs, resulting in a $17.0 million gain on sale of real estate recognized during the three months ended March 31, 2019 . |
IDENTIFIED INTANGIBLE ASSETS AN
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES Our identified intangible assets (acquired in-place and above-market leases) and liabilities (acquired below-market leases), net of accumulated amortization were $59.8 million and $130.8 million , respectively, as of March 31, 2020 and $48.1 million and $128.8 million , respectively, as of December 31, 2019 . Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $2.2 million for the three months ended March 31, 2020 and $2.4 million for the same period in 2019. Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $2.0 million for the three months ended March 31, 2020 , and $2.1 million for the same period in 2019. The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2020 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market Year Operating Lease Amortization Operating Lease Amortization In-Place Leases 2020 (1) $ 7,367 $ (778 ) $ (6,565 ) 2021 9,703 (860 ) (7,612 ) 2022 9,627 (495 ) (6,005 ) 2023 9,575 (386 ) (4,859 ) 2024 9,339 (321 ) (4,366 ) 2025 9,167 (142 ) (3,732 ) (1) Remainder of 2020 |
MORTGAGES PAYABLE
MORTGAGES PAYABLE | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
MORTGAGES PAYABLE | MORTGAGES PAYABLE AND UNSECURED DEBT The following is a summary of mortgages payable as of March 31, 2020 and December 31, 2019 . Interest Rate at March 31, December 31, (Amounts in thousands) Maturity March 31, 2020 2020 2019 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 3.18% $ 28,930 $ 28,930 Westfield (One Lincoln Plaza) (1) 5/24/2022 3.18% 4,730 4,730 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 3.18% 55,340 55,340 Jersey City (Hudson Commons) (2) 11/15/2024 3.48% 28,862 29,000 Watchung (2) 11/15/2024 3.48% 26,871 27,000 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 3.48% 24,418 24,500 Total variable rate debt 169,151 169,500 Fixed rate Montehiedra (senior loan) 7/6/2021 5.33% 82,876 83,202 Montehiedra (junior loan) 7/6/2021 3.00% 30,000 30,000 Bergen Town Center - West, Paramus 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 10,823 10,978 Jersey City (Hudson Mall) (4) 12/1/2023 5.07% 23,445 23,625 Yonkers Gateway Center (5) 4/6/2024 4.16% 29,717 30,122 Las Catalinas 8/6/2024 4.43% 128,822 129,335 Brick 12/10/2024 3.87% 50,000 50,000 North Plainfield 12/10/2025 3.99% 25,100 25,100 Middletown 12/1/2026 3.78% 31,400 31,400 Rockaway 12/1/2026 3.78% 27,800 27,800 East Hanover (200 - 240 Route 10 West) 12/10/2026 4.03% 63,000 63,000 North Bergen (Tonnelle Ave) 4/1/2027 4.18% 100,000 100,000 Manchester 6/1/2027 4.32% 12,500 12,500 Millburn 6/1/2027 3.97% 23,694 23,798 Totowa 12/1/2027 4.33% 50,800 50,800 Woodbridge (Woodbridge Commons) 12/1/2027 4.36% 22,100 22,100 East Brunswick 12/6/2027 4.38% 63,000 63,000 East Rutherford 1/6/2028 4.49% 23,000 23,000 Brooklyn (Kingswood Center) (6) 2/6/2028 5.07% 72,356 — Hackensack 3/1/2028 4.36% 66,400 66,400 Marlton 12/1/2028 3.86% 37,400 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,700 40,700 Union (2445 Springfield Ave) 12/10/2028 4.01% 45,600 45,600 Freeport (Freeport Commons) 12/10/2029 4.07% 43,100 43,100 Garfield 12/1/2030 4.14% 40,300 40,300 Mt Kisco (3) 11/15/2034 6.40% 13,359 13,488 Total fixed rate debt 1,457,292 1,386,748 Total mortgages payable 1,626,443 1,556,248 Unamortized debt issuance costs (9,590 ) (10,053 ) Total mortgages payable, net of unamortized debt issuance costs 1,616,853 1,546,195 Unsecured credit facilities: Revolving credit agreement (7) 1/29/2024 2.00% 250,000 — Total unsecured credit facilities 250,000 — Total debt outstanding $ 1,866,853 $ 1,546,195 (1) Bears interest at one month LIBOR plus 160 bps. (2) Bears interest at one month LIBOR plus 190 bps. (3) The mortgage payable balance on the loan secured by Mt Kisco includes $0.9 million of unamortized debt discount as of both March 31, 2020 and December 31, 2019 . The effective interest rate including amortization of the debt discount is 7.30% as of March 31, 2020 . (4) The mortgage payable balance on the loan secured by Hudson Mall includes $0.9 million and $1.0 million of unamortized debt premium as of March 31, 2020 and December 31, 2019 , respectively. The effective interest rate including amortization of the debt premium is 3.85% as of March 31, 2020 . (5) The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.5 million and $0.6 million of unamortized debt premium as of March 31, 2020 and December 31, 2019 , respectively. The effective interest rate including amortization of the debt premium is 3.70% as of March 31, 2020 . (6) The mortgage payable balance on the loan secured by Kingswood Center includes $6.9 million of unamortized debt premium as of March 31, 2020 . The effective interest rate including amortization of the debt premium is 3.44% as of March 31, 2020 . (7) Bears interest at one month LIBOR plus 1.05% as of March 31, 2020 . The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.3 billion as of March 31, 2020 . Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of March 31, 2020 , we were in compliance with all debt covenants. As of March 31, 2020 , the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2020 (1) $ 6,335 2021 123,177 2022 100,586 2023 345,242 2024 525,191 2025 33,181 Thereafter 742,731 (1) Remainder of 2020. Revolving Credit Agreement On January 15, 2015, we entered into a $500 million Revolving Credit Agreement (the “Agreement”) with certain financial institutions. On March 7, 2017 , we amended and extended the Agreement. The amendment increased the credit facility size by $100 million to $600 million and extended the maturity date to March 7, 2021 with two six -month extension options. On July 29, 2019, we entered into a second amendment to the Agreement to extend the maturity date to January 29, 2024 with two six -month extension options. Company borrowings under the Agreement are subject to interest at LIBOR plus 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points. Both the spread over LIBOR and the facility fee are based on our current leverage ratio and are subject to increase if our leverage ratio increases above predefined thresholds. The Agreement contains customary financial covenants including a maximum leverage ratio of 60% and a minimum fixed charge coverage ratio of 1.5x . In March 2020, the Company borrowed $250 million under the Agreement. As of March 31, 2020, $350 million of credit remained available for withdrawal. Financing costs associated with executing the Agreement of $3.6 million and $3.9 million as of March 31, 2020 and December 31, 2019, respectively, are included in deferred financing costs, net in the consolidated balance sheets. Mortgage on Las Catalinas Mall In April 2020, we notified the servicer of the $129 million non-recourse mortgage loan on Las Catalinas Mall in Puerto Rico that cash flow would be insufficient to make the April debt service payment and that we were unwilling to fund the shortfalls. Pursuant to the loan agreement, the loan is in default, is subject to incremental default interest while the outstanding balance remains unpaid, and the lender has the ability to accelerate the full loan balance. We currently remain in active negotiations with the special servicer and no determination has been made as to the timing or ultimate resolution of this matter. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the filing of its 2015 tax return for its tax year ended December 31, 2015. To the extent the Company meets certain requirements under the Code, the Company will not be taxed on its federal taxable income. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates, including any alternative minimum tax, which, for corporations, was repealed under the Tax Cuts and Jobs Act (“TCJA”) and may not be able to qualify as a REIT for the four subsequent taxable years. The Company is subject to certain foreign and state and local income taxes, including a 29% non-resident withholding tax on its two Puerto Rico malls, which are included in income tax expense in the consolidated statements of income. The Company is also subject to certain other taxes, including state and local franchise taxes which are included in general and administrative expenses in the consolidated statements of income. During the three months ended March 31, 2020 , certain non-real estate operating activities that could not be performed by the REIT directly, occurred through the Company’s taxable REIT subsidiary (“TRS”), and the Company’s TRS is subject to federal, state and local income taxes. These income taxes are included in the income tax expense in the consolidated statements of income. Our two Puerto Rico malls are subject to a 29% non-resident withholding tax which is included in income tax expense in the consolidated statements of income. The Puerto Rico tax expense recorded was $0.1 million and $0.2 million for the three months ended March 31, 2020 and 2019 , respectively. Both properties are held in a special partnership for Puerto Rico tax purposes (the general partner being a qualified REIT subsidiary or “QRS”). |
