Urban Edge Properties
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 30, 2025
UE$20.42-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001611547-25-000028
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001611547-25-000046
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 94 previous paragraphs and 126 current paragraphs.
38 unchanged; 46 reworded; 30 added; 10 removed; 0 previous and 12 current paragraphs rearranged.
Tables are not compared: 6 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
•$0.9 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024; offset by
Current report
•$0.1 million decrease in percentage rent primarily due to timing of recognition as compared to the second quarter of 2024.
Current report
•$0.6 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Current report
Property operating expenses decreased by $0.7 million to $17.5 million in the second quarter of 2025 from $18.3 million in the second quarter of 2024. The decrease is primarily attributable to
Current report
•$0.4 million lower expenses incurred for insurance premiums, partially offset by higher snow removal and common area maintenance as compared to the second quarter of 2024; and
Current report
•$0.3 million decrease as a result of property dispositions, net of acquisitions since the second quarter of 2024.
Current report
Interest and debt expense decreased by $2.4 million to $19.5 million in the second quarter of 2025 from $21.9 million in the second quarter of 2024. The decrease is primarily attributable to:
Current report
•$2.0 million decrease due to a lower average balance and lower interest rate on our line of credit;
Current report
Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024
Current report
Total revenue increased by $16.1 million to $232.2 million in the six months ended June 30, 2025 from $216.2 million in the six months ended June 30, 2024. The increase is primarily attributable to:
Current report
•$4.5 million increase as a result of property acquisitions, net of dispositions; and
Current report
Depreciation and amortization decreased by $8.5 million to $69.8 million in the six months ended June 30, 2025 from $78.3 million in the six months ended June 30, 2024. The decrease is primarily attributable to:
Current report
•$3.2 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Current report
Real estate taxes decreased by $1.5 million to $32.9 million in the six months ended June 30, 2025 from $34.5 million in the six months ended June 30, 2024. The decrease is primarily attributable to:
Current report
•$0.4 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Current report
Property operating expenses increased by $1.5 million to $40.3 million in the six months ended June 30, 2025 from $38.8 million in the six months ended June 30, 2024. The increase is primarily attributable to:
Current report
•$0.9 million higher expenses incurred for common area maintenance across the portfolio, partially offset by lower insurance expense as compared to the first six months of 2024; and
Current report
•$0.6 million increase as a result of property acquisitions net of dispositions since the second quarter of 2024.
Current report
General and administrative expenses increased by $2.8 million to $21.2 million in the six months ended June 30, 2025 from $18.4 million in the six months ended June 30, 2024. The increase is primarily attributable to severance expenses incurred in the first six months of 2025.
Current report
We recognized a $49.5 million gain on sale of real estate during the six months ended June 30, 2025 primarily related to the sale of two non-core properties and one property parcel. In the six months ended June 30, 2024, we recognized a gain on sale of real estate of $15.3 million related to the sale of two properties.
Current report
Interest and debt expense decreased by $3.2 million to $39.3 million in the six months ended June 30, 2025 from $42.5 million in the six months ended June 30, 2024. The decrease is primarily attributable to:
Current report
•$3.8 million decrease due to a lower average balance and lower interest rate on our line of credit;
Current report
•$0.7 million decrease in cash contributed by noncontrolling interests; offset by
Current report
•$2.0 million decrease in debt issuance costs driven by the financing and refinancing of multiple properties in the first six months of 2024.
Current report
Supplemental U.S. Federal Income Tax Considerations
Current report
The following discussion supplements and updates the disclosures under the heading “Certain United States Federal Income Tax Considerations” in the prospectus dated August 15, 2022, contained in our Registration Statement on Form S-3 (File No. 333-266885) filed with the SEC on August 15, 2022 (the “S-3 Tax Disclosure”) and as supplemented by the disclosures under the heading “Supplemental U.S. Federal Income Tax Considerations” on the Form 10-K filed with the SEC on February 12, 2025 (together with the S-3 Tax Disclosure, the “Existing Tax Disclosure”). Capitalized terms herein that are not otherwise defined shall have the same meaning as when used in the Existing Tax Disclosure.
