Urban Edge Properties Reports Second Quarter 2024 Results
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) ha annunciato i risultati del secondo trimestre del 2024, evidenziando una forte performance finanziaria e progressi operativi. I punti salienti includono:
Il reddito netto attribuibile agli azionisti ordinari è aumentato a 30,8 milioni di dollari rispetto ai 10,3 milioni di dollari del secondo trimestre del 2023. I Fondi dalle Operazioni (FFO) sono aumentati a 58,4 milioni di dollari rispetto ai 35,9 milioni di dollari, mentre l'FFO per azione diluita è salito a 0,47 dollari da 0,29 dollari. L'FFO rettificato è aumentato del 7%, grazie all'inizio di nuovi contratti di locazione e acquisizioni.
Il Reddito Operativo Netto (NOI) per proprietà comparabile è cresciuto del 3,6%, trainato dall'inizio dei contratti di affitto. L'occupazione locata nel portafoglio delle stesse proprietà ha raggiunto il 96,5%.
L'azienda ha concluso transazioni significative: l'acquisizione di Ledgewood Commons per 83 milioni di dollari e la vendita di una proprietà industriale a Lodi, NJ, per 29,2 milioni di dollari. Ha anche emesso 1,6 milioni di azioni ordinarie, generando 28,9 milioni di dollari.
Urban Edge ha rivisto la sua guida per l'intero anno 2024, aumentando il limite inferiore dell'FFO rettificato, ora stimato tra 1,29 e 1,32 dollari per azione diluita.
Urban Edge Properties (NYSE: UE) anunció sus resultados del segundo trimestre de 2024, mostrando un sólido rendimiento financiero y avances operativos. Los puntos clave incluyen:
Los ingresos netos atribuibles a los accionistas comunes se dispararon a 30,8 millones de dólares desde 10,3 millones de dólares en el segundo trimestre de 2023. Los Fondos de Operación (FFO) aumentaron a 58,4 millones de dólares desde 35,9 millones de dólares, mientras que el FFO por acción diluida subió a 0,47 dólares desde 0,29 dólares. El FFO ajustado aumentó en un 7%, beneficiándose del inicio de nuevos contratos de arrendamiento y adquisiciones.
El Ingreso Operativo Neto de propiedades comparables (NOI) creció un 3,6%, impulsado por los inicios de arrendamientos. La ocupación arrendada en el portafolio de propiedades comparables alcanzó el 96,5%.
La compañía cerró transacciones significativas: la adquisición de Ledgewood Commons por 83 millones de dólares y la venta de una propiedad industrial en Lodi, NJ, por 29,2 millones de dólares. También emitió 1,6 millones de acciones comunes, generando 28,9 millones de dólares.
Urban Edge revisó su guía para el año completo 2024, elevando el límite inferior del FFO ajustado, que ahora se estima entre 1,29 y 1,32 dólares por acción diluida.
어반 엣지 프로퍼티스 (NYSE: UE)는 2024년 2분기 실적을 발표하며 강력한 재무 성과와 운영 진행 상황을 보여주었습니다. 주요 하이라이트는 다음과 같습니다:
일반 주주에게 귀속되는 순이익은 2023년 2분기의 1,030만 달러에서 3,080만 달러로 급증했습니다. 운영 기금(FFO)는 3,590만 달러에서 5,840만 달러로 증가했으며, 희석 주당 FFO는 0.29달러에서 0.47달러로 상승했습니다. 조정된 FFO는 7% 증가했으며, 새로운 임대 계약 시작 및 인수로 인해 혜택을 보았습니다.
동일 자산 순 운영 소득(NO)은 임대 시작에 힘입어 3.6% 성장했습니다. 동일 자산 포트폴리오의 임대 점유율은 96.5%에 도달했습니다.
회사는 8,300만 달러 규모의 레지우드 커먼스 인수 및 뉴저지 로디에 있는 산업용 부동산 2,920만 달러 매각 등 주요 거래를 종료했습니다. 또한 160만 주의 일반 주식을 발행하여 2,890만 달러를 수익으로 올렸습니다.
어반 엣지는 2024년 전체 연도 가이드를 수정하여 조정된 FFO의 하한을 1.29달러에서 1.32달러로 상향 조정했습니다.
Urban Edge Properties (NYSE: UE) a annoncé ses résultats du deuxième trimestre 2024, montrant une solide performance financière et des progrès opérationnels. Les points clés incluent :
Le revenu net attribuable aux actionnaires ordinaires a bondi à 30,8 millions de dollars contre 10,3 millions de dollars au deuxième trimestre 2023. Les Fonds des opérations (FFO) ont augmenté à 58,4 millions de dollars contre 35,9 millions de dollars, tandis que le FFO par action diluée est passé à 0,47 dollar contre 0,29 dollar. Le FFO ajusté a augmenté de 7 %, bénéficiant du démarrage de nouveaux baux et d'acquisitions.