LEASES (Notes)
LEASES (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES All rental revenue was generated from operating leases for the three months ended March 31, 2020 and March 31, 2019 , respectively. The components of rental revenue for the three months ended March 31, 2020 and March 31, 2019 were as follows: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Rental Revenue Fixed lease revenue $ 69,097 $ 68,484 Variable lease revenue 23,903 28,824 Total rental revenue $ 93,000 $ 97,308 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis There were no financial assets or liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2020 and December 31, 2019 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash and cash equivalents, mortgages payable and unsecured credit facility borrowings. Cash and cash equivalents are carried at cost, which approximates fair value. The fair values of our mortgages payable and unsecured credit facility borrowings are calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The fair value of cash and cash equivalents is classified as Level 1 and the fair values of mortgages payable and unsecured credit facility borrowings are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2020 and December 31, 2019 . As of March 31, 2020 As of December 31, 2019 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 622,667 $ 622,667 $ 432,954 $ 432,954 Liabilities: Mortgages payable (1) $ 1,626,443 $ 1,627,178 $ 1,556,248 $ 1,590,503 Unsecured credit facility 250,000 250,000 — — (1) Carrying amounts exclude unamortized debt issuance costs of $9.6 million and $10.1 million as of March 31, 2020 and December 31, 2019 , respectively. Nonfinancial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We assess the carrying value of our properties for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Such events and changes include macroeconomic conditions, including those caused by global pandemics, such as COVID-19, which may result in property operational disruption and indicate that the carrying amount may not be recoverable. No impairment charges were recognized during the three months ended March 31, 2020 . During the three months ended March 31, 2019 , we recognized a $4.0 million impairment charge on our property in Westfield, NJ as a result of the loss of a significant tenant at the property. The valuation of our property in Westfield, NJ was based on comparable property transactions in the property’s surrounding area. The Company believes the inputs utilized to measure the fair value was reasonable in the context of applicable market conditions, however due to the significance of the unobservable inputs in the overall fair value measures, including market conditions and expectations for growth, the Company determined that such fair value measurement is classified as Level 3. The impairment charge is included as an expense under casualty and impairment loss on our consolidated statement of income for the three months ended March 31, 2019 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES There are various legal actions against us in the ordinary course of business. After consultation with legal counsel, the outcome of such matters will not have a material adverse effect on our financial condition, results of operations or cash flows. Redevelopment As of March 31, 2020 , we had approximately $52.8 million of active development, redevelopment and anchor repositioning projects under way, of which $16.0 million remains to be funded. Further, while we have approximately $300 million of projects in our development pipeline, we are under no obligation to execute and fund any of these projects and each of these projects is being reevaluated considering market conditions. The Company has updated many of its active project stabilization dates to reflect the impact of the COVID-19 outbreak on its contractors, tenants and vendors. Insurance The Company maintains (i) general liability insurance with limits of $200 million for properties in the U.S. and Puerto Rico, (ii) all-risk property insurance with limits of $500 million per occurrence and in the aggregate for properties in the U.S. and $147 million for properties in Puerto Rico, subject to the terms, conditions, exclusions, deductibles and sub-limits when applicable for certain perils such as floods and earthquakes, (iii) pollution insurance with limits of $50 million for properties in the U.S. and Puerto Rico and (iv) numerous other insurance policies including trustees’ and officers’ insurance, cyber, workers’ compensation and automobile-related liabilities insurance. The Company’s insurance includes coverage for acts of terrorism but excludes coverage for nuclear, biological, chemical or radiological terrorism events as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. The Company’s coverage for certain cybersecurity losses provides first and third-party coverage including network interruption, event management, cyber extortion and claims for media content, security and privacy liability. The Company’s coverage for pollution related losses provides certain remediation and business interruption coverage for specified pollution incidents, which includes the presence of viruses. The Company has filed insurance claims related to COVID-19 and is pursuing available coverage. Insurance premiums are typically charged directly to each of the retail properties and warehouses but not all of the cost of such premiums are recovered. The Company is responsible for deductibles, losses in excess of insurance coverage, and the portion of premiums not reimbursable by tenants at our properties, which could be material. We continue to monitor the state of the insurance market and the scope and costs of available coverage. We cannot anticipate what coverage will be available on commercially reasonable terms in the future and expect premiums across most coverage lines to increase in light of recent events. The incurrence of uninsured losses, costs or uncovered premiums could materially and adversely affect our business, results of operations and financial condition. Certain of our loans and other agreements contain customary covenants requiring the maintenance of insurance coverage. Although we believe that we currently have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders or other counterparties insist on greater coverage than we are able to obtain, such requirement could materially and adversely affect our ability to finance our properties and expand our portfolio. Environmental Matters Each of our properties has been subjected to varying degrees of environmental assessment at various times. Based on these assessments, we have accrued costs of $1.0 million and $2.7 million on our consolidated balance sheets as of March 31, 2020 and December 31, 2019 , respectively, for remediation costs for environmental contamination at certain properties. While this accrual reflects our best estimates of the potential costs of remediation at these properties, there can be no assurance that the actual costs will not exceed these amounts. Although we are not aware of any other material environmental contamination, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. Bankruptcies Although our rental revenue is supported by long-term leases, leases may be rejected in a bankruptcy proceeding and the related tenant stores may permanently vacate prior to lease expiration. In the event a tenant with a significant number of leases or square footage in our shopping centers files for bankruptcy and rejects its leases with us, we could experience a reduction in our revenues. We monitor the operating performance and rent collections of all tenants in our shopping centers, especially those tenants in arrears or operating retail formats that are experiencing significant changes in competition, business practice, or store closings in other locations. Pandemic-Related Contingencies On January 30, 2020, the spread of the COVID-19 outbreak was declared a Public Health Emergency of