URBAN EDGE PROPERTIES, 10-Q filed on 7/30/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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 12 East 49th Street,  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10017  
City Area Code (212)  
Local Phone Number 956-0082  
Title of 12(b) Security Common shares of beneficial interest, par value $0.01 per share  
Trading Symbol UE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   125,791,099
Entity Central Index Key 0001611547  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Urban Edge Properties LP    
Entity Information [Line Items]    
Entity File Number 333-212951-01  
Entity Registrant Name URBAN EDGE PROPERTIES LP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-4791544  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 648,943 $ 660,198
Buildings and improvements 2,813,916 2,791,728
Construction in progress 292,704 289,057
Furniture, fixtures and equipment 12,561 11,296
Total 3,768,124 3,752,279
Accumulated depreciation and amortization (906,157) (886,886)
Real estate, net 2,861,967 2,865,393
Operating lease right-of-use assets 62,116 65,491
Cash and cash equivalents 52,962 41,373
Restricted cash 65,239 49,267
Tenant and other receivables 25,272 20,672
Receivable arising from the straight-lining of rents 62,228 61,164
Identified intangible assets, net of accumulated amortization of $66,352 and $65,027, respectively 95,096 109,827
Deferred leasing costs, net of accumulated amortization of $20,741 and $22,488, respectively 30,356 27,799
Prepaid expenses and other assets 58,315 70,554
Total assets 3,313,551 3,311,540
Liabilities:    
Mortgages payable, net 1,514,237 1,569,753
Unsecured credit facility 90,000 50,000
Operating lease liabilities 59,376 62,585
Accounts payable, accrued expenses and other liabilities 85,910 89,982
Identified intangible liabilities, net of accumulated amortization of $55,347 and $50,275, respectively 171,424 177,496
Total liabilities 1,920,947 1,949,816
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Common shares: $0.01 par value; 500,000,000 shares authorized and 125,791,099 and 125,450,684 shares issued and outstanding, respectively 1,256 1,253
Additional paid-in capital 1,159,588 1,149,981
Accumulated other comprehensive (loss) income (190) 177
Accumulated earnings 145,043 126,670
Noncontrolling interests:    
Operating partnership 68,620 65,069
Consolidated subsidiaries 18,287 18,574
Total equity 1,392,604 1,361,724
Total liabilities and equity $ 3,313,551 $ 3,311,540
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accumulated depreciation, identifiable intangible assets $ 66,352 $ 65,027
Accumulated amortization, deferred leasing costs 20,741 22,488
Accumulated amortization, identified intangible liabilities $ 55,347 $ 50,275
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, issued (in shares) 125,791,099 125,791,099
Common stock, shares, outstanding (in shares) 125,450,684 125,450,684
v3.25.2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUE        
Total revenue $ 114,084 $ 106,546 $ 232,249 $ 216,172
EXPENSES        
Depreciation and amortization 32,602 39,679 69,797 78,253
Real estate taxes 16,582 17,472 32,940 34,475
Property operating 17,531 18,260 40,263 38,766
General and administrative 11,717 9,368 21,248 18,414
Lease expense 3,290 3,115 6,661 6,243
Other expense 1,343 0 2,670 0
Total expenses 83,065 87,894 173,579 176,151
Gain on sale of real estate 49,462 13,447 49,462 15,349
Interest income 667 661 1,274 1,349
Interest and debt expense (19,537) (21,896) (39,292) (42,473)
(Loss) gain on extinguishment of debt (175) 21,699 323 21,427
Income before income taxes 61,436 32,563 70,437 35,673
Income tax expense (643) (539) (1,262) (1,204)
Net income 60,793 32,024 69,175 34,469
Less net (income) loss attributable to NCI in:        
Operating partnership (3,058) (1,739) (3,490) (1,857)
Consolidated subsidiaries 243 474 491 750
Net income (loss) attributable to common shareholders $ 57,978 $ 30,759 $ 66,176 $ 33,362
Earnings (loss) per common share - Basic (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.28
Earnings (loss) per common share - Diluted (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.28
Weighted average shares outstanding - Basic (in shares) 125,688 118,859 125,601 118,466
Weighted average shares outstanding - Diluted (in shares) 125,766 118,971 125,780 118,575
Net income $ 60,793 $ 32,024 $ 69,175 $ 34,469
Effective portion of change in fair value of derivatives (198) (53) (386) 240
Comprehensive income 60,595 31,971 68,789 34,709
Less comprehensive income (loss) attributable to NCI in Operating partnership 10 3 19 (11)
Less net (income) loss attributable to NCI in Operating partnership (3,058) (1,739) (3,490) (1,857)
Less net (income) loss attributable to NCI in Consolidated subsidiaries 243 474 491 750
Comprehensive income attributable to common shareholders 57,790 30,709 65,809 33,591
Rental Revenue        
REVENUE        
Revenues 113,912 106,358 232,004 215,905
Other income        
REVENUE        
Revenues 172 188 245 267
Urban Edge Properties LP        
REVENUE        
Total revenue 114,084 106,546 232,249 216,172
EXPENSES        
Depreciation and amortization 32,602 39,679 69,797 78,253
Real estate taxes 16,582 17,472 32,940 34,475
Property operating 17,531 18,260 40,263 38,766
General and administrative 11,717 9,368 21,248 18,414
Lease expense 3,290 3,115 6,661 6,243
Other expense 1,343 0 2,670 0
Total expenses 83,065 87,894 173,579 176,151
Gain on sale of real estate 49,462 13,447 49,462 15,349
Interest income 667 661 1,274 1,349
Interest and debt expense (19,537) (21,896) (39,292) (42,473)
(Loss) gain on extinguishment of debt (175) 21,699 323 21,427
Income before income taxes 61,436 32,563 70,437 35,673
Income tax expense (643) (539) (1,262) (1,204)
Net income 60,793 32,024 69,175 34,469
Less net (income) loss attributable to NCI in:        
Consolidated subsidiaries 243 474 491 750
Net income (loss) attributable to common shareholders $ 61,036 $ 32,498 $ 69,666 $ 35,219
Earnings (loss) per common share - Basic (in dollars per share) $ 0.47 $ 0.26 $ 0.53 $ 0.29
Earnings (loss) per common share - Diluted (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.29
Weighted average shares outstanding - Basic (in shares) 130,474 123,572 130,297 123,109
Weighted average shares outstanding - Diluted (in shares) 130,623 123,885 130,476 123,218
Net income $ 60,793 $ 32,024 $ 69,175 $ 34,469
Effective portion of change in fair value of derivatives (198) (53) (386) 240
Comprehensive income 60,595 31,971 68,789 34,709
Less net (income) loss attributable to NCI in Consolidated subsidiaries 243 474 491 750
Comprehensive income attributable to common shareholders 60,838 32,445 69,280 35,459
Urban Edge Properties LP | Rental Revenue        
REVENUE        
Revenues 113,912 106,358 232,004 215,905
Urban Edge Properties LP | Other income        
REVENUE        
Revenues $ 172 $ 188 $ 245 $ 267
v3.25.2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Urban Edge Properties LP
Urban Edge Properties LP
Accumulated Earnings (Deficit)
Urban Edge Properties LP
NCI in Consolidated Subsidiaries
Urban Edge Properties LP
General Partner
Urban Edge Properties LP
Limited Partners
Common Shares
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Urban Edge Properties LP
Accumulated Earnings (Deficit)
Accumulated Earnings (Deficit)
Urban Edge Properties LP
Operating Partnership
NCI in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2023             117,652,656              
Beginning balance (in shares) at Dec. 31, 2023         117,652,656 5,659,781                
Beginning balance at Dec. 31, 2023 $ 1,221,428 $ 1,221,428 $ 143,157 $ 15,383 $ 1,013,117 $ 49,311 [1] $ 1,175 $ 1,011,942 $ 460 $ 460 $ 137,113   $ 55,355 $ 15,383
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) attributable to common shareholders/unitholders 33,362 35,219 35,219               33,362      
Net income (loss) attributable to NCI 1,107 (750)   (750)                 1,857 (750)
Other comprehensive loss 240 240             229 229   $ 11 11  
Common units issued as a result of common shares issued by Urban Edge (in shares)         2,763,639 1,101,680                
Common units issued as a result of common shares issued by Urban Edge   46,167 (46)   $ 46,213                  
Units redeemed for common shares (in shares)         38,833 (38,833) 38,833              
Units redeemed for common shares 736 736     $ 368 $ 368 [1]   368         368  
Reallocation of NCI (736) (736)     (6,581) 5,845 [1]   (6,581)         5,845  
Common shares issued (in shares)             2,763,639              
Adjustments to Additional Paid in Capital, Common Shares Issued 46,167           $ 28 46,185     (46)      
Dividends to common shareholders (40,396)                   (40,396)      
Distributions to redeemable NCI (2,336)                       (2,336)  
Contributions from noncontrolling interests 901 901   901                   901
Distributions to Partners   (42,732) (42,732)                      
Share-based compensation expense 4,863 4,863     $ 480 4,383 [1]   480         4,383  
Issuance of LTIP Units 609 609       $ 609 [2]             609  
Share-based awards retained for taxes (in shares)         (11,117)   (11,117)              
Share-based awards retained for taxes (195) (195)     $ (195)     (195)            
Ending balance (in shares) at Jun. 30, 2024             120,444,011              
Ending balance (in shares) at Jun. 30, 2024         120,444,011 6,722,628                
Ending balance at Jun. 30, 2024 1,265,750 1,265,750 135,609 15,534 $ 1,053,402 $ 60,516 [1],[3] $ 1,203 1,052,199 689 689 130,033   66,092 15,534
Beginning balance (in shares) at Mar. 31, 2024             118,815,093              
Beginning balance (in shares) at Mar. 31, 2024         118,815,093 6,555,570                
Beginning balance at Mar. 31, 2024 1,222,383 1,222,383 124,410 15,107 $ 1,023,896 $ 58,231 [3] $ 1,186 1,022,710 739 739 119,513   63,128 15,107
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) attributable to common shareholders/unitholders 30,759 32,498 32,498               30,759      
Net income (loss) attributable to NCI 1,265 (474)   (474)                 1,739 (474)
Other comprehensive loss (53) (53)             (50) (50)   (3) (3)  
Common units issued as a result of common shares issued by Urban Edge (in shares)         1,622,418 173,558                
Common units issued as a result of common shares issued by Urban Edge   28,938 (23)   $ 28,961                  
Units redeemed for common shares (in shares)         6,500 (6,500) 6,500              
Units redeemed for common shares 128 128     $ 64 $ 64 [3]   64         64  
Reallocation of NCI (128) (128)     238 (366) [3]   238         (366)  
Common shares issued (in shares)             1,622,418              
Adjustments to Additional Paid in Capital, Common Shares Issued 28,938           $ 17 28,944     (23)      
Dividends to common shareholders (20,216)                   (20,216)      
Distributions to redeemable NCI (1,057)                       (1,057)  
Contributions from noncontrolling interests 901 901                       901
Distributions to Partners   (21,273) (21,273)                      
Share-based compensation expense 2,442 2,442     $ 243 2,199 [3]   243         2,199  
Issuance of LTIP Units 388 388       $ 388             388  
Ending balance (in shares) at Jun. 30, 2024             120,444,011              
Ending balance (in shares) at Jun. 30, 2024         120,444,011 6,722,628                
Ending balance at Jun. 30, 2024 $ 1,265,750 $ 1,265,750 135,609 15,534 $ 1,053,402 $ 60,516 [1],[3] $ 1,203 1,052,199 689 689 130,033   66,092 15,534
Beginning balance (in shares) at Dec. 31, 2024 125,450,684 125,450,684         125,450,684              
Beginning balance (in shares) at Dec. 31, 2024         125,450,684 6,386,837                
Beginning balance at Dec. 31, 2024 $ 1,361,724 $ 1,361,724 132,273 18,574 $ 1,151,234 $ 59,466 [2] $ 1,253 1,149,981 177 177 126,670   65,069 18,574
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) attributable to common shareholders/unitholders 66,176 69,666 69,666               66,176      
Net income (loss) attributable to NCI 2,999 (491)   (491)                 3,490 (491)
Other comprehensive loss (386) (386)             (367) (367)   (19) (19)  
Common units issued as a result of common shares issued by Urban Edge (in shares)         21,253 554,997                
Common units issued as a result of common shares issued by Urban Edge   5,485 (48)   $ 5,533                  
Units redeemed for common shares (in shares)         330,928 (330,928) 330,928              
Units redeemed for common shares 6,594 6,594     $ 3,297 $ 3,297 [2] $ 3 3,294         3,297  
Reallocation of NCI (6,594) (6,594)     2,229 (8,823) [2]   2,229         (8,823)  
Common shares issued (in shares)             21,253              
Adjustments to Additional Paid in Capital, Common Shares Issued 5,485             5,533     (48)      
Dividends to common shareholders (47,755)                   (47,755)      
Distributions to redeemable NCI (2,893)                       (2,893)  
Contributions from noncontrolling interests 204 204   204                   204
Distributions to Partners   (50,648) (50,648)                      
Share-based compensation expense 6,273 6,273     238 6,035 [2]   238         6,035  
Issuance of LTIP Units 1,050 1,050     $ (1,414) [2] $ 2,464 [2]   (1,414)         2,464  
Share-based awards retained for taxes (in shares)         (11,766)   (11,766)              
Share-based awards retained for taxes $ (273) $ (273)     $ (273)     (273)            
Ending balance (in shares) at Jun. 30, 2025 125,450,684 125,791,099         125,791,099              
Ending balance (in shares) at Jun. 30, 2025         125,791,099 6,610,906                
Ending balance at Jun. 30, 2025 $ 1,392,604 $ 1,392,604 151,224 18,287 $ 1,160,844 $ 62,439 [2] $ 1,256 1,159,588 (190) (190) 145,043   68,620 18,287
Beginning balance (in shares) at Mar. 31, 2025             125,749,490              
Beginning balance (in shares) at Mar. 31, 2025         125,749,490 6,675,765                
Beginning balance at Mar. 31, 2025 1,352,592 1,352,592 115,334 18,326 $ 1,156,036 $ 62,898 [4] $ 1,256 1,154,780 (2) (2) 110,970   67,262 18,326
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) attributable to common shareholders/unitholders 57,978 61,036 61,036               57,978      
Net income (loss) attributable to NCI 2,815 (243)   (243)                 3,058 (243)
Other comprehensive loss (198) (198)             (188) (188)   $ (10) (10)  
Common units issued as a result of common shares issued by Urban Edge (in shares)         10,681 (33,931)                
Common units issued as a result of common shares issued by Urban Edge   87 (24)   $ 111                  
Units redeemed for common shares (in shares)         30,928 (30,928) 30,928              
Units redeemed for common shares 640 640     $ 320 $ 320 [4]   320         320  
Reallocation of NCI (640) (640)     5,289 (5,929) [4]   5,289         (5,929)  
Common shares issued (in shares)             10,681              
Adjustments to Additional Paid in Capital, Common Shares Issued 87             111     (24)      
Dividends to common shareholders (23,881)                   (23,881)      
Distributions to redeemable NCI (1,231)                       (1,231)  
