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Urban Edge Properties (symbol: UE) is a well-established Real Estate Investment Trust (REIT) specializing in the acquisition, development, ownership, management, and enhancement of shopping centers, predominantly located in and around urban communities. As of now, the company boasts an owned portfolio that spans a remarkable 14.9 million square feet across 84 properties. Additionally, Urban Edge manages over 5 million square feet for other entities.
Urban Edge’s core assets are strategically concentrated within the Washington, DC to Boston corridor, with notable presence in Puerto Rico and California. The company was initially formed to hold the majority of Vornado Realty Trust's shopping center businesses, a heritage that has shaped its strong portfolio of retail properties.
The company’s holdings predominantly feature necessity and convenience-oriented retailers, including department stores, grocery stores, health clubs, and restaurants. This diversified mix of tenants generates almost all the company's revenue through collected rent, ensuring a stable income stream.
Urban Edge’s current projects and recent achievements highlight its commitment to improving and expanding its portfolio. The company is continuously investing in property enhancements to boost asset value and tenant satisfaction, particularly focusing on urban areas where retail demand remains robust.
In terms of financial condition, Urban Edge maintains a solid balance sheet, which provides it with the flexibility to pursue new investment opportunities and manage its existing assets effectively. The company’s strategic partnerships also play a crucial role in its growth, allowing it to leverage shared expertise and resources.
Overall, Urban Edge Properties stands out for its strategic focus on urban retail real estate, its robust portfolio, and its dedication to enhancing its properties and tenant relationships. This positions the company as a significant player in the REIT sector, particularly within urban settings.
Urban Edge Properties (NYSE: UE) has announced a quarterly dividend of $0.17 per common share. The dividend will be distributed to shareholders of record as of December 13, 2024, with the payment scheduled for December 31, 2024.
Urban Edge Properties (NYSE: UE) reported Q3 2024 results and raised its full-year outlook. The company announced a $126M acquisition of The Village at Waugh Chapel at a 6.6% cap rate and sold a Home Depot property for $71M at a 5.4% cap rate. Q3 FFO as Adjusted increased 9% to $0.35 per share. Same-property NOI grew 4.8% in Q3. The company achieved 96.3% portfolio leased occupancy and executed 45 new leases totaling 683,000 sf. Based on strong performance, UE raised its 2024 FFO as Adjusted guidance to $1.32-$1.35 per share, representing 7% growth.
Urban Edge Properties (NYSE: UE) has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its Q3 2024 earnings before the market opens on Wednesday, October 30, 2024. Following this, Urban Edge will host an earnings conference call and audio webcast at 8:30am ET on the same day.
Interested parties can join the call by dialing 1-877-407-9716 (Toll Free) or 1-201-493-6779 (Toll/International) using conference ID 13748725. Alternatively, there's an instant telephone access link available. The call will also be webcast and available in listen-only mode on the company's website. For those unable to attend live, a replay will be accessible via the webcast link or on Urban Edge's investor page for one year after the call. Additionally, a telephonic replay will be available from October 30, 2024, at 11:30am ET through November 13, 2024, at 11:59pm ET.
Urban Edge Properties (NYSE: UE) has announced a quarterly dividend of $0.17 per common share. The dividend is set to be paid on September 30, 2024, with a record date of September 13, 2024 for common shareholders. This declaration by the Board of Trustees maintains the company's commitment to providing regular returns to its investors.
Urban Edge Properties (NYSE: UE) announced its Q2 2024 results, showing strong financial performance and operational progress. Key highlights include:
Net income attributable to common shareholders surged to $30.8 million from $10.3 million in Q2 2023. Funds from Operations (FFO) increased to $58.4 million from $35.9 million, while FFO per diluted share rose to $0.47 from $0.29. Adjusted FFO increased by 7%, benefiting from new lease commencements and acquisitions.
Same-property Net Operating Income (NOI) grew by 3.6%, driven by rent commencements. Leased occupancy in the same-property portfolio reached 96.5%.
The company closed on significant transactions: the $83 million acquisition of Ledgewood Commons and the $29.2 million sale of an industrial property in Lodi, NJ. It also issued 1.6 million common shares, generating $28.9 million.
Urban Edge revised its 2024 full-year guidance, raising the lower end of FFO as Adjusted, now estimated at $1.29 to $1.32 per diluted share.
Urban Edge Properties (NYSE: UE) has been recognized as one of the best places to work in New Jersey by NJBIZ Magazine for the third consecutive year. This prestigious award, determined through employee engagement surveys and company information, highlights Urban Edge's commitment to fostering a positive work environment. Jeff Olson, Chairman and CEO, emphasized the company's dedication to creating a workplace that promotes growth, collaboration, and diversity. The recognition underscores Urban Edge's focus on employee satisfaction and its impact on the company's overall success.
Urban Edge Properties (NYSE: UE) has released its 2023 Corporate Responsibility Report, highlighting significant achievements in sustainability and community initiatives. Key accomplishments include a 33% reduction in Scope 1 and 2 greenhouse gas emissions, surpassing their short-term goal ahead of schedule, and a 31% reduction in water consumption compared to 2022. The report also mentions upgrades to LED lighting in all landlord-controlled parking lots, formation of the UE Cares Committee for community engagement, partnership with the 988 Suicide & Crisis Lifeline, and receiving the Cigna Gold Level Healthy Workforce Designation. Additionally, the company has completed a Board refreshment process to enhance leadership diversity and expertise.
Urban Edge Properties (NYSE: UE) is set to release its second quarter 2024 earnings before the market opens on July 31, 2024. An earnings conference call and audio webcast will follow at 8:30am ET. Interested parties can join via toll-free or international numbers using conference ID 13747085, or through a provided webcast link. A replay will be available on the company's website for one year post-call, with telephonic replays accessible until August 14, 2024.
Urban Edge Properties (NYSE: UE) reported strong financial results for the first quarter of 2024, with FFO as Adjusted of $0.33 per share, surpassing expectations. The company acquired two shopping centers in New Jersey, enhancing its market presence. With positive lease occupancy improvements, successful financing activities, and strategic acquisitions, Urban Edge Properties raised its full-year 2024 FFO as Adjusted guidance to $1.30 per share. The company continues its growth trajectory through active redevelopment projects and accretive transactions.
Urban Edge Properties (NYSE: UE) has declared a quarterly common dividend of $0.17 per share. The dividend is payable on June 28, 2024, to common shareholders of record on June 14, 2024.
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