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Urban Edge Properties Reports Second Quarter 2017 Results

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Urban Edge Properties (NYSE:UE) (the "Company") today announced its
results for the three and six months ended June 30, 2017.

Financial Results(1)(2)

  • Generated net income of $14.9 million, or $0.13 per diluted share, for
    the quarter and $69.7 million, or $0.63 per diluted share, for the six
    months ended June 30, 2017.
  • Generated Funds from Operations applicable to diluted common
    shareholders ("FFO") of $38.7 million, or $0.34 per share, for the
    quarter and $112.1 million, or $1.01 per share, for the six months
    ended June 30, 2017.
  • Generated FFO as Adjusted of $0.33 per share for the quarter and $0.66
    per share for the six months ended June 30, 2017, an increase of 6.5%
    per share compared to both the second quarter of 2016 and the six
    months ended June 30, 2016.

Operating Results(1)

  • Increased same-property cash Net Operating Income ("NOI") by 5.0%
    compared to the second quarter of 2016 and by 5.3% compared to the six
    months ended June 30, 2016, primarily due to rent commencements at
    Garfield Commons, Kearny Commons and Bergen Town Center and higher
    recoveries.
  • Increased same-property cash NOI including properties in redevelopment
    by 5.6% compared to the second quarter of 2016 and by 6.1% compared to
    the six months ended June 30, 2016. Rent commencements at East Hanover
    warehouses, Walnut Creek and Montehiedra contributed to this growth.
  • Reported a decline in consolidated retail portfolio occupancy of 30
    basis points to 95.9% compared to June 30, 2016 and 130 basis points
    compared to March 31, 2017, primarily as a result of acquiring centers
    with lower occupancy than our existing portfolio.
  • Increased same-property retail portfolio occupancy by 90 basis points
    to 98.2% compared to June 30, 2016 and reported a decrease of 10 basis
    points compared to March 31, 2017.
  • Executed 31 new leases, renewals and options totaling 373,000 square
    feet (sf) during the quarter. Same-space leases totaled 338,000 sf and
    generated average rent spreads of 1.7% on a GAAP basis and (2.7)% on a
    cash basis.

Acquisition and Disposition Activity

  • Acquired seven retail assets, predominantly in the New York metro
    area, totaling $325 million during the quarter. Funding for these
    acquisitions was comprised of approximately $122 million in UE
    operating partnership units valued at $27.02 per unit (4.5 million
    units), approximately $33 million of assumed debt, the issuance of
    approximately $126 million in non-recourse, mortgage loans and
    approximately $44 million in cash.
  • During the six months ended June 30, 2017, the Company acquired a
    total of nine retail assets as follows:
         
Date Acquired Property Location GLA SF Occupancy Purchase Price
 
1/17/2017 Shops at Bruckner Bronx, NY 114,000 100% $ 32,000
2/2/2017 Hudson Mall Jersey City, NJ 383,000 97% 43,700
5/24/2017 Yonkers Gateway Center

(2 transactions)(3)

Yonkers, NY 437,000 88% 152,388
5/24/2017 The Plaza at Cherry Hill Cherry Hill, NJ 413,000 74% 51,348
5/24/2017 Manchester Plaza Manchester, MO 131,000 89% 19,794
5/24/2017 Millburn Gateway Center Millburn, NJ 102,000 97% 43,748
5/24/2017 21 E Broad St/One Lincoln Plaza Westfield, NJ 22,000 100% 9,670
5/25/2017 The Plaza at Woodbridge Woodbridge, NJ 411,000 81% 99,752
Total 2,013,000 87% $ 452,400
 
  • Completed the sale of a 32,000 sf vacant building located in
    Eatontown, NJ for $5.0 million on June 30, 2017.

Development, Redevelopment and Anchor Repositioning Activity

  • Advanced thirteen active projects. Estimated gross cost for active and
    completed projects totals $203.4 million, a $10.3 million increase
    over the first quarter of 2017. Increased project costs are primarily
    offset by increased revenue from new tenant leases. These projects are
    expected to generate a 10% return. Of the $203.4 million, $96.8
    million remains to be funded.
  • Sixteen additional pipeline projects are expected to earn 9% on the
    projected investment of $69-86 million.