Current report
On July 4, 2025, H.R. 1, informally known as the One Big Beautiful Bill Act (the “OBBB”), was enacted. The OBBB makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors. In particular,
Current report
•For taxable years beginning on or after January 1, 2026, the OBBB relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT’s assets may be represented by securities of one or more taxable REIT subsidiaries.
Current report
•The OBBB permanently extended the Code Section 199A pass-through qualified business income deduction, generally allowing certain individuals, trusts and estates to deduct 20% of the aggregate amount of qualified REIT dividends (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) distributed by a REIT. This deduction was due to expire for tax years beginning after December 31, 2025.
Current report
To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the S-3 Tax Disclosure prior to the section of the S-3 Tax Disclosure entitled “Classification and Taxation of Urban Edge Properties as a REIT,” as if those qualifications were set forth in this Form 10-Q.
Removed paragraphs (10)
Previous report
•$3.3 million increase as a result of property acquisitions net of dispositions since the first quarter of 2024; and
Previous report
•$2.7 million increase as a result of property acquisitions net of dispositions since the first quarter of 2024.
Previous report
•$0.3 million increase as a result of property acquisitions net of dispositions since the first quarter of 2024.
Previous report
Property operating expenses increased by $2.2 million to $22.7 million in the first quarter of 2025 from $20.5 million in the first quarter of 2024. The increase is primarily attributable to
Previous report
•$1.4 million higher expenses incurred for snow removal as compared to the first quarter of 2024; and
Previous report
•$0.8 million increase as a result of property acquisitions net of dispositions since the first quarter of 2024.
Previous report
Interest and debt expense decreased by $0.8 million to $19.8 million in the first quarter of 2025 from $20.6 million in the first quarter of 2024. The decrease is primarily attributable to:
Previous report
•$1.8 million decrease due to lower average balance under our line of credit to as a result of repayments since the first quarter of 2024;
Previous report
•$98.7 million decrease in cash used for debt repayments; and
Previous report
•$1.2 million decrease in deferred financing fees paid in connection with financings and refinancings; offset by
Reworded paragraphs (46)
Previous wording
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, which may lead to rising inflation, and adverse impacts to supply chain, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, hedge, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the ph…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, and adverse impacts to supply chain, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, hedge, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and o…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
As of March 31, 2025, our portfolio consisted of 70 shopping centers, two outlet centers and two malls totaling approximately 17.3 million square feet of gross leasable area with a consolidated occupancy of 91.1%.
Current wording
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 of gross leasable area with a consolidated occupancy of 89.9%.
Previous wording
The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 contains a description of our critical accounting estimates, including valuing acquired assets and liabilities and impairments. For the three months ended March 31, 2025, there were no material changes to these estimates.
Current wording
The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 contains a description of our critical accounting estimates, including valuing acquired assets and liabilities and impairments. For the six months ended June 30, 2025, there were no material changes to these estimates.