Le revenu opérationnel net (NOI) des propriétés comparables a augmenté de 3,6%, soutenu par le démarrage de baux. L'occupation louée dans le portefeuille de propriétés comparables a atteint 96,5%.
L'entreprise a conclu des transactions importantes : l'acquisition de Ledgewood Commons pour 83 millions de dollars et la vente d'une propriété industrielle à Lodi, NJ, pour 29,2 millions de dollars. Elle a également émis 1,6 million d'actions ordinaires, générant 28,9 millions de dollars.
Urban Edge a révisé ses prévisions pour l'ensemble de 2024, augmentant la limite inférieure du FFO ajusté, désormais estimée entre 1,29 et 1,32 dollar par action diluée.
Urban Edge Properties (NYSE: UE) gab seine Ergebnisse für das 2. Quartal 2024 bekannt und zeigte eine starke finanzielle Leistung sowie betriebliche Fortschritte. Zu den wichtigsten Highlights gehören:
Der Nettogewinn, der den Stammaktionären zuzurechnen ist, stieg auf 30,8 Millionen Dollar von 10,3 Millionen Dollar im 2. Quartal 2023. Die Fonds aus Operationen (FFO) erhöhten sich auf 58,4 Millionen Dollar von 35,9 Millionen Dollar, während FFO pro verwässerter Aktie auf 0,47 Dollar von 0,29 Dollar anstieg. Der bereinigte FFO stieg um 7 %, begünstigt durch den Beginn neuer Mietverträge und Akquisitionen.
Das Netto-Betriebsergebnis (NOI) für vergleichbare Immobilien wuchs um 3,6%, angetrieben durch Mietbeginn. Die vermietete Auslastung im Portfolio der gleichen Immobilien erreichte 96,5%.
Das Unternehmen schloss bedeutende Transaktionen ab: den Erwerb von Ledgewood Commons für 83 Millionen Dollar und den Verkauf einer Industrieimmobilie in Lodi, NJ, für 29,2 Millionen Dollar. Außerdem wurden 1,6 Millionen Stammaktien ausgegeben, was 28,9 Millionen Dollar einbrachte.
Urban Edge hat seine Prognose für das gesamte Jahr 2024 überarbeitet und den unteren Rahmen des bereinigten FFO angehoben, der jetzt auf 1,29 bis 1,32 Dollar pro verwässerter Aktie geschätzt wird.
- Net income attributable to common shareholders increased to $30.8 million from $10.3 million in Q2 2023.
- FFO rose to $58.4 million from $35.9 million.
- FFO per diluted share increased to $0.47 from $0.29.
- Same-property NOI grew by 3.6%.
- Leased occupancy in the same-property portfolio reached 96.5%.
- Acquisition of Ledgewood Commons for $83 million.
- Sale of Lodi, NJ property for $29.2 million.
- Issued 1.6 million common shares, generating $28.9 million.
- Revised 2024 FFO as Adjusted guidance to $1.29 to $1.32 per diluted share.
- Maintained net debt to total market capitalization at 39%.
Insights
Urban Edge Properties' Q2 2024 results demonstrate solid performance and positive momentum. The company reported net income of
The company's FFO as Adjusted, a key metric for REITs, increased by
Urban Edge's leasing activity remains robust, with consolidated portfolio leased occupancy reaching
The company's balance sheet appears solid, with total liquidity of approximately
Based on these results and positive outlook, Urban Edge has raised the low end of its FFO as Adjusted guidance for 2024 to a range of
Urban Edge Properties' Q2 2024 results offer valuable insights into the current state of the retail real estate market. The company's strong performance, particularly in leasing and occupancy rates, suggests a robust recovery in the retail sector post-pandemic.
The increase in retail shop leased occupancy to
Urban Edge's focus on grocery-anchored shopping centers, as evidenced by the
The company's active redevelopment pipeline, with
Urban Edge's ability to execute new leases with prominent tenants like BJ's Wholesale Club, Chipotle and Bank of America indicates strong demand from national retailers for well-located properties. This trend bodes well for the broader retail real estate market, suggesting continued recovery and potential growth in the sector.
