4 unchanged sentences
Our common shares began “regular way” trading on January 15, 2015.
−Removed: As of February 11, 2020, there were approximately 1,414 holders of record of our common shares.
+Added: As of January 29, 2021, there were approximately 1,353 holders of record of our common shares.
The Company elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the filing of its 2015 tax return for its tax year ended December 31, 2015.
2 unchanged sentences
Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, and such other factors as our Board of Trustees deems relevant.
−Removed: Our total annual dividends per common share for 2019 were $0.88 per share.
+Added: O ur Board of Trustees declared a quarterly dividend of $0.22 per common share and OP unit for the first quarter of 2020, the same quarterly rate as in 2019.
+Added: As a result of COVID-19 and the uncertainties it generated, the Company temporarily suspended quarterly dividend distributions for the second and third quarters of 2020 and declared a special cash dividend of $0.46 per common share and OP unit in December 2020, which resulted in a total annual dividend per common share and OP unit of $0.68 for 2020.
The annual dividend amount may differ from dividends as calculated for federal income tax purposes.
7 unchanged sentences
We have determined the dividends paid on our common shares during 2020 and 2019 qualify for the following tax treatment:
−Removed: Total Distribution per Share
−Removed: Ordinary Dividends
−Removed: Long Term Capital Gains
−Removed: Return of Capital
+Added: Total Distribution per Share Ordinary Dividends Long Term Capital Gains Return of Capital
+Added: 2020 $ 0.68 $ 0.68 $ — $ —
+Added: 2019 0.88 0.73 0.15 —
Total Shareholder Return Performance
The following performance graph compares the cumulative total shareholder return of our common shares with the Russell 2000 Index, the S&P 500 Index, SNL U.S.
−Removed: REIT Equity Index and the SNL REIT Retail Shopping Center Index as provided by SNL Financial LC, from January 15, 2015 (the date of our separation from Vornado) to December 31, 2019 , assuming an investment of $100 and the reinvestment of all dividends into additional common shares during the holding period.
+Added: REIT Equity Index and the SNL REIT Retail Shopping Center Index as provided by SNL Financial LC, for the five fiscal years commencing December 31, 2015 and ending December 31, 2020, assuming an investment of $100 and the reinvestment of all dividends into additional common shares during the holding period.
Historical stock performance is not necessarily indicative of future results.
1 unchanged sentence
COMPARISON OF CUMULATIVE TOTAL RETURN (1)
−Removed: (1) $100 invested on January 15, 2015 in stock or index, including reinvestment of dividends.
+Added: (1) $100 invested on December 31, 2015 in stock or index, including reinvestment of dividends.
Cumulative (1)
1 unchanged sentence
Total Return $ as of
+Added: Stock/Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
+Added: UE (32.3) 100 120.9 116.0 78.9 95.4 67.7
+Added: S&P 500 103.0 100 112.0 136.4 130.4 171.5 203.0
+Added: Russell 2000 86.4 100 121.3 139.1 123.8 155.4 186.4
+Added: REIT Equity 37.1 100 108.9 118.0 112.5 144.5 137.1
REIT Retail Shopping Center (29.0) 100 103.5 92.0 77.2 98.1 71.0
−Removed: (1) Cumulative total return is for the period from the separation date on January 15, 2015 to December 31, 2019 .
+Added: (1) Cumulative total return is for the five fiscal years commencing December 31, 2015 and ending December 31, 2020.
Operating Partnership
1 unchanged sentence
There is no established public market for our general and common limited partnership interests in the operating partnership (“OP Units”).
−Removed: As of February 11, 2020, there were 121,386,592 general partnership units outstanding and 5,817,223 common limited partnership units outstanding, held by approximately 1,414 and 37 holders of record, respectively.
+Added: As of January 29, 2021, there were 117,019,013 general partnership units outstanding and 4,729,010 common limited partnership units outstanding, held by approximately 1,353 and 34 holders of record, respectively.
Under the limited partnership agreement of UELP, unitholders may present their common units for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time).
2 unchanged sentences
If UE so elects, its common shares will be exchanged for common units on a one-for-one basis.
−Removed: During the year ended December 31, 2019 , 6,995,941 units were redeemed for common shares and 357,998 units were redeemed for cash.
+Added: During the year ended December 31, 2020, 1,355,836 units were redeemed for common shares and no units were redeemed for cash.
Recent Sales of Unregistered Shares
10 unchanged sentences
During the three months ended December 31, 2020, no restricted common shares were surrendered.
+Added: In March 2020, our Board of Trustees authorized a share repurchase program for up to $200 million of the Company’s common shares.
+Added: During the year ended December 31, 2020, we repurchased 5,873,923 shares at a weighted average share price of $9.22 amounting to $54.1 million.
+Added: During the three months ended December 31, 2020, no shares were repurchased.
Equity Compensation Plan Information
Information regarding equity compensation plans is presented in Part III, Item 12 of this Annual Report on Form 10-K and incorporated herein by reference.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following table includes selected consolidated and combined financial data set forth for the Company and the Operating Partnership as of and for each of the five years in the period ended December 31, 2019 .
−Removed: The consolidated balance sheets as of December 31, 2019 and December 31, 2018 reflects the consolidation of properties that are wholly-owned and properties in which we own less than 100% interest, but in which we have a controlling interest.