International Concern by the World Health Organization ("WHO"). On March 11, 2020, WHO characterized the COVID-19 outbreak as a pandemic. During and subsequent to the first quarter, the continually evolving COVID-19 pandemic impacted our tenants and business operations. The Company has taken precautions to protect the safety, health and well-being of its employees and tenants. As a result of the Company’s concentrated operations in the New York metropolitan area, the extent and magnitude of the pandemic’s impact to our operations is heightened. As of April 27, 2020, 55% of our portfolio's gross leasable area remains open for business and the Company received approximately 56% of April rental revenue billed, totaling $15.8 million . The Company currently remains in active discussions and negotiations with its impacted tenants and anticipates the need to grant rent concessions or other lease-related relief, such as the deferral of lease payments for a period of time to be paid over the remaining term of the lease. The nature and financial impact of such rent relief is currently unknown as negotiations are in progress. |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER ASSETS | PREPAID EXPENSES AND OTHER ASSETS The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2020 December 31, 2019 Other assets $ 7,179 $ 7,460 Real estate held for sale — 6,574 Deposits for acquisitions — 10,000 Prepaid expenses: Real estate taxes 12,986 6,491 Insurance 5,401 1,520 Licenses/fees 1,806 1,655 Total Prepaid expenses and other assets $ 27,372 $ 33,700 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The following is a summary of the composition of accounts payable, accrued expenses other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2020 December 31, 2019 Deferred tenant revenue $ 20,571 $ 26,224 Accrued interest payable 10,202 9,729 Accrued capital expenditures and leasing costs 7,470 7,893 Security deposits 6,192 5,814 Deferred tax liability, net 5,183 5,137 Accrued payroll expenses 2,996 5,851 Other liabilities and accrued expenses 16,736 15,996 Total accounts payable, accrued expenses and other liabilities $ 69,350 $ 76,644 |
INTEREST AND DEBT EXPENSE
INTEREST AND DEBT EXPENSE | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
INTEREST AND DEBT EXPENSE | 13. INTEREST AND DEBT EXPENSE The following table sets forth the details of interest and debt expense in the consolidated statements of income: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Interest expense $ 16,469 $ 15,816 Amortization of deferred financing costs 706 720 Total Interest and debt expense $ 17,175 $ 16,536 |
EQUITY AND NONCONTROLLING INTER
EQUITY AND NONCONTROLLING INTEREST | 3 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
EQUITY AND NONCONTROLLING INTEREST | EQUITY AND NONCONTROLLING INTEREST Share Repurchase Program In March 2020, the Company’s Board of Trustees authorized a share repurchase program for up to $200 million of the Company’s common shares. Under the program, the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s shares, trading volume and general market conditions. The share repurchase program does not obligate the Company to acquire any particular amount of common shares and may be suspended or discontinued at any time at the Company’s discretion. During the three months ended March 31, 2020 , the Company repurchased 4.5 million common shares at a weighted average share price of $9.61 under this program, for a total of $42.8 million . Subsequent to March 31, 2020 , the Company repurchased an additional 1.4 million common shares at a weighted average share price of $7.98 for a total of $11.3 million . Cumulative total purchases since inception are 5.9 million shares at a weighted average share price of $9.22 amounting to an investment of $54.1 million . Dividends and Distributions During the three months ended March 31, 2020 and 2019 , respectively, the Company declared dividends on our common shares and OP unit distributions of $0.22 per share/unit. Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership reflected on the consolidated balance sheets of the Company are comprised of OP units and limited partnership interests in the Operating Partnership in the form of LTIP unit awards. LTIP unit awards were granted to certain executives pursuant to our 2015 Omnibus Share Plan (the “Omnibus Share Plan”) and our 2018 Inducement Equity Plan (the “Inducement Plan”). OP units were issued to contributors in exchange for their property interests in connection with the Company’s property acquisitions in 2017. The total of the OP units and LTIP units represent a 4.5% weighted-average interest in the Operating Partnership for the three months ended March 31, 2020 , respectively. Holders of outstanding vested LTIP units may, from and after two years from the date of issuance, redeem their LTIP units for cash, or for the Company’s common shares on a one -for-one basis, solely at our election. Holders of outstanding OP units may redeem their units for cash or the Company’s common shares on a one -for-one basis, solely at our election. In connection with the separation from Vornado Realty L.P. (“VRLP”), the Company issued 5.7 million OP units, which represented a 5.4% interest in the Operating Partnership, to VRLP in exchange for interests in VRLP properties contributed by VRLP. On February 28, 2019, the Company issued 5.7 million common shares to VRLP, in exchange for an equal number of OP units after receiving a notice of redemption from VRLP. The issuance is exempt from registration in reliance upon Section 4(a)(2) of the Securities Act of 1933, as amended, on the basis that no public offering was made. Noncontrolling Interest in Consolidated Subsidiaries The noncontrolling interest relates to the 5% |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Share-Based Compensation Expense Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Share-based compensation expense components: Restricted share expense $ 260 $ 751 Stock option expense 868 1,071 LTIP expense (1) 1,183 1,208 Performance-based LTI expense (2) 915 564 Deferred share unit (“DSU”) expense 22 70 Total Share-based compensation expense $ 3,248 $ 3,664 (1) LTIP expense includes the time-based portion of the 2018, 2019 and 2020 LTI Plans. (2) Performance-based LTI expense includes the 2015 and 2017 OPP plans and the performance-based portion of the 2018, 2019 and 2020 LTI Plans. Equity award activity during the three months ended March 31, 2020 included: (i) 1,208,304 stock options vested, (ii) 210,078 LTIP units granted, (iii) 128,817 LTIP units vested, (iv) 50,285 restricted shares vested and (v) 25,937 restricted shares granted. 2020 Long-Term Incentive Plan On February 20, 2020, the Compensation Committee of the Board of Trustees of the Company approved the Company’s 2020 Long-Term Incentive Plan (“2020 LTI Plan”). The Plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, have the opportunity to earn awards in the form of LTIP units that vest based on (i) the passage of time (one-third of the fair value of the program) and (ii) performance goals tied to our relative and absolute total shareholder return (“TSR”) during the three -year performance period following their grant (two-thirds of the fair value of the program). The total grant date fair value under the 2020 LTI Plan was $8.8 million comprising performance-based and time-based awards as described further below: Performance-based awards For the performance-based awards under the 2020 LTI Plan, participants, have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s absolute and/or relative TSR meets certain criteria over the three -year performance measurement period (the “Performance Period”) beginning on February 20, 2020 and ending on February 19, 2023. The Company granted performance-based awards under the 2020 LTI Plan that represent 630,774 LTIP Units. The fair value of the performance-based award portion of the 2020 LTI Plan on the date of grant was $5.9 million using a Monte Carlo simulation to estimate the fair value through a risk-neutral premise. Under the Absolute TSR component, 40% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to 18% , 100% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to 27% , and 165% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to or greater than 36% . The Relative TSR component is based on the Company’s performance compared to a peer group comprised of 14 companies. Under the Relative TSR Component, 40% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to the 35 th percentile of the peer group, 100% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to the 55 th percentile of the peer group, and 165% of the LTIP Units will be earned if the Company’s TSR over the Performance Period is equal to or above the 75 th percentile of the peer group, with earning determined using linear interpolation if in between such relative and absolute TSR thresholds. Time-based awards The time-based awards granted under the 2020 LTI Plan, also granted in the form of LTIP Units, vest ratably over three years except in the case of our Chairman and Chief Executive Officer, where the vesting is ratably over four years. As of March 31, 2020 , the Company granted time-based awards under the 2020 LTI Plan that represent 169,004 LTIP units with a grant date fair value of $2.9 million . |