The company's strategic disposition of its industrial property in Lodi, NJ at a
"Our second quarter results reflect continued momentum from strong operating fundamentals and the benefits of our recent capital recycling activity," said Jeff Olson, Chairman and CEO. "We are especially pleased with our leasing progress, as shop occupancy grew to
Financial Results(1)(2)
(in thousands, except per share amounts) |
|
|
2Q24 |
|
2Q23 |
|
YTD 2024 |
YTD 2023 |
|||
Net income (loss) attributable to common shareholders |
|
$ |
30,759 |
$ |
10,262 |
|
$ |
33,362 |
$ |
(8,856 |
) |
Net income (loss) per diluted share |
|
|
0.26 |
|
0.09 |
|
|
0.28 |
|
(0.08 |
) |
Funds from Operations ("FFO") |
|
|
58,397 |
|
35,918 |
|
|
97,447 |
|
74,520 |
|
FFO per diluted share |
|
|
0.47 |
|
0.29 |
|
|
0.79 |
|
0.61 |
|
FFO as Adjusted |
|
|
40,156 |
|
37,180 |
|
|
80,974 |
|
76,153 |
|
FFO as Adjusted per diluted share |
|
|
0.32 |
|
0.30 |
|
|
0.66 |
|
0.62 |
|
Net income for the three months ended June 30, 2024 included a
Same-Property Operating Results Compared to the Prior Year Period(3)
|
|
2Q24 |
|
YTD 2024 |
||
Same-property Net Operating Income ("NOI") growth |
|
3.6 |
% |
|
2.9 |
% |
Same-property NOI growth, including properties in redevelopment |
|
4.0 |
% |
|
3.9 |
% |
Increases in same-property NOI metrics for the three and six months ended June 30, 2024 were primarily driven by rent commencements on new leases from our signed but not open pipeline.
Operating Results(1)
-
Achieved same-property portfolio leased occupancy of
96.5% , an increase of 150 basis points compared to June 30, 2023, and 30 basis points compared to March 31, 2024. -
Reported consolidated portfolio leased occupancy, excluding Sunrise Mall, of
96.4% , an increase of 160 basis points compared to June 30, 2023, and 30 basis points compared to March 31, 2024. -
Increased retail shop leased occupancy to
89.8% , up 520 basis points compared to June 30, 2023, and 140 basis points compared to March 31, 2024. -
Executed 47 new leases, renewals and options totaling 506,000 sf during the quarter. New leases totaled 166,000 sf, of which 38,000 sf was on a same-space basis and generated an average cash spread of
18.7% . New leases, renewals and options totaled 378,000 sf on a same-space basis and generated an average cash spread of12.3% . - Published the Company's 2023 Corporate Responsibility Report on June 26, 2024.
Acquisition and Disposition Activity
On April 5, 2024, the Company closed on the
On April 26, 2024, the Company closed on the sale of its 127,000 sf industrial property located in
The Company is in advanced negotiations to acquire several shopping centers in our core markets between
Financing Activity
On April 3, 2024, the Company borrowed
On June 27, 2024, the property foreclosure process was completed for Kingswood Center, located in
During the quarter ended June 30, 2024, the Company issued 1,607,353 common shares at a weighted average price of
The Company has limited debt maturities coming due through December 31, 2026 of
Leasing, Development and Redevelopment
During the quarter, the Company executed 166,000 sf of new leases, including leases with BJ's Wholesale Club, Chipotle, Bank of America, and First Watch.
In June, the Company executed a new 112,000 sf lease with BJ's Wholesale Club at Bruckner Commons to take over a portion of the former Kmart space and entered into a lease termination agreement with Target at the same property. The Target termination agreement releases Target from its obligations under the previously-executed 10-year, 139,000 sf lease, providing the Company the opportunity to enter into the new 20-year lease with BJ's at a comparable project yield.
The Company commenced two redevelopment projects with estimated aggregate costs of
As of June 30, 2024, the Company had signed leases that have not yet rent commenced that are expected to generate an additional
Balance Sheet and Liquidity(1)(4)
Balance sheet highlights as of June 30, 2024 include:
-
Total liquidity of approximately
$721 million $101 million $620 million $800 million -
Mortgages payable of
$1.5 billion -
$150 million $800 million $45 million $105 million -
Total market capitalization of approximately
$4.0 billion $2.3 billion $1.7 billion -
Net debt to total market capitalization of
39% .
2024 Outlook
The Company has updated its 2024 full-year guidance ranges for net income and FFO based on recent results and transactions and the expected ongoing strength in business fundamentals, and is increasing the low end of the guidance range for FFO as Adjusted, estimating net income of
Earnings Conference Call Information
The Company will host an earnings conference call and audio webcast on July 31, 2024 at 8:30am ET. All interested parties can access the earnings call by dialing 1-877-407-9716 (Toll Free) or 1-201-493-6779 (Toll/International) using conference ID 13747085. The call will also be webcast and available in listen-only mode on the investors page of our website: www.uedge.com. A replay will be available at the webcast link on the investors page for one year following the conclusion of the call. A telephonic replay of the call will also be available starting July 31, 2024 at 11:30am ET through August 14, 2024 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13747085.