Contributions from noncontrolling interests 204 204   204                   204
Distributions to Partners   (25,112) (25,112)                      
Share-based compensation expense 3,566 3,566     187 3,379 [4]   187         3,379  
Issuance of LTIP Units $ 672 $ 672     $ (1,099) $ 1,771   (1,099)         1,771  
Ending balance (in shares) at Jun. 30, 2025 125,450,684 125,791,099         125,791,099              
Ending balance (in shares) at Jun. 30, 2025         125,791,099 6,610,906                
Ending balance at Jun. 30, 2025 $ 1,392,604 $ 1,392,604 $ 151,224 $ 18,287 $ 1,160,844 $ 62,439 [2] $ 1,256 $ 1,159,588 $ (190) $ (190) $ 145,043   $ 68,620 $ 18,287
[1] Limited partners have a 5.3% common limited partnership interest in the Operating Partnership as of June 30, 2024 in the form of OP Units and LTIP Units.
[2] Limited partners have a 5.0% common limited partnership interest in the Operating Partnership as of June 30, 2025 in the form of OP Units and LTIP Units.
[3] Limited partners have a 5.3% common limited partnership interest in the Operating Partnership as of June 30, 2024 in the form of Operating Partnership Units (“OP Units”) and Long-Term Incentive Plan Units (“LTIP Units”).
[4] Limited partners have a 5.0% common limited partnership interest in the Operating Partnership as of June 30, 2025 in the form of OP Units and LTIP Units.
v3.25.2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dividends on common shares (in dollars per share) $ 0.19 $ 0.17 $ 0.38 $ 0.34
Distributions to redeemable NCI (in dollars per unit) 0.19 0.17 0.38 0.34
Accumulated Earnings (Deficit) | Urban Edge Properties LP        
Dividends on common shares (in dollars per share) 0.19 0.17 0.38 0.34
Operating Partnership        
Distributions to redeemable NCI (in dollars per unit) $ 0.19 $ 0.17 $ 0.38 $ 0.34
Operating Partnership | Limited Partners | Urban Edge Properties LP        
Noncontrolling interest percentage 5.00% 5.30% 5.00% 5.30%
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 69,175 $ 34,469
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 72,810 80,151
Gain on sale of real estate (49,462) (15,349)
Gain on extinguishment of debt (323) (21,427)
Amortization of above and below market leases, net (5,040) (2,143)
Noncash lease expense 3,375 3,569
Straight-lining of rent (1,164) (1,503)
Share-based compensation expense 6,273 4,863
Change in operating assets and liabilities:    
Tenant and other receivables (4,600) (1,475)
Deferred leasing costs (5,055) (3,626)
Prepaid expenses and other assets (567) (2,887)
Lease liabilities (3,212) (3,463)
Accounts payable, accrued expenses and other liabilities (6,171) (7,021)
Net cash provided by operating activities 76,039 64,158
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements (44,543) (41,564)
Proceeds from sale of real estate 64,353 35,183
Acquisitions of real estate 0 (115,549)
Net cash provided by (used in) investing activities 19,810 (121,930)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (92,566) (168,502)
Dividends to common shareholders (47,755) (40,396)
Distributions to redeemable noncontrolling interests (2,893) (2,336)
Taxes withheld for vested restricted shares (273) (195)
Contributions from noncontrolling interests 204 901
Borrowings under unsecured credit facility 75,000 60,000
Proceeds from mortgage loan borrowings 0 100,000
Debt issuance costs (20) (2,012)
Proceeds related to the issuance of common shares, net 15 37,270
Net cash used in financing activities (68,288) (15,270)
Net increase (decrease) in cash and cash equivalents and restricted cash 27,561 (73,042)
Cash and cash equivalents and restricted cash at beginning of period 90,640 174,248
Cash and cash equivalents and restricted cash at end of period 118,201 101,206
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $5,772 and $5,307, respectively 36,767 44,430
Cash payments for income taxes 597 8,901
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 25,244 17,510
Write-off of fully depreciated assets 28,926 10,084
Issuance of LTIP Units 5,470 0
Decrease in assets and liabilities in connection with foreclosure:    
Real estate, net 0 47,518
Mortgage debt, net 0 68,613
Cash and cash equivalents at beginning of period 41,373 101,123
Cash and cash equivalents at end of period 52,962 78,615
Restricted cash at beginning of period 49,267 73,125
Restricted cash at end of period 65,239 22,591
Cash and cash equivalents and restricted cash at beginning/end of period 118,201 101,206
Urban Edge Properties LP    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 69,175 34,469
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 72,810 80,151
Gain on sale of real estate (49,462) (15,349)
Gain on extinguishment of debt (323) (21,427)
Amortization of above and below market leases, net (5,040) (2,143)
Noncash lease expense 3,375 3,569
Straight-lining of rent (1,164) (1,503)
Share-based compensation expense 6,273 4,863
Change in operating assets and liabilities:    
Tenant and other receivables (4,600) (1,475)
Deferred leasing costs (5,055) (3,626)
Prepaid expenses and other assets (567) (2,887)
Lease liabilities (3,212) (3,463)
Accounts payable, accrued expenses and other liabilities (6,171) (7,021)
Net cash provided by operating activities 76,039 64,158
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate development and capital improvements (44,543) (41,564)
Proceeds from sale of real estate 64,353 35,183
Acquisitions of real estate 0 (115,549)
Net cash provided by (used in) investing activities 19,810 (121,930)
CASH FLOWS FROM FINANCING ACTIVITIES    
Debt repayments (92,566) (168,502)
Distributions to partners (50,648) (42,732)
Taxes withheld for vested restricted shares (273) (195)
Contributions from noncontrolling interests 204 901
Borrowings under unsecured credit facility 75,000 60,000
Proceeds from mortgage loan borrowings 0 100,000
Debt issuance costs (20) (2,012)
Proceeds related to the issuance of common shares, net 15 37,270
Net cash used in financing activities (68,288) (15,270)
Net increase (decrease) in cash and cash equivalents and restricted cash 27,561 (73,042)
Cash and cash equivalents and restricted cash at beginning of period 90,640 174,248
Cash and cash equivalents and restricted cash at end of period 118,201 101,206
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized of $5,772 and $5,307, respectively 36,767 44,430
Cash payments for income taxes 597 8,901
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures included in accounts payable and accrued expenses 25,244 17,510
Write-off of fully depreciated assets 28,926 10,084
Issuance of LTIP Units 5,470 0
Decrease in assets and liabilities in connection with foreclosure:    
Real estate, net 0 47,518
Mortgage debt, net 0 68,613
Cash and cash equivalents at beginning of period 41,373 101,123
Cash and cash equivalents at end of period 52,962 78,615
Restricted cash at beginning of period 49,267 73,125
Restricted cash at end of period 65,239 22,591
Cash and cash equivalents and restricted cash at beginning/end of period $ 118,201 $ 101,206
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Capitalized interest $ 5,772 $ 5,307
Urban Edge Properties LP    
Capitalized interest $ 5,772 $ 5,307
v3.25.2
CONSOLIDATED BALANCE SHEETS - UELP - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Real estate, at cost:        
Land $ 648,943 $ 660,198    
Buildings and improvements 2,813,916 2,791,728    
Construction in progress 292,704 289,057    
Furniture, fixtures and equipment 12,561 11,296    
Total 3,768,124 3,752,279    
Accumulated depreciation and amortization (906,157) (886,886)    
Real estate, net 2,861,967 2,865,393    
Operating lease right-of-use assets 62,116 65,491    
Cash and cash equivalents 52,962 41,373 $ 78,615 $ 101,123
Restricted cash 65,239 49,267 22,591 73,125
Tenant and other receivables 25,272 20,672    
Receivable arising from the straight-lining of rents 62,228 61,164    
Identified intangible assets, net of accumulated amortization of $66,352 and $65,027, respectively 95,096 109,827    
Deferred leasing costs, net of accumulated amortization of $20,741 and $22,488, respectively 30,356 27,799    
Prepaid expenses and other assets 58,315 70,554    
Total assets 3,313,551 3,311,540    
Liabilities:        
Mortgages payable, net 1,514,237 1,569,753    
Unsecured credit facility 90,000 50,000    
Operating lease liabilities 59,376 62,585    
Accounts payable, accrued expenses and other liabilities 85,910 89,982    
Identified intangible liabilities, net of accumulated amortization of $55,347 and $50,275, respectively 171,424 177,496    
Total liabilities 1,920,947 1,949,816    
Commitments and contingencies (Note 10)    
Partners’ capital:        
Accumulated other comprehensive (loss) income (190) 177    
Accumulated earnings 145,043 126,670    
Consolidated subsidiaries 18,287 18,574    
Total equity 1,392,604 1,361,724 1,265,750 1,221,428
Total liabilities and equity 3,313,551 3,311,540    
Urban Edge Properties LP        
Real estate, at cost:        
Land 648,943 660,198    
Buildings and improvements 2,813,916 2,791,728    
Construction in progress 292,704 289,057    
Furniture, fixtures and equipment 12,561 11,296    
Total 3,768,124 3,752,279    
Accumulated depreciation and amortization (906,157) (886,886)    
Real estate, net 2,861,967 2,865,393    
Operating lease right-of-use assets 62,116 65,491    
Cash and cash equivalents 52,962 41,373 78,615 101,123
Restricted cash 65,239 49,267 22,591 73,125
Tenant and other receivables 25,272 20,672    
Receivable arising from the straight-lining of rents 62,228 61,164    
Identified intangible assets, net of accumulated amortization of $66,352 and $65,027, respectively 95,096 109,827    
Deferred leasing costs, net of accumulated amortization of $20,741 and $22,488, respectively 30,356 27,799    
Prepaid expenses and other assets 58,315 70,554    
Total assets 3,313,551 3,311,540    
Liabilities:        
Mortgages payable, net 1,514,237 1,569,753    
Unsecured credit facility 90,000 50,000    
Operating lease liabilities 59,376 62,585    
Accounts payable, accrued expenses and other liabilities 85,910 89,982    
Identified intangible liabilities, net of accumulated amortization of $55,347 and $50,275, respectively 171,424 177,496    
Total liabilities 1,920,947 1,949,816    
Commitments and contingencies (Note 10)    
Partners’ capital:        
General partner: 125,791,099 and 125,450,684 units outstanding, respectively 1,160,844 1,151,234    
Limited partners: 6,610,906 and 6,386,837 units outstanding, respectively 62,439 59,466    
Accumulated other comprehensive (loss) income (190) 177    
Accumulated earnings 151,224 132,273    
Total partners’ capital 1,374,317 1,343,150    
Consolidated subsidiaries 18,287 18,574    
Total equity 1,392,604 1,361,724 $ 1,265,750 $ 1,221,428
Total liabilities and equity $ 3,313,551 $ 3,311,540    
v3.25.2
CONSOLIDATED BALANCE SHEETS - UELP (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accumulated depreciation, identifiable intangible assets $ 66,352 $ 65,027
Accumulated amortization, deferred leasing costs 20,741 22,488
Accumulated amortization, identified intangible liabilities $ 55,347 $ 50,275
Common stock, shares, outstanding (in shares) 125,450,684 125,450,684
Urban Edge Properties LP    
Accumulated depreciation, identifiable intangible assets $ 66,352 $ 65,027
Accumulated amortization, deferred leasing costs 20,741 22,488
Accumulated amortization, identified intangible liabilities $ 55,347 $ 50,275
Common stock, shares, outstanding (in shares) 125,791,099 125,450,684
Limited Partners, units outstanding (in units) 6,610,906 6,386,837
v3.25.2
ORGANIZATION
 6 Months Ended
Jun. 30, 2025
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 owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. 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 June 30, 2025, Urban Edge owned approximately 95.0% 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 June 30, 2025, our portfolio consisted of 68 shopping centers, two outlet centers and two malls totaling approximately 17.1 million square feet (“sf”), which is inclusive of a 95% controlling interest in our property in Walnut Creek, CA (Mt. Diablo), and an 82.5% controlling interest in Sunrise Mall, in Massapequa, NY.
v3.25.2
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION 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 and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025. 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, 2024, as filed with the Securities and Exchange Commission (the “SEC”).
The consolidated balance sheets as of June 30, 2025 and December 31, 2024 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of June 30, 2025 and December 31, 2024, excluding the Operating Partnership, we consolidated two VIEs with total assets of $41.0 million and $38.9 million, respectively, and total liabilities of $9.5 million and $9.2 million, respectively. The consolidated statements of income and comprehensive income for the three and six months ended June 30, 2025 and 2024, include the consolidated accounts of the Company, the Operating Partnership and the two VIEs. All intercompany transactions have been eliminated in consolidation.
Our primary business is the ownership, management, acquisition, development, and redevelopment 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 and allocating resources. The Company’s Chief Operating Decision Maker (“CODM”) reviews operating and financial information at the individual operating segment. We aggregate all of our properties into a single 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. Refer to Note 17, Segment Reporting in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding reportable segments.
None of our tenants accounted for more than 10% of our revenue or property operating income as of June 30, 2025.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
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 under way and ends when the project is substantially complete and ready for its intended use. 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 assumption of 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, including market-based rental revenues. 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 and development projects are individually evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Such events and changes include macroeconomic conditions, operating performance, and environmental and regulatory changes, which may result in property operational disruption and could 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, future market rental rates and, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiation. Impairment assessments are based on our current plans, intended holding periods and available market information at the time the assessments 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.
Real estate assets to be sold are reported at the lower of their carrying value or estimated fair value less costs to sell and are classified as real estate held for sale and included in prepaid expenses and other assets on the Company’s consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in real estate impairment loss on the consolidated statements of income and comprehensive income. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded.
The Company classifies real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset or that the plan will be withdrawn.