−Removed: The consolidated statements of income for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 include the consolidated accounts of the Company.
−Removed: This selected financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and our audited consolidated financial statements and related notes included in Part II, Items 7 and 8, respectively, of this Annual Report on Form 10-K.
−Removed: Urban Edge Properties
−Removed: Year Ended December 31,
−Removed: (Amounts in thousands, except per share amounts)
−Removed: Operating Data:
−Removed: Rental revenue (1)
−Removed: Management and development fees
−Removed: Income from acquired leasehold interest
−Removed: Total revenue
−Removed: Total expenses
−Removed: Net income attributable to operating partnership
−Removed: Net (income) loss attributable to consolidated subsidiaries
−Removed: Net income attributable to common shareholders (2)
−Removed: Earnings per common share - Basic (3) :
−Removed: Earnings per common share - Diluted (3) :
−Removed: Weighted average shares outstanding - Basic (3)
−Removed: Weighted average shares outstanding - Diluted (3)
−Removed: Dividends declared per common share
−Removed: (1) In accordance with ASC 205 Presentation of Financial Statements, the Company reclassified Property rentals and Tenant reimbursement income to Rental revenue as reflected in this Form 10-K.
−Removed: (2) Net income earned prior to January 15, 2015 is attributable to Vornado as it was the sole shareholder prior to January 15, 2015.
−Removed: (3) The common shares outstanding at the date of separation are reflected as outstanding for all periods prior to the separation.
−Removed: (4) The consolidated and combined statement of income for the year ended December 31, 2015 includes the consolidated accounts of the Company and the combined accounts of the UE Business.
−Removed: Accordingly, the results presented for the year ended December 31, 2015 reflect the aggregate operations, changes in cash flows and equity on a carved-out and combined basis for the period from January 1, 2015 through the date of separation and on a consolidated basis subsequent to the date of separation.
−Removed: The financial data for the periods prior to the separation date are prepared on a carved-out and combined basis from the consolidated financial statements of Vornado as the UE Business was under the control of Vornado prior to January 15, 2015.
−Removed: Year Ended December 31,
−Removed: (Amounts in thousands)
−Removed: Balance Sheet Data as of period end:
−Removed: Real estate, net of accumulated depreciation
−Removed: Total assets (1)
−Removed: Mortgages payable, net
−Removed: Total liabilities (1)
−Removed: Noncontrolling interests in operating partnership
−Removed: Cash flow Statement Data:
−Removed: Provided by operating activities
−Removed: Used in investing activities
−Removed: (Used in) provided by financing activities
−Removed: (1) In accordance with the adoption of ASC 842 on January 1, 2019 , the Company recognized right-of-use assets and lease liabilities included in the Company’s balances of total assets and total liabilities, respectively, as reflected in this Form 10-K.
−Removed: Urban Edge Properties LP
−Removed: Year Ended December 31,
−Removed: (Amounts in thousands, except per unit amounts)
−Removed: Operating Data:
−Removed: Rental revenue (1)
−Removed: Management and development fees
−Removed: Income from acquired leasehold interest
−Removed: Total revenue
−Removed: Total expenses
−Removed: Net (income) loss attributable to consolidated subsidiaries
−Removed: Net income attributable to unitholders (2)
−Removed: Earnings per unit - Basic (3) :
−Removed: Earnings per unit - Diluted (3) :
−Removed: Weighted average units outstanding - Basic (3)
−Removed: Weighted average units outstanding - Diluted (3)
−Removed: Distributions declared per unit
−Removed: (1) In accordance with ASC 205 , the Company reclassified Property rentals and Tenant reimbursement income to Rental revenue as reflected in this Form 10-K.
−Removed: (2) Net income earned prior to January 15, 2015 is attributable to Vornado as it was the sole unitholder prior to January 15, 2015.
−Removed: (3) The units outstanding at the date of separation are reflected as outstanding for all periods prior to the separation.
−Removed: (4) The consolidated and combined statement of income for the year ended December 31, 2015 includes the consolidated accounts of the Company and the combined accounts of the UE Business.
−Removed: Accordingly, the results presented for the year ended December 31, 2015 reflect the aggregate operations, changes in cash flows and equity on a carved-out and combined basis for the period from January 1, 2015 through the date of separation and on a consolidated basis subsequent to the date of separation.
−Removed: The financial data for the periods prior to the separation date are prepared on a carved-out and combined basis from the consolidated financial statements of Vornado as the UE Business was under common control of Vornado prior to January 15, 2015.
−Removed: Year Ended December 31,
−Removed: (Amounts in thousands)
−Removed: Balance Sheet Data as of period end:
−Removed: Real estate, net of accumulated depreciation
−Removed: Total assets (1)
−Removed: Mortgages payable, net
−Removed: Total liabilities (1)
−Removed: Cash flow Statement Data:
−Removed: Provided by operating activities
−Removed: Used in investing activities
−Removed: (Used in) provided by financing activities
−Removed: (1) In accordance with the adoption of ASC 842 on January 1, 2019 , the Company recognized right-of-use assets and lease liabilities included in the Company’s balances of total assets and total liabilities, respectively, as reflected in this Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.