Urban Edge Properties (UE) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Property rentals						321.7	231.9	232.6
Tenant expense reimbursements							84.6	81.9
Other						4.3	6.5	1.2
Total revenues [+]	425.1	330.1	387.6	414.2	407.0	326.0	322.9	315.7
Tenant reimbursements							84.6	81.9
Management fees							2.3	0.5
Lease / rental						321.7	231.9	232.6
Other							4.2	0.7
Revenue growth [+]	28.8%	-14.8%	-6.4%	1.7%	24.9%	0.9%	2.3%	-13.0%
Property rentals						38.8%	-0.3%	1.9%
Tenant expense reimbursements							3.3%	11.9%
Cost of goods sold [+]	132.4	116.2	124.2	445.8	124.9	106.8	134.0	120.7
Lease costs				11.4	10.8	10.0	10.1	10.3
Maintenance and operations costs				292.3
Real estate taxes and insurance	63.8	60.0	60.2	63.7	59.7	51.4	49.3	49.8
Real estate or leased property costs	68.5	56.1	64.1	78.4	54.3	45.3	50.6	52.0
Gross profit	292.7	213.9	263.4	-31.6	282.1	219.2	188.9	194.9
Gross margin	68.9%	64.8%	68.0%	-7.6%	69.3%	67.3%	58.5%	61.8%
Selling, general and administrative [+]	39.2	48.7	38.2	35.0	30.7	28.8	32.0	17.8
General and administrative [+]	39.2	48.7	38.2	35.0	30.7	28.8	32.0	17.8
General and administrative expenses	39.2	48.7	38.2	35.0	30.7	28.8	32.0	17.8
Rent expense								10.3
Other selling, general and administrative
Other operating expenses	-42.6	-172.4	-180.5	-450.8	77.9	-14.4	1.5	1.0
EBITDA [+]	298.0	339.4	408.3	387.7	173.8	205.8	156.4	177.3
EBITDA growth	-12.2%	-16.9%	5.3%	123.1%	-15.6%	31.6%	-11.8%	-26.6%
EBITDA margin	70.1%	102.8%	105.3%	93.6%	42.7%	63.1%	48.4%	56.2%
Depreciation	85.5	87.6	87.8	87.8	73.2	55.2	56.8	53.3
EBITA	212.4	251.8	320.4	299.9	100.6	150.6	99.6	124.0
EBITA margin	50.0%	76.3%	82.7%	72.4%	24.7%	46.2%	30.8%	39.3%
Amortization of intangibles	8.6	10.2	8.8	15.1	9.3	2.0	1.5	1.6
EBIT [+]	203.8	241.6	311.6	284.8	91.3	148.6	98.1	122.4
EBIT growth	-15.6%	-22.5%	9.4%	211.9%	-38.6%	51.6%	-19.9%	-34.2%
EBIT margin	48.0%	73.2%	80.4%	68.8%	22.4%	45.6%	30.4%	38.8%
Non-recurring items [+]	37.3	79.6	137.3	105.3		15.6
Loss (gain) on sale of assets	18.6	39.8	68.6	52.6
Loss (gain) on disposal of assets	18.6	39.8	68.6	52.6		15.6
Interest expense, net [+]	57.6	68.4	56.9	56.5	54.0	51.2	55.4	54.9
Interest expense	57.9	71.0	66.6	64.9	56.2	51.9	55.6	55.0
Interest income	0.4	2.6	9.8	8.3	2.2	0.7	0.2	0.0
Other income (expense), net [+]		-34.9		-2.5	35.3	15.6
Gain (loss) on sale of assets					0.2
Gain (loss) on debt retirement		34.9		2.5	-35.3
Pre-tax income	109.0	58.8	117.5	120.5	72.7	97.4	42.6	67.5
Income taxes	1.1	-39.0	1.3	3.5	-0.3	0.8	1.3	1.7
Tax rate	1.0%		1.1%	2.9%		0.8%	3.0%	2.5%
Minority interest	-4.3	-4.2	-6.7	-11.8	-5.8	-5.8	-2.5
Net income	112.1	101.9	122.9	128.7	78.8	102.4	43.9	65.8
Net margin	26.4%	30.9%	31.7%	31.1%	19.3%	31.4%	13.6%	20.8%

Basic EPS [+]	$0.96	$0.87	$1.03	$1.13	$0.74	$1.03	$0.44	$0.66
Growth	10.7%	-15.6%	-9.2%	53.8%	-28.7%	133.1%	-33.3%	-39.8%
Diluted EPS [+]	$0.92	$0.86	$1.03	$1.13	$0.67	$1.03	$0.44	$0.66
Growth	6.8%	-15.7%	-9.2%	69.7%	-35.2%	132.2%	-33.3%	-39.8%

Dividends per share [+]	$0.60	$0.68	$0.88	$0.88	$0.88	$0.82	$0.80
Growth	-11.8%	-22.7%	0.0%	0.0%	7.3%	2.5%

Shares outstanding (basic) [+]	117.0	117.7	119.8	113.9	107.1	99.4	99.3	99.2
Growth	-0.6%	-1.7%	5.2%	6.3%	7.8%	0.1%	0.0%	0.0%
Shares outstanding (diluted) [+]	121.4	117.9	119.9	114.1	118.4	99.8	99.3	99.2
Growth	3.0%	-1.7%	5.1%	-3.7%	18.6%	0.5%	0.0%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.