Financing Activity

  • On May 10, 2017, issued 7.7 million common shares through an
    underwritten public offering generating cash proceeds of $193.5
    million. The Company intends to use the net proceeds of this offering
    for development and redevelopment projects and for general corporate
    purposes including potential acquisitions that may be identified in
    the future.

Balance Sheet Highlights at June 30, 2017(1)(4)

  • Total market capitalization of approximately $4.3 billion comprising
    120.4 million, fully diluted common shares valued at $2.9 billion and
    $1.4 billion of debt.
  • Net debt to total market capitalization of 27%.
  • Net debt to Adjusted Earnings before interest, tax, depreciation and
    amortization ("EBITDA") of 5.6x.
  • $248 million of cash and cash equivalents and no amounts drawn on the
    $600 million revolving credit facility.
 
(1) Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for
definitions and additional detail.
(2) Refer to page 8 for a reconciliation of FFO to FFO as Adjusted for
the three and six months ended June 30, 2017.
(3) The acquisition of Yonkers Gateway Center closed in two
transactions. On January 4, 2017, the Company acquired fee and
leasehold interests for $51.7 million. On May 24, 2017, the Company
acquired the remaining fee and leasehold interests not previously
acquired for $100.7 million.
(4) The tables accompanying this press release provide the calculation
of fully diluted common shares and a reconciliation of net income to
EBITDA and Adjusted EBITDA.
 

Non-GAAP Financial Measures

The Company uses certain non-GAAP performance measures, in addition to
the primary GAAP presentations, as we believe these measures improve the
understanding of the Company's operational results. We continually
evaluate the usefulness, relevance, limitations, and calculation of our
reported non-GAAP performance measures to determine how best to provide
relevant information to the investing public, and thus such reported
measures are subject to change. The Company's non-GAAP performance
measures have limitations as they do not include all items of income and
expense that affect operations, and accordingly, should always be
considered as supplemental financial results. The following non-GAAP
measures are commonly used by the Company and investing public to
understand and evaluate our operating results and performance:

  • FFO: The Company believes FFO is a useful, supplemental measure of its
    operating performance that is a recognized metric used extensively by
    the real estate industry and, in particular REITs. FFO, as defined by
    the National Association of Real Estate Investment Trusts ("NAREIT")
    and the Company, is net income (computed in accordance with GAAP),
    excluding gains (or losses) from sales of depreciated real estate
    assets, real estate impairment losses, rental property depreciation
    and amortization expense. The Company believes that financial
    analysts, investors and stockholders are better served by the
    presentation of comparable period operating results generated from FFO
    primarily because it excludes the assumption that the value of real
    estate assets diminish predictably. FFO does not represent cash flows
    from operating activities in accordance with GAAP, should not be
    considered an alternative to net income as an indication of our
    performance, and is not indicative of cash flow as a measure of
    liquidity or our ability to make cash distributions.
  • FFO as Adjusted: The Company provides disclosure of FFO as Adjusted
    because it believes it is a useful supplemental measure of its core
    operating performance that facilitates comparability of historical
    financial periods. FFO as Adjusted is calculated by making certain
    adjustments to FFO to account for items the Company does not believe
    are representative of ongoing core operating results including
    transaction costs associated with acquisition and disposition activity
    and non-comparable revenues and expenses. The Company's method of
    calculating FFO as Adjusted may be different from methods used by
    other REITs and, accordingly, may not be comparable to such other
    REITs.
  • Cash NOI: The Company uses cash NOI internally to make investment and
    capital allocation decisions and to compare the unlevered performance
    of our properties to our peers. The Company believes cash NOI is
    useful to investors as a performance measure because, when compared
    across periods, cash NOI reflects the impact on operations from trends
    in occupancy rates, rental rates, operating costs and acquisition and
    disposition activity on an unleveraged basis, providing perspective
    not immediately apparent from operating income or net income. The
    Company calculates cash NOI using net income as defined by GAAP
    reflecting only those income and expense items that are incurred at
    the property level, adjusted for the following items: lease
    termination fees, bankruptcy settlement income, non-cash rental income
    and ground rent expense and income or expenses that we do not believe
    are representative of ongoing operating results, if any.
  • Same-property Cash NOI: The Company provides disclosure of cash NOI on
    a same-property basis, which includes the results of properties that
    were owned and operated for the entirety of the reporting periods
    being compared totaling 76 properties for the three and six months
    ended June 30, 2017 and 2016. Information provided on a same-property
    basis excludes properties under development, redevelopment or that
    involve anchor repositioning where a substantial portion of the gross
    leasable area ("GLA") is taken out of service and also excludes
    properties acquired, sold, under contract to be sold, or that are in
    the foreclosure process during the periods being compared. As such,
    same-property cash NOI assists in eliminating disparities in net
    income due to the development, redevelopment, acquisition or
    disposition of properties during the periods presented, and thus
    provides a more consistent performance measure for the comparison of
    the operating performance of the Company's properties. While there is
    judgment surrounding changes in designations, a property is removed
    from the same-property pool when it is designated as a redevelopment
    property because it is undergoing significant renovation or
    retenanting pursuant to a formal plan that is expected to have a
    significant impact on its operating income. 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 for a full quarter.
    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. The
    Company has also provided disclosure of cash NOI on a same-property
    basis adjusted to include redevelopment properties.
  • EBITDA and Adjusted EBITDA: EBITDA and Adjusted EBITDA are
    supplemental, non-GAAP measures utilized by us in various financial
    ratios. EBITDA and Adjusted EBITDA are presented to assist investors
    in the evaluation of REITs, as a measure of the Company's operational
    performance as they exclude various items that do not relate to or are
    not indicative of our operating performance and because they
    approximate key performance measures in our debt covenants.
    Accordingly, the Company believes that the use of EBITDA and Adjusted
    EBITDA, as opposed to income before income taxes in various ratios,
    provides meaningful performance measures related to the Company's
    ability to meet various coverage tests for the stated periods. The
    Company also presents the ratio of net debt (net of cash) to
    annualized Adjusted EBITDA, which it believes is useful to investors
    as a supplemental measure in evaluating the Company's balance sheet
    leverage.

The Company believes net income is the most directly comparable GAAP
financial measure to the non-GAAP performance measures outlined above.
Reconciliations of these measures to net income have been provided in
the tables accompanying this press release.

Operating Metrics

The Company presents certain operating metrics related to our properties
including occupancy, leasing activity and rental rates. Operating
metrics are used by the Company and are useful to investors in
facilitating an understanding of the operational performance for our
properties.

Occupancy metrics represent the percentage of occupied gross leasable
area based on executed leases (including properties in development and
redevelopment) and includes leases signed, but for which rent has not
yet commenced. Same-property retail portfolio occupancy includes
shopping centers and malls that have been owned and operated for the
entirety of the reporting periods being compared totaling 76 properties
for the three and six months ended June 30, 2017 and 2016. Occupancy
metrics presented for the Company's same-property retail portfolio
excludes properties 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
within the past 12 months, properties sold, under contract to be sold,
or that are in the foreclosure process during the periods being compared.

Executed new leases, renewals and exercised options are presented on a
same-space basis. Same-space leases represent those leases signed on
spaces for which there was a previous lease with comparable gross
leasable area.

ADDITIONAL INFORMATION

For a copy of the Company's supplemental disclosure package, please
access the "Investors" section of UE's website at www.uedge.com.
Our website also includes other financial information, including our
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and amendments to those reports.