Tenant and Other Receivables and Changes in Collectibility Assessment — Tenant receivables include unpaid amounts billed to tenants, disputed enforceable charges and accrued revenues for future billings to tenants for property expenses. We evaluate the collectibility of amounts due from tenants and disputed enforceable charges on both a lease-by-lease and a portfolio-level, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectibility assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842 Leases. Management exercises judgment in assessing collectibility and considers payment history, current credit status and publicly available information about the financial condition of the tenant, among other factors. Tenant receivables and receivables arising from the straight-lining of rents are written-off directly when management deems the collectibility of substantially all future lease payments from a specific lease is not probable, at which point, the Company will begin recognizing revenue from such leases prospectively, based on actual amounts received. This write-off effectively reduces cumulative non-cash rental income recognized from the straight-lining of rents since lease commencement. If the Company subsequently
determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the receivables balance, including those arising from the straight-lining of rents.

Recently Issued Accounting Literature — In May 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-04 Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customer (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which provides updates to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods and services. The amendments in ASU 2025-04 are effective for all entities that issue share-based compensation to a customer that is within the scope of Topic 606 for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods and should be applied on a retrospective basis. The Company has not entered into any share-based payment arrangements with customers, and as such, this update has no current impact. The Company will evaluate future agreements and apply the guidance from this update if any agreements meet the criteria of a share-based payment arrangement.
In May 2025, the FASB issued ASU 2025-03 Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which provides updates to clarify business combinations involving the exchange of equity interests when the legal entity is a VIE that meets the definition of a business. The amendments in ASU 2025-03 are effective for all public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods and should be applied prospectively. The Company will apply the guidance in this update to evaluate future business combinations involving a VIE.
In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses, which provides an update to improve the disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses, including purchase of inventory, employee compensation, depreciation and amortization in commonly presented expense captions such as cost of sales, selling, general and administrative expenses and research and development. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which provided clarification on the effective dates of the previously issued ASU. The amendments in ASU 2024-03 are effective for all public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact of this update and will adopt the amendments in its Annual Report on Form 10-K for the year ended December 31, 2027.
In December 2023, FASB issued ASU 2023-09 Income Tax (Topic 740): Improvements to Income Tax Disclosures which provides for additional disclosures for rate reconciliations, disaggregation of income taxes paid, and other disclosures. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2024. The Company will adopt the required disclosures in its Annual Report on Form 10-K for the year ended December 31, 2025.
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 or disclosures.
v3.25.2
ACQUISITIONS AND DISPOSITIONS
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
Acquisitions
During the six months ended June 30, 2025, no acquisitions were completed by the Company. During the six months ended June 30, 2024, the Company closed on the following acquisitions:
Date PurchasedProperty NameCityStateSquare Feet
Purchase Price(1)
(in thousands)
February 8, 2024Heritage SquareWatchungNJ87,000 $33,838 
April 5, 2024Ledgewood CommonsRoxbury TownshipNJ448,000 83,211 
2024 Total$117,049 
(1) The total purchase price for the properties acquired during the six months ended June 30, 2024 includes $2.1 million of transaction costs.

On February 8, 2024, the Company acquired Heritage Square, an unencumbered 87,000 sf shopping center located in Watchung, NJ, for a purchase price of $33.8 million, including transaction costs. The property is anchored by Ulta and two TJX Companies concepts, HomeSense and Sierra Trading, and includes four outparcels occupied by Chick-Fil-A, CityMD, Miller’s Ale House and Starbucks. The acquisition was funded using cash on hand.
On April 5, 2024, the Company closed on the acquisition of Ledgewood Commons, located in Roxbury Township, NJ, for a purchase price of $83.2 million, including transaction costs. The center, aggregating 448,000 sf, is anchored by a grocer and includes two pre-approved but undeveloped outparcels. The purchase was initially funded using cash on hand. On May 3, 2024, the Company obtained a 5-year, $50 million mortgage secured by the property that bears interest at a fixed rate of 6.03%.
The purchase prices of the above property acquisitions have been allocated as follows:
(amounts in thousands)

Property Name
LandBuildings and Improvements
Identified Intangible Assets(1)
Identified Intangible Liabilities(1)
Total Purchase Price
Heritage Square$7,343 $24,643 $4,763 $(2,911)$33,838 
Ledgewood Commons24,313 56,352 15,137 (12,591)83,211 
2024 Total$31,656 $80,995 $19,900 $(15,502)$117,049 
(1) As of June 30, 2025, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 9.7 years and 17.5 years, respectively.

Dispositions
During the six months ended June 30, 2025, the Company disposed of two properties and one property parcel and received proceeds of $64.4 million, net of selling costs, resulting in a $49.5 million gain on sale of real estate.
On June 23, 2025, the Company completed the sale of MacDade Commons, located in Glenolden, PA, for a gross sales price of $18.0 million and recognized a gain on sale of real estate of $16.1 million. In connection with the sale, we entered into a forward Section 1031 Exchange agreement with third-party intermediaries which allows us to defer, for tax purposes, the gain on sale of the property until the earlier of the satisfaction of the Section 1031 Exchange requirements or 180 days after the date of disposition.
On June 9, 2025, the Company completed the sale of Kennedy Commons, located in North Bergen, NJ, for a gross sales price of $23.2 million and recognized a gain on sale of real estate of $20.4 million. In connection with the sale, we entered into a forward Section 1031 Exchange agreement with third-party intermediaries which allows us to defer, for tax purposes, the gain on sale of the property until the earlier of the satisfaction of the Section 1031 Exchange requirements or 180 days after the date of disposition.
On April 25, 2025, the Company completed the sale of a parcel of its Bergen Town Center East property, located in Paramus, NJ, for a gross sales price of $25 million and recognized a gain on sale of real estate of $12.9 million. The sale was structured as part of a reverse Section 1031 Exchange with the acquisition of The Village at Waugh Chapel which closed on October 29, 2024, allowing for the deferral of capital gains resulting from the sale for income tax purposes.
The total gain on sale of real estate of $49.5 million for the six months ended June 30, 2025 includes amounts related to properties disposed of in prior periods.
During the six months ended June 30, 2024, the Company disposed of two properties and received proceeds of $34.8 million, net of selling costs, resulting in a $15.3 million gain on sale of real estate.
On April 26, 2024, the Company completed the sale of its 127,000 sf industrial property located in Lodi, NJ for a gross sales price of $29.2 million and recognized a gain on sale of real estate of $13.1 million. The sale was structured as part of a reverse Section 1031 exchange with the acquisition of Heritage Square which closed on February 8, 2024, allowing for the deferral of capital gains resulting from the sale for income tax purposes.
On March 14, 2024, the Company completed the sale of its 95,000 sf property located in Hazlet, NJ for a gross sales price of $8.7 million and recognized a gain on sale of real estate of $1.5 million.
The total gain on sale of real estate of $15.3 million for the six months ended June 30, 2024 includes amounts related to properties disposed of in prior periods.
v3.25.2
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES
The Company’s identified intangible assets (acquired in-place and above-market leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $95.1 million and $171.4 million, respectively, as of June 30, 2025 and $109.8 million and $177.5 million, respectively, as of December 31, 2024.
Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $2.5 million and $5.0 million for the three and six months ended June 30, 2025, respectively, and $0.7 million and $2.1 million for the same periods in 2024.
Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $5.9 million and $13.9 million for the three and six months ended June 30, 2025, respectively, and $7.5 million and $14.4 million for the same periods in 2024.
The following table sets forth the estimated annual amortization income and expense related to acquired intangible assets and liabilities for the remainder of 2025 and the five succeeding years:
(Amounts in thousands)Below-MarketAbove-MarketIn-Place Lease
YearOperating Lease AmortizationOperating Lease AmortizationAmortization
2025(1)
$5,861 $(1,654)$(10,149)
202611,342 (1,245)(15,953)
202711,204 (1,014)(13,181)
202811,044 (981)(11,444)
202910,736 (922)(9,906)
203010,457 (276)(7,061)
(1) Remainder of 2025
v3.25.2
MORTGAGES PAYABLE
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
MORTGAGES PAYABLE MORTGAGES PAYABLE
The following is a summary of mortgages payable as of June 30, 2025 and December 31, 2024.
(Amounts in thousands)Maturity
Interest Rate at June 30, 2025
June 30, 2025December 31, 2024
Mortgages secured by: 
Variable rate
Plaza at Woodbridge(1)
6/8/2027—%$— $50,905 
Total variable rate debt— 50,905 
Fixed rate
West End Commons12/10/20253.99%23,470 23,717 
Town Brook Commons12/1/20263.78%29,291 29,610 
Rockaway River Commons12/1/20263.78%25,933 26,215 
Hanover Commons12/10/20264.03%59,551 60,155 
Tonnelle Commons4/1/20274.18%94,342 95,286 
Manchester Plaza6/1/20274.32%12,500 12,500 
Millburn Gateway Center6/1/20273.97%21,270 21,525 
Totowa Commons12/1/20274.33%50,800 50,800 
Woodbridge Commons12/1/20274.36%22,100 22,100 
Brunswick Commons12/6/20274.38%63,000 63,000 
Rutherford Commons1/6/20284.49%23,000 23,000 
Hackensack Commons3/1/20284.36%66,400 66,400 
Marlton Commons12/1/20283.86%35,663 36,024 
Yonkers Gateway Center4/10/20296.30%50,000 50,000 
Ledgewood Commons5/5/20296.03%50,000 50,000 
The Shops at Riverwood6/24/20294.25%20,769 20,958 
Shops at Bruckner7/1/20296.00%37,100 37,350 
Greenbrook Commons9/1/20296.03%31,000 31,000 
Huntington Commons12/5/20296.29%43,704 43,704 
Bergen Town Center4/10/20306.30%289,454 290,000 
The Outlets at Montehiedra6/1/20305.00%72,507 73,551 
Montclair(2)
8/15/20303.15%7,250 7,250 
Garfield Commons12/1/20304.14%38,513 38,886 
The Village at Waugh Chapel(3)
12/1/20313.76%55,427 55,071 
Brick Commons12/10/20315.20%50,000 50,000 
Woodmore Towne Centre1/6/20323.39%117,200 117,200 
Newington Commons7/1/20336.00%15,613 15,719 
Shops at Caguas8/1/20336.60%80,760 81,504 
Briarcliff Commons10/1/20345.47%30,000 30,000 
Mount Kisco Commons(4)
11/15/20346.40%10,017 10,390 
Total fixed rate debt1,526,634 1,532,915 
Total mortgages payable1,526,634 1,583,820 
Total unamortized debt issuance costs(12,397)(14,067)
Total mortgages payable, net$1,514,237 $1,569,753 
(1)The Company paid off the loan prior to maturity on June 26, 2025.
(2)Bears interest at SOFR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan.
(3)The mortgage payable balance includes unamortized debt mark-to-market discount of $4.6 million.
(4)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.6 million.

The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.4 billion as of June 30, 2025. 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 June 30, 2025, we were in compliance with all debt covenants.
As of June 30, 2025, the principal repayments of the Company’s total outstanding debt for the remainder of 2025, the five succeeding years, and thereafter are as follows:
(Amounts in thousands) 
Year Ending December 31,
2025(1)
$30,891 
2026126,997 
2027272,363 
2028225,168 
2029236,619 
2030378,147 
Thereafter346,449 
(1) Remainder of 2025.

Revolving Credit Agreement
On January 15, 2015, we entered into a $500 million revolving credit agreement (the “Revolving Credit Agreement”) with certain financial institutions. On March 7, 2017, we amended and extended the Revolving Credit 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 Revolving Credit Agreement to extend the maturity date to January 29, 2024, with two six-month extension options.
On June 3, 2020, we entered into a third amendment to the Revolving Credit Agreement which, among other things, modified certain definitions and the measurement period for certain financial covenants to a trailing four-quarter period instead of the most recent quarter period annualized.
On August 9, 2022, we amended and restated the Revolving Credit Agreement, in order to, among other things, increase the credit facility size by $200 million to $800 million and extend the maturity date to February 9, 2027, with two six-month extension options. Borrowings under the amended and restated Revolving Credit Agreement are subject to interest at SOFR plus 1.03% to 1.50% and an annual facility fee of 15 to 30 basis points. Both the spread over SOFR and the facility fee are based on our current leverage ratio and are subject to change. The Revolving Credit Agreement contains customary financial covenants including a maximum leverage ratio of 60% and a minimum fixed charge coverage ratio of 1.5x.
The Company has obtained seven letters of credit issued under the Revolving Credit Agreement, aggregating $32.1 million. The letters of credit were provided to mortgage lenders and other entities to secure the Company’s obligations in relation to certain reserves and capital requirements. The letters of credit issued under the Revolving Credit Agreement have reduced the amount available under the facility commensurate with their face values but remain undrawn as of June 30, 2025 and no separate liability has been recorded in association with them.
During the quarter, the Company repaid $35 million of the outstanding balance under the Revolving Credit Agreement and subsequently borrowed $50 million. The proceeds were used to pay off the mortgage secured by the Plaza at Woodbridge. As of June 30, 2025, $90 million was outstanding under the Revolving Credit Agreement which had an available remaining balance of $677.9 million, including undrawn letters of credit.
Financing costs associated with executing the Revolving Credit Agreement of $2.6 million and $3.4 million as of June 30, 2025 and December 31, 2024, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net.

Mortgage on Plaza at Woodbridge
On June 26, 2025, the Company paid off the variable rate mortgage loan secured by the Plaza at Woodbridge which had an outstanding balance of $50.2 million and a maturity date of June 8, 2027. The loan was repaid using proceeds from the Company’s line of credit.

Mortgage on Kingswood Center
In March 2023, an office tenant representing 50,000 sf (approximately 40% of the total gross leasable area) informed us that they intended to vacate in 2024, and a tenant representing 17,000 sf terminated their lease early, effective April 17, 2023. As a result of these events, the Company notified the servicer that the projected cash flows generated by the property would be insufficient to cover debt service and that it was unwilling to fund the shortfalls. In May 2023, the loan was transferred to special servicing at the Company’s request, and per the terms of the loan agreement, the Company began to accrue default
interest at a rate of 5% on the outstanding principal balance. On June 27, 2024, the foreclosure process was completed and the lender took possession of the property, eliminating the $68.6 million mortgage liability secured by the property and resulting in a $21.7 million gain on extinguishment of debt recognized in the second quarter of 2024. During the first quarter of 2025, the Company recognized a $0.5 million gain on extinguishment of debt related to the return of escrow funds from the foreclosure.