(1) |
Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail. |
(2) |
Refer to page 11 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended June 30, 2024. |
(3) |
Refer to page 12 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended June 30, 2024. |
(4) |
Net debt as of June 30, 2024 is calculated as total consolidated debt of |
2024 Earnings Guidance
The Company has updated its 2024 full-year guidance ranges for net income and FFO based on recent results and transactions and the expected ongoing strength in business fundamentals, and is increasing the low end of the guidance range for FFO as Adjusted, estimating net income of
|
|
Previous Guidance |
|
Revised Guidance |
Net income per diluted share |
|
|
|
|
Net income attributable to common shareholders per diluted share |
|
|
|
|
FFO per diluted share |
|
|
|
|
FFO as Adjusted per diluted share |
|
|
|
|
The Company's 2024 full year FFO outlook is based on the following assumptions:
-
Same-property NOI growth, including properties in redevelopment, of
4.5% to6.0% , reflecting an increase from our previous assumption of4.0% to6.0% . -
Acquisitions of
$117 million $37 million -
Recurring G&A expenses ranging from
$35.5 million $37.0 million $35.5 million $37.5 million -
Interest and debt expense ranging from
$83.0 million $86.0 million $86.0 million $88.5 million - Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, or any one-time items outside of the ordinary course of business.
|
Guidance 2024E |
|
Per Diluted Share(1) |
||||||||||||
(in thousands, except per share amounts) |
Low |
|
High |
|
Low |
|
High |
||||||||
Net income |
$ |
35,200 |
|
|
$ |
39,000 |
|
|
$ |
0.28 |
|
|
$ |
0.31 |
|
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||||||||
Operating partnership |
|
(2,100 |
) |
|
|
(2,100 |
) |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Consolidated subsidiaries |
|
1,100 |
|
|
|
1,100 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Net income attributable to common shareholders |
|
34,200 |
|
|
|
38,000 |
|
|
|
0.27 |
|
|
|
0.30 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Rental property depreciation and amortization |
|
155,800 |
|
|
|
155,800 |
|
|
|
1.25 |
|
|
|
1.25 |
|
Gain on sale of real estate |
|
(15,300 |
) |
|
|
(15,300 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
Limited partnership interests in operating partnership |
|
2,100 |
|
|
|
2,100 |
|
|
|
0.02 |
|
|
|
0.02 |
|
FFO Applicable to diluted common shareholders |
|
176,800 |
|
|
|
180,600 |
|
|
|
1.42 |
|
|
|
1.45 |
|
Adjustments to FFO: |
|
|
|
|
|
|
|
||||||||
Impact of property in foreclosure |
|
2,300 |
|
|
|
2,300 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Non-cash adjustments |
|
2,300 |
|
|
|
2,300 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Transaction, severance, litigation and other expenses |
|
600 |
|
|
|
600 |
|
|
|
— |
|
|
|
— |
|
Gain on extinguishment of debt, net |
|
(21,400 |
) |
|
|
(21,400 |
) |
|
|
(0.17 |
) |
|
|
(0.17 |
) |
FFO as Adjusted applicable to diluted common shareholders |
$ |
160,600 |
|
|
$ |
164,400 |
|
|
$ |
1.29 |
|
|
$ |
1.32 |
|
(1) |
Amounts may not foot due to rounding. |
The following table is a reconciliation bridging our 2023 FFO per diluted share to the Company's estimated 2024 FFO per diluted share:
|
Per Diluted Share(1) |
||||||
|
Low |
|
High |
||||
2023 FFO applicable to diluted common shareholders |
$ |
1.51 |
|
|
$ |
1.51 |
|
2023 Items impacting FFO comparability(2) |
|
(0.26 |
) |
|
|
(0.26 |
) |
2024 Items impacting FFO comparability(2) |
|
0.15 |
|
|
|
0.15 |
|
2024 impact of property in foreclosure |
|
(0.02 |
) |
|
|
(0.02 |
) |
Same-property NOI growth, including redevelopment |
|
0.08 |
|
|
|
0.10 |
|
Acquisitions net of dispositions NOI growth |
|
0.07 |
|
|
|
0.07 |
|
Interest and debt expense(3) |
|
(0.10 |
) |
|
|
(0.09 |
) |
Recurring general and administrative |
|
(0.01 |
) |
|
|
(0.01 |
) |
2024 FFO applicable to diluted common shareholders |
$ |
1.42 |
|
|
$ |
1.45 |
|
(1) |
Amounts may not foot due to rounding. |
(2) |
Includes adjustments to FFO for fiscal year 2023 and expected adjustments for fiscal year 2024 which impact comparability. See "Reconciliation of net income to FFO and FFO as Adjusted" on page 11 for actual adjustments year-to-date and our fourth quarter 2023 Supplemental Disclosure Package for 2023 adjustments. |
(3) |
Excludes the impact of Kingswood Center which was foreclosed on in June 2024. |
The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission ("SEC"). The Company's projections are based on management’s current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2024 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 8 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the SEC for more information.