EARNINGS PER SHARE AND UNIT
EARNINGS PER SHARE AND UNIT | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND UNIT | EARNINGS PER SHARE AND UNIT Urban Edge Earnings per Share We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of Urban Edge common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such have non-forfeitable rights to receive dividends. The following table sets forth the computation of our basic and diluted earnings per share: Three Months Ended March 31, (Amounts in thousands, except per share amounts) 2020 2019 Numerator: Net income attributable to common shareholders $ 48,980 $ 25,537 Less: Earnings allocated to unvested participating securities (34 ) (23 ) Net income available for common shareholders - basic $ 48,946 $ 25,514 Impact of assumed conversions: OP and LTIP units — 2,245 Net income available for common shareholders - dilutive $ 48,946 $ 27,759 Denominator: Weighted average common shares outstanding - basic 120,966 116,274 Effect of dilutive securities (1) : Restricted share awards 85 114 Assumed conversion of OP and LTIP units — 10,116 Weighted average common shares outstanding - diluted 121,051 126,504 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.40 $ 0.22 Earnings per common share - Diluted $ 0.40 $ 0.22 ( 1) For the three months ended March 31, 2020 , the effect of the redemption of OP and LTIP units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for this period. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended March 31, (Amounts in thousands, except per unit amounts) 2020 2019 Numerator: Net income attributable to unitholders $ 51,288 $ 27,892 Less: net income attributable to participating securities (34 ) (25 ) Net income available for unitholders $ 51,254 $ 27,867 Denominator: Weighted average units outstanding - basic 125,844 126,391 Effect of dilutive securities issued by Urban Edge 85 114 Unvested LTIP units 826 — Weighted average units outstanding - diluted 126,755 126,505 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.41 $ 0.22 Earnings per unit - Diluted $ 0.40 $ 0.22 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | 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, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020 . 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, 2019 , as filed with the Securities Exchange Commission (“SEC”). |
Consolidation and Noncontrolling Interests | The consolidated balance sheets as of March 31, 2020 and December 31, 2019 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. The consolidated statements of income for the three months ended March 31, 2020 and 2019 include the consolidated accounts of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. |
Recently Issued Accounting Literature | 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 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 credit losses related to operating lease receivables as a reduction to rental revenue in "Rental revenue" in the consolidated statements of income . As of March 31, 2020, the Company did not have any 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 are currently evaluating the impact ASU 2019-12 may have to our consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact ASU 2020-04 may have to our consolidated financial statements and disclosures. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. There were no lease concessions granted as a result of COVID-19 during the first quarter. The future impact of the Lease Modification Q&A is dependent upon the extent of lease concessions granted to tenants as a result of COVID-19 in future periods and the elections made by the Company at the time of entering into such concessions. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company or the Operating Partnership, or they are not expected to have a material impact on our consolidated financial statements. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | During the three months ended March 31, 2019, no acquisitions were completed by the Company. During the three months ended March 31, 2020 , we closed on the following acquisitions: Date Purchased Property Name City State Square Feet Purchase Price (in thousands) February 12, 2020 Kingswood Center Brooklyn NY 130,000 $ 90,212 February 12, 2020 Kingswood Crossing Brooklyn NY 110,000 77,077 2020 Total $ 167,289 (1) (1) The total purchase price for the properties acquired during the three months ended March 31, 2020 includes $2.5 million of transaction costs incurred related to the transactions. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The aggregate purchase price of the above property acquisitions has been allocated as follows: Property Name Land Buildings and improvements Identified intangible assets (1) Identified intangible liabilities (1) Debt premium Total Purchase Price (in thousands) Kingswood Center $ 15,690 $ 76,766 $ 9,263 $ (4,534 ) $ (6,973 ) $ 90,212 Kingswood Crossing 8,150 64,159 4,768 — — 77,077 2020 Total $ 23,840 $ 140,925 $ 14,031 $ (4,534 ) $ (6,973 ) $ 167,289 (1) As of March 31, 2020 , the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired were 8.9 years and 11.3 years, respectively. |
IDENTIFIED INTANGIBLE ASSETS _2
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Estimated Annual Amortization Expense | The following table sets forth the estimated annual amortization income and expense related to intangible assets and liabilities for the remainder of 2020 and the five succeeding years: (Amounts in thousands) Below-Market Above-Market Year Operating Lease Amortization Operating Lease Amortization In-Place Leases 2020 (1) $ 7,367 $ (778 ) $ (6,565 ) 2021 9,703 (860 ) (7,612 ) 2022 9,627 (495 ) (6,005 ) 2023 9,575 (386 ) (4,859 ) 2024 9,339 (321 ) (4,366 ) 2025 9,167 (142 ) (3,732 ) (1) Remainder of 2020 . |
MORTGAGES PAYABLE (Tables)
MORTGAGES PAYABLE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages Payable | The following is a summary of mortgages payable as of March 31, 2020 and December 31, 2019 . Interest Rate at March 31, December 31, (Amounts in thousands) Maturity March 31, 2020 2020 2019 First mortgages secured by: Variable rate Cherry Hill (Plaza at Cherry Hill) (1) 5/24/2022 3.18% $ 28,930 $ 28,930 Westfield (One Lincoln Plaza) (1) 5/24/2022 3.18% 4,730 4,730 Woodbridge (Plaza at Woodbridge) (1) 5/25/2022 3.18% 55,340 55,340 Jersey City (Hudson Commons) (2) 11/15/2024 3.48% 28,862 29,000 Watchung (2) 11/15/2024 3.48% 26,871 27,000 Bronx (1750-1780 Gun Hill Road) (2) 12/1/2024 3.48% 24,418 24,500 Total variable rate debt 169,151 169,500 Fixed rate Montehiedra (senior loan) 7/6/2021 5.33% 82,876 83,202 Montehiedra (junior loan) 7/6/2021 3.00% 30,000 30,000 Bergen Town Center - West, Paramus 4/8/2023 3.56% 300,000 300,000 Bronx (Shops at Bruckner) 5/1/2023 3.90% 10,823 10,978 Jersey City (Hudson Mall) (4) 12/1/2023 5.07% 23,445 23,625 Yonkers Gateway Center (5) 4/6/2024 4.16% 29,717 30,122 Las Catalinas 8/6/2024 4.43% 128,822 129,335 Brick 12/10/2024 3.87% 50,000 50,000 North Plainfield 12/10/2025 3.99% 25,100 25,100 Middletown 12/1/2026 3.78% 31,400 31,400 Rockaway 12/1/2026 3.78% 27,800 27,800 East Hanover (200 - 240 Route 10 West) 12/10/2026 4.03% 63,000 63,000 North Bergen (Tonnelle Ave) 4/1/2027 4.18% 100,000 100,000 Manchester 6/1/2027 4.32% 12,500 12,500 Millburn 6/1/2027 3.97% 23,694 23,798 Totowa 12/1/2027 4.33% 50,800 50,800 Woodbridge (Woodbridge Commons) 12/1/2027 4.36% 22,100 22,100 East Brunswick 12/6/2027 4.38% 63,000 63,000 East Rutherford 1/6/2028 4.49% 23,000 23,000 Brooklyn (Kingswood Center) (6) 2/6/2028 5.07% 72,356 — Hackensack 3/1/2028 4.36% 66,400 66,400 Marlton 12/1/2028 3.86% 37,400 37,400 East Hanover Warehouses 12/1/2028 4.09% 40,700 40,700 Union (2445 Springfield Ave) 12/10/2028 4.01% 45,600 45,600 Freeport (Freeport Commons) 12/10/2029 4.07% 43,100 43,100 Garfield 12/1/2030 4.14% 40,300 