Urban Edge Properties
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
UE$20.90+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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24.1*Power of Attorney (included on signature page)
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
URBAN EDGE PROPERTIES
(Registrant)
/s/ Mark Langer
Mark Langer, Chief Financial Officer
Date: February 14, 2024
URBAN EDGE PROPERTIES LP
By: Urban Edge Properties, General Partner
/s/ Mark Langer
Mark Langer, Chief Financial Officer
Date: February 14, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Urban Edge Properties in its own capacity and in its capacity as the sole general partner of Urban Edge Properties LP, and in the capacities and on the dates indicated:
| Signature | Title | Date | |
| By: | /s/ Jeffrey S. Olson | Chairman of the Board of Trustees | February 14, 2024 |
|---|---|---|---|
| Jeffrey S. Olson | and Chief Executive Officer | ||
| (Principal Executive Officer) | |||
| By: | /s/ Mark J. Langer | Chief Financial Officer | February 14, 2024 |
| Mark J. Langer | (Principal Financial Officer) | ||
| By: | /s/ Andrea R. Drazin | Chief Accounting Officer | February 14, 2024 |
| Andrea R. Drazin | (Principal Accounting Officer) | ||
| By: | /s/ Mary L. Baglivo | Trustee | February 14, 2024 |
| Mary L. Baglivo | |||
| By: | /s/ Steven H. Grapstein | Trustee | February 14, 2024 |
| Steven H. Grapstein | |||
| By: | /s/ Steven J. Guttman | Trustee | February 14, 2024 |
| Steven J. Guttman | |||
| By: | /s/ Norman K. Jenkins | Trustee | February 14, 2024 |
| Norman K. Jenkins | |||
| By: | /s/ Kevin P. O’Shea | Trustee | February 14, 2024 |
| Kevin P. O’Shea | |||
| By: | /s/ Catherine D. Rice | Trustee | February 14, 2024 |
| Catherine D. Rice | |||
| By: | /s/ Katherine M. Sandstrom | Trustee | February 14, 2024 |
| Katherine M. Sandstrom | |||
| By: | /s/ Douglas W. Sesler | Trustee | February 14, 2024 |
| Douglas W. Sesler | |||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
(in thousands)
| Initial cost to company · Gross amount at whichcarried at close of period | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Encumbrances | Land | Building andimprovements | Costscapitalizedsubsequentto acquisition | Land | Building andimprovements | Total(2) | Accumulateddepreciationandamortization(1) | Date ofconstruction | Dateacquired |
| SHOPPING CENTERS AND MALLS: | ||||||||||
| Baltimore (Towson), MD | $— | $581 | $3,227 | $20,379 | $581 | $23,606 | $24,187 | $(9,792) | 1968 | 1968 |
| Bensalem, PA | — | 2,727 | 6,698 | 1,610 | 2,727 | 8,308 | 11,035 | (4,992) | 1972/ 1999 | 1972 |
| Bergen Town Center - East, Paramus, NJ | — | 6,305 | 6,824 | 43,179 | 6,305 | 50,003 | 56,308 | (14,710) | 1957/ 2009 | 2003/ 2019 |
| Bergen Town Center - West, Paramus, NJ | 290,000 | 22,930 | 89,358 | 429,552 | 33,579 | 508,261 | 541,840 | (160,872) | 1957/ 2009 | 2003/ 2020 |
| Brick, NJ | 47,683 | 1,391 | 11,179 | 16,441 | 1,382 | 27,629 | 29,011 | (19,822) | 1968 | 1968 |
| Bronx (Bruckner Boulevard), NY | — | 66,100 | 259,503 | 23,493 | 38,792 | 310,304 | 349,096 | (49,721) | N/A | 2007 |
| Bronx (Shops at Bruckner), NY | 37,817 | — | 32,979 | 17,970 | — | 50,949 | 50,949 | (5,262) | N/A | 2017 |
| Bronx (1750-1780 Gun Hill Road), NY | 23,696 | 6,427 | 11,885 | 23,993 | 6,428 | 35,877 | 42,305 | (15,421) | 2009 | 2005 |