Mortgage on The Outlets at Montehiedra
In connection with the refinancing of the loan secured by The Outlets at Montehiedra in the second quarter of 2020, the Company provided a $12.5 million limited corporate guarantee. The guarantee is reduced commensurate with the loan amortization schedule and will reduce to zero in approximately 1.3 years. As of June 30, 2025, the remaining exposure under the guarantee is $3.0 million. There was no separate liability recorded related to this guarantee.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
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. So long as the Company qualifies as a REIT under the Code, the Company will not be subject to U.S. federal income tax on net taxable income that it distributes annually to its shareholders. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income taxes at regular corporate rates 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, in particular income taxes arising from its operating activities in Puerto Rico, which are included in income tax expense on the consolidated statements of income and comprehensive income. In addition, the Company’s taxable REIT subsidiaries (“TRSs”) are subject to income tax at regular corporate rates.
For U.S. federal income tax purposes, the REIT and other minority members are partners in the Operating Partnership. As such, the partners are required to report their share of taxable income on their respective tax returns. However, during the six months ended June 30, 2025 and 2024, certain non-real estate operating activities that could not be performed by the REIT, occurred through the Company’s TRSs, which are subject to federal, state and local income taxes. These income taxes are included in income tax expense on the consolidated statements of income and comprehensive income.
During the six months ended June 30, 2025, the REIT was subject to Puerto Rico corporate income taxes on its allocable share of Puerto Rico operating activities. The Puerto Rico corporate income tax consists of a flat 18.5% tax rate plus a graduated income surcharge tax for a maximum corporate income tax rate of 37.5%. In addition, the REIT is subject to a 10% branch profits tax on the earnings and profits generated from its allocable share of Puerto Rico operating activities and such tax is included in income tax expense on the consolidated statements of income and comprehensive income.
For the three and six months ended June 30, 2025, the Puerto Rico income tax expense was $0.6 million and $1.1 million, respectively, and $0.5 million and $1.2 million for the same periods in 2024. The REIT was not subject to any material state and local income tax expense or benefit for the three and six months ended June 30, 2025 and 2024. All amounts for the three and six months ended June 30, 2025 and 2024 are included in income tax expense on the consolidated statements of income and comprehensive income.
v3.25.2
LEASES (Notes)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
All rental revenue was generated from operating leases for the three and six months ended June 30, 2025 and 2024. The components of rental revenue for the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 (Amounts in thousands)2025202420252024
Rental Revenue
Fixed lease revenue$85,396 $80,134 $170,658 $160,256 
Variable lease revenue(1)
28,516 26,224 61,346 55,649 
Total rental revenue$113,912 $106,358 $232,004 $215,905 
(1) Percentage rents for the three and six months ended June 30, 2025 were $0.2 million and $1.1 million, respectively, and $0.3 million and $1.3 million for the same periods in 2024.
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
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 Basis
Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of one interest rate cap and one interest rate swap. We rely on third-party valuations that use market observable inputs, such as credit spreads, yield curves and discount rates, to assess the fair value of these instruments. In accordance with the fair value hierarchy established by ASC 820, these financial instruments have been classified as Level 2 as quoted market prices are not readily available for valuing the assets. The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:
As of June 30, 2025
(Amounts in thousands)Level 1Level 2Level 3Total
Interest rate swap(1)
$— $969 $— $969 
As of December 31, 2024
Level 1Level 2Level 3Total
Interest rate cap and swap(1)
$— $1,642 $— $1,642 
(1) Included in Prepaid expenses and other assets on the consolidated balance sheets.

Derivatives and Hedging
When we designate a derivative as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will be recognized in Other Comprehensive Income (“OCI”) until the gains or losses are reclassified to earnings. Derivatives that are not designated as hedges are adjusted to fair value through earnings. Cash flows from the derivative are included in the prepaid expenses and other assets, or accounts payable, accrued expenses and other liabilities line item in the statement of cash flows, depending on whether the hedged item is recognized as an asset or a liability. As of June 30, 2025, the Company was a counterparty to one interest rate derivative agreement which has been designated as a cash flow hedge.
The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of June 30, 2025 and December 31, 2024:
(Amounts in thousands)As of June 30, 2025
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Montclair interest rate swap$969 $7,250 
SOFR + 2.57%
7.02%3.15%8/15/2030
As of December 31, 2024
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Plaza at Woodbridge interest rate cap$391 $50,905 
SOFR + 2.26%
6.70%5.26%7/1/2025
Montclair interest rate swap1,251 7,250 
SOFR + 2.57%
7.10%3.15%8/15/2030

The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and six months ended June 30, 2025 and 2024:
Unrealized (Loss) Gain Recognized in OCI on Derivatives
(Amounts in thousands)Three Months Ended June 30,Six Months Ended June 30,
Hedged Instrument2025202420252024
Plaza at Woodbridge interest rate cap(1)
$(83)$(40)$(105)$149 
Montclair interest rate swap(115)(13)(281)91 
Total$(198)$(53)$(386)$240 
(1) The instrument has expired and the corresponding loan was repaid on June 26, 2025.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
There were no financial assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2025 and December 31, 2024.

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 borrowings under the unsecured credit facility. Cash and cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable and borrowings under the unsecured credit facility are calculated based on current market prices and discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt, which is provided by a third-party specialist. The fair value of cash and cash equivalents is classified as Level 1 and the fair value of mortgages payable and borrowings under the unsecured credit facility are classified as Level 3. The table below summarizes the carrying amounts and fair value of our Level 3 financial instruments as of June 30, 2025 and December 31, 2024:
 As of June 30, 2025As of December 31, 2024
(Amounts in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Mortgages payable(1)
$1,526,634 $1,438,339 $1,583,820 $1,464,996 
Unsecured credit facility90,000 87,652 50,000 48,333 
(1) Carrying amounts exclude unamortized debt issuance costs of $12.4 million and $14.1 million as of June 30, 2025 and December 31, 2024, 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, operating performance, and environmental and regulatory changes, which may result in property operational disruption and could indicate that the carrying amount may not be recoverable.
No impairment charges were recognized during the three and six months ended June 30, 2025 or 2024.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Legal Matters
From time to time, we are a party to various legal proceedings, claims or regulatory inquiries and investigations arising out of, or incident to, our ordinary course of business. While we are unable to predict with certainty the outcome of any particular matter, management does not currently expect, when such matters are resolved, that our resulting exposure to loss contingencies, if any, will have a material adverse effect on our results of operations or consolidated financial position.

Redevelopment and Anchor Repositioning
The Company has 20 active development, redevelopment or anchor repositioning projects with total estimated costs of $141.8 million, of which $76.6 million remains to be funded as of June 30, 2025. We continue to monitor the stabilization dates of these projects, which can be impacted from economic conditions affecting our tenants, vendors and supply chains. We have identified future projects in our development pipeline, but we are under no obligation to execute and fund any of these projects and each of these projects is being further evaluated based on market conditions.

Insurance
On January 1, 2025, the Company established SC Risk Solutions LLC (“the Captive”), a wholly-owned captive insurance company, which provides excess flood and general liability insurance for our properties. The Captive establishes annual premiums based on projections derived from past loss experience, actuarial analysis of future projected claims and market rates. The actuarial analysis is also used to assist in projecting funding requirements for losses.
The Company also maintains numerous insurance policies including for property, pollution, acts of terrorism, trustees’ and officers’, cyber, workers’ compensation and automobile-related liabilities. However, all such policies are subject to terms, conditions, exclusions, deductibles and sub-limits, amongst other limiting factors. For example, the Company’s terrorism insurance excludes coverage for nuclear, biological, chemical or radiological terrorism events as defined by the Terrorism Risk Insurance Program Reauthorization Act.
Insurance premiums are typically charged directly to each of the properties 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. Certain insurance premiums have increased significantly and may continue to do so in the future. We cannot anticipate what coverage will be available on commercially reasonable terms and expect premiums across most coverage lines to continue to increase in light of recent events including hurricanes and flooding in our core markets. The incurrence of uninsured losses, costs or uncovered premiums could materially and adversely affect our business, results of operations and consolidated financial position.
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 $1.3 million on our consolidated balance sheets as of June 30, 2025 and December 31, 2024, 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.
During the quarter ended June 30, 2025, the Company resolved its active bankruptcy matters with Big Lots, Vitamin Shoppe, Party City, and Sticky’s Finger Joint. Our remaining leases with Big Lots and Party City were assumed by other operators, Vitamin Shoppe was acquired by third-parties and continues to operate and our lease with Sticky’s Finger Joint was rejected in May 2025. On June 16, 2025, At Home filed for Chapter 11 bankruptcy protection. At Home has two leases with the Company comprising 186,000 sf that generate $2.5 million in annual rental revenue. Given this recent bankruptcy filing, it is uncertain whether the At Home stores will continue to operate, close permanently, or whether they will be sold to other operators as part of the bankruptcy proceedings.

Letters of Credit
As of June 30, 2025, the Company had seven letters of credit issued under the Revolving Credit Agreement aggregating $32.1 million. These letters were provided to mortgage lenders and other entities to secure the Company’s obligations in relation to certain reserves and capital requirements. If a lender or other entity were to draw on a letter of credit, the Company would have the option to pay the capital commitment directly to the holder of the letter or to record the draw as a liability on its unsecured line of credit, bearing interest at SOFR plus an applicable margin per the Revolving Credit Agreement. As of June 30, 2025, the letters remain undrawn and there is no separate liability recorded in connection with their issuance.
v3.25.2
PREPAID EXPENSES AND OTHER ASSETS
 6 Months Ended
Jun. 30, 2025
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 on the consolidated balance sheets:
Balance at
(Amounts in thousands)June 30, 2025December 31, 2024
Deferred tax asset, net$23,719 $24,827 
Other assets14,884 15,811 
Deferred financing costs, net of accumulated amortization of $11,396 and $10,571, respectively
2,622 3,447 
Finance lease right-of-use asset2,724 2,724 
Real estate held for sale— 10,286 
Prepaid expenses:
Real estate taxes6,443 10,905 
Insurance5,778 1,097 
Licenses/fees2,145 1,457 
Total prepaid expenses and other assets$58,315 $70,554 
v3.25.2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
 6 Months Ended
Jun. 30, 2025
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 and other liabilities on the consolidated balance sheets:
Balance at
(Amounts in thousands)June 30, 2025December 31, 2024
Deferred tenant revenue$24,546 $26,878 
Accrued capital expenditures and leasing costs26,171 17,557 
Accrued interest payable6,023 6,286 
Security deposits6,212 5,877 
Other liabilities and accrued expenses11,140 16,018 
Finance lease liability3,047 3,040 
Accrued payroll expenses8,771 14,326 
Total accounts payable, accrued expenses and other liabilities$85,910 $89,982 
v3.25.2
INTEREST AND DEBT EXPENSE
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
INTEREST AND DEBT EXPENSE INTEREST AND DEBT EXPENSE
 
The following table sets forth the details of interest and debt expense on the consolidated statements of income and comprehensive income:
 Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2025202420252024
Interest expense$18,324 $20,858 $36,952 $40,416 
Amortization of deferred financing costs1,213 1,038 2,340 2,057 
Total interest and debt expense$19,537 $21,896 $39,292 $42,473 
v3.25.2
EQUITY AND NONCONTROLLING INTEREST
 6 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
EQUITY AND NONCONTROLLING INTEREST EQUITY AND NONCONTROLLING INTEREST
At-The-Market Program
On August 15, 2022, the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with various financial institutions acting as agents, forward sellers, and forward purchasers. Pursuant to the Equity Distribution Agreement, the Company may from time to time offer and sell, through the agents and forward sellers, the Company’s common shares, par value $0.01 per share, having an aggregate offering price of up to $250 million (the “ATM Program”). Concurrently with the Equity Distribution Agreement, the Company entered into separate master forward
confirmations (each a “Master Confirmation” and collectively, the “Master Confirmations”) with each of the forward purchasers. Sales under the ATM Program may be made from time to time, as needed, by means of ordinary brokers’ transactions or other transactions that are deemed to be “at the market” offerings, in privately negotiated transactions, which may include block trades, or as otherwise agreed with the sales agents. The ATM Program replaced the Company’s previous at-the-market program established on June 7, 2021.
The Equity Distribution Agreement provides that the Company may also enter into forward sale agreements pursuant to any Master Confirmation and related supplemental confirmations with the forward purchasers. In connection with any forward sale agreement, a forward purchaser will, at the Company’s request, borrow from third parties, through its forward seller, and sell a number of shares equal to the amount provided in such agreement.
During the six months ended June 30, 2025, the Company did not issue any common shares under the ATM Program, however, we incurred $0.3 million of offering expenses related to fees for potential issuance. As of June 30, 2025, there was approximately $117.2 million of offering capacity remaining under the ATM Program.
During the six months ended June 30, 2024, the Company issued 2,690,298 common shares at a weighted average gross price of $17.85 per share under the ATM Program, generating net cash proceeds of $47.4 million. In addition, we incurred $1.5 million of offering expenses related to the issuance of these common shares. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common shares, and our capital needs. The Company has no obligation to sell any shares under the ATM Program.

Share Repurchase Program
The Company has a share repurchase program for up to $200 million, under which the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions in compliance with SEC 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 six months ended June 30, 2025 and 2024, no shares were repurchased by the Company. As of June 30, 2025, there was approximately $145.9 million remaining for share repurchases under this program.

Units of the Operating Partnership
The Operating Partnership’s capital includes general and common limited partnership interests in the operating partnership. As of June 30, 2025, Urban Edge owned approximately 95.0% 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 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.

Dividends and Distributions
During the three months ended June 30, 2025 and 2024, the Company declared distributions on common shares and OP Units of $0.19 and $0.17 per share/unit, respectively. During the six months ended June 30, 2025 and 2024, the Company declared distributions on common shares and OP Units of $0.38 and $0.34 per share/unit, respectively.

