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Consolidated and Combined Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUE        
Property rentals $ 69,625 $ 59,138 $ 196,831 $ 176,750
Tenant expense reimbursements 23,938 19,888 71,590 62,274
Management and development fees 369 375 1,199 1,356
Income from acquired leasehold interest 0 0 39,215 0
Other income 169 572 831 2,118
Total revenue 94,101 79,973 309,666 242,498
EXPENSES        
Depreciation and amortization 20,976 14,435 60,505 41,908
Real estate taxes 15,872 12,729 43,975 38,701
Property operating 11,402 9,897 35,858 32,596
General and administrative 6,930 6,618 22,720 20,873
Casualty and impairment loss 2,170 0 5,637 0
Ground rent 2,891 2,508 7,997 7,529
Transaction costs 95 223 278 307
Provision for doubtful accounts 575 149 1,674 994
Total expenses 60,911 46,559 178,644 142,908
Operating income 33,190 33,414 131,022 99,590
Gain on sale of real estate 202 0 202 15,618
Interest income 719 176 1,182 520
Interest and debt expense (14,637) (12,766) (41,379) (39,015)
Loss on extinguishment of debt 0 0 (1,274) 0
Income before income taxes 19,474 20,824 89,753 76,713
Income tax expense (318) (319) (942) (349)
Net income 19,156 20,505 88,811 76,364
Less (net income) loss attributable to noncontrolling interests in:        
Operating partnership (1,967) (1,239) (7,431) (4,594)
Consolidated subsidiaries (11) (1) (33) 1
Net income (loss) attributable to common shareholders $ 17,178 $ 19,265 $ 81,347 $ 71,771
Earnings per common share - Basic (in dollars per share) $ 0.00 $ 0.00 $ 0.01 $ 0.01
Earnings per common share - Diluted (in dollars per share) $ 0.00 $ 0.00 $ 0.01 $ 0.01
Weighted average shares outstanding - Basic (in shares) 110,990 99,304 104,938 99,281
Weighted average shares outstanding - Diluted (in shares) 111,260 99,870 115,323 99,711
Urban Edge Properties LP        
REVENUE        
Property rentals $ 69,625 $ 59,138 $ 196,831 $ 176,750
Tenant expense reimbursements 23,938 19,888 71,590 62,274
Management and development fees 369 375 1,199 1,356
Income from acquired leasehold interest 0 0 39,215 0
Other income 169 572 831 2,118
Total revenue 94,101 79,973 309,666 242,498
EXPENSES        
Depreciation and amortization 20,976 14,435 60,505 41,908
Real estate taxes 15,872 12,729 43,975 38,701
Property operating 11,402 9,897 35,858 32,596
General and administrative 6,930 6,618 22,720 20,873
Casualty and impairment loss 2,170 0 5,637 0
Ground rent 2,891 2,508 7,997 7,529
Transaction costs 95 223 278 307
Provision for doubtful accounts 575 149 1,674 994
Total expenses 60,911 46,559 178,644 142,908
Operating income 33,190 33,414 131,022 99,590
Gain on sale of real estate 202 0 202 15,618
Interest income 719 176 1,182 520
Interest and debt expense (14,637) (12,766) (41,379) (39,015)
Loss on extinguishment of debt 0 0 (1,274) 0
Income before income taxes 19,474 20,824 89,753 76,713
Income tax expense (318) (319) (942) (349)
Net income 19,156 20,505 88,811 76,364
Less (net income) loss attributable to noncontrolling interests in:        
Consolidated subsidiaries (11) (1) (33) 1
Net income (loss) attributable to common shareholders $ 19,145 $ 20,504 $ 88,778 $ 76,365
Earnings per common share - Basic (in dollars per share) $ 0.00 $ 0.00 $ 0.01 $ 0.01
Earnings per common share - Diluted (in dollars per share) $ 0.00 $ 0.00 $ 0.01 $ 0.01
Weighted average shares outstanding - Basic (in shares) 123,433 105,404 114,979 105,370
Weighted average shares outstanding - Diluted (in shares) 123,703 105,970 115,323 105,800