40,300 Mt Kisco (3) 11/15/2034 6.40% 13,359 13,488 Total fixed rate debt 1,457,292 1,386,748 Total mortgages payable 1,626,443 1,556,248 Unamortized debt issuance costs (9,590 ) (10,053 ) Total mortgages payable, net of unamortized debt issuance costs 1,616,853 1,546,195 Unsecured credit facilities: Revolving credit agreement (7) 1/29/2024 2.00% 250,000 — Total unsecured credit facilities 250,000 — Total debt outstanding $ 1,866,853 $ 1,546,195 (1) Bears interest at one month LIBOR plus 160 bps. (2) Bears interest at one month LIBOR plus 190 bps. (3) The mortgage payable balance on the loan secured by Mt Kisco includes $0.9 million of unamortized debt discount as of both March 31, 2020 and December 31, 2019 . The effective interest rate including amortization of the debt discount is 7.30% as of March 31, 2020 . (4) The mortgage payable balance on the loan secured by Hudson Mall includes $0.9 million and $1.0 million of unamortized debt premium as of March 31, 2020 and December 31, 2019 , respectively. The effective interest rate including amortization of the debt premium is 3.85% as of March 31, 2020 . (5) The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.5 million and $0.6 million of unamortized debt premium as of March 31, 2020 and December 31, 2019 , respectively. The effective interest rate including amortization of the debt premium is 3.70% as of March 31, 2020 . (6) The mortgage payable balance on the loan secured by Kingswood Center includes $6.9 million of unamortized debt premium as of March 31, 2020 . The effective interest rate including amortization of the debt premium is 3.44% as of March 31, 2020 . (7) Bears interest at one month LIBOR plus 1.05% as of March 31, 2020 . |
Schedule of Principal Repayments | As of March 31, 2020 , the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, 2020 (1) $ 6,335 2021 123,177 2022 100,586 2023 345,242 2024 525,191 2025 33,181 Thereafter 742,731 (1) Remainder of 2020. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Rental Revenue | The components of rental revenue for the three months ended March 31, 2020 and March 31, 2019 were as follows: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Rental Revenue Fixed lease revenue $ 69,097 $ 68,484 Variable lease revenue 23,903 28,824 Total rental revenue $ 93,000 $ 97,308 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instrument Carrying Amounts and Fair Values | The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2020 and December 31, 2019 . As of March 31, 2020 As of December 31, 2019 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents $ 622,667 $ 622,667 $ 432,954 $ 432,954 Liabilities: Mortgages payable (1) $ 1,626,443 $ 1,627,178 $ 1,556,248 $ 1,590,503 Unsecured credit facility 250,000 250,000 — — (1) Carrying amounts exclude unamortized debt issuance costs of $9.6 million and $10.1 million as of March 31, 2020 and December 31, 2019 , respectively. |
PREPAID EXPENSES AND OTHER AS_2
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Composition of Prepaid Expenses and Other Assets | The following is a summary of the composition of the prepaid expenses and other assets in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2020 December 31, 2019 Other assets $ 7,179 $ 7,460 Real estate held for sale — 6,574 Deposits for acquisitions — 10,000 Prepaid expenses: Real estate taxes 12,986 6,491 Insurance 5,401 1,520 Licenses/fees 1,806 1,655 Total Prepaid expenses and other assets $ 27,372 $ 33,700 |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Composition of Accounts Payable, Accrued Expenses and Other Liabilites | The following is a summary of the composition of accounts payable, accrued expenses other liabilities in the consolidated balance sheets: Balance at (Amounts in thousands) March 31, 2020 December 31, 2019 Deferred tenant revenue $ 20,571 $ 26,224 Accrued interest payable 10,202 9,729 Accrued capital expenditures and leasing costs 7,470 7,893 Security deposits 6,192 5,814 Deferred tax liability, net 5,183 5,137 Accrued payroll expenses 2,996 5,851 Other liabilities and accrued expenses 16,736 15,996 Total accounts payable, accrued expenses and other liabilities $ 69,350 $ 76,644 |
INTEREST AND DEBT EXPENSE (Tabl
INTEREST AND DEBT EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest and Debt Expense | The following table sets forth the details of interest and debt expense in the consolidated statements of income: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Interest expense $ 16,469 $ 15,816 Amortization of deferred financing costs 706 720 Total Interest and debt expense $ 17,175 $ 16,536 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share-based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in our consolidated statements of income, is summarized as follows: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Share-based compensation expense components: Restricted share expense $ 260 $ 751 Stock option expense 868 1,071 LTIP expense (1) 1,183 1,208 Performance-based LTI expense (2) 915 564 Deferred share unit (“DSU”) expense 22 70 Total Share-based compensation expense $ 3,248 $ 3,664 |
EARNINGS PER SHARE AND UNIT (Ta
EARNINGS PER SHARE AND UNIT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share and Unit | The following table sets forth the computation of our basic and diluted earnings per share: Three Months Ended March 31, (Amounts in thousands, except per share amounts) 2020 2019 Numerator: Net income attributable to common shareholders $ 48,980 $ 25,537 Less: Earnings allocated to unvested participating securities (34 ) (23 ) Net income available for common shareholders - basic $ 48,946 $ 25,514 Impact of assumed conversions: OP and LTIP units — 2,245 Net income available for common shareholders - dilutive $ 48,946 $ 27,759 Denominator: Weighted average common shares outstanding - basic 120,966 116,274 Effect of dilutive securities (1) : Restricted share awards 85 114 Assumed conversion of OP and LTIP units — 10,116 Weighted average common shares outstanding - diluted 121,051 126,504 Earnings per share available to common shareholders: Earnings per common share - Basic $ 0.40 $ 0.22 Earnings per common share - Diluted $ 0.40 $ 0.22 ( 1) For the three months ended March 31, 2020 , the effect of the redemption of OP and LTIP units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such redemption has not been included in the determination of diluted EPS for this period. Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: Three Months Ended March 31, (Amounts in thousands, except per unit amounts) 2020 2019 Numerator: Net income attributable to unitholders $ 51,288 $ 27,892 Less: net income attributable to participating securities (34 ) (25 ) Net income available for unitholders $ 51,254 $ 27,867 Denominator: Weighted average units outstanding - basic 125,844 126,391 Effect of dilutive securities issued by Urban Edge 85 114 Unvested LTIP units 826 — Weighted average units outstanding - diluted 126,755 126,505 Earnings per unit available to unitholders: Earnings per unit - Basic $ 0.41 $ 0.22 Earnings per unit - Diluted $ 0.40 $ 0.22 |
ORGANIZATION (Details)
ORGANIZATION (Details) ft² in Millions | 3 Months Ended |
Mar. 31, 2020ft²property | |
Real Estate Properties [Line Items] | |
Area of real estate property (in sq ft) | ft² | 15.1 |
Warehouses | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Wholly owned properties | Shopping Center | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 73 |
Wholly owned properties | Mall | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 4 |
Operating Partnership | Parent | Vornado Realty L.P. | |
Real Estate Properties [Line Items] | |
Noncontrolling interest percentage | 96.00% |
BASIS OF PRESENTATION AND PRI_2
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details) | 3 Months Ended |
Mar. 31, 2020segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 1 year | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands | Feb. 12, 2020USD ($) | Mar. 31, 2020USD ($)property | Mar. 31, 2019USD ($) | Mar. 15, 2020USD ($) |
Business Acquisition [Line Items] | ||||
Purchase price | $ 167,289 | |||
Number of acquisitions completed by the Company | 0 | |||
Gain on sale of real estate | $ 39,775 | $ 16,953 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Business Acquisition [Line Items] | ||||
Number of disposed properties | property | 3 | |||
Aggregate sale price of disposed properties | $ 58,100 | |||
Gain on sale of real estate | (39,800) | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chicopee, MA | ||||
Business Acquisition [Line Items] | ||||