| Brooklyn (Kingswood Center), NY | 69,054 | 15,690 | 76,766 | (43,522) | 9,238 | 39,696 | 48,934 | (835) | N/A | 2020 |
| Brooklyn (Kingswood Crossing), NY | — | 8,150 | 64,159 | 1,134 | 6,931 | 66,512 | 73,443 | (7,012) | N/A | 2020 |
| Broomall, PA | — | 850 | 2,171 | 11,727 | 850 | 13,898 | 14,748 | (2,818) | 1966 | 1966 |
| Buffalo (Amherst), NY | — | 5,743 | 4,056 | 13,298 | 4,202 | 18,895 | 23,097 | (8,742) | 1968 | 1968 |
| Cambridge (leased through 2033)(3), MA | — | — | — | 504 | — | 504 | 504 | (90) | N/A | 2007 |
| Carlstadt (leased through 2050)(3), NJ | — | — | 16,458 | 215 | — | 16,673 | 16,673 | (6,760) | N/A | 2007 |
| Charleston (leased through 2063)(3), SC | — | — | 3,634 | 308 | — | 3,942 | 3,942 | (1,654) | N/A | 2006 |
| Cherry Hill (Plaza at Cherry Hill), NJ | — | 14,602 | 33,666 | 3,195 | 14,602 | 36,861 | 51,463 | (7,301) | N/A | 2017 |
| Dewitt (leased through 2041)(3), NY | — | — | 7,116 | — | — | 7,116 | 7,116 | (3,241) | N/A | 2006 |
| Rockaway, NJ | 26,763 | 559 | 6,363 | 5,111 | 559 | 11,474 | 12,033 | (7,888) | 1964 | 1964 |
| East Brunswick, NJ | 63,000 | 2,417 | 17,169 | 7,567 | 2,417 | 24,736 | 27,153 | (20,552) | 1957/1972 | 1957/1972 |
| East Hanover (200 - 240 Route 10 West), NJ | 61,324 | 2,232 | 18,241 | 17,541 | 2,671 | 35,343 | 38,014 | (23,989) | 1962 | 1962/1998 |
| East Rutherford, NJ | 23,000 | — | 36,727 | 1,798 | — | 38,525 | 38,525 | (12,067) | 2007 | 2007 |
| Everett (Gateway Center), MA | — | 57,546 | 36,473 | — | 57,546 | 36,473 | 94,019 | (591) | 2000 | 2023 |
| Framingham (Shopper's World), MA | — | 42,861 | 198,317 | — | 42,861 | 198,317 | 241,178 | (1,504) | 1951 | 2023 |
| Freeport (Meadowbrook Commons) (leased through 2040)(3), NY | — | — | — | 927 | — | 927 | 927 | (224) | N/A | 2005 |
| Garfield, NJ | 39,607 | 45 | 8,068 | 46,790 | 44 | 54,859 | 54,903 | (25,607) | 2009 | 1998 |
| Glenarden, MD (Woodmore Towne Centre) | 117,200 | 28,397 | 144,834 | 1,894 | 28,397 | 146,728 | 175,125 | (10,613) | N/A | 2021 |
| Glenolden, PA | — | 850 | 1,820 | 873 | 850 | 2,693 | 3,543 | (2,432) | 1975 | 1975 |
| Initial cost to company · Gross amount at whichcarried at close of period | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Encumbrances | Land | Building andimprovements | Costscapitalizedsubsequentto acquisition | Land | Building andimprovements | Total(2) | Accumulateddepreciationandamortization(1) | Date ofconstruction | Dateacquired |
| Hackensack, NJ | 66,400 | 692 | 10,219 | 7,722 | 692 | 17,941 | 18,633 | (13,603) | 1963 | 1963 |
| Hazlet, NJ | — | 7,400 | 9,413 | (8,005) | 5,211 | 3,597 | 8,808 | (170) | N/A | 2007 |
| Huntington, NY | 43,704 | 21,200 | 33,667 | 38,840 | 19,711 | 73,996 | 93,707 | (8,237) | N/A | 2007 |
| Hyde Park (Shops at Riverwood), MA | 21,326 | 10,867 | 19,441 | 134 | 10,867 | 19,575 | 30,442 | (947) | N/A | 2022 |
| Inwood, NY | — | 12,419 | 19,097 | 1,360 | 4,777 | 28,099 | 32,876 | (5,008) | N/A | 2004 |
| Jersey City (Hudson Commons), NJ | 26,930 | 652 | 7,495 | 1,185 | 652 | 8,680 | 9,332 | (4,661) | 1965 | 1965 |
| Jersey City (Hudson Mall), NJ | — | 15,824 | 37,593 | 3,695 | 14,289 | 42,823 | 57,112 | (9,663) | N/A | 2017 |
| Kearny, NJ | — | 309 | 3,376 | 19,210 | 296 | 22,599 | 22,895 | (8,967) | 1938 | 1959 |