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. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other real estate investment trusts ("REITs") or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. 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 depreciable real estate and land when connected to the main business of a REIT, impairments on depreciable real estate or land related to a REIT's main business, earnings from consolidated partially owned entities and rental property depreciation and amortization expense. The Company believes that financial analysts, investors and shareholders 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 diminishes 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 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.
- NOI: The Company uses NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes NOI is useful to investors as a performance measure because, when compared across periods, 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 net income. The Company calculates NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the property level, adjusted for non-cash rental income and expense, impairments on depreciable real estate or land, and income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses NOI margin, calculated as NOI divided by total property revenue, which the Company believes is useful to investors for similar reasons.
-
Same-property NOI: The Company provides disclosure of 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, which total 66 properties for the three and six months ended June 30, 2024 and 2023. 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, or that are in the foreclosure process during the periods being compared. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition, or foreclosure 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. 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 NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include other adjustments as detailed in the Reconciliation of Net Income to NOI and same-property NOI included in the tables accompanying this press release. We also present this metric excluding the collection of amounts previously deemed uncollectible. - EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre 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 EBITDAre and Adjusted EBITDAre, 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. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of June 30, 2024, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre is consistent with EBITDA and Adjusted EBITDA as presented in prior periods.
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 include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 66 properties for the three and six months ended June 30, 2024 and 2023. Occupancy metrics presented for the Company's same-property portfolio exclude 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 or properties sold, and properties 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.
The Company occasionally provides disclosures by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops are further broken down by local, regional and national tenants. We define anchor tenants as those who have a leased area of >10,000 sf. Local tenants are defined as those with less than five locations. Regional tenants are those with five or more locations in a single region. National tenants are defined as those with five or more locations and operate in two or more regions.
ADDITIONAL INFORMATION
For a copy of the Company’s supplemental disclosure package, please access the "Investors" section of our 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 any amendments to those reports.
The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.uedge.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
ABOUT URBAN EDGE
Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the
FORWARD-LOOKING STATEMENTS
Certain statements contained herein 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, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by 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 forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, which may lead to rising inflation and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, refinance, hedge, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements included in this Press Release. You are cautioned not to place undue reliance on 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, |
||||
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
||||
Real estate, at cost: |
|
|
|
||||
Land |
$ |
666,774 |
|
|
$ |
635,905 |
|
Buildings and improvements |
|
2,741,636 |
|
|
|
2,678,076 |
|
Construction in progress |
|
232,690 |
|
|
|
262,275 |
|
Furniture, fixtures and equipment |
|
10,446 |
|
|
|
9,923 |
|
Total |
|
3,651,546 |
|
|
|
3,586,179 |
|
Accumulated depreciation and amortization |
|
(864,210 |
) |
|
|
(819,243 |
) |
Real estate, net |
|
2,787,336 |
|
|
|
2,766,936 |
|
Operating lease right-of-use assets |
|
55,575 |
|
|
|
56,988 |
|
Cash and cash equivalents |
|
78,615 |
|
|
|
101,123 |
|
Restricted cash |
|
22,591 |
|
|
|
73,125 |
|
Tenant and other receivables |
|
25,077 |
|
|
|
14,712 |
|
Receivable arising from the straight-lining of rents |
|
60,159 |
|
|
|
60,775 |
|
Identified intangible assets, net of accumulated amortization of |
|
114,526 |
|
|
|
113,897 |
|
Deferred leasing costs, net of accumulated amortization of |
|
27,223 |
|
|
|
27,698 |
|
Prepaid expenses and other assets |
|
64,594 |
|
|
|
64,555 |
|
Total assets |
$ |
3,235,696 |
|
|
$ |
3,279,809 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Liabilities: |
|
|
|
||||
Mortgages payable, net |
$ |
1,503,030 |
|
|
$ |
1,578,110 |
|
Unsecured credit facility |
|
150,000 |
|
|
|
153,000 |
|
Operating lease liabilities |
|
52