ABOUT URBAN EDGE

Urban Edge Properties is a NYSE listed real estate investment trust
focused on managing, acquiring, developing, and redeveloping retail real
estate in urban communities, primarily in the New York metropolitan
region. Urban Edge owns 90 properties totaling 16.6 million square feet
of gross leasable area.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Press Release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. 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 and business
may differ materially from those expressed in these forward-looking
statements. You can find many of these statements by looking for words
such as "approximates," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "would," "may" or other similar
expressions in this Press Release. Many of the factors that will
determine the outcome of these and our other forward-looking statements
are beyond our ability to control or predict; these factors include,
among others, the Company's ability to complete its active development,
redevelopment and anchor repositioning projects, the Company's ability
to pursue, finance and complete acquisition opportunities, the Company's
ability to engage in the projects in its planned expansion and
redevelopment pipeline and the Company's ability to achieve the
estimated unleveraged returns for such projects and acquisitions. For
further discussion of factors that could materially affect the outcome
of our forward-looking statements, see "Risk Factors" in Part I, Item
1A, of our Annual Report on Form 10-K for the year ended December 31,
2016 and the other documents filed by the Company with the Securities
and Exchange Commission.

For these statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of the
date of this Press Release. All subsequent written and oral
forward-looking statements attributable to us or any person acting on
our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. We do not undertake
any obligation to release publicly any revisions to our forward-looking
statements to reflect events or circumstances occurring after the date
of this Press Release.

 
URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
   
June 30, December 31,
2017 2016
ASSETS
Real estate, at cost:
Land $ 522,098 $ 384,217
Buildings and improvements 1,992,386 1,650,054
Construction in progress 123,009 99,236
Furniture, fixtures and equipment 5,591   4,993  
Total 2,643,084 2,138,500
Accumulated depreciation and amortization (568,980 ) (541,077 )
Real estate, net 2,074,104 1,597,423
Cash and cash equivalents 248,407 131,654
Restricted cash 14,422 8,532
Tenant and other receivables, net of allowance for doubtful accounts
of $2,947 and $2,332, respectively
13,299 9,340
Receivable arising from the straight-lining of rents, net of
allowance for doubtful accounts of $324 and $261, respectively
85,737 87,695
Identified intangible assets, net of accumulated amortization of
$26,140 and $22,361, respectively
94,964 30,875
Deferred leasing costs, net of accumulated amortization of $14,910
and $13,909, respectively
19,771 19,241
Deferred financing costs, net of accumulated amortization of $1,228
and $726, respectively
3,755 1,936
Prepaid expenses and other assets 9,245   17,442  
Total assets $ 2,563,704   $ 1,904,138  
 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net $ 1,412,397 $ 1,197,513
Identified intangible liabilities, net of accumulated amortization
of $60,937 and $72,528, respectively
187,223 146,991
Accounts payable and accrued expenses 63,388 48,842
Other liabilities 16,627   14,675  
Total liabilities 1,679,635   1,408,021  
Commitments and contingencies
Shareholders' equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and
107,564,687 and 99,754,900 shares issued and outstanding,
respectively
1,075 997
Additional paid-in capital 683,889 488,375
Accumulated deficit (10,479 ) (29,066 )
Noncontrolling interests:
Redeemable noncontrolling interests 209,202 35,451
Noncontrolling interest in consolidated subsidiaries 382   360  
Total equity 884,069   496,117  
Total liabilities and equity $ 2,563,704   $ 1,904,138  
 
 
URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
 
  Three Months Ended June 30,   Six Months Ended June 30,
2017   2016 2017   2016
REVENUE
Property rentals $ 64,708 $ 58,683 $ 127,206 $ 117,612
Tenant expense reimbursements 23,881 19,879 47,652 42,386
Income from acquired leasehold interest 39,215
Management and development fees 351 526 830 981
Other income 561   369   662   1,546  
Total revenue 89,501   79,457   215,565   162,525  
EXPENSES
Depreciation and amortization 23,701 13,558 39,529 27,473
Real estate taxes 14,711 12,723 28,103 25,972
Property operating 11,088 9,840 24,456 22,699
General and administrative 7,709 7,535 15,790 14,255
Real estate impairment loss 303 3,467
Ground rent 2,436 2,483 5,106 5,021
Transaction costs 132 34 183 84
Provision for doubtful accounts 906   494   1,099   845  
Total expenses 60,986   46,667   117,733   96,349  
Operating income 28,515 32,790 97,832 66,176
Gain on sale of real estate 15,618 15,618
Interest income 336 177 463 344
Interest and debt expense (13,627 ) (12,820 ) (26,742 ) (26,249 )
Loss on extinguishment of debt     (1,274 )  
Income before income taxes 15,224 35,765 70,279 55,889
Income tax benefit (expense) (304 ) 306   (624 ) (30 )
Net income 14,920 36,071 69,655 55,859
Less (net income) loss attributable to noncontrolling interests in:
Operating partnership (1,326 ) (2,201 ) (5,464 ) (3,355 )
Consolidated subsidiaries (11 ) (2 ) (22 ) 2  
Net income attributable to common shareholders $ 13,583   $ 33,868   $ 64,169   $ 52,506  
 
