URBAN EDGE PROPERTIES UE Income Statement

Urban edge properties (UE)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14
REVENUE
Operating Lease, Lease Income
93,000	94,840	90,769	101,488	97,308	100,403	111,733	100,768	98,394	168,251	69,625	64,708	62,498	144,969	59,138	58,683	58,929	58,790	58,111	57,380	57,586	59,417	58,125	57,626	57,424
Revenues
93,360	95,927	91,243	102,747	97,732	100,923	112,214	101,970	99,053	97,376	94,101	89,501	126,064	83,478	79,973	79,457	83,068	80,622	79,825	78,715	83,783	79,808	76,416	76,820	82,632
EXPENSES
Depreciation and amortization
23,471	28,223	21,496	22,567	21,830	25,878	21,833	30,441	21,270	21,776	20,976	23,701	15,828	14,237	14,435	13,558	13,915	15,685	13,603	14,233	13,732	13,209	13,148	13,698	13,598
Real estate taxes
14,966	14,991	14,490	15,221	15,477	15,919	16,374	15,587	15,775	15,762	15,872	14,711	13,392	12,728	12,729	12,723	13,249	11,743	12,227	12,517	12,824	12,605	11,820	12,744	12,666
Property operating
14,537	18,510	14,075	14,416	17,061	16,364	22,328	21,765	17,903	18,481	11,402	11,088	13,368	12,684	9,897	9,840	12,859	12,593	10,494	10,985	16,523	13,015	11,074	11,333	16,566
General and administrative
9,847	9,277	8,353	10,010	10,580	9,405	9,702	8,236	7,641	7,693	7,025	7,841	8,132	7,970	6,618	7,535	6,720	6,541	6,385	6,792	12,326	3,545	4,606	4,560	5,109
Casualty and impairment loss
0	3,668	0	5,112	3,958	5,674	58	35	-1,341	1,745	2,170	303	3,164	0	0	0	0	-	-	-	-	-	-	-	-
Lease expense
3,434	3,429	3,486	3,896	3,655	3,238	2,722	2,752	2,736	2,851	2,891	2,436	2,670	2,518	2,508	2,483	2,538	2,523	2,527	2,565	2,514	2,501	2,593	2,654	2,556
Total expenses
66,255	-	-	-	72,561	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transaction costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	223	34	50	1,574	151	427	21,859	3,921	4,683	0	0
Provision for doubtful accounts
-	-	-	-	-	-	-	-	-	-	575	906	193	220	149	494	351	387	427	389	323	278	27	358	369
Total expenses
-	-	61,900	71,222	-	76,478	73,017	78,816	63,984	66,634	60,911	60,986	56,747	50,050	46,559	46,667	49,682	51,046	45,814	47,908	80,101	49,074	47,951	45,347	50,864
Operating income
-	-	-	-	-	-	-	-	-	-	33,190	28,515	69,317	33,428	33,414	32,790	33,386	29,576	34,011	30,807	3,682	30,734	28,465	31,473	31,768
Gain on sale of real estate
39,775	413	39,716	11,550	16,953	0	2,185	50,440	0	-	202	0	-	-	0	15,618	-	-	0	0	-	-	-	-	-
Gain on sale of lease
-	-	1,800	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest income
1,683	2,104	2,706	2,458	2,506	2,393	2,388	2,031	1,524	1,066	719	336	127	159	176	177	167	49	39	51	11	9	9	8	9
Interest and Debt Expense
17,175	16,770	16,861	16,472	16,536	16,809	16,756	15,659	15,644	14,839	14,637	13,627	13,115	12,866	12,766	12,820	13,429	13,563	13,611	13,241	15,169	14,389	14,303	13,138	13,130
Gain (loss) on extinguishment of debt
-	-	0	0	-	0	0	0	2,524	-34,062	0	0	-1,274	0	0	0	0	-	-	-	-	-	-	-	-
Income before income taxes
51,388	3,576	56,753	29,061	28,094	10,029	27,014	59,966	23,473	-17,093	19,474	15,224	55,055	20,721	20,824	35,765	20,124	16,062	20,439	17,617	-11,476	16,354	14,171	18,343	18,647
