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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) announced its financial results for Q4 2022, reporting a 22% increase in FFO as Adjusted year-over-year, amounting to $40.6 million. The firm executed over one million square feet of new leases in 2022, contributing to an NOI growth pipeline of $29 million. However, net income decreased significantly to $13.7 million compared to $42.5 million in Q4 2021, attributed to prior year gains from real estate sales. For 2023, Urban Edge anticipates net income of $0.27 to $0.33 per diluted share and FFO between $1.10 and $1.16 per diluted share. The company will host an Investor Day on April 18, 2023.
Urban Edge Properties (NYSE: UE) announced the federal income tax treatment of its 2022 dividend distributions, totaling $0.64 per share. Key dates include the record date of March 15, 2022 and the payment date of March 31, 2022, with similar distributions occurring quarterly. All distributions are considered ordinary taxable income. Shareholders are encouraged to consult tax advisors for specific implications. Urban Edge operates within the retail real estate sector, focused on urban communities and managing 76 properties.
Urban Edge Properties (NYSE: UE) reported a record leasing volume in 2022, signing over 1 million square feet of new leases, surpassing the previous record of 683,000 square feet. Same-property leased occupancy reached 95.4%, a 110 basis point increase from December 31, 2021. The company announced a pipeline of signed but not yet commenced leases amounting to $29 million in annual gross rent, constituting about 12% of its current NOI. Additionally, Urban Edge has approximately 800,000 square feet of new leases under negotiation with cash spreads exceeding 15%.
Urban Edge Properties (NYSE: UE) will announce its fourth quarter and year-end 2022 earnings on February 14, 2023, before market opening. The earnings conference call is scheduled for the same day at 8:30am ET, with access available via phone or webcast. Urban Edge, a real estate investment trust, focuses on retail properties from Washington, D.C. to Boston, owning 76 properties with a gross leasable area of 17.2 million square feet.
Urban Edge Properties (NYSE: UE) announced its Q3 2022 results, reporting net income of $11.4 million ($0.10 per diluted share), down from $27.8 million and $0.24 per share in Q3 2021. Funds from Operations (FFO) was $35.9 million ($0.29 per share), down from $45.3 million ($0.37 per share) in the same period last year. However, future gross rent from executed leases not yet commenced has grown to $28 million, representing 12% of annualized NOI. The company declared a quarterly dividend of $0.16 per share, payable on December 30, 2022. Full-year guidance estimates net income of $0.36 to $0.38 per diluted share.
Urban Edge Properties (NYSE: UE) has secured a 139,000 square foot lease with Target for a new general merchandise store at Bruckner Commons in The Bronx, New York. This development is part of the transformation of the center into a 510,000 square foot retail hub that will include major retailers like ShopRite and Burlington. Bruckner Commons is strategically located at a high-traffic intersection, serving over 700,000 residents within three miles and 80,000 vehicles daily. This addition emphasizes Urban Edge's commitment to revitalizing underserved urban markets.
Urban Edge Properties (NYSE: UE) has appointed Jeffrey S. Mooallem as the new Chief Operating Officer, effective January 9, 2023. Mooallem comes with extensive experience, having served as President and CEO at Gazit Horizons and held leadership positions at Equity One, Federal Realty Investment Trust, and Turnberry. His background includes overseeing over $2 billion in real estate acquisitions. He succeeds Chris Weilminster, who departed on November 18, 2022. The leadership change is expected to enhance Urban Edge's strategic operations and asset management.
Urban Edge Properties (NYSE: UE) will release its third quarter 2022 earnings before the market opens on November 3, 2022. An earnings conference call will be held on the same day at 8:30am ET, accessible via a dedicated phone line or webcast. A replay will be available post-call for up to one year. Urban Edge Properties focuses on managing, acquiring, and redeveloping retail real estate 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 announces the appointment of Andrea Drazin as Chief Accounting Officer effective October 14, 2022, succeeding Jennifer Holmes, who is leaving for a Chief Financial Officer role elsewhere. Drazin, previously Vice President, Corporate Controller, has been with Urban Edge since 2015 and has a background in accounting at Deloitte & Touche. Additionally, Etan Bluman has been promoted to Senior Vice President of Finance and Investor Relations, having joined Urban Edge in 2017 as Tax Director and holding various roles since.
Urban Edge Properties (NYSE: UE) has announced the appointment of Katherine M. Sandstrom to its Board of Trustees, effective October 1, 2022. Ms. Sandstrom brings over twenty years of real estate investment experience, having served as Senior Managing Director at Heitman LLC, managing over $5 billion in assets. Currently, she is an independent director at Healthpeak Properties (NYSE: PEAK) and EastGroup Properties (NYSE: EGP). CEO Jeff Olson expressed confidence that her expertise will contribute significantly to the company’s long-term strategy.
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