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 2024 Omnibus Share Plan and 2015 Omnibus Share Plan (collectively the “Omnibus Share Plans”), as well as the 2018 Inducement Equity 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 represents a 5.0% and 4.9% weighted-average interest in the Operating Partnership for the three and six months ended June 30, 2025, 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.
Noncontrolling Interests in Consolidated Subsidiaries
The Company’s noncontrolling interests relate to the 5% interest held by others in our property in Walnut Creek, CA (Mount Diablo) and 17.5% held by others in our property in Massapequa, NY. The net income attributable to noncontrolling interests is presented separately on our consolidated statements of income and comprehensive income.
v3.25.2
SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Share-Based Compensation Expense
Share-based compensation expense, which is included in general and administrative expenses on our consolidated statements of income and comprehensive income, is summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2025202420252024
Share-based compensation expense components:
Time-based LTIP expense(1)
$2,416 $1,363 $3,951 $2,549 
Performance-based LTIP expense(2)
963 836 2,084 1,834 
Restricted share expense175 214 196 421 
Deferred share unit (“DSU”) expense12 29 42 59 
Total Share-based compensation expense$3,566 $2,442 $6,273 $4,863 
(1) Expense for the three and six months ended June 30, 2025 includes the 2025, 2024, 2023, 2022, and 2021 LTI Plans.
(2) Expense for the three and six months ended June 30, 2025 includes the 2025, 2024, 2023, 2022, 2021, and 2020 LTI Plans.

Equity award activity during the six months ended June 30, 2025 included: (i) 739,179 LTIP Units vested, (ii) 642,387 LTIP Units granted, (iii) 247,874 LTIP Units earned upon completion of the 2022 LTI Plan, (iv) 43,378 restricted shares granted, (v) 40,803 restricted shares vested, (vi) 36,533 LTIP Units forfeited, and (vii) 35,352 restricted shares forfeited.

2025 Long-Term Incentive Plan
On January 31, 2025, the Company established the 2025 Long-Term Incentive Plan (“2025 LTI Plan”) under the 2024 Omnibus Share Plan. The plan is a multi-year, equity compensation program under which participants, including our Chairman and Chief Executive Officer, receive awards in the form of LTIP Units that, with respect to one half of the program, vest based solely on the passage of time. With respect to the other half of the program, the awards are earned and vest if certain relative and absolute total shareholder return (“TSR”) and/or funds from operations (“FFO”) and same-property net operating income (“SP NOI”) growth targets are achieved by the Company over a three-year performance period. As part of the 2025 LTI Plan, participants other than our named executive officers may receive restricted stock awards or LITP unit awards subject to a three-year vesting period. The total grant date fair value under the 2025 LTI Plan was $9.1 million, comprising both performance-based and time-based awards as described further below:

Performance-based awards
For the performance-based awards under the 2025 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 beginning on January 31, 2025 and ending on January 30, 2028. Participants also have the opportunity to earn awards in the form of LTIP Units if Urban Edge’s FFO growth component and SP NOI growth component meets certain criteria over the three-year performance measurement period beginning January 1, 2025 and ending on December 31, 2027. The Company granted performance-based awards under the 2025 LTI Plan representing 260,405 units. The fair value of the performance-based award portion of the 2025 LTI Plan on the grant date was $3.8 million using a Monte Carlo simulation to estimate the fair value of the Absolute and Relative components through a risk-neutral premise. Assumptions include historical volatility (27.1%), risk-free interest rates (4.4%), and historical daily return as compared to certain peer companies.

Time-based awards
The time-based awards granted under the 2025 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 ratable over four years. As of June 30, 2025, the Company granted time-based awards under the 2025 LTI Plan that represent 243,842 LTIP Units with a grant date fair value of $4.6 million.
v3.25.2
EARNINGS PER SHARE AND UNIT
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND UNIT EARNINGS PER SHARE AND UNIT
Urban Edge Earnings per Share
We calculate 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 computation of diluted EPS reflects potential dilution of securities by adding potential common shares, including stock options and unvested restricted shares, to the weighted average number of common shares outstanding for the period. The effect of the redemption of OP and vested LTIP Units is not reflected in the computation of basic and diluted EPS, as they are redeemable for common shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. The assumed redemption of OP and vested LTIP Units is included in the determination of diluted earnings per share when they have a dilutive effect on the calculation.
The following table sets forth the computation of our basic and diluted EPS:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands, except per share amounts)2025202420252024
Numerator:
Net income attributable to common shareholders$57,978 $30,759 $66,176 $33,362 
Less: earnings allocated to unvested participating securities(36)(29)(42)(31)
Net income available for common shareholders - basic$57,942 $30,730 $66,134 $33,331 
Impact of assumed conversions:
OP and LTIP Units21 10 53 — 
Net income available for common shareholders - dilutive$57,963 $30,740 $66,187 $33,331 
Denominator:
Weighted average common shares outstanding - basic125,688 118,859 125,601 118,466 
Effect of dilutive securities(1):
Stock options using the treasury stock method— — 84 — 
Restricted share awards78 112 95 109 
Weighted average common shares outstanding - diluted125,766 118,971 125,780 118,575 
Earnings per share available to common shareholders:
Earnings per common share - Basic$0.46 $0.26 $0.53 $0.28 
Earnings per common share - Diluted$0.46 $0.26 $0.53 $0.28 
(1) For the three and six months ended June 30, 2025, the effect of the redemption of certain 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 these periods.
Operating Partnership Earnings per Unit
The following table sets forth the computation of basic and diluted earnings per unit:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands, except per unit amounts)2025202420252024
Numerator:
Net income attributable to unitholders$61,036 $32,498 $69,666 $35,219 
Less: net income attributable to participating securities(319)(29)(678)(31)
Net income available for unitholders$60,717 $32,469 $68,988 $35,188 
Denominator:
Weighted average units outstanding - basic130,474 123,572 130,297 123,109 
Effect of dilutive securities issued by Urban Edge149 112 179 109 
Unvested LTIP Units(1)
— 201 — — 
Weighted average units outstanding - diluted130,623 123,885 130,476 123,218 
Earnings per unit available to unitholders:
Earnings per unit - Basic$0.47 $0.26 $0.53 $0.29 
Earnings per unit - Diluted$0.46 $0.26 $0.53 $0.29 
(1) For the three and six months ended June 30, 2025, the effect of the redemption of certain OP and LTIP Units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPU. Accordingly, the impact of such redemption has not been included in the determination of diluted EPU for these periods.
v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our primary business is the ownership, management, acquisition, development, and redevelopment of retail shopping centers and malls. Substantially all of our revenues are derived from contractual rents and tenant expense reimbursements as outlined within individual lease agreements. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance and allocating resources. We review operating and financial information for each property on an individual basis and therefore each property represents an individual operating segment. Our properties are aggregated into a single reportable segment due to the similarities with regard to the nature and economics of the properties, tenants and operations, as well as long-term average financial performance and the fact that they are operated using consistent business strategies.
The Company’s CODM, its Chief Executive Officer, reviews operating and financial information at the individual operating segment using property net operating income (“Property NOI”) as the key measure to assess performance and allocate resources. Property NOI is defined as all revenues and expenses incurred at the property level excluding non-cash rental income and expenses, impairments on depreciable real estate, lease termination income, interest and debt expense, and gains or losses from sale of real estate and debt extinguishments. Property NOI excludes corporate level transactions. The CODM also uses Property NOI and its components to monitor budget versus actual results, perform variance analysis of current results to prior period results, and forecast future performance. Company resources are allocated by evaluating the operating results of the individual segments and business as a whole as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with the Company’s overall business strategy. The CODM does not review asset information as a measure to assess performance.
The following table provides the components of Property NOI related to our single reportable segment for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2025202420252024
REVENUE
Property rentals$79,895 $77,259 $159,989 $154,577 
Tenant expense reimbursements31,419 28,204 66,154 58,488 
Total property revenues111,314 105,463 226,143 213,065 
EXPENSES
Real estate taxes17,028 17,923 33,868 35,374 
Property operating19,477 18,360 43,943 38,969 
Lease expense2,047 2,195 4,145 4,825 
Total property operating expenses38,552 38,478 81,956 79,168 
Property net operating income$72,762 $66,985 $144,187 $133,897 
Reconciliation of Property NOI to income before income taxes
Depreciation and amortization(32,602)(39,679)(69,797)(78,253)
Interest and debt expense(19,537)(21,896)(39,292)(42,473)
General and administrative expense(11,717)(9,368)(21,248)(18,414)
(Loss) gain on extinguishment of debt(175)21,699 323 21,427 
Interest income446 402 852 824 
Straight-line rents, amortization of above and below-market leases, and other2,762 1,019 6,034 3,541 
Gain on sale of real estate49,462 13,447 49,462 15,349 
Other income (expense)(1)
35 (46)(84)(225)
Income before income taxes$61,436 $32,563 $70,437 $35,673 
(1) Includes intercompany eliminations and other income and expenses related to corporate activities, including the captive insurance program.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income (loss) attributable to common shareholders/unitholders $ 57,978 $ 30,759 $ 66,176 $ 33,362
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
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 and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025. 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, 2024, as filed with the Securities and Exchange Commission (the “SEC”).
Consolidation and Noncontrolling Interests
The consolidated balance sheets as of June 30, 2025 and December 31, 2024 reflect the consolidation of wholly-owned subsidiaries and those entities in which we have a controlling financial interest. As of June 30, 2025 and December 31, 2024, excluding the Operating Partnership, we consolidated two VIEs with total assets of $41.0 million and $38.9 million, respectively, and total liabilities of $9.5 million and $9.2 million, respectively. The consolidated statements of income and comprehensive income for the three and six months ended June 30, 2025 and 2024, include the consolidated accounts of the Company, the Operating Partnership and the two VIEs. All intercompany transactions have been eliminated in consolidation.
Real Estate
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 under way and ends when the project is substantially complete and ready for its intended use. 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 assumption of 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, including market-based rental revenues. 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 and development projects are individually evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Such events and changes include macroeconomic conditions, operating performance, and environmental and regulatory changes, which may result in property operational disruption and could 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, future market rental rates and, in addition to available market information, third-party appraisals, broker selling estimates or sale agreements under negotiation. Impairment assessments are based on our current plans, intended holding periods and available market information at the time the assessments 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.
Real estate assets to be sold are reported at the lower of their carrying value or estimated fair value less costs to sell and are classified as real estate held for sale and included in prepaid expenses and other assets on the Company’s consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge and included in real estate impairment loss on the consolidated statements of income and comprehensive income. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded.
The Company classifies real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset or that the plan will be withdrawn.
Tenant and Other Receivables and Changes in Collectibility Assessment
Tenant and Other Receivables and Changes in Collectibility Assessment — Tenant receivables include unpaid amounts billed to tenants, disputed enforceable charges and accrued revenues for future billings to tenants for property expenses. We evaluate the collectibility of amounts due from tenants and disputed enforceable charges on both a lease-by-lease and a portfolio-level, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectibility assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842 Leases. Management exercises judgment in assessing collectibility and considers payment history, current credit status and publicly available information about the financial condition of the tenant, among other factors. Tenant receivables and receivables arising from the straight-lining of rents are written-off directly when management deems the collectibility of substantially all future lease payments from a specific lease is not probable, at which point, the Company will begin recognizing revenue from such leases prospectively, based on actual amounts received. This write-off effectively reduces cumulative non-cash rental income recognized from the straight-lining of rents since lease commencement. If the Company subsequently
determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the receivables balance, including those arising from the straight-lining of rents.
Recently Issued Accounting Literature
Recently Issued Accounting Literature — In May 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-04 Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customer (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which provides updates to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods and services. The amendments in ASU 2025-04 are effective for all entities that issue share-based compensation to a customer that is within the scope of Topic 606 for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods and should be applied on a retrospective basis. The Company has not entered into any share-based payment arrangements with customers, and as such, this update has no current impact. The Company will evaluate future agreements and apply the guidance from this update if any agreements meet the criteria of a share-based payment arrangement.
In May 2025, the FASB issued ASU 2025-03 Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which provides updates to clarify business combinations involving the exchange of equity interests when the legal entity is a VIE that meets the definition of a business. The amendments in ASU 2025-03 are effective for all public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods and should be applied prospectively. The Company will apply the guidance in this update to evaluate future business combinations involving a VIE.
In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses, which provides an update to improve the disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses, including purchase of inventory, employee compensation, depreciation and amortization in commonly presented expense captions such as cost of sales, selling, general and administrative expenses and research and development. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which provided clarification on the effective dates of the previously issued ASU. The amendments in ASU 2024-03 are effective for all public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact of this update and will adopt the amendments in its Annual Report on Form 10-K for the year ended December 31, 2027.
In December 2023, FASB issued ASU 2023-09 Income Tax (Topic 740): Improvements to Income Tax Disclosures which provides for additional disclosures for rate reconciliations, disaggregation of income taxes paid, and other disclosures. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2024. The Company will adopt the required disclosures in its Annual Report on Form 10-K for the year ended December 31, 2025.
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 or disclosures.
v3.25.2
ACQUISITIONS AND DISPOSITIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
During the six months ended June 30, 2025, no acquisitions were completed by the Company. During the six months ended June 30, 2024, the Company closed on the following acquisitions:
Date PurchasedProperty NameCityStateSquare Feet
Purchase Price(1)
(in thousands)
February 8, 2024Heritage SquareWatchungNJ87,000 $33,838 
April 5, 2024Ledgewood CommonsRoxbury TownshipNJ448,000 83,211 
2024 Total$117,049 
(1) The total purchase price for the properties acquired during the six months ended June 30, 2024 includes $2.1 million of transaction costs.
The purchase prices of the above property acquisitions have been allocated as follows:
(amounts in thousands)

