Urban Edge Properties Files Q2 2024 10-Q

TL;DR

UEP filed their Q2 10-Q. All good in Paramus.

AI Summary

Urban Edge Properties filed its 10-Q for the period ending June 30, 2024. The company, incorporated in Maryland, operates in the Real Estate sector. Its principal executive offices are located in Paramus, NJ.

Why It Matters

This filing provides investors with a detailed look at Urban Edge Properties' financial performance and operational status for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Quarterly Period (Reporting period for the 10-Q filing.)
• 12/31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

• Urban Edge Properties (company) — Filer
• 20240630 (date) — Period of Report
• 20240731 (date) — Filed as of Date
• Paramus, NJ (location) — Business Address
• 201-587-1000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — hares of beneficial interest, par value $0.01 per share UE The New York Stock Exchang

Filing Documents

• ue-20240630.htm (10-Q) — 2010KB
• exhibit311certofceo-sox302.htm (EX-31.1) — 9KB
• exhibit312certofcfo-sox302.htm (EX-31.2) — 9KB
• exhibit313certofceo-sox302.htm (EX-31.3) — 9KB
• exhibit314certofcfo-sox302.htm (EX-31.4) — 9KB
• exhibit321certofceoandcfo-.htm (EX-32.1) — 8KB
• exhibit322certofceoandcfo-.htm (EX-32.2) — 8KB
• 0001611547-24-000043.txt ( ) — 9639KB
• ue-20240630.xsd (EX-101.SCH) — 58KB
• ue-20240630_cal.xml (EX-101.CAL) — 81KB
• ue-20240630_def.xml (EX-101.DEF) — 470KB
• ue-20240630_lab.xml (EX-101.LAB) — 744KB
• ue-20240630_pre.xml (EX-101.PRE) — 614KB
• ue-20240630_htm.xml (XML) — 1331KB

Financial Statements

Financial Statements Consolidated Financial Statements of Urban Edge Properties: Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Financial Statements of Urban Edge Properties LP: Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 7 Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 8 Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 9 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 11 Urban Edge Properties and Urban Edge Properties LP

Notes to Consolidated Financial Statements (unaudited) 13

Notes to Consolidated Financial Statements (unaudited) 13

Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures about Market Risk 40

Item 3. Quantitative and Qualitative Disclosures about Market Risk 40

Controls and Procedures 41

Item 4. Controls and Procedures 41 PART II

Legal Proceedings 41

Item 1. Legal Proceedings 41

Risk Factors 41

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds 42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Defaults Upon Senior Securities 43

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures 43

Item 4. Mine Safety Disclosures 43

Other Information 43

Item 5. Other Information 43

Exhibits 43

Item 6. Exhibits 43 Signatures 44 EXPLANATORY NOTE This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2024 of Urban Edge Properties and Urban Edge Properties LP. Unless stated otherwise or the context otherwise requires, references to "UE", "Urban Edge" and "the REIT" mean Urban Edge Properties, a Maryland real estate investment trust ("REIT"), and references to "UELP" and the "Operating Partnership" mean Urban Edge Properties LP, a Delaware limited partnership. References to the "Company," "we," "us" and "our" mean collectively UE, UELP and those entities/subsidiaries consolidated by UE. UELP is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. UE is the sole general partner and also a limited partner of UELP. As the sole general partner of UELP, UE has exclusive control of UELP's day-to-day management. As of June 30, 2024, UE owned an approximate 94.7% interest in UELP. The remaining approximate 5.3% interest is owned by other limited partners. The other limited partners of UELP are members of management, our Board of Trustees and contributors of property interests acquired. Under the limited partnership agreement of UELP, unitholders may present their common units of UELP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Upon presentation of a common unit for redemption, UELP must redeem the unit for cash equal to the then value of a share of UE's common shares, as defined by the limited partnership agreement. In lieu of cash redemption by UELP, however, UE may elect to acquire any common units so tendered by issuing common shares of UE in exchange for the common units. If UE so elects, its common shares will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified ad

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS URBAN EDGE PROPERTIES CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) June 30, December 31, 2024 2023 ASSETS Real estate, at cost: Land $ 666,774 $ 635,905 Buildings and improvements 2,741,636 2,678,076 Construction in progress 232,690 262,275 Furniture, fixtures and equipment 10,446 9,923 Total 3,651,546 3,586,179 Accumulated depreciation and amortization ( 864,210 ) ( 819,243 ) Real estate, net 2,787,336 2,766,936 Operating lease right-of-use assets 55,575 56,988 Cash and cash equivalents 78,615 101,123 Restricted cash 22,591 73,125 Tenant and other receivables 25,077 14,712 Receivable arising from the straight-lining of rents 60,159 60,775 Identified intangible assets, net of accumulated amortization of $ 58,266 and $ 51,399 , respectively 114,526 113,897 Deferred leasing costs, net of accumulated amortization of $ 21,628 and $ 21,428 , respectively 27,223 27,698 Prepaid expenses and other assets 64,594 64,555 Total assets $ 3,235,696 $ 3,279,809 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net $ 1,503,030 $ 1,578,110 Unsecured credit facility 150,000 153,000 Operating lease liabilities 52,556 53,863 Accounts payable, accrued expenses and other liabilities 88,523 102,997 Identified intangible liabilities, net of accumulated amortization of $ 48,718 and $ 46,610 , respectively 175,837 170,411 Total liabilities 1,969,946 2,058,381 Commitments and contingencies ( Note 10 ) Shareholders' equity: Common shares: $ 0.01 par value; 500,000,000 shares authorized and 120,444,011 and 117,652,656 shares issued and outstanding, respectively 1,203 1,175 Additional paid-in capital 1,052,199 1,011,942 Accumulated other comprehensive income 689 460 Accumulated earnings 130,033 137,113 Noncontrolling interests: Operating partnership 66,092 55,355 Consolidated subsidiaries 15,534 15,383 Total equity 1,265,750 1,221,428 Total liabilities and equity $ 3

View Full Filing

View this 10-Q filing on SEC EDGAR