Previous wording
We continue to monitor the impacts of inflation on our operations. Although recent inflationary pressures have begun to abate, inflation may increase again in the future. In 2024, the Federal Reserve cut rates driven in part by positive economic reports and a decrease in inflation levels. However, interest rates still remain at elevated levels compared to the years preceding 2021, and could remain at this level in the near-term and long-term. We occasionally utilize interest rate derivative agreements to hedge the effect of rising interest rates on our variable rate debt. As of March 31, 2025, all of our outstanding mortgage debt is fixed rate or hedged with interest rate derivative agreements. Our only variable rate exposure is related to our line of credit, which has an outstanding balance of $75 million as of March 31, 2025 and is indexed to SOFR, plus an applicable margin per the revolving credit agreement. Subsequent to the quarter, the Company repaid $25 million of the outstanding balance on the line of credit. As of March 31, 2025, we were counterparty to one interest rate swap agreement and one interest rate cap agreement, both of which qualify for, and are designated as, hedging instruments. We are actively managing our business to respond to the economic and social impacts from events and circumstances such as those described above. See “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
We continue to monitor the impacts of inflation on our operations. Although inflationary pressures have begun to abate, inflation may increase again in the future. In 2024, the Federal Reserve cut rates driven in part by positive economic reports and a decrease in inflation levels. However, interest rates still remain at elevated levels compared to the years preceding 2021, and could remain at this level in the near-term and long-term. We occasionally utilize interest rate derivative agreements to hedge the effect of rising interest rates on our variable rate debt. As of June 30, 2025, all of our outstanding mortgage debt is fixed rate or hedged with interest rate derivative agreements. Our only variable rate exposure is related to our line of credit, which has an outstanding balance of $90 million as of June 30, 2025 and is indexed to SOFR, plus an applicable margin per the Revolving Credit Agreement. As of June 30, 2025, we were counterparty to one interest rate swap agreement, which qualifies for, and is designated as, a hedging instrument. We are actively managing our business to respond to the economic and social impacts from events and circumstances such as those described above. See “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
(1)Refer to pages 31-32 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.
Current wording
(1)Refer to pages 35-36 for a reconciliation to the most directly comparable generally accepted accounting principles (“GAAP”) measure.
Previous wording
Net income for the three months ended March 31, 2025 was $8.4 million, compared to net income of $2.4 million for the three months ended March 31, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the three months ended March 31, 2025 as compared to the same period in 2024:
Current wording
Net income for the three months ended June 30, 2025 was $60.8 million, compared to net income of $32.0 million for the three months ended June 30, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the three months ended June 30, 2025 as compared to the same period in 2024:
Previous wording
Total revenue increased by $8.5 million to $118.2 million in the first quarter of 2025 from $109.6 million in the first quarter of 2024. The increase is primarily attributable to:
Current wording
Total revenue increased by $7.5 million to $114.1 million in the second quarter of 2025 from $106.5 million in the second quarter of 2024. The increase is primarily attributable to:
Previous wording
•$6.1 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;
Current wording
•$5.8 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;
Previous wording
Depreciation and amortization decreased by $1.4 million to $37.2 million in the first quarter of 2025 from $38.6 million in the first quarter of 2024. The decrease is primarily attributable to:
Current wording
Depreciation and amortization decreased by $7.1 million to $32.6 million in the second quarter of 2025 from $39.7 million in the second quarter of 2024. The decrease is primarily attributable to:
Previous wording
•$4.1 million decrease primarily related to accelerated depreciation in the first quarter of 2024 on buildings taken out of service for redevelopment; offset by
Current wording
•$7.7 million decrease primarily related to accelerated depreciation in the second quarter of 2024 on buildings taken out of service for redevelopment; offset by
Previous wording
Real estate tax expense decreased by $0.6 million to $16.4 million in the first quarter of 2025 from $17.0 million in the first quarter of 2024. The decrease is primarily attributable to:
Current wording
Real estate tax expense decreased by $0.9 million to $16.6 million in the second quarter of 2025 from $17.5 million in the second quarter of 2024. The decrease is primarily attributable to:
Previous wording
•$0.7 million decrease as a result of successful tax appeals and lower assessments; and
Current wording
•$0.5 million decrease as a result of successful tax appeals and lower assessments; and
Previous wording
General and administrative expenses increased by $0.5 million to $9.5 million in the first quarter of 2025 from $9.0 million in the first quarter of 2024. The increase is primarily attributable to severance expenses incurred in the first quarter of 2025.
Current wording
General and administrative expenses increased by $2.3 million to $11.7 million in the second quarter of 2025 from $9.4 million in the second quarter of 2024. The increase is primarily attributable to severance expenses incurred in the second quarter of 2025.