| Lancaster, PA | — | 3,140 | 63 | 2,138 | 3,140 | 2,201 | 5,341 | (1,341) | 1966 | 1966 |
| Shops at Caguas, Puerto Rico | 82,000 | 15,280 | 64,370 | 24,499 | 15,280 | 88,869 | 104,149 | (38,757) | 1996 | 2002 |
| Lodi (Washington Street), NJ | — | 7,606 | 13,125 | (8,786) | 3,823 | 8,122 | 11,945 | (3,709) | N/A | 2004 |
| Manalapan, NJ | — | 725 | 7,189 | 6,090 | 826 | 13,178 | 14,004 | (10,051) | 1971 | 1971 |
| Manchester, MO | 12,500 | 4,409 | 13,756 | (6,738) | 2,858 | 8,569 | 11,427 | (1,291) | N/A | 2017 |
| Marlton, NJ | 36,725 | 1,611 | 3,464 | 15,389 | 1,385 | 19,079 | 20,464 | (14,045) | 1973 | 1973 |
| Massapequa, (portion leased through 2069)(3)(4), NY | — | 45,153 | 6,226 | 40,765 | 34,253 | 57,891 | 92,144 | (317) | N/A | 2020 |
| Middletown, NJ | 30,229 | 283 | 5,248 | 2,992 | 283 | 8,240 | 8,523 | (7,275) | 1963 | 1963 |
| Millburn, NJ | 22,015 | 15,783 | 25,837 | (459) | 15,783 | 25,378 | 41,161 | (6,101) | N/A | 2017 |
| Montclair, NJ | 7,250 | 66 | 419 | 472 | 66 | 891 | 957 | (805) | 1972 | 1972 |
| Montehiedra, Puerto Rico | 75,590 | 9,182 | 66,751 | 34,624 | 8,122 | 102,435 | 110,557 | (47,734) | 1996/2015 | 1997 |
| Morris Plains, NJ | — | 1,104 | 6,411 | 23,045 | 1,104 | 29,456 | 30,560 | (11,273) | 1961 | 1985 |
| Mount Kisco, NY | 11,098 | 22,700 | 26,700 | 4,975 | 23,297 | 31,078 | 54,375 | (11,744) | N/A | 2007 |
| New Hyde Park (leased through 2029)(3), NY | — | — | 4 | — | — | 4 | 4 | (4) | 1970 | 1976 |
| Newington, CT | 15,920 | 2,421 | 1,200 | 2,600 | 2,421 | 3,800 | 6,221 | (1,638) | 1965 | 1965 |
| Norfolk (leased through 2069)(3), VA | — | — | 3,927 | 15 | — | 3,942 | 3,942 | (3,939) | N/A | 2005 |
| North Bergen (Kennedy Boulevard), NJ | — | 2,308 | 636 | 276 | 2,308 | 912 | 3,220 | (783) | 1993 | 1959 |
| North Bergen (Tonnelle Avenue), NJ | 97,115 | 24,978 | 10,462 | 58,024 | 33,988 | 59,476 | 93,464 | (24,190) | 2009 | 2006 |
| North Plainfield, NJ | 24,196 | 6,577 | 13,983 | 1,241 | 6,577 | 15,224 | 21,801 | (6,435) | 1955 | 1989 |
| Paramus (leased through 2033)(3), NJ | — | — | — | 12,569 | — | 12,569 | 12,569 | (7,378) | 1957/2009 | 2003 |
| Queens, NY | — | 14,537 | 12,304 | 4,563 | 14,537 | 16,867 | 31,404 | (4,026) | N/A | 2015 |
| Rochester (Henrietta) (leased through 2056)(3), NY | — | — | 2,647 | 1,165 | — | 3,812 | 3,812 | (3,634) | 1971 | 1971 |
| Rockville, MD | — | 3,470 | 20,599 | 1,939 | 3,470 | 22,538 | 26,008 | (10,676) | N/A | 2005 |
| Revere (Wonderland), MA | — | 6,323 | 17,130 | 585 | 6,323 | 17,715 | 24,038 | (3,813) | N/A | 2019 |
| Salem (leased through 2102)(3), NH | — | 6,083 | — | (1,821) | 2,994 | 1,268 | 4,262 | (229) | N/A | 2006 |
| South Plainfield (leased through 2039)(3), NJ | — | — | 10,044 | 1,950 | — | 11,994 | 11,994 | (5,105) | N/A | 2007 |
| Initial cost to company · Gross amount at whichcarried at close of period | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Encumbrances | Land | Building andimprovements | Costscapitalizedsubsequentto acquisition | Land | Building andimprovements | Total(2) | Accumulateddepreciationandamortization(1) | Date ofconstruction | Dateacquired |
| Springfield (leased through 2025)(3), PA | — | — | — | 80 | — | 80 | 80 | (80) | N/A | 2005 |
| Staten Island, NY | — | 11,446 | 21,262 | 5,544 | 11,446 | 26,806 | 38,252 | (13,761) | N/A | 2004 |
| Totowa, NJ | 50,800 | 120 | 11,994 | (600) | 45 | 11,469 | 11,514 | (10,154) | 1957/1999 | 1957 |