Earnings per common share - Basic: $ 0.13   $ 0.34   $ 0.63   $ 0.53  
Earnings per common share - Diluted: $ 0.13   $ 0.34   $ 0.63   $ 0.53  
Weighted average shares outstanding - Basic 104,063   99,274   101,863   99,270  
Weighted average shares outstanding - Diluted 104,260   99,668   111,224   99,592  
 

Reconciliation of Net Income to FFO and FFO as Adjusted

The following table reflects the reconciliation of net income to FFO and
FFO as Adjusted for the three and six months ended June 30, 2017. Net
income is considered the most directly comparable GAAP measure. Refer to
"Non-GAAP Financial Measures" on page 3 for a description of FFO and FFO
as Adjusted.

   

Three Months Ended
June 30, 2017

Six Months Ended
June 30, 2017

(in thousands)   (per share) (in thousands)   (per share)
Net income $ 14,920 $ 0.13 $ 69,655 $ 0.63
Less (net income) attributable to noncontrolling interests in:
Operating partnership (1,326 ) (0.01 ) (5,464 ) (0.05 )
Consolidated subsidiaries (11 )   (22 )  
Net income attributable to common shareholders 13,583 0.12 64,169 0.58
Adjustments:
Rental property depreciation and amortization 23,452 0.21 39,031 0.35
Real estate impairment loss 303 3,467 0.03
Limited partnership interests in operating partnership 1,326   0.01   5,464   0.05  
FFO applicable to diluted common shareholders(1) 38,664 0.34 112,131 1.01
 
Transaction costs 132 183
Loss on extinguishment of debt 1,274 0.01
Tenant bankruptcy settlement income (486 ) (0.01 ) (513 ) (0.01 )
Income from acquired leasehold interest(2)     (39,215 ) (0.35 )
FFO as Adjusted applicable to diluted common shareholders(1) $ 38,310   $ 0.33   $ 73,860   $ 0.66  
 
Weighted average diluted common shares - FFO(1) 114,433 111,224
 
(1)   Refer to the table below for reconciliation of weighted average
diluted shares used in EPS calculations and weighted average diluted
common shares used in FFO per share calculations.
(2) Income from acquired leasehold interest at the Shops at Bruckner
includes the write-off of unamortized intangible liability related
to the below-market ground lease acquired and existing straight-line
receivable balance.

The following table reflects the reconciliation of weighted average
diluted shares used in EPS calculations and weighted average diluted
common shares used in FFO per share calculations.

   
(in thousands)

Three Months Ended
June 30, 2017

Six Months Ended
June 30, 2017

Weighted average diluted shares used to calculate EPS 104,260 111,224
Assumed conversion of OP and LTIP Units to common stock(1) 10,173

Weighted average diluted common shares used to calculate
FFO
per share

114,433 111,224
 
(1)   Operating Partnership ("OP") and Long-Term Incentive Plan ("LTIP")
Units are excluded from the calculation of earnings per diluted
share for the three months ended June 30, 2017, because their
inclusion is anti-dilutive and included for the six months ended
June 30, 2017, because their inclusion is dilutive. FFO includes
earnings allocated to unitholders as the inclusion of these units is
dilutive to FFO per share.

Reconciliation of Net Income to Cash NOI and Same-Property Cash NOI

The following table reflects the reconciliation of net income to cash
NOI, same-property cash NOI and same-property cash NOI including
properties in redevelopment for the three and six months ended June 30,
2017 and 2016. Net income is considered the most directly comparable
GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a
description of cash NOI and same-property cash NOI.