Previous wording
We recognized a gain on sale of real estate of $1.9 million in the first quarter of 2024 primarily related to the sale of a property located in Hazlet, NJ.
Current wording
We recognized a gain on sale of real estate of $49.5 million in the second quarter of 2025 primarily related to the sale of two non-core properties and one property parcel. We recognized a gain on sale of real estate of $13.4 million in the second quarter of 2024 primarily related to the sale of a property located in Lodi, NJ.
Previous wording
•$1.6 million decrease in interest expense due to the mortgage debt forgiven in connection with the foreclosure of Kingswood Center; and
Current wording
•$1.4 million decrease in interest expense due to the mortgage debt forgiven in connection with the foreclosure of Kingswood Center; and
Previous wording
•$0.1 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; offset by
Current wording
•$0.3 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; offset by
Previous wording
•$2.2 million increase as a result of new financings and refinancings since the first quarter of 2024, net of loan repayments; and
Current wording
•$0.9 million increase as a result of new financings and refinancings since the second quarter of 2024, net of loan repayments; and
Previous wording
•$0.5 million increase in amortization of deferred financing costs.
Current wording
•$0.4 million increase in amortization of deferred financing costs.
Previous wording
In the first quarter of 2025, we recognized a $0.5 million gain on extinguishment of debt for the return of escrow funds related to the Kingswood Center foreclosure. In the first quarter of 2024, we recognized a $0.3 million loss on extinguishment of debt as a result of the early pay off of three variable rate mortgage loans.
Current wording
In the second quarter of 2025, we recognized a $0.2 million loss on extinguishment of debt related to the prepayment of the mortgage loan secured by the Plaza at Woodbridge. In the second quarter of 2024, we recognized a $21.7 million gain on extinguishment of debt as a result of the foreclosure settlement of Kingswood Center.
Previous wording
•$0.2 million increase in non-cash revenues driven by accelerated amortization of above-market lease intangibles in the first quarter of 2024; offset by
Current wording
•$1.5 million increase in non-cash revenues driven by accelerated amortization of above-market lease intangibles in the first six months of 2024; offset by
Previous wording
•$1.1 million increase in rental revenue deemed uncollectible.
Current wording
•$1.5 million increase in rental revenue deemed uncollectible.
Previous wording
•$0.2 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the first quarter of 2024, offset by project completions; offset by
Current wording
•$0.6 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the second quarter of 2024, offset by project completions; offset by
Previous wording
Throughout this section, we have provided certain information on a “same-property” basis which includes the results of operations that were owned and operated for the entirety of the reporting periods being compared, totaling 65 properties for the three months ended March 31, 2025 and 2024. Information provided on a same-property basis excludes properties that were under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired, sold, or that are in the foreclosure process, and results of our captive insurance program during the periods being compared. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when a property is considered to be a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan and is expected to have a significant impact on property operating income based on the retenanting that is occurring. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment.
Current wording
Throughout this section, we have provided certain information on a “same-property” basis which includes the results of operations that were owned and operated for the entirety of the reporting periods being compared, totaling 64 and 63 properties for the three and six months ended June 30, 2025 and 2024, respectively. Information provided on a same-property basis excludes properties that were under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired, sold, or that are in the foreclosure process, and results of our captive insurance program during the periods being compared. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when a property is considered to be a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan and is expected to have a significant impact on property operating income based on the retenanting that is occurring. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment.
Previous wording
Same-property NOI increased by $2.1 million, or 3.6% for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Same-property NOI, including properties in redevelopment, increased by $2.4 million, or 3.8%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Current wording
Same-property NOI increased by $3.3 million, or 5.7% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024 and increased by $5.4 million, or 4.7%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Same-property NOI, including properties in redevelopment, increased by $4.7 million, or 7.4%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024 and increased by $7.0 million, or 5.6%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Previous wording
The following table reconciles net income to NOI, same-property NOI, and same-property NOI including properties in redevelopment for the three months ended March 31, 2025 and 2024:
Current wording
The following table reconciles net income to NOI, same-property NOI, and same-property NOI including properties in redevelopment for the three and six months ended June 30, 2025 and 2024:
Previous wording
FFO applicable to diluted common shareholders was $45.5 million for the three months ended March 31, 2025 compared to $39.1 million for the three months ended March 31, 2024.