Gain on sale of real estate | (17,000) | |||
Disposal group, including discontinued operation, consideration | $ 18,200 | |||
Kingswood Center And Kingswood Crossing | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 167,300 | |||
Purchase price of real estate property acquired | 167,289 | |||
Kingswood Center | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 90,212 | |||
Purchase price of real estate property acquired | $ 90,212 | |||
Kingswood Crossing | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 77,077 | |||
Purchase price of real estate property acquired | $ 77,077 | |||
Reverse Section 1031 like-kind exchange, term | 180 days | |||
Mortgages | Kingswood Center | ||||
Business Acquisition [Line Items] | ||||
Mortgage loan related to property sales | $ 65,500 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details) $ in Thousands | Feb. 12, 2020USD ($)ft² | Mar. 31, 2020USD ($)ft² |
Business Acquisition [Line Items] | ||
Area of real estate property (in sq ft) | ft² | 15,100,000 | |
Purchase price | $ 167,289 | |
Transaction costs | 2,500 | |
Kingswood Center | ||
Business Acquisition [Line Items] | ||
Area of real estate property (in sq ft) | ft² | 130,000 | |
Purchase price | 90,212 | |
Purchase Price | $ 90,212 | |
Kingswood Crossing | ||
Business Acquisition [Line Items] | ||
Area of real estate property (in sq ft) | ft² | 110,000 | |
Purchase price | $ 77,077 | |
Purchase Price | $ 77,077 |
ACQUISITIONS AND DISPOSITIONS_3
ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |
Land | $ 23,840 |
Buildings and improvements | 140,925 |
Identified intangible assets | 14,031 |
Identified intangible liabilities | (4,534) |
Debt premium | (6,973) |
Total Purchase Price | $ 167,289 |
Weighted average useful life | 8 years 10 months 24 days |
Weighted average related liabilities | 11 years 3 months 18 days |
Kingswood Center | |
Business Acquisition [Line Items] | |
Land | $ 15,690 |
Buildings and improvements | 76,766 |
Identified intangible assets | 9,263 |
Identified intangible liabilities | (4,534) |
Debt premium | (6,973) |
Total Purchase Price | 90,212 |
Kingswood Crossing | |
Business Acquisition [Line Items] | |
Land | 8,150 |
Buildings and improvements | 64,159 |
Identified intangible assets | 4,768 |
Identified intangible liabilities | 0 |
Debt premium | 0 |
Total Purchase Price | $ 77,077 |
IDENTIFIED INTANGIBLE ASSETS _3
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Identified intangible assets, net of accumulated amortization | $ 59,810 | $ 48,121 | |
Identified intangible liabilities, net of accumulated amortization | 130,840 | $ 128,830 | |
Amortization of acquired below-market leases, net of above-market leases | 2,200 | $ 2,400 | |
Amortization expense of intangible assets | $ 2,000 | $ 2,100 |
IDENTIFIED INTANGIBLE ASSETS _4
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Below-Market Operating Lease Amortization | |
Reminder of 2019 | $ 7,367 |
2019 | 9,703 |
2020 | 9,627 |
2021 | 9,575 |
2022 | 9,339 |
2024 | 9,167 |
Above-Market | |
Above-Market Operating Lease Amortization | |
Remainder of 2019 | (778) |
2020 | (860) |
2021 | (495) |
2022 | (386) |
2023 | (321) |
2024 | (142) |
In-Place Leases | |
Remainder of 2019 | (778) |
2020 | (860) |
2021 | (495) |
2022 | (386) |
2023 | (321) |
2024 | (142) |
In-Place Leases | |
Above-Market Operating Lease Amortization | |
Remainder of 2019 | (6,565) |
2020 | (7,612) |
2021 | (6,005) |
2022 | (4,859) |
2023 | (4,366) |
2024 | (3,732) |
In-Place Leases | |
Remainder of 2019 | (6,565) |
2020 | (7,612) |
2021 | (6,005) |
2022 | (4,859) |
2023 | (4,366) |
2024 | $ (3,732) |
MORTGAGES PAYABLE - Summary of
MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Total mortgages payable, net of unamortized debt issuance costs | $ 1,866,853 | $ 1,546,195 | |
Mortgages | First Mortgage | |||
Debt Instrument [Line Items] | |||
Total mortgages payable | 1,626,443 | 1,556,248 | |
Unamortized debt issuance costs | (9,590) | (10,053) | |
Total mortgages payable, net of unamortized debt issuance costs | 1,616,853 | 1,546,195 | |
Mortgages | First Mortgage | Variable rate | |||
Debt Instrument [Line Items] | |||
Total mortgages payable | $ 169,151 | 169,500 | |
Mortgages | First Mortgage | Variable rate | The Plaza at Cherry Hill | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.18% | ||
Total mortgages payable | $ 28,930 | 28,930 | |
Mortgages | First Mortgage | Variable rate | The Plaza at Cherry Hill | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread on variable rate | 160.00% | 160.00% | |
Mortgages | First Mortgage | Variable rate | Westfield - One Lincoln Plaza | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.18% | ||
Total mortgages payable | $ 4,730 | 4,730 | |
Mortgages | First Mortgage | Variable rate | Westfield - One Lincoln Plaza | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread on variable rate | 160.00% | 160.00% | |
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.18% | ||
Total mortgages payable | $ 55,340 | 55,340 | |
Mortgages | First Mortgage | Variable rate | The Plaza at Woodbridge | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread on variable rate | 160.00% | 160.00% | |
Mortgages | First Mortgage | Variable rate | Hudson Commons | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.48% | ||
Total mortgages payable | $ 28,862 | 29,000 | |
Mortgages | First Mortgage | Variable rate | Hudson Commons | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread on variable rate | 190.00% | ||
Mortgages | First Mortgage | Variable rate | Watchung, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.48% | ||
Total mortgages payable | $ 26,871 | 27,000 | |
Mortgages | First Mortgage | Variable rate | Watchung, NJ | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread on variable rate | 190.00% | ||
Mortgages | First Mortgage | Variable rate | Bronx (1750-1780 Gun Hill Road), NY | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.48% | ||
Total mortgages payable | $ 24,418 | 24,500 | |
Mortgages | First Mortgage | Variable rate | Bronx (1750-1780 Gun Hill Road), NY | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread on variable rate | 190.00% | ||
Mortgages | First Mortgage | Fixed rate | |||
Debt Instrument [Line Items] | |||
Total mortgages payable | $ 1,457,292 | 1,386,748 | |
Mortgages | First Mortgage | Fixed rate | Montehiedra Town Center | Senior Loan | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.33% | ||
Total mortgages payable | $ 82,876 | 83,202 | |
Mortgages | First Mortgage | Fixed rate | Montehiedra Town Center | Junior Loan | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.00% | ||
Total mortgages payable | $ 30,000 | 30,000 | |
Mortgages | First Mortgage | Fixed rate | Bergen Town Center | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.56% | ||
Total mortgages payable | $ 300,000 | 300,000 | |
Mortgages | First Mortgage | Fixed rate | Shops at Bruckner | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.90% | ||
Total mortgages payable | $ 10,823 | 10,978 | |
Mortgages | First Mortgage | Fixed rate | Hudson Mall | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.07% | ||
Total mortgages payable | $ 23,445 | 23,625 | |
Effective interest rate | 3.85% | ||
Unamortized debt premium | $ 900 | 1,000 | |
Mortgages | First Mortgage | Fixed rate | Yonkers Gateway Center | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.16% | ||
Total mortgages payable | $ 29,717 | 30,122 | |
Effective interest rate | 3.70% | ||
Unamortized debt premium | $ 500 | 600 | |
Mortgages | First Mortgage | Fixed rate | Las Catalinas | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.43% | ||
Total mortgages payable | $ 128,822 | 129,335 | |
Mortgages | First Mortgage | Fixed rate | Brick, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.87% | ||
Total mortgages payable | $ 50,000 | 50,000 | |
Mortgages | First Mortgage | Fixed rate | North Plainfield | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.99% | ||
Total mortgages payable | $ 25,100 | 25,100 | |
Mortgages | First Mortgage | Fixed rate | Middletown, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.78% | ||
Total mortgages payable | $ 31,400 | 31,400 | |
Mortgages | First Mortgage | Fixed rate | Rockaway | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.78% | ||
Total mortgages payable | $ 27,800 | 27,800 | |
Mortgages | First Mortgage | Fixed rate | East Hanover (200 - 240 Route 10 West), NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.03% | ||
Total mortgages payable | $ 63,000 | 63,000 | |