Property Name
LandBuildings and Improvements
Identified Intangible Assets(1)
Identified Intangible Liabilities(1)
Total Purchase Price
Heritage Square$7,343 $24,643 $4,763 $(2,911)$33,838 
Ledgewood Commons24,313 56,352 15,137 (12,591)83,211 
2024 Total$31,656 $80,995 $19,900 $(15,502)$117,049 
(1) As of June 30, 2025, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2024 were 9.7 years and 17.5 years, respectively.
v3.25.2
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
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 acquired intangible assets and liabilities for the remainder of 2025 and the five succeeding years:
(Amounts in thousands)Below-MarketAbove-MarketIn-Place Lease
YearOperating Lease AmortizationOperating Lease AmortizationAmortization
2025(1)
$5,861 $(1,654)$(10,149)
202611,342 (1,245)(15,953)
202711,204 (1,014)(13,181)
202811,044 (981)(11,444)
202910,736 (922)(9,906)
203010,457 (276)(7,061)
(1) Remainder of 2025
v3.25.2
MORTGAGES PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable
The following is a summary of mortgages payable as of June 30, 2025 and December 31, 2024.
(Amounts in thousands)Maturity
Interest Rate at June 30, 2025
June 30, 2025December 31, 2024
Mortgages secured by: 
Variable rate
Plaza at Woodbridge(1)
6/8/2027—%$— $50,905 
Total variable rate debt— 50,905 
Fixed rate
West End Commons12/10/20253.99%23,470 23,717 
Town Brook Commons12/1/20263.78%29,291 29,610 
Rockaway River Commons12/1/20263.78%25,933 26,215 
Hanover Commons12/10/20264.03%59,551 60,155 
Tonnelle Commons4/1/20274.18%94,342 95,286 
Manchester Plaza6/1/20274.32%12,500 12,500 
Millburn Gateway Center6/1/20273.97%21,270 21,525 
Totowa Commons12/1/20274.33%50,800 50,800 
Woodbridge Commons12/1/20274.36%22,100 22,100 
Brunswick Commons12/6/20274.38%63,000 63,000 
Rutherford Commons1/6/20284.49%23,000 23,000 
Hackensack Commons3/1/20284.36%66,400 66,400 
Marlton Commons12/1/20283.86%35,663 36,024 
Yonkers Gateway Center4/10/20296.30%50,000 50,000 
Ledgewood Commons5/5/20296.03%50,000 50,000 
The Shops at Riverwood6/24/20294.25%20,769 20,958 
Shops at Bruckner7/1/20296.00%37,100 37,350 
Greenbrook Commons9/1/20296.03%31,000 31,000 
Huntington Commons12/5/20296.29%43,704 43,704 
Bergen Town Center4/10/20306.30%289,454 290,000 
The Outlets at Montehiedra6/1/20305.00%72,507 73,551 
Montclair(2)
8/15/20303.15%7,250 7,250 
Garfield Commons12/1/20304.14%38,513 38,886 
The Village at Waugh Chapel(3)
12/1/20313.76%55,427 55,071 
Brick Commons12/10/20315.20%50,000 50,000 
Woodmore Towne Centre1/6/20323.39%117,200 117,200 
Newington Commons7/1/20336.00%15,613 15,719 
Shops at Caguas8/1/20336.60%80,760 81,504 
Briarcliff Commons10/1/20345.47%30,000 30,000 
Mount Kisco Commons(4)
11/15/20346.40%10,017 10,390 
Total fixed rate debt1,526,634 1,532,915 
Total mortgages payable1,526,634 1,583,820 
Total unamortized debt issuance costs(12,397)(14,067)
Total mortgages payable, net$1,514,237 $1,569,753 
(1)The Company paid off the loan prior to maturity on June 26, 2025.
(2)Bears interest at SOFR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan.
(3)The mortgage payable balance includes unamortized debt mark-to-market discount of $4.6 million.
(4)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.6 million.
Schedule of Principal Repayments
As of June 30, 2025, the principal repayments of the Company’s total outstanding debt for the remainder of 2025, the five succeeding years, and thereafter are as follows:
(Amounts in thousands) 
Year Ending December 31,
2025(1)
$30,891 
2026126,997 
2027272,363 
2028225,168 
2029236,619 
2030378,147 
Thereafter346,449 
(1) Remainder of 2025.
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Components of Rental Revenue The components of rental revenue for the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 (Amounts in thousands)2025202420252024
Rental Revenue
Fixed lease revenue$85,396 $80,134 $170,658 $160,256 
Variable lease revenue(1)
28,516 26,224 61,346 55,649 
Total rental revenue$113,912 $106,358 $232,004 $215,905 
(1) Percentage rents for the three and six months ended June 30, 2025 were $0.2 million and $1.1 million, respectively, and $0.3 million and $1.3 million for the same periods in 2024.
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring The tables below summarize the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:
As of June 30, 2025
(Amounts in thousands)Level 1Level 2Level 3Total
Interest rate swap(1)
$— $969 $— $969 
As of December 31, 2024
Level 1Level 2Level 3Total
Interest rate cap and swap(1)
$— $1,642 $— $1,642 
(1) Included in Prepaid expenses and other assets on the consolidated balance sheets.
Schedule of Derivative Instruments
The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of June 30, 2025 and December 31, 2024:
(Amounts in thousands)As of June 30, 2025
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Montclair interest rate swap$969 $7,250 
SOFR + 2.57%
7.02%3.15%8/15/2030
As of December 31, 2024
Hedged InstrumentFair ValueNotional AmountSpreadInterest RateEffective Interest RateExpiration
Plaza at Woodbridge interest rate cap$391 $50,905 
SOFR + 2.26%
6.70%5.26%7/1/2025
Montclair interest rate swap1,251 7,250 
SOFR + 2.57%
7.10%3.15%8/15/2030

