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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUE        
Total revenue $ 97,854 $ 94,006 $ 198,055 $ 189,667
EXPENSES        
Depreciation and amortization 24,691 22,488 49,218 45,363
Real estate taxes 15,456 15,363 31,431 31,964
Property operating 17,596 15,891 38,801 36,182
General and administrative 10,634 9,484 21,755 18,152
Lease expense 3,083 3,195 6,218 6,501
Total expenses 71,460 66,421 147,423 138,162
Gain on sale of real estate 353 0 353 11,722
Interest income 214 90 419 226
Interest and debt expense (14,241) (14,728) (28,245) (29,555)
Income before income taxes 12,720 12,947 23,159 33,898
Income tax (expense) benefit (711) 34 (1,616) (201)
Net income 12,009 12,981 21,543 33,697
Less net (income) loss attributable to NCI in:        
Operating partnership (506) (584) (893) (1,459)
Consolidated subsidiaries 123 150 462 229
Net income (loss) attributable to common shareholders $ 11,626 $ 12,547 $ 21,112 $ 32,467
Earnings per common share - Basic (in dollars per share) $ 0.10 $ 0.11 $ 0.18 $ 0.28
Earnings per common share - Diluted (in dollars per share) $ 0.10 $ 0.11 $ 0.18 $ 0.28
Weighted average shares outstanding - Basic (in shares) 117,364 116,981 117,347 116,969
Weighted average shares outstanding - Diluted (in shares) 117,427 117,034 117,410 122,327
Net income $ 12,009 $ 12,981 $ 21,543 $ 33,697
Effective portion of change in fair value of derivatives (54) 0 (54) 0
Comprehensive income 11,955 12,981 21,489 33,697
Less comprehensive loss attributable to NCI in Operating partnership 2 0 2 0
Less net (income) loss attributable to NCI in Operating partnership (506) (584) (893) (1,459)
Less net (income) loss attributable to NCI in Consolidated subsidiaries 123 150 462 229
Comprehensive income attributable to common shareholders 11,574 12,547 21,060 32,467
Rental Revenue        
REVENUE        
Revenues 97,454 93,653 196,870 188,272
Other income        
REVENUE        
Revenues 400 353 1,185 1,395
Urban Edge Properties LP        
REVENUE        
Total revenue 97,854 94,006 198,055 189,667
EXPENSES        
Depreciation and amortization 24,691 22,488 49,218 45,363
Real estate taxes 15,456 15,363 31,431 31,964
Property operating 17,596 15,891 38,801 36,182
General and administrative 10,634 9,484 21,755 18,152
Lease expense 3,083 3,195 6,218 6,501
Total expenses 71,460 66,421 147,423 138,162
Gain on sale of real estate 353 0 353 11,722
Interest income 214 90 419 226
Interest and debt expense (14,241) (14,728) (28,245) (29,555)
Income before income taxes 12,720 12,947 23,159 33,898
Income tax (expense) benefit (711) 34 (1,616) (201)
Net income 12,009 12,981 21,543 33,697
Less net (income) loss attributable to NCI in:        
Consolidated subsidiaries 123 150 462 229
Net income (loss) attributable to common shareholders $ 12,132 $ 13,131 $ 22,005 $ 33,926
Earnings per common share - Basic (in dollars per share) $ 0.10 $ 0.11 $ 0.18 $ 0.28
Earnings per common share - Diluted (in dollars per share) $ 0.10 $ 0.11 $ 0.18 $ 0.28
Weighted average shares outstanding - Basic (in shares) 121,365 120,849 121,277 120,806
Weighted average shares outstanding - Diluted (in shares) 121,654 122,485 121,434 122,327
Net income $ 12,009 $ 12,981 $ 21,543 $ 33,697
Effective portion of change in fair value of derivatives (54) 0 (54) 0
Comprehensive income 11,955 12,981 21,489 33,697
Less net (income) loss attributable to NCI in Consolidated subsidiaries 123 150 462 229
Comprehensive income attributable to common shareholders 12,078 13,131 21,951 33,926
Urban Edge Properties LP | Rental Revenue        
REVENUE        
Revenues 97,454 93,653 196,870 188,272
Urban Edge Properties LP | Other income        
REVENUE        
Revenues $ 400 $ 353 $ 1,185 $ 1,395