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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) hosted its Investor Day, outlining growth opportunities and updating its 2023 outlook. The company raised its FFO as Adjusted guidance by
Urban Edge Properties (NYSE: UE) has successfully refinanced its mortgage loan for Bergen Town Center with a new $290 million fixed-rate mortgage, replacing the previous $300 million mortgage. Provided by New York Life Insurance Company and MetLife Investment Management, this refinancing reduces the company’s debt maturing through 2025 to $235 million, which is less than 15% of its outstanding indebtedness. The CEO Jeff Olson expressed satisfaction with this achievement amid volatile debt capital markets. Bergen Town Center, located in Paramus, New Jersey, features a Whole Foods and Target and attracts over 11 million visitors annually.
Urban Edge Properties (NYSE: UE) will release its first quarter 2023 earnings on May 9, 2023, before market opening. An earnings conference call will take place that same day at 8:30am ET, accessible via phone or audio webcast. The call will be available for replay for one year on the company's investor page. Urban Edge manages and develops retail real estate primarily along the Washington, D.C. to Boston corridor, owning 76 properties with a total of 17.2 million square feet of gross leasable area.
Urban Edge Properties (NYSE: UE) has declared a regular quarterly dividend of
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