The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and six months ended June 30, 2025 and 2024:
Unrealized (Loss) Gain Recognized in OCI on Derivatives
(Amounts in thousands)Three Months Ended June 30,Six Months Ended June 30,
Hedged Instrument2025202420252024
Plaza at Woodbridge interest rate cap(1)
$(83)$(40)$(105)$149 
Montclair interest rate swap(115)(13)(281)91 
Total$(198)$(53)$(386)$240 
(1) The instrument has expired and the corresponding loan was repaid on June 26, 2025.
Schedule of Financial Instrument Carrying Amounts and Fair Values The table below summarizes the carrying amounts and fair value of our Level 3 financial instruments as of June 30, 2025 and December 31, 2024:
 As of June 30, 2025As of December 31, 2024
(Amounts in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Mortgages payable(1)
$1,526,634 $1,438,339 $1,583,820 $1,464,996 
Unsecured credit facility90,000 87,652 50,000 48,333 
(1) Carrying amounts exclude unamortized debt issuance costs of $12.4 million and $14.1 million as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
PREPAID EXPENSES AND OTHER ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
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 on the consolidated balance sheets:
Balance at
(Amounts in thousands)June 30, 2025December 31, 2024
Deferred tax asset, net$23,719 $24,827 
Other assets14,884 15,811 
Deferred financing costs, net of accumulated amortization of $11,396 and $10,571, respectively
2,622 3,447 
Finance lease right-of-use asset2,724 2,724 
Real estate held for sale— 10,286 
Prepaid expenses:
Real estate taxes6,443 10,905 
Insurance5,778 1,097 
Licenses/fees2,145 1,457 
Total prepaid expenses and other assets$58,315 $70,554 
v3.25.2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Composition of Accounts Payable, Accrued Expenses and Other Liabilities
The following is a summary of the composition of accounts payable, accrued expenses and other liabilities on the consolidated balance sheets:
Balance at
(Amounts in thousands)June 30, 2025December 31, 2024
Deferred tenant revenue$24,546 $26,878 
Accrued capital expenditures and leasing costs26,171 17,557 
Accrued interest payable6,023 6,286 
Security deposits6,212 5,877 
Other liabilities and accrued expenses11,140 16,018 
Finance lease liability3,047 3,040 
Accrued payroll expenses8,771 14,326 
Total accounts payable, accrued expenses and other liabilities$85,910 $89,982 
v3.25.2
INTEREST AND DEBT EXPENSE (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Interest and Debt Expense
The following table sets forth the details of interest and debt expense on the consolidated statements of income and comprehensive income:
 Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2025202420252024
Interest expense$18,324 $20,858 $36,952 $40,416 
Amortization of deferred financing costs1,213 1,038 2,340 2,057 
Total interest and debt expense$19,537 $21,896 $39,292 $42,473 
v3.25.2
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Share-based Compensation Expense
Share-based compensation expense, which is included in general and administrative expenses on our consolidated statements of income and comprehensive income, is summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2025202420252024
Share-based compensation expense components:
Time-based LTIP expense(1)
$2,416 $1,363 $3,951 $2,549 
Performance-based LTIP expense(2)
963 836 2,084 1,834 
Restricted share expense175 214 196 421 
Deferred share unit (“DSU”) expense12 29 42 59 
Total Share-based compensation expense$3,566 $2,442 $6,273 $4,863 
(1) Expense for the three and six months ended June 30, 2025 includes the 2025, 2024, 2023, 2022, and 2021 LTI Plans.
(2) Expense for the three and six months ended June 30, 2025 includes the 2025, 2024, 2023, 2022, 2021, and 2020 LTI Plans.
v3.25.2
EARNINGS PER SHARE AND UNIT (Tables)
 6 Months Ended
Jun. 30, 2025
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 EPS:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands, except per share amounts)2025202420252024
Numerator:
Net income attributable to common shareholders$57,978 $30,759 $66,176 $33,362 
Less: earnings allocated to unvested participating securities(36)(29)(42)(31)
Net income available for common shareholders - basic$57,942 $30,730 $66,134 $33,331 
Impact of assumed conversions:
OP and LTIP Units21 10 53 — 
Net income available for common shareholders - dilutive$57,963 $30,740 $66,187 $33,331 
Denominator:
Weighted average common shares outstanding - basic125,688 118,859 125,601 118,466 
Effect of dilutive securities(1):
Stock options using the treasury stock method— — 84 — 
Restricted share awards78 112 95 109 
Weighted average common shares outstanding - diluted125,766 118,971 125,780 118,575 
Earnings per share available to common shareholders:
Earnings per common share - Basic$0.46 $0.26 $0.53 $0.28 
Earnings per common share - Diluted$0.46 $0.26 $0.53 $0.28 
(1) For the three and six months ended June 30, 2025, the effect of the redemption of certain 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 these periods.
Operating Partnership Earnings per Unit
The following table sets forth the computation of basic and diluted earnings per unit:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands, except per unit amounts)2025202420252024
Numerator:
Net income attributable to unitholders$61,036 $32,498 $69,666 $35,219 
Less: net income attributable to participating securities(319)(29)(678)(31)
Net income available for unitholders$60,717 $32,469 $68,988 $35,188 
Denominator:
Weighted average units outstanding - basic130,474 123,572 130,297 123,109 
Effect of dilutive securities issued by Urban Edge149 112 179 109 
Unvested LTIP Units(1)
— 201 — — 
Weighted average units outstanding - diluted130,623 123,885 130,476 123,218 
Earnings per unit available to unitholders:
Earnings per unit - Basic$0.47 $0.26 $0.53 $0.29 
Earnings per unit - Diluted$0.46 $0.26 $0.53 $0.29 
(1) For the three and six months ended June 30, 2025, the effect of the redemption of certain OP and LTIP Units for Urban Edge common shares would have an anti-dilutive effect on the calculation of diluted EPU. Accordingly, the impact of such redemption has not been included in the determination of diluted EPU for these periods.
v3.25.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table provides the components of Property NOI related to our single reportable segment for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2025202420252024
REVENUE
Property rentals$79,895 $77,259 $159,989 $154,577 
Tenant expense reimbursements31,419 28,204 66,154 58,488 
Total property revenues111,314 105,463 226,143 213,065 
EXPENSES
Real estate taxes17,028 17,923 33,868 35,374 
Property operating19,477 18,360 43,943 38,969 
Lease expense2,047 2,195 4,145 4,825 
Total property operating expenses38,552 38,478 81,956 79,168 
Property net operating income$72,762 $66,985 $144,187 $133,897 
Reconciliation of Property NOI to income before income taxes
Depreciation and amortization(32,602)(39,679)(69,797)(78,253)
Interest and debt expense(19,537)(21,896)(39,292)(42,473)
General and administrative expense(11,717)(9,368)(21,248)(18,414)
(Loss) gain on extinguishment of debt(175)21,699 323 21,427 
Interest income446 402 852 824 
Straight-line rents, amortization of above and below-market leases, and other2,762 1,019 6,034 3,541 
Gain on sale of real estate49,462 13,447 49,462 15,349 
Other income (expense)(1)
35 (46)(84)(225)
Income before income taxes$61,436 $32,563 $70,437 $35,673 
(1) Includes intercompany eliminations and other income and expenses related to corporate activities, including the captive insurance program.
v3.25.2
ORGANIZATION (Details)
ft² in Millions
 6 Months Ended
Jun. 30, 2025
ft²
property
Real Estate Properties [Line Items]  
Area of real estate property (in sq ft) | ft² 17.1
Wholly owned properties | Shopping Center  
Real Estate Properties [Line Items]  
Number of real estate properties 68
Wholly owned properties | Outlet Center  
Real Estate Properties [Line Items]  
Number of real estate properties 2
Wholly owned properties | Mall  
Real Estate Properties [Line Items]  
Number of real estate properties 2
Operating Partnership | Parent | Vornado Realty L.P.  
Real Estate Properties [Line Items]  
Noncontrolling interest percentage 95.00%
Walnut Creek (Mt. Diablo), CA  
Real Estate Properties [Line Items]  
Noncontrolling interest percentage 5.00%
Parent controlling interest 95.00%
Sunrise Mall Massapequa, NY  
Real Estate Properties [Line Items]  
Parent controlling interest 82.50%
v3.25.2
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION AND COMBINATION (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
property
variableInterestEntity
Dec. 31, 2024
USD ($)
Jun. 30, 2024
variableInterestEntity
Variable Interest Entity [Line Items]      
Number of variable interest entities | variableInterestEntity 2   2
Assets $ 3,313,551 $ 3,311,540  
Liabilities $ 1,920,947 1,949,816  
Number of reportable segments | property 1    
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Assets $ 41,000 38,900  
Liabilities $ 9,500 $ 9,200  
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Real Estate
Jun. 30, 2025
Minimum  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Estimated useful life 1 year
Maximum  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Estimated useful life 40 years
v3.25.2
ACQUISITIONS AND DISPOSITIONS - Summary of Acquisition Activity (Details)
ft² in Thousands, $ in Thousands
 6 Months Ended
Apr. 05, 2024
USD ($)
ft²
Feb. 08, 2024
USD ($)
ft²
Jun. 30, 2025
USD ($)
ft²
Business Acquisition [Line Items]      
Area of real estate property (in sq ft) | ft²     17,100
Transaction costs | $     $ 2,100
Heritage Square      
Business Acquisition [Line Items]      
Area of real estate property (in sq ft) | ft²   87  
Purchase Price | $   $ 33,838 $ 117,049
Ledgewood Commons      
Business Acquisition [Line Items]      
Area of real estate property (in sq ft) | ft² 448    
Purchase Price | $ $ 83,211    
v3.25.2
ACQUISITIONS AND DISPOSITIONS - Narrative (Details)
ft² in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 23, 2025
USD ($)
Jun. 09, 2025
USD ($)
Apr. 25, 2025
USD ($)
May 03, 2024
USD ($)
Apr. 26, 2024
USD ($)
ft²
Apr. 05, 2024
USD ($)
ft²
outparcel
Mar. 14, 2024
USD ($)
ft²
Feb. 08, 2024
USD ($)
ft²
concept
outparcel
Jun. 30, 2025
USD ($)
ft²
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
ft²
Jun. 30, 2025
USD ($)
ft²
property
Jun. 30, 2025
USD ($)
ft²
parcel
Jun. 30, 2024
USD ($)
property
Dec. 31, 2024
USD ($)
Business Acquisition [Line Items]                              
Area of real estate property (in sq ft) | ft²                 17,100   17,100 17,100 17,100    
Gain on sale of real estate                 $ 49,462 $ 13,447 $ 49,462     $ 15,349  
Disposal Group, Disposed of by Sale, Not Discontinued Operations                              
Business Acquisition [Line Items]                              
Area of real estate property (in sq ft) | ft²         127   95                
Number of disposed properties                       2 1 2  
Proceeds from sale of real estate, net of selling cost                     64,400     $ 34,800  
Gain on sale of real estate $ 16,100 $ 20,400     $ 13,100   $ 1,500       49,500     $ 15,300  
Aggregate sale price of disposed properties $ 18,000 $ 23,200     $ 29,200   $ 8,700                
First Mortgage | Mortgages                              
Business Acquisition [Line Items]                              
Total mortgages payable                 1,526,634   1,526,634 $ 1,526,634 $ 1,526,634   $ 1,583,820
First Mortgage | Fixed rate | Mortgages                              
Business Acquisition [Line Items]                              
Total mortgages payable                 1,526,634   1,526,634 1,526,634 1,526,634   1,532,915
Ledgewood Commons | First Mortgage | Fixed rate | Mortgages                              
Business Acquisition [Line Items]                              
Debt instrument, term       5 years                      
Total mortgages payable       $ 50,000                     50,000
Effective Interest Rate       6.03%                      
Bergen Town Center | Disposal Group, Disposed of by Sale, Not Discontinued Operations                              
Business Acquisition [Line Items]                              
Gain on sale of real estate     $ 12,900                        
Aggregate sale price of disposed properties     $ 25,000                        
Bergen Town Center | First Mortgage | Fixed rate | Mortgages                              
Business Acquisition [Line Items]                              
Total mortgages payable                 $ 289,454   $ 289,454 $ 289,454 $ 289,454   $ 290,000
Effective Interest Rate                 6.30%   6.30% 6.30% 6.30%    
Heritage Square                              
Business Acquisition [Line Items]                              
Area of real estate property (in sq ft) | ft²               87              
Purchase price of real estate property acquired               $ 33,838     $ 117,049        
Number of company concepts | concept               2              
Number of outparcels | outparcel               4              
Ledgewood Commons                              
Business Acquisition [Line Items]                              
Area of real estate property (in sq ft) | ft²           448                  
Purchase price of real estate property acquired           $ 83,211                  
Number of outparcels | outparcel           2                  
v3.25.2
ACQUISITIONS AND DISPOSITIONS - Aggregate Purchase Price Allocations (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Business Acquisition [Line Items]  
Allocated price to land $ 31,656
Allocated price to buildings and improvements 80,995
Identified intangible assets 19,900
Identified intangible liabilities (15,502)
Total Purchase Price $ 117,049
Weighted average useful life 9 years 8 months 12 days
Weighted average related liabilities 17 years 6 months
Heritage Square  
Business Acquisition [Line Items]  
Allocated price to land $ 7,343
Allocated price to buildings and improvements 24,643
Identified intangible assets 4,763
Identified intangible liabilities (2,911)
Total Purchase Price 33,838
Ledgewood Commons  
Business Acquisition [Line Items]  
Allocated price to land 24,313
Allocated price to buildings and improvements 56,352
Identified intangible assets 15,137
Identified intangible liabilities (12,591)
Total Purchase Price $ 83,211
v3.25.2
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]          
Identified intangible assets, net of accumulated amortization $ 95,096   $ 95,096   $ 109,827
Identified intangible liabilities, net of accumulated amortization 171,424   171,424   $ 177,496
Amortization of acquired below-market leases, net of above-market leases 2,500 $ 700 5,000 $ 2,100  
Amortization expense of intangible assets $ 5,900 $ 7,500 $ 13,900 $ 14,400  
v3.25.2
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES - Schedule of Estimated Annual Amortization Expense (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Below-Market Operating Lease Amortization  
2024 $ 5,861
2025 11,342
2026 11,204
2027 11,044
2028 10,736
2029 10,457
Above-Market  
Above-Market Operating Lease Amortization  
2024 (1,654)
2025 (1,245)
2026 (1,014)
2027 (981)
2028 (922)
2029 (276)
In-Place Leases  
2024 (1,654)
2025 (1,245)
2026 (1,014)
2027 (981)
2028 (922)
2029 (276)
In-Place Lease  
Above-Market Operating Lease Amortization  
2024 (10,149)
2025 (15,953)
2026 (13,181)
2027 (11,444)
2028 (9,906)
2029 (7,061)
In-Place Leases  
2024 (10,149)
2025 (15,953)
2026 (13,181)
2027 (11,444)
2028 (9,906)
2029 $ (7,061)
v3.25.2
MORTGAGES PAYABLE - Summary of Mortgages Payable (Details) - Mortgages - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
May 03, 2024
Mar. 28, 2024
Fixed rate | The Village at Waugh Chapel        
Debt Instrument [Line Items]        
Debt instrument, unamortized discount $ 4,600      
Fixed rate | Mount Kisco Commons        
Debt Instrument [Line Items]        
Debt instrument, unamortized discount 600      
First Mortgage        
Debt Instrument [Line Items]        
Total mortgages payable 1,526,634 $ 1,583,820    
Total unamortized debt issuance costs (12,397) (14,067)    
Total mortgages payable, net 1,514,237 1,569,753    
First Mortgage | Variable rate        
Debt Instrument [Line Items]        
Total mortgages payable $ 0 50,905    
First Mortgage | Variable rate | The Plaza at Woodbridge        
Debt Instrument [Line Items]        
Effective Interest Rate 0.00%      
Total mortgages payable $ 0 50,905    
First Mortgage | Variable rate | Montclair, NJ        
Debt Instrument [Line Items]        
Interest rate spread on variable rate 2.57%      
First Mortgage | Fixed rate        
Debt Instrument [Line Items]        
Total mortgages payable $ 1,526,634 1,532,915    
First Mortgage | Fixed rate | West End Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 3.99%      
Total mortgages payable $ 23,470 23,717    
First Mortgage | Fixed rate | Town Brook Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 3.78%      
Total mortgages payable $ 29,291 29,610    
First Mortgage | Fixed rate | Rockaway River Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 3.78%      
Total mortgages payable $ 25,933 26,215    
First Mortgage | Fixed rate | Hanover Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.03%      
Total mortgages payable $ 59,551 60,155    
First Mortgage | Fixed rate | Tonnelle Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.18%      
Total mortgages payable $ 94,342 95,286    
First Mortgage | Fixed rate | Manchester Plaza        
Debt Instrument [Line Items]        
Effective Interest Rate 4.32%      
Total mortgages payable $ 12,500 12,500    
First Mortgage | Fixed rate | Millburn Gateway Center        
Debt Instrument [Line Items]        
Effective Interest Rate 3.97%      
Total mortgages payable $ 21,270 21,525    
First Mortgage | Fixed rate | Totowa Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.33%      
Total mortgages payable $ 50,800 50,800    
First Mortgage | Fixed rate | Woodbridge Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.36%      
Total mortgages payable $ 22,100 22,100    
First Mortgage | Fixed rate | Brunswick Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.38%      
Total mortgages payable $ 63,000 63,000    
First Mortgage | Fixed rate | Rutherford Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.49%      
Total mortgages payable $ 23,000 23,000    
First Mortgage | Fixed rate | Hackensack Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.36%      
Total mortgages payable $ 66,400 66,400    
First Mortgage | Fixed rate | Marlton Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 3.86%      
Total mortgages payable $ 35,663 36,024    
First Mortgage | Fixed rate | Yonkers Gateway Center        
Debt Instrument [Line Items]        
Effective Interest Rate       6.30%
Total mortgages payable   50,000   $ 50,000
First Mortgage | Fixed rate | Ledgewood Commons        
Debt Instrument [Line Items]        
Effective Interest Rate     6.03%  
Total mortgages payable   50,000 $ 50,000  
First Mortgage | Fixed rate | The Shops at Riverwood        
Debt Instrument [Line Items]        
Effective Interest Rate 4.25%      
Total mortgages payable $ 20,769 20,958    
First Mortgage | Fixed rate | Shops at Bruckner        
Debt Instrument [Line Items]        
Effective Interest Rate 6.00%      
Total mortgages payable $ 37,100 37,350    
First Mortgage | Fixed rate | Greenbrook Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 6.03%      
Total mortgages payable $ 31,000 31,000    
First Mortgage | Fixed rate | Huntington Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 6.29%      
Total mortgages payable $ 43,704 43,704    
First Mortgage | Fixed rate | Bergen Town Center        
Debt Instrument [Line Items]        
Effective Interest Rate 6.30%      
Total mortgages payable $ 289,454 290,000    
First Mortgage | Fixed rate | The Outlets at Montehiedra | Senior Loan        
Debt Instrument [Line Items]        
Effective Interest Rate 5.00%      
Total mortgages payable $ 72,507 $ 73,551    
First Mortgage | Fixed rate | Montclair, NJ        
Debt Instrument [Line Items]        
Effective Interest Rate 3.15% 3.15%    
Total mortgages payable $ 7,250 $ 7,250    
First Mortgage | Fixed rate | Garfield Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 4.14%      
Total mortgages payable $ 38,513 38,886    
First Mortgage | Fixed rate | The Village at Waugh Chapel        
Debt Instrument [Line Items]        
Effective Interest Rate 3.76%      
Total mortgages payable $ 55,427 55,071    
First Mortgage | Fixed rate | Brick Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 5.20%      
Total mortgages payable $ 50,000 50,000    
First Mortgage | Fixed rate | Woodmore Towne Centre        
Debt Instrument [Line Items]        
Effective Interest Rate 3.39%      
Total mortgages payable $ 117,200 117,200    
First Mortgage | Fixed rate | Newington Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 6.00%      
Total mortgages payable $ 15,613 15,719    
First Mortgage | Fixed rate | Shops At Caguas        
Debt Instrument [Line Items]        
Effective Interest Rate 6.60%      
Total mortgages payable $ 80,760 81,504    