Current wording
FFO applicable to diluted common shareholders was $43.8 million for the three months ended June 30, 2025 compared to $58.4 million for the three months ended June 30, 2024, and $89.2 million for the six months ended June 30, 2025 compared to $97.4 million for the six months ended June 30, 2024.
Previous wording
The following table reflects the reconciliation of net income to FFO for the three months ended March 31, 2025 and 2024:
Current wording
The following table reflects the reconciliation of net income to FFO for the three and six months ended June 30, 2025 and 2024:
Previous wording
Due to the nature of our business, the cash generated from operations is primarily paid to our shareholders and unitholders of the Operating Partnership in the form of distributions. Our status as a REIT requires that we generally distribute at least 90% of our REIT’s ordinary taxable income each year. Our Board of Trustees declared a quarterly dividend of $0.19 per common share and OP Unit for the first quarter of 2025, or an annual rate of $0.76. Historically, we have paid regular cash dividends; however, the timing, declaration, amount and payment of distributions to shareholders and unitholders of the Operating Partnership fall within the discretion of our Board of Trustees. Our Board of Trustees’ decisions regarding the payment of dividends depend on many factors, such as maintaining our REIT status, our financial condition, earnings, capital requirements, debt service obligations, limitations under our financing arrangements, industry practice, legal requirements, regulatory constraints, and other factors.
Current wording
Due to the nature of our business, the cash generated from operations is primarily paid to our shareholders and unitholders of the Operating Partnership in the form of distributions. Our status as a REIT requires that we generally distribute at least 90% of our REIT’s ordinary taxable income each year. Our Board of Trustees declared a quarterly dividend of $0.19 per common share and OP Unit for the first and second quarters of 2025, or an annual rate of $0.76. Historically, we have paid regular cash dividends; however, the timing, declaration, amount and payment of distributions to shareholders and unitholders of the Operating Partnership fall within the discretion of our Board of Trustees. Our Board of Trustees’ decisions regarding the payment of dividends depend on many factors, such as maintaining our REIT status, our financial condition, earnings, capital requirements, debt service obligations, limitations under our financing arrangements, industry practice, legal requirements, regulatory constraints, and other factors.
Previous wording
We have an $800 million revolving credit agreement (the “Revolving Credit Agreement”) which has a maturity date of February 9, 2027 and includes two six-month extension options. The Company has obtained seven letters of credit issued under the Revolving Credit Agreement, aggregating $32.1 million, and provided them to mortgage lenders and other entities to secure its 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 and no separate liability has been recorded in association with them. As of March 31, 2025 there was approximately $75 million drawn under the Revolving Credit Agreement and an available remaining balance of $692.9 million under the facility, including undrawn letters of credit. Subsequent to the quarter, the Company repaid $25 million of the outstanding balance under the Revolving Credit Agreement. See Note 6 to the consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the Revolving Credit Agreement.
Current wording
We have an $800 million revolving credit agreement (the “Revolving Credit Agreement”) which has a maturity date of February 9, 2027 and includes two six-month extension options. The Company has obtained seven letters of credit issued under the Revolving Credit Agreement, aggregating $32.1 million, and provided them to mortgage lenders and other entities to secure its 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 and no separate liability has been recorded in association with them. As of June 30, 2025 there was approximately $90 million drawn under the Revolving Credit Agreement and an available remaining balance of $677.9 million under the facility, including undrawn letters of credit. See Note 6 to the consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the Revolving Credit Agreement.