Income tax expense
100	38	53	994	202	2,778	115	192	434	-1,220	318	304	320	455	319	-306	336	-105	394	464	541	146	525	319	731
Net income
51,288	3,538	56,700	28,067	27,892	7,251	26,899	59,774	23,039	-15,873	19,156	14,920	54,735	20,266	20,505	36,071	19,788	16,167	20,045	17,153	-12,017	16,208	13,646	18,024	17,916
Less net income attributable to noncontrolling interests in:
Operating partnership
2,308	164	2,662	1,518	2,355	727	2,688	6,025	2,328	-1,607	1,967	1,326	4,138	1,218	1,239	2,201	1,154	942	1,179	986	-560	0	0	0	0
Consolidated subsidiaries
0	-1	-2	-22	0	11	11	12	11	11	11	11	11	4	1	2	-4	-1	6	5	6	6	5	6	5
Net income (loss) attributable to common shareholders
48,980	3,375	54,040	26,571	25,537	6,513	24,200	53,737	20,700	-14,277	17,178	13,583	50,586	19,044	19,265	33,868	18,638	15,226	18,860	16,162	-11,463	16,202	13,641	18,018	17,911
Earnings per common share - Basic (in dollars per share)
0.40	0.02	0.45	0.22	0.22	0.06	0.21	0.47	0.18	-0.17	0.15	0.13	0.51	0.38	0.00	0.34	0.19	0.16	0.19	0.16	-0.12	0.16	0.14	0.18	0.18
Earnings per common share - Diluted (in dollars per share)
0.40	0.02	0.45	0.22	0.22	0.06	0.21	0.47	0.18	-0.17	0.15	0.13	0.50	0.38	0.00	0.34	0.19	0.16	0.19	0.16	-0.12	0.16	0.14	0.18	0.18
Weighted average shares outstanding - Basic (in shares)
120,966	121,279	121,087	120,364	116,274	114,146	113,890	113,739	113,677	113,836	110,990	104,063	99,639	99,613	99,304	99,274	99,265	99,258	99,252	99,250	99,248	-	99,248	99,248	-
Weighted average shares outstanding - Diluted (in shares)
121,051	111,436	121,183	120,461	126,504	114,242	114,156	113,942	113,864	157,947	111,260	104,260	100,093	100,275	99,870	99,668	99,363	99,304	99,286	99,274	99,248	-	99,248	99,248	-
Weighted average shares outstanding - Basic and Diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	99,248
Urban Edge Properties LP
Operating Lease, Lease Income
93,000	94,840	90,769	101,488	97,308	100,403	111,733	100,768	98,394	168,251	69,625	64,708	62,498	-	-	-	-	-	-	-	-	-	-	-	-
Total revenue
93,360	95,927	91,243	102,747	97,732	100,923	112,214	101,970	99,053	97,376	94,101	89,501	126,064	-	-	-	-	-	-	-	-	-	-	-	-
Tenant expense reimbursements
-	-	-	-	-	-	-	-	-	-	-	-	23,771	-	-	-	-	-	-	-	-	-	-	-	-
Management and development fees
-	-	-	-	-	-	-	-	-	-	-	-	479	-	-	-	-	-	-	-	-	-	-	-	-
Income from acquired leasehold interest
-	-	-	-	-	-	-	-	-	-	-	-	39,215	-	-	-	-	-	-	-	-	-	-	-	-
Other income
-	-	-	-	-	-	-	-	-	-	-	-	101	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
23,471	28,223	21,496	22,567	21,830	25,878	21,833	30,441	21,270	21,776	20,976	23,701	15,828	-	-	-	-	-	-	-	-	-	-	-	-
Real estate taxes
14,966	14,991	14,490	15,221	15,477	15,919	16,374	15,587	15,775	15,762	15,872	14,711	13,392	-	-	-	-	-	-	-	-	-	-	-	-
Property operating
14,537	18,510	14,075	14,416	17,061	16,364	22,328	21,765	17,903	18,481	11,402	11,088	13,368	-	-	-	-	-	-	-	-	-	-	-	-
General and administrative
9,847	9,277	8,353	10,010	10,580	9,405	9,702	8,236	7,641	7,693	7,025	7,841	8,132	-	-	-	-	-	-	-	-	-	-	-	-