Mortgages | First Mortgage | Fixed rate | North Bergen (Tonnelle Avenue), NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.18% | ||
Total mortgages payable | $ 100,000 | 100,000 | |
Mortgages | First Mortgage | Fixed rate | Manchester Plaza | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.32% | ||
Total mortgages payable | $ 12,500 | 12,500 | |
Mortgages | First Mortgage | Fixed rate | Millburn | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.97% | ||
Total mortgages payable | $ 23,694 | 23,798 | |
Mortgages | First Mortgage | Fixed rate | Totowa, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.33% | ||
Total mortgages payable | $ 50,800 | 50,800 | |
Mortgages | First Mortgage | Fixed rate | Woodbridge Commons | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.36% | ||
Total mortgages payable | $ 22,100 | 22,100 | |
Mortgages | First Mortgage | Fixed rate | East Brunswick, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.38% | ||
Total mortgages payable | $ 63,000 | 63,000 | |
Mortgages | First Mortgage | Fixed rate | East Rutherford, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.49% | ||
Total mortgages payable | $ 23,000 | 23,000 | |
Mortgages | First Mortgage | Fixed rate | Brooklyn (Kingswood Center) | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.07% | ||
Total mortgages payable | $ 72,356 | 0 | |
Effective interest rate | 3.44% | ||
Unamortized debt premium | $ 6,900 | ||
Mortgages | First Mortgage | Fixed rate | Hackensack, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.36% | ||
Total mortgages payable | $ 66,400 | 66,400 | |
Mortgages | First Mortgage | Fixed rate | Marlton, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.86% | ||
Total mortgages payable | $ 37,400 | 37,400 | |
Mortgages | First Mortgage | Fixed rate | East Hanover Warehouses | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.09% | ||
Total mortgages payable | $ 40,700 | 40,700 | |
Mortgages | First Mortgage | Fixed rate | Union (2445 Springfield Avenue), NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.01% | ||
Total mortgages payable | $ 45,600 | 45,600 | |
Mortgages | First Mortgage | Fixed rate | Freeport (437 East Sunrise Highway), NY | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.07% | ||
Total mortgages payable | $ 43,100 | 43,100 | |
Mortgages | First Mortgage | Fixed rate | Garfield, NJ | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.14% | ||
Total mortgages payable | $ 40,300 | 40,300 | |
Mortgages | First Mortgage | Fixed rate | Mount Kisco (Target) | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.40% | ||
Total mortgages payable | $ 13,359 | 13,488 | |
Unamortized debt discount | (900) | ||
Effective interest rate | 7.30% | ||
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.00% | ||
Total mortgages payable | $ 250,000 | 0 | |
Total mortgages payable, net of unamortized debt issuance costs | $ 250,000 | $ 0 | |
Revolving Credit Facility | Line of Credit | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread on variable rate | 1.05% |
MORTGAGES PAYABLE - Additional
MORTGAGES PAYABLE - Additional Information (Details) | Jun. 29, 2019extension_option | Mar. 07, 2017USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 15, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||
Net carrying amount of real estate collateralizing indebtedness | $ 1,300,000,000 | $ 1,300,000,000 | ||||||
Proceeds from lines of credit | 250,000,000 | $ 0 | ||||||
Amounts drawn under the credit agreement | 250,000,000 | 250,000,000 | $ 0 | |||||
Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total mortgages payable | 250,000,000 | 250,000,000 | 0 | |||||
Maximum borrowing capacity | $ 600,000,000 | $ 500,000,000 | ||||||
Increase in credit facility | $ 100,000,000 | |||||||
Number of extension options | extension_option | 2 | |||||||
Term of each extension option | 6 months | |||||||
Proceeds from lines of credit | 250,000,000 | |||||||
Remaining borrowing capacity | $ 350,000,000 | $ 350,000,000 | ||||||
Borrowing rate | 2.00% | 2.00% | ||||||
Gross debt issuance costs | $ 3,600,000 | $ 3,600,000 | 3,900,000 | |||||
Line of Credit | Revolving Credit Facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial covenants, maximum leverage ratio | 0.60 | |||||||
Facility fee | 30.00% | |||||||
Line of Credit | Revolving Credit Facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial covenants, minimum fixed charge coverage ratio | 1.5 | |||||||
Facility fee | 15.00% | |||||||
Line of Credit | Revolving Credit Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread on variable rate | 1.05% | |||||||
Line of Credit | Revolving Credit Facility | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread on variable rate | 1.50% | |||||||
Line of Credit | Revolving Credit Facility | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread on variable rate | 1.05% | |||||||
First Mortgage | Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Total mortgages payable | 1,626,443,000 | $ 1,626,443,000 | 1,556,248,000 | |||||
First Mortgage | Mortgages | Fixed rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Total mortgages payable | $ 1,457,292,000 | $ 1,457,292,000 | $ 1,386,748,000 | |||||
Subsequent Event | Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 129,000,000 |
MORTGAGES PAYABLE - Schedule of
MORTGAGES PAYABLE - Schedule of Maturities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2018 | $ 6,335 |
2019 | 123,177 |
2020 | 100,586 |
2021 | 345,242 |
2022 | 525,191 |
2023 | 33,181 |
Thereafter | $ 742,731 |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)mall | Mar. 31, 2019USD ($) | |
Income Tax Contingency [Line Items] | ||
Income tax expense | $ 100 | $ 202 |
Puerto Rico | ||
Income Tax Contingency [Line Items] | ||
Number of malls | mall | 2 | |
Commonwealth of Puerto Rico | ||
Income Tax Contingency [Line Items] | ||
Non-resident withholding tax percentage | 29.00% | |
Income tax expense | $ 100 | $ 200 |
LEASES - Components of Rental R
LEASES - Components of Rental Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Fixed lease revenue | $ 69,097 | $ 68,484 |
Variable lease revenue | 23,903 | 28,824 |
Total rental revenue | $ 93,000 | $ 97,308 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charges recognized | $ 0 | $ 3,958 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charges recognized | $ 4,000 |
FAIR VALUE MEASUREMENTS - Balan
FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 622,667 | $ 432,954 | $ 416,668 | $ 440,430 |
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 622,667 | 432,954 | ||
Unsecured credit facility | 250,000 | |||
Carrying Amount | Mortgages | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgages payable | 1,626,443 | 1,556,248 | ||
Unamortized debt issuance costs | (9,600) | (10,100) | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Unsecured credit facility | 250,000 | |||
Fair Value | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 622,667 | 432,954 | ||
Fair Value | Level 2 | Mortgages | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgages payable | $ 1,627,178 | $ 1,590,503 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) ft² in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 29, 2020USD ($) | Mar. 31, 2020USD ($)ft²mall | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | ||||
Real estate redevelopment in process | $ 52,800,000 | |||
Estimated cost to complete development and redevelopment projects | 16,000,000 | |||
Delayed construction | 300,000,000 | |||
Insurance coverage, general liability insurance, limit per occurrence | 200,000,000 | |||
Insurance coverage, rental value insurance, limit per occurrence | 500,000,000 | |||
Insurance coverage, pollution insurance, limit per occurence | 50,000,000 | |||
Reversal of provision for doubtful accounts | (1,424,000) | $ (485,000) | ||
Deferred lease expense | $ 1,000,000 | $ 2,700,000 | ||
Area of real estate property (in sq ft) | ft² | 15.1 | |||
Puerto Rico | ||||
Loss Contingencies [Line Items] | ||||
Number of malls | mall | 2 | |||
Puerto Rico | Hurricane Maria | ||||
Loss Contingencies [Line Items] | ||||
Insurance coverage, rental value insurance, limit per occurrence | $ 147,000,000 | |||
Subsequent Event | Pandemic-Related Contingencies | ||||
Loss Contingencies [Line Items] | ||||
Leasable area, gross, percent | 55.00% | |||
Rents received, percent | 56.00% | |||
Proceeds from Rents Received | $ 15,800,000 |
PREPAID EXPENSES AND OTHER AS_3
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other assets | $ 7,179 | $ 7,460 |
Real estate held for sale | 0 | 6,574 |
Deposits for acquisitions | 0 | 10,000 |
Prepaid expenses: | ||