Previous wording
In August 2022, in connection with the launch of the ATM Program, the Company entered into an equity distribution agreement with various financial institutions acting as agents, forward sellers, and forward purchasers (the “Equity Distribution Agreement”). 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”). During the three months ended March 31, 2025, the Company did not issue any common shares under the ATM Program. During the three months ended March 31, 2024, the Company issued 1,082,945 common shares at a weighted average gross price of $17.31 per share under the ATM Program, generating cash proceeds of $18.5 million, net of commissions paid to distribution agents. See Note 14, Equity and Noncontrolling Interest in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the ATM Program.
Current wording
In August 2022, in connection with the launch of the ATM Program, the Company entered into an equity distribution agreement with various financial institutions acting as agents, forward sellers, and forward purchasers (the “Equity Distribution Agreement”). 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”). During the six months ended June 30, 2025, the Company did not issue any common shares 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 cash proceeds of $47.4 million, net of commissions paid to distribution agents. See Note 14, Equity and Noncontrolling Interest in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding the ATM Program.
Previous wording
Our short-term cash requirements consist of normal recurring operating expenses, lease obligations, regular debt service requirements, general and administrative expenses, expenditures related to leasing activity and distributions to shareholders and unitholders of the Operating Partnership. Our long-term capital requirements consist primarily of maturities under our long-term debt agreements, development and redevelopment costs and potential acquisitions. We have approximately$23.6 million of debt maturing within the next 12 months related to a mortgage loan encumbering one of our properties.
Current wording
Our short-term cash requirements consist of normal recurring operating expenses, lease obligations, regular debt service requirements, general and administrative expenses, expenditures related to leasing activity and distributions to shareholders and unitholders of the Operating Partnership. Our long-term capital requirements consist primarily of maturities under our long-term debt agreements, development and redevelopment costs and potential acquisitions. We have approximately$23.5 million of debt maturing within the next 12 months related to a mortgage loan encumbering one of our properties and are actively exploring our options to repay or refinance the loan.
Previous wording
At March 31, 2025, we hadcash and cash equivalents, including restricted cash, of $98.1 million and approximately $692.9 million available under the Revolving Credit Agreement. The available balance under the Revolving Credit Agreement and cash on hand are readily available to fund the debt obligations discussed above which are coming due within the next year.
Current wording
At June 30, 2025, we hadcash and cash equivalents, including restricted cash, of $118.2 million and approximately $677.9 million available under the Revolving Credit Agreement. The available balance under the Revolving Credit Agreement and cash on hand are readily available to fund the debt obligations discussed above which are coming due within the next year.
Previous wording
Cash and cash equivalents, including restricted cash, was $98.1 million at March 31, 2025, compared to $90.6 million at December 31, 2024 and $95.1 million at March 31, 2024, an increase of $7.5 million and an increase $3.0 million, respectively. Our cash flow activities are summarized as follows:
Current wording
Cash and cash equivalents, including restricted cash, was $118.2 million at June 30, 2025, compared to $90.6 million at December 31, 2024 and $101.2 million at June 30, 2024, an increase of $27.6 million and $17.0 million, respectively. Our cash flow activities are summarized as follows:
Previous wording
Net cash provided by operating activities of $32.6 million for the three months ended March 31, 2025 increased by $9.7 million from $22.9 million for the three months ended March 31, 2024. The increase is due to higher rental revenue for tenant rent commencements and the timing of cash receipts and payments related to tenant collections and operating expenses.
Current wording
Net cash provided by operating activities of $76.0 million for the six months ended June 30, 2025 increased by $11.9 million from $64.2 million for the six months ended June 30, 2024. The increase is due to higher rental revenue for tenant rent commencements and the timing of cash receipts and payments related to tenant collections and operating expenses.
Previous wording
Net cash flow used in investing activities is impacted by the timing and extent of our real estate development, capital improvements, and acquisition and disposition activities during the period.
Current wording
Net cash flow provided by or used in investing activities is impacted by the timing and extent of our real estate development, capital improvements, and acquisition and disposition activities during the period.