Casualty and impairment loss
0	3,668	0	5,112	3,958	5,674	58	35	-1,341	1,745	2,170	303	3,164	-	-	-	-	-	-	-	-	-	-	-	-
Lease expense
3,434	3,429	3,486	3,896	3,655	3,238	2,722	2,752	2,736	2,851	2,891	2,436	2,670	-	-	-	-	-	-	-	-	-	-	-	-
Provision for doubtful accounts
-	-	-	-	-	-	-	-	-	-	575	906	193	-	-	-	-	-	-	-	-	-	-	-	-
Total expenses
66,255	78,098	61,900	71,222	72,561	76,478	73,017	78,816	63,984	66,634	60,911	60,986	56,747	-	-	-	-	-	-	-	-	-	-	-	-
Operating income
-	-	-	-	-	-	-	-	-	-	33,190	28,515	69,317	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate
39,775	413	39,716	11,550	16,953	0	2,185	50,440	0	-	202	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of lease
-	-	1,849	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest income
1,683	2,104	2,706	2,458	2,506	2,393	2,388	2,031	1,524	1,066	719	336	127	-	-	-	-	-	-	-	-	-	-	-	-
Interest and Debt Expense
17,175	16,770	16,861	16,472	16,536	16,809	16,756	15,659	15,644	14,839	14,637	13,627	13,115	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on extinguishment of debt
-	-	0	0	-	0	0	0	2,524	-34,062	0	0	-1,274	-	-	-	-	-	-	-	-	-	-	-	-
Income before income taxes
51,388	3,576	56,753	29,061	28,094	10,029	27,014	59,966	23,473	-17,093	19,474	15,224	55,055	-	-	-	-	-	-	-	-	-	-	-	-
Income tax expense
100	38	53	994	202	2,778	115	192	434	-1,220	318	304	320	-	-	-	-	-	-	-	-	-	-	-	-
Net income
51,288	3,538	56,700	28,067	27,892	7,251	26,899	59,774	23,039	-15,873	19,156	14,920	54,735	-	-	-	-	-	-	-	-	-	-	-	-
Consolidated subsidiaries
0	-1	-2	-22	0	11	11	12	11	11	11	11	11	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) attributable to common shareholders
51,288	3,539	56,702	28,089	27,892	7,240	26,888	59,762	23,028	-15,884	19,145	14,909	54,724	-	-	-	-	-	-	-	-	-	-	-	-
Earnings per common share - Basic (in dollars per share)
0.41	0.03	0.45	0.22	0.22	0.06	0.21	0.47	0.18	-0.17	0.15	0.13	0.51	-	-	-	-	-	-	-	-	-	-	-	-
Earnings per common share - Diluted (in dollars per share)
0.40	0.03	0.45	0.22	0.22	0.06	0.21	0.47	0.18	-0.17	0.15	0.13	0.50	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average shares outstanding - Basic (in shares)
125,844	126,186	126,277	126,478	126,391	126,283	126,208	126,178	126,123	126,353	123,433	113,847	107,483	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average shares outstanding - Diluted (in shares)
126,755	126,454	126,373	126,580	126,505	125,667	126,693	126,602	126,582	127,559	123,703	114,044	108,254	-	-	-	-	-	-	-	-	-	-	-	-
Tenant expense reimbursements
Revenues
-	-	-	-	-	-	-	-	-	-	23,938	23,881	23,771	-	19,888	19,879	22,507	20,675	19,188	20,451	24,303	20,136	18,052	18,902	24,797
Management and development fees
Revenues
314	960	280	308	352	405	375	347	342	336	369	351	479	403	375	526	455	482	551	693	535	-	133	134	-
Income from acquired leasehold interest
Revenues from contract with customer
-	-	-	-	-	-	-	-	-	0	0	0	39,215	0	0	0	0	-	-	-	-	-	-	-	-
Other income
Revenues
46	127	194	951	72	115	106	855	317	379	169	561	101	380	572	369	1,177	675	1,975	191	1,359	-13	106	158	411