   

Three Months Ended
June 30, 2017

Six Months Ended
June 30, 2017

(Amounts in thousands) 2017   2016 2017   2016
Net income $ 14,920 $ 36,071 $ 69,655 $ 55,859
Add: income tax expense (benefit) 304   (306 ) 624   30  
Income before income taxes 15,224 35,765 70,279 55,889
Interest income (336 ) (177 ) (463 ) (344 )
Gain on sale of real estate (15,618 ) (15,618 )
Interest and debt expense 13,627 12,820 26,742 26,249
Loss on extinguishment of debt     1,274    
Operating income 28,515 32,790 97,832 66,176
Depreciation and amortization 23,701 13,558 39,529 27,473
Real estate impairment loss 303 3,467
General and administrative expense 7,709 7,535 15,790 14,255
Transaction costs 132   34   183   84  
NOI 60,360 53,917 156,801 107,988
Less: non-cash revenue and expenses (1,452 ) (1,454 ) (42,253 ) (3,265 )
Cash NOI(1) 58,908   52,463   114,548   104,723  
Adjustments:
Cash NOI related to properties being redeveloped(1) (5,414 ) (4,851 ) (10,868 ) (9,525 )
Cash NOI related to properties acquired, disposed, or in foreclosure(1) (4,050 ) (477 ) (5,628 ) (970 )
Management and development fee income from non-owned properties (351 ) (526 ) (830 ) (981 )
Tenant bankruptcy settlement income (486 ) (340 ) (513 ) (1,490 )
Other(2) 20   36   12   84  
Subtotal adjustments (10,281 ) (6,158 ) (17,827 ) (12,882 )
Same-property cash NOI $ 48,627   $ 46,305   $ 96,721   $ 91,841  
Adjustments:
Cash NOI related to properties being redeveloped 5,414   4,851   10,868   9,525  
Same-property cash NOI including properties in redevelopment $ 54,041   $ 51,156   $ 107,589   $ 101,366  
 
(1)   Cash NOI is calculated as total property revenues less property
operating expenses, excluding the net effects of non-cash rental
income and non-cash ground rent expense.
(2) Other adjustments include revenue and expense items attributable to
non-same properties and corporate activities.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

The following table reflects the reconciliation of net income to EBITDA
and Adjusted EBITDA for the three and six months ended June 30, 2017 and
2016. Net income is considered the most directly comparable GAAP
measure. Refer to "Non-GAAP Financial Measures" on page 3 for a
description of EBITDA and Adjusted EBITDA.

   

Three Months Ended June 30,
2017

Six Months Ended June 30,
2017

(Amounts in thousands) 2017   2016 2017   2016
Net income $ 14,920 $ 36,071 $ 69,655 $ 55,859
Depreciation and amortization 23,701 13,558 39,529 27,473
Interest and debt expense 13,627 12,820 26,742 26,249
Income tax expense (benefit) 304   (306 ) 624   30  
EBITDA 52,552   62,143   136,550   109,611  
Adjustments for Adjusted EBITDA:
Real estate impairment loss 303 3,467
Transaction costs 132 34 183 84
Loss on extinguishment of debt 1,274
Tenant bankruptcy settlement income (486 ) (340 ) (513 ) (1,490 )
Gain on sale of real estate (15,618 ) (15,618 )
Income from acquired leasehold interest     (39,215 )  
Adjusted EBITDA $ 52,501   $ 46,219   $ 101,746   $ 92,587  
 

The following table reflects the Company's fully diluted common shares
outstanding which is the total number of shares that would be
outstanding assuming all possible conversions. Fully diluted common
shares outstanding are utilized to calculate our equity market
capitalization to allow investors the ability to assess our market
value. The sum of the total equity market capitalization and total debt,
as calculated in accordance with GAAP, represents the Company's total
market capitalization.

 
June 30, 2017
Common shares outstanding 107,564,687
OP and LTIP units (dilutive) 12,830,232
Fully diluted common shares 120,394,919

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