Previous wording
Net cash used in investing activities of $20.7 million for the three months ended March 31, 2025 decreased by $23.6 million from cash used in investing activities of $44.3 million for the three months ended March 31, 2024. The decrease is primarily due to:
Current wording
Net cash provided by investing activities of $19.8 million for the six months ended June 30, 2025 increased by $141.7 million from cash used in investing activities of $121.9 million for the six months ended June 30, 2024. The increase is primarily due to:
Previous wording
•$32.3 million decrease in cash used for the acquisition of real estate; offset by
Current wording
•$115.5 million of cash used for the acquisition of real estate in the first six months of 2024; and
Previous wording
•$8.2 million decrease in cash provided by the sale of real estate driven by dispositions in the first quarter of 2024; and
Current wording
•$29.2 million increase in cash provided by the sale of real estate driven by dispositions in the second quarter of 2025; offset by
Previous wording
•$0.5 million increase in cash used for real estate development and capital improvements.
Current wording
•$3.0 million increase in cash used for real estate development and capital improvements.
Previous wording
The Company had 23 active development, redevelopment or anchor repositioning projects with total estimated costs of $156.4 million, of which $71.6 million had been incurred and $84.8 million remained to be funded as of March 31, 2025.
Current wording
The Company had 20 active development, redevelopment or anchor repositioning projects with total estimated costs of $141.8 million, of which $65.2 million had been incurred and $76.6 million remained to be funded as of June 30, 2025.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
•$1.3 million increase in non-cash revenues driven by accelerated amortization of above-market lease intangibles in the second quarter of 2024; and
Current report — wording carried from elsewhere
•$0.4 million increase in rental revenue deemed uncollectible; and
Current report — wording carried from elsewhere
•$0.4 million increase in capitalized real estate taxes due to the commencement of development, redevelopment, and anchor repositioning projects since the second quarter of 2024, offset by project completions.
Current report — wording carried from elsewhere
Net income for the six months ended June 30, 2025 was $69.2 million, compared to net income of $34.5 million for the six months ended June 30, 2024. The following table summarizes certain line items from our consolidated statements of income and comprehensive income that we believe are important in understanding our operations and/or those items that significantly changed in the six months ended June 30, 2025 as compared to the same period in 2024:
Current report — wording carried from elsewhere
•$11.6 million increase in property rentals and tenant reimbursements due to rent commencements and contractual rent increases;
Current report — wording carried from elsewhere
•$11.7 million decrease primarily related to accelerated depreciation in the first six months of 2024 on buildings taken out of service for redevelopment; offset by
Current report — wording carried from elsewhere
•$1.3 million decrease as a result of successful tax appeals and lower assessments; and
Current report — wording carried from elsewhere
•$2.8 million decrease in interest expense due to the mortgage debt forgiven in connection with the foreclosure of Kingswood Center; and
Current report — wording carried from elsewhere
•$0.5 million increase in capitalized interest expense due to the commencement of development, redevelopment, and anchor repositioning projects, offset by project completions; offset by
Current report — wording carried from elsewhere
•$3.3 million increase as a result of new financings and refinancings since the second quarter of 2024, net of loan repayments; and
Current report — wording carried from elsewhere
•$0.6 million increase in amortization of deferred financing costs.
Current report — wording carried from elsewhere
We recognized a $0.5 million gain on extinguishment of debt for the six months ended June 30, 2025 attributable to the return of escrow funds related to the Kingswood Center foreclosure, partially offset by a $0.2 million loss on extinguishment of debt related to the prepayment of the mortgage loan secured by the Plaza at Woodbridge. During the six months ended June 30, 2024, we recognized a $21.7 million gain on extinguishment of debt attributable to the foreclosure settlement of Kingswood Center, partially offset by a $0.3 million loss on extinguishment of debt as a result of the prepayment of three variable rate mortgage loans in January 2024.