Real estate taxes | 12,986 | 6,491 |
Insurance | 5,401 | 1,520 |
Licenses/fees | 1,806 | 1,655 |
Total Prepaid expenses and other assets | $ 27,372 | $ 33,700 |
ACCOUNTS PAYABLE, ACCRUED EXP_3
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Deferred tenant revenue | $ 20,571 | $ 26,224 |
Accrued capital expenditures and leasing costs | 7,470 | 7,893 |
Accrued interest payable | 10,202 | 9,729 |
Security deposits | 6,192 | 5,814 |
Deferred tax liability, net | 5,183 | 5,137 |
Accrued payroll expenses | 2,996 | 5,851 |
Other liabilities and accrued expenses | 16,736 | 15,996 |
Total accounts payable, accrued expenses and other liabilities | $ 69,350 | $ 76,644 |
INTEREST AND DEBT EXPENSE (Deta
INTEREST AND DEBT EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | ||
Interest expense | $ 16,469 | $ 15,816 |
Amortization of deferred financing costs | 706 | 720 |
Total Interest and debt expense | $ 17,175 | $ 16,536 |
EQUITY AND NONCONTROLLING INT_2
EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($) | Jan. 15, 2015 | Apr. 29, 2020 | Apr. 29, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Noncontrolling Interest [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | |||||
Repurchase of common shares (in shares) | 4,452,223 | |||||
Treasury stock acquired, average cost per share (in dollars per share) | $ 9.61 | |||||
Repurchase of common shares | $ 42,801,000 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Distributions to redeemable NCI (in dollars per unit) | $ 0.22 | $ 0.22 | ||||
Common limited partnership units issued (in shares) | 5,700,000 | |||||
OP Units | ||||||
Noncontrolling Interest [Line Items] | ||||||
Conversion to stock, conversion rate | 1 | |||||
LTIP Units | ||||||
Noncontrolling Interest [Line Items] | ||||||
Award vesting period | 2 years | |||||
Conversion to stock, conversion rate | 1 | |||||
Subsequent Event | ||||||
Noncontrolling Interest [Line Items] | ||||||
Repurchase of common shares (in shares) | 1,400,000 | 5,900,000 | ||||
Treasury stock acquired, average cost per share (in dollars per share) | $ 7.98 | $ 9.22 | ||||
Repurchase of common shares | $ 11,300,000 | $ 54,100,000 | ||||
Operating Partnership | OP Units | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest percentage | 4.50% | |||||
Walnut Creek (Mt. Diablo), CA | Noncontrolling Interest | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest percentage | 5.00% | |||||
Vornado Realty L.P. | Operating Partnership | Parent | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest percentage | 96.00% | |||||
Vornado Realty L.P. | Vornado Realty L.P. | Parent | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest percentage | 5.40% |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total Share-based compensation expense | $ 3,248 | $ 3,664 |
Restricted share expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total Share-based compensation expense | 260 | 751 |
Stock option expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total Share-based compensation expense | 868 | 1,071 |
LTIP expense(1) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total Share-based compensation expense | 1,183 | 1,208 |
Performance-based LTI expense(2) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total Share-based compensation expense | 915 | 564 |
Deferred share unit (“DSU”) expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total Share-based compensation expense | $ 22 | $ 70 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) | Feb. 20, 2020 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options vested (in shares) | 1,208,304 | |
Long-Term Incentive Plan 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of REIT peer groups | 14 | |
LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number or equity awards granted (in shares) | 210,078 | |
Number of awards vested (in shares) | 128,817 | |
LTIP Units | Long-Term Incentive Plan 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance measurement period of equity awards | 3 years | |
Time-based LTIP Shares | Long-Term Incentive Plan 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number or equity awards granted (in shares) | 169,004 | |
Weighted percentage of equity awards | $ 0.3333 | |
Award vesting period | 3 years | |
Grant date fair value of equity awards | $ 2,900,000 | |
Time-based LTIP Shares | Long-Term Incentive Plan 2020 | CEO | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Performance-based LTIP Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity awards percentage of relative component of TSR equal to 35 percentile of peer group | 3500.00% | |
Equity awards percentage of relative component of TSR equal to 55 percentile of peer group | 5500.00% | |
Equity awards percentage of relative component of TSR equal to 75 percentile of peer group | 7500.00% | |
Performance-based LTIP Shares | Long-Term Incentive Plan 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance measurement period of equity awards | 3 years | |
Weighted percentage of equity awards | $ 0.6666 | |
Number of equity awards issued (in shares) | 630,774 | |
Equity awards earned percentage based on absolute TSR component of equal to 18% | 40.00% | |
Equity awards percentage of absolute component of TSR equal to 18% | 18.00% | |
Equity awards earned percentage based on absolute TSR component of equal to 27% | 100.00% | |
Equity awards percentage of absolute component of TSR equal to 27% | 27.00% | |
Equity awards earned percentage based on absolute TSR component of equal to 36% | 165.00% | |
Equity awards percentage of absolute component of TSR equal to 36% | 36.00% | |
Equity awards earned percentage based on relative TSR component of 35 percentile of peer group | 40.00% | |
Equity awards earned percentage based on relative TSR component of 55 percentile of peer group | 100.00% | |
Equity awards earned percentage based on relative TSR component of 75 percentile of peer group | 165.00% | |
Aggregate notional amount of grant | $ 5,900,000 | |
Time-based and Performance-based LTIP Shares | Long-Term Incentive Plan 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date fair value of equity awards | $ 8,800,000 | |
Restricted Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number or equity awards granted (in shares) | 25,937 | |
Number of awards vested (in shares) | 50,285 |
EARNINGS PER SHARE AND UNIT (De
EARNINGS PER SHARE AND UNIT (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income attributable to common shareholders | $ 48,980 | $ 25,537 |
Less: Earnings allocated to unvested participating securities | (34) | (23) |
Net income available for common shareholders - basic | 48,946 | 25,514 |
OP and LTIP units | 0 | 2,245 |
Net income available for common shareholders - dilutive | $ 48,946 | $ 27,759 |
Denominator: | ||
Weighted average common shares outstanding - basic (in shares) | 120,966 | 116,274 |
Effect of dilutive securities: | ||
Assumed conversion of OP and LTIP units (in shares) | 0 | 10,116 |
Weighted average common shares outstanding - diluted (in shares) | 121,051 | 126,504 |
Earnings per share available to common shareholders: | ||
Earnings per common share - Basic (in dollars per share) | $ 0.40 | $ 0.22 |
Earnings per common share - Diluted (in dollars per share) | $ 0.40 | $ 0.22 |
Urban Edge Properties LP | ||
Numerator: | ||
Net income attributable to common shareholders | $ 51,288 | $ 27,892 |
Less: Earnings allocated to unvested participating securities | (34) | (25) |
Net income available for common shareholders - basic | $ 51,254 | $ 27,867 |
Denominator: | ||
Weighted average common shares outstanding - basic (in shares) | 125,844 | 126,391 |
Effect of dilutive securities: | ||
Stock options using treasure stock method and restricted stock awards (in shares) | 85 | 114 |
Assumed conversion of OP and LTIP units (in shares) | 826 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 126,755 | 126,505 |
Earnings per share available to common shareholders: | ||
Earnings per common share - Basic (in dollars per share) | $ 0.41 | $ 0.22 |
Earnings per common share - Diluted (in dollars per share) | $ 0.40 | $ 0.22 |
Restricted share expense | ||
Effect of dilutive securities: | ||
Stock options using treasure stock method and restricted stock awards (in shares) | 85 | 114 |
Uncategorized Items - ue-331202
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,918,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,918,000) |
Subsidiaries [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,918,000) |
Subsidiaries [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,918,000) |