| Union (2445 Springfield Avenue), NJ | 45,202 | 19,700 | 45,090 | — | 19,700 | 45,090 | 64,790 | (18,693) | N/A | 2007 |
| Union (Route 22 and Morris Avenue), NJ | — | 3,025 | 7,470 | 7,377 | 3,025 | 14,847 | 17,872 | (7,564) | 1962 | 1962 |
| Walnut Creek (1149 South Main Street), CA | — | 2,699 | 19,930 | (1,003) | 2,699 | 18,927 | 21,626 | (4,897) | N/A | 2006 |
| Walnut Creek (Mt. Diablo), CA | — | 5,909 | — | 3,291 | 2,589 | 6,611 | 9,200 | (144) | N/A | 2007 |
| Watchung, NJ | 25,065 | 4,178 | 5,463 | 3,212 | 4,441 | 8,412 | 12,853 | (6,736) | 1994 | 1959 |
| Wheaton (leased through 2060)(3), MD | — | — | 5,367 | — | — | 5,367 | 5,367 | (2,315) | N/A | 2006 |
| Wilkes-Barre (461 - 499 Mundy Street), PA | — | 6,053 | 26,646 | (11,797) | 3,133 | 17,769 | 20,902 | (1,103) | N/A | 2007 |
| Woodbridge (Woodbridge Commons), NJ | 22,100 | 1,509 | 2,675 | 6,293 | 1,539 | 8,938 | 10,477 | (4,699) | 1959 | 1959 |
| Woodbridge (Plaza at Woodbridge), NJ | 52,278 | 21,547 | 75,017 | 6,614 | 21,547 | 81,631 | 103,178 | (15,924) | N/A | 2017 |
| Wyomissing (leased through 2065)(3), PA | — | — | 2,646 | 1,144 | — | 3,790 | 3,790 | (2,866) | N/A | 2005 |
| Yonkers, NY | 23,148 | 63,341 | 110,635 | 15,986 | 65,208 | 124,754 | 189,962 | (23,284) | N/A | 2017 |
| INDUSTRIAL: | ||||||||||
| Lodi (Route 17 North), NJ | — | 238 | 9,446 | 4,487 | 238 | 13,933 | 14,171 | (1,336) | 1999 | 1975 |
| TOTAL UE PROPERTIES | $1,590,735 | $689,270 | $1,914,128 | $972,858 | $635,905 | $2,940,351 | $3,576,256 | $(815,617) | ||
| Leasehold Improvements,Equipment and Other | — | — | — | 9,923 | — | 9,923 | 9,923 | (3,626) | ||
| TOTAL | $1,590,735 | $689,270 | $1,914,128 | $982,781 | $635,905 | $2,950,274 | $3,586,179 | $(819,243) | ||
(1)Depreciation of the buildings and improvements are calculated over lives ranging from one toforty years.
(2)Adjusted tax basis for federal income tax purposes was $1.9 billion as of December 31, 2023.
(3)The Company is a lessee under a ground or building lease. The building will revert to the lessor upon lease expiration.
(4)The increase in initial cost to the Company is due to the acquisitions of 40 Carmans Road.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
The following is a reconciliation of real estate assets and accumulated depreciation:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Real Estate | |||
| Balance at beginning of period | $3,326,884 | $3,205,450 | $2,946,817 |
| Additions during the period: | |||
| Land | 103,466 | 11,984 | 33,473 |
| Buildings & improvements | 255,463 | 54,082 | 200,289 |
| Construction in progress | 83,703 | 101,696 | 97,401 |
| 3,769,516 | 3,373,212 | 3,277,980 | |
| Less: Impairments, assets sold, written-off or reclassified as held for sale | (183,337) | (46,328) | (72,530) |
| Balance at end of period | $3,586,179 | $3,326,884 | $3,205,450 |
| Accumulated Depreciation | |||
| Balance at beginning of period | $791,485 | $753,947 | $730,366 |
| Additions charged to operating expenses | 91,407 | 83,866 | 80,288 |
| 882,892 | 837,813 | 810,654 | |
| Less: Accumulated depreciation on assets sold, written-off or reclassified as held for sale | (63,649) | (46,328) | (56,707) |
| Balance at end of period | $819,243 | $791,485 | $753,947 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.