First Mortgage | Fixed rate | Briarcliff Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 5.47%      
Total mortgages payable $ 30,000 30,000    
First Mortgage | Fixed rate | Mount Kisco Commons        
Debt Instrument [Line Items]        
Effective Interest Rate 6.40%      
Total mortgages payable $ 10,017 $ 10,390    
v3.25.2
MORTGAGES PAYABLE - Additional Information (Details)
ft² in Thousands
 3 Months Ended 6 Months Ended
Jun. 26, 2025
USD ($)
Jun. 27, 2024
USD ($)
Aug. 09, 2022
USD ($)
extension_option
Mar. 07, 2017
USD ($)
extension_option
Jun. 30, 2025
USD ($)
credit
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
credit
Jun. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
May 31, 2023
Mar. 31, 2023
ft²
Jan. 15, 2015
USD ($)
Debt Instrument [Line Items]                            
Net carrying amount of real estate collateralizing indebtedness         $ 1,400,000,000     $ 1,400,000,000            
Number of credit letters | credit         7     7            
Unsecured credit facility         $ 90,000,000     $ 90,000,000     $ 50,000,000      
Decrease in forgiveness of debt in connection with foreclosure   $ 68,600,000           0 $ 68,613,000          
Gain (loss) on extinguishment of debt         (175,000)   $ 21,699,000 323,000 $ 21,427,000          
Property Lease Guarantee                            
Debt Instrument [Line Items]                            
Conditional corporate guarantee         $ 12,500,000     $ 12,500,000            
Guarantor obligations, amortization period         1 year 3 months 18 days     1 year 3 months 18 days            
Guarantor obligations, remaining amount of potential guarantee         $ 3,000,000.0     $ 3,000,000.0            
Property Lease Guarantee | Forecast                            
Debt Instrument [Line Items]                            
Conditional corporate guarantee                   $ 0        
Tenant A                            
Debt Instrument [Line Items]                            
Number of square feet rented by tenant | ft²                         50  
Gross Rentable Area                         0.40  
Tenant B                            
Debt Instrument [Line Items]                            
Number of square feet rented by tenant | ft²                         17  
Mortgages | The Plaza at Woodbridge                            
Debt Instrument [Line Items]                            
Repayments of lines of credit $ 50,200,000                          
Mortgages | Variable rate | First Mortgage | Kingswood Center                            
Debt Instrument [Line Items]                            
Gain (loss) on extinguishment of debt   $ 21,700,000       $ 500,000                
Mortgages | Fixed rate | First Mortgage | Kingswood Center                            
Debt Instrument [Line Items]                            
Accrue default interest                       0.05    
Revolving Credit Facility | Line of Credit                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity       $ 600,000,000 32,100,000     32,100,000           $ 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         50,000,000                  
Unsecured credit facility         90,000,000     90,000,000            
Remaining borrowing capacity         677,900,000     677,900,000            
Repayments of lines of credit         35,000,000                  
Gross debt issuance costs         $ 2,600,000     $ 2,600,000     $ 3,400,000      
Revolving Credit Facility | Line of Credit | Minimum                            
Debt Instrument [Line Items]                            
Financial covenants, minimum fixed charge coverage ratio     1.5                      
Revolving Credit Facility | Line of Credit | Maximum                            
Debt Instrument [Line Items]                            
Financial covenants, maximum leverage ratio     0.60                      
Revolving Credit Facility | Line of Credit | Four-Year Revolving Credit Agreement January 2015                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity     $ 800,000,000                      
Increase in credit facility     $ 200,000,000                      
Number of extension options | extension_option     2                      
Term of each extension option     6 months                      
Revolving Credit Facility | Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Minimum                            
Debt Instrument [Line Items]                            
Interest rate spread on variable rate     1.03%                      
Facility fee     0.15%                      
Revolving Credit Facility | Line of Credit | Four-Year Revolving Credit Agreement January 2015 | Maximum                            
Debt Instrument [Line Items]                            
Interest rate spread on variable rate     1.50%                      
Facility fee     0.30%                      
v3.25.2
MORTGAGES PAYABLE - Schedule of Maturities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
2024 $ 30,891
2026 126,997
2027 272,363
2028 225,168
2029 236,619
2030 378,147
Thereafter $ 346,449
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Contingency [Line Items]        
Income tax expense $ 643 $ 539 $ 1,262 $ 1,204
Puerto Rico        
Income Tax Contingency [Line Items]        
Branch profit tax     10.00%  
Puerto Rico | Commonwealth of Puerto Rico        
Income Tax Contingency [Line Items]        
Income tax expense $ 600 $ 500 $ 1,100 $ 1,200
Puerto Rico | Minimum        
Income Tax Contingency [Line Items]        
State and local income taxes     18.50%  
Puerto Rico | Maximum        
Income Tax Contingency [Line Items]        
State and local income taxes     37.50%  
v3.25.2
LEASES - Components of Rental Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Fixed lease revenue $ 85,396 $ 80,134 $ 170,658 $ 160,256
Variable lease revenue 28,516 26,224 61,346 55,649
Total rental revenue 113,912 106,358 232,004 215,905
Percentage rent $ 200 $ 300 $ 1,100 $ 1,300
v3.25.2
FAIR VALUE MEASUREMENTS - Interest Rate Cap Schedule (Details) - Fair Value, Recurring - Interest Rate Cap - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 969 $ 1,642
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 969 1,642
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 0 $ 0
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Derivative Instrument (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest Rate 7.02% 7.10%
First Mortgage | The Plaza at Woodbridge | Variable rate | Mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Effective Interest Rate 0.00%  
First Mortgage | Montclair, NJ | Fixed rate | Mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Effective Interest Rate 3.15% 3.15%
Interest Rate Cap | First Mortgage | The Plaza at Woodbridge | Variable rate | Mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value   $ 391
Notional Amount   $ 50,905
Spread   2.26%
Interest Rate   6.70%
Effective Interest Rate   5.26%
Interest Rate Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 969 $ 1,251
Interest Rate Swap | First Mortgage | Montclair, NJ | Variable rate | Mortgages    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional Amount $ 7,250 $ 7,250
Spread 2.57% 2.57%
v3.25.2
FAIR VALUE MEASUREMENTS - Unrealized Gain Recognized In OCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized (Loss) Gain Recognized in OCI on Derivatives $ (198) $ (53) $ (386) $ 240
The Plaza at Woodbridge | Interest Rate Cap        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized (Loss) Gain Recognized in OCI on Derivatives (83) (40) (105) 149
Montclair, NJ | Interest Rate Swap        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized (Loss) Gain Recognized in OCI on Derivatives $ (115) $ (13) $ (281) $ 91
v3.25.2
FAIR VALUE MEASUREMENTS - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
property
derivative
Jun. 30, 2025
USD ($)
property
derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Real estate impairment loss | $ $ 0 $ 0
Interest Rate Cap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Number of derivatives held 1 1
Interest Rate Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Number of derivatives held 1 1
Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Number of derivatives held | derivative 1 1
v3.25.2
FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Carrying Amount | Mortgages    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mortgages payable $ 1,526,634 $ 1,583,820
Carrying Amount | Line of Credit    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mortgages payable 90,000 50,000
Fair Value | Mortgages    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mortgages payable 1,438,339 1,464,996
Total unamortized debt issuance costs (12,400) (14,100)
Fair Value | Line of Credit    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mortgages payable $ 87,652 $ 48,333
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details)
ft² in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 16, 2025
USD ($)
ft²
lease
Jun. 30, 2025
USD ($)
ft²
credit
project
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
ft²
credit
project
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Mar. 07, 2017
USD ($)
Jan. 15, 2015
USD ($)
Loss Contingencies [Line Items]                
Number of projects | project   20   20        
Real estate redevelopment in process   $ 141,800   $ 141,800        
Estimated cost to complete development and redevelopment projects   76,600   76,600        
Deferred lease expense   $ 1,000   $ 1,000   $ 1,300    
Number of leases | lease 2              
Area of real estate property (in sq ft) | ft²   17,100   17,100        
Rental revenue   $ 113,912 $ 106,358 $ 232,004 $ 215,905      
Number of credit letters | credit   7   7        
Revolving Credit Facility | Line of Credit                
Loss Contingencies [Line Items]                
Maximum borrowing capacity   $ 32,100   $ 32,100     $ 600,000 $ 500,000
Big Lots                
Loss Contingencies [Line Items]                
Area of real estate property (in sq ft) | ft² 186              
Rental revenue $ 2,500              
v3.25.2
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deferred tax asset, net $ 23,719 $ 24,827
Other assets 14,884 15,811
Debt issuance costs, net 2,622 3,447
Finance lease right-of-use asset 2,724 2,724
Real estate held for sale 0 10,286
Prepaid expenses:    
Real estate taxes 6,443 10,905
Insurance 5,778 1,097
Licenses/fees 2,145 1,457
Total prepaid expenses and other assets 58,315 70,554
Accumulated amortization, deferred financing costs $ 11,396 $ 10,571
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total prepaid expenses and other assets Total prepaid expenses and other assets
v3.25.2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Accrued capital expenditures and leasing costs $ 26,171 $ 17,557
Deferred tenant revenue 24,546 26,878
Accrued interest payable 6,023 6,286
Security deposits 6,212 5,877
Other liabilities and accrued expenses 11,140 16,018
Finance lease liability 3,047 3,040
Accrued payroll expenses 8,771 14,326
Total accounts payable, accrued expenses and other liabilities $ 85,910 $ 89,982
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
v3.25.2
INTEREST AND DEBT EXPENSE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
Interest expense $ 18,324 $ 20,858 $ 36,952 $ 40,416
Amortization of deferred financing costs 1,213 1,038 2,340 2,057
Total interest and debt expense $ 19,537 $ 21,896 $ 39,292 $ 42,473
v3.25.2
EQUITY AND NONCONTROLLING INTEREST (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Aug. 15, 2022
Noncontrolling Interest [Line Items]            
Common stock, par value (in dollars per share) $ 0.01   $ 0.01   $ 0.01  
Authorized amount $ 200,000,000   $ 200,000,000      
Remaining for share repurchase program $ 145,900,000   145,900,000      
Proceeds related to the issuance of common shares, net     $ 15,000 $ 37,270,000    
Repurchase of common shares (in shares)     0 0    
Distributions to redeemable NCI (in dollars per unit) $ 0.19 $ 0.17 $ 0.38 $ 0.34    
At-The-Market Program            
Noncontrolling Interest [Line Items]            
Common stock, par value (in dollars per share)           $ 0.01
Authorized amount           $ 250,000,000
Stock offering expense     $ 300,000 $ 1,500,000    
Remaining for share repurchase program $ 117,200,000   $ 117,200,000      
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      
Common Shares            
Noncontrolling Interest [Line Items]            
Common shares issued (in shares) 10,681 1,622,418 21,253 2,763,639    
Common Shares | At-The-Market Program            
Noncontrolling Interest [Line Items]            
Common shares issued (in shares)       2,690,298    
Shares Issued, Price Per Share   $ 17.85   $ 17.85    
Proceeds related to the issuance of common shares, net       $ 47,400,000    
Operating Partnership | OP Units            
Noncontrolling Interest [Line Items]            
Noncontrolling interest percentage 5.00%   4.90%      
Walnut Creek (Mt. Diablo), CA            
Noncontrolling Interest [Line Items]            
Noncontrolling interest percentage     5.00%      
Sunrise Mall Massapequa, NY | Sunrise Mall Massapequa, NY            
Noncontrolling Interest [Line Items]            
Noncontrolling interest percentage 17.50%   17.50%      
Vornado Realty L.P. | Operating Partnership | Parent            
Noncontrolling Interest [Line Items]            
Noncontrolling interest percentage     95.00%      
v3.25.2
SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - General and Administrative Expense - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total Share-based compensation expense $ 3,566 $ 2,442 $ 6,273 $ 4,863
Time-based LTIP Shares        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total Share-based compensation expense 2,416 1,363 3,951 2,549
Performance-based LTIP expense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total Share-based compensation expense 963 836 2,084 1,834
Restricted share expense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total Share-based compensation expense 175 214 196 421
Deferred share unit (“DSU”) expense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total Share-based compensation expense $ 12 $ 29 $ 42 $ 59
v3.25.2
SHARE-BASED COMPENSATION - Additional Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2025
USD ($)
Feb. 09, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Issuance of LTIP Units | $     $ 672 $ 388 $ 1,050 $ 609
Matching Award            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period         3 years  
Incremental deferral of cash bonuses     0.25   0.25  
Percent of match         20.00%  
Granted under the Matching Award | $ $ 6,700          
LTIP Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number or equity awards granted (in shares)         642,387  
Number of awards vested (in shares)         739,179  
Number of shares earned (in shares)         247,874  
Number of shares forfeited (in shares)         36,533  
Award vesting period         2 years  
LTIP Units | Long-Term Incentive Plan 2025            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance measurement period of equity awards   3 years        
Time-based and Performance-based LTIP Shares | Long-Term Incentive Plan 2025            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grant date fair value of equity awards | $   $ 9,100        
Performance-based LTIP Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Historical volatility rate         27.10%  
Risk free interest rate         4.40%  
Performance-based LTIP Shares | Long-Term Incentive Plan 2025            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number or equity awards granted (in shares)         260,405  
Award vesting period         3 years  
Issuance of LTIP Units | $         $ 3,800  
Time-based LTIP Shares | Long-Term Incentive Plan 2025            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number or equity awards granted (in shares)         243,842  
Grant date fair value of equity awards | $     $ 4,600   $ 4,600  
Award vesting period         3 years  
Time-based LTIP Shares | Long-Term Incentive Plan 2025 | Chairman And Chief Executive Officer            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period         4 years  
Restricted Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number or equity awards granted (in shares)         43,378  
Number of awards vested (in shares)         40,803  
Number of shares forfeited (in shares)         35,352  
Restricted Shares | Long-Term Incentive Plan 2025            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number or equity awards granted (in shares)         36,602  
Grant date fair value of equity awards | $     $ 700   $ 700  
Award vesting period         3 years  
v3.25.2
EARNINGS PER SHARE AND UNIT (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income attributable to common shareholders/unitholders $ 57,978 $ 30,759 $ 66,176 $ 33,362
Less: earnings allocated to unvested participating securities (36) (29) (42) (31)
Net income available for common shareholders - basic 57,942 30,730 66,134 33,331
OP and LTIP Units 21 10 53 0
Net income available for common shareholders - dilutive $ 57,963 $ 30,740 $ 66,187 $ 33,331
Denominator:        
Weighted average common shares outstanding - basic (in shares) 125,688 118,859 125,601 118,466
Effect of dilutive securities:        
Stock options using the treasury stock method (in shares) 0 0 84 0
Weighted average common shares outstanding - diluted (in shares) 125,766 118,971 125,780 118,575
Earnings per share available to common shareholders:        
Earnings (loss) per common share - Basic (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.28
Earnings (loss) per common share - Diluted (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.28
Urban Edge Properties LP        
Numerator:        
Net income attributable to common shareholders/unitholders $ 61,036 $ 32,498 $ 69,666 $ 35,219
Less: earnings allocated to unvested participating securities (319) (29) (678) (31)
Net income available for common shareholders - basic $ 60,717 $ 32,469 $ 68,988 $ 35,188
Denominator:        
Weighted average common shares outstanding - basic (in shares) 130,474 123,572 130,297 123,109
Effect of dilutive securities:        
Stock options using treasure stock method and restricted stock awards (in shares) 149 112 179 109
Assumed conversion of OP and LTIP units (in shares) 0 201 0 0
Weighted average common shares outstanding - diluted (in shares) 130,623 123,885 130,476 123,218
Earnings per share available to common shareholders:        
Earnings (loss) per common share - Basic (in dollars per share) $ 0.47 $ 0.26 $ 0.53 $ 0.29
Earnings (loss) per common share - Diluted (in dollars per share) $ 0.46 $ 0.26 $ 0.53 $ 0.29
Restricted share expense        
Effect of dilutive securities:        
Stock options using treasure stock method and restricted stock awards (in shares) 78 112 95 109
v3.25.2
SEGMENT REPORTING (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Real estate taxes $ 16,582,000 $ 17,472,000 $ 32,940,000 $ 34,475,000
Property operating 17,531,000 18,260,000 40,263,000 38,766,000
Lease expense 3,290,000 3,115,000 6,661,000 6,243,000
Depreciation and amortization (32,602,000) (39,679,000) (69,797,000) (78,253,000)
Interest and debt expense (19,537,000) (21,896,000) (39,292,000) (42,473,000)
General and administrative (11,717,000) (9,368,000) (21,248,000) (18,414,000)
(Loss) gain on extinguishment of debt (175,000) 21,699,000 323,000 21,427,000
Real estate impairment loss 0   0  
Interest income 667,000 661,000 1,274,000 1,349,000
Gain on sale of real estate 49,462,000 13,447,000 49,462,000 15,349,000
Income before income taxes 61,436,000 32,563,000 70,437,000 35,673,000
Reportable Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Rental revenue from tenant expense reimbursements 111,314,000 105,463,000 226,143,000 213,065,000
Real estate taxes 17,028,000 17,923,000 33,868,000 35,374,000
Property operating 19,477,000 18,360,000 43,943,000 38,969,000
Lease expense 2,047,000 2,195,000 4,145,000 4,825,000
Costs and Expenses 38,552,000 38,478,000 81,956,000 79,168,000
Property Net Operating Income 72,762,000 66,985,000 144,187,000 133,897,000
Depreciation and amortization (32,602,000) (39,679,000) (69,797,000) (78,253,000)
Interest and debt expense (19,537,000) (21,896,000) (39,292,000) (42,473,000)
General and administrative (11,717,000) (9,368,000) (21,248,000) (18,414,000)
(Loss) gain on extinguishment of debt (175,000) 21,699,000 323,000 21,427,000
Interest income 446,000 402,000 852,000 824,000
Straight-line rents, amortization of above and below-market leases, and other 2,762,000 1,019,000 6,034,000 3,541,000
Gain on sale of real estate 49,462,000 13,447,000 49,462,000 15,349,000
Other (expense) income 35,000 (46,000) (84,000) (225,000)
Income before income taxes 61,436,000 32,563,000 70,437,000 35,673,000
Property Rentals | Reportable Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Rental revenue from tenant expense reimbursements 79,895,000 77,259,000 159,989,000 154,577,000
Tenant expense reimbursements | Reportable Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Rental revenue from tenant expense reimbursements $ 31,419,000 $ 28,204,000 $ 66,154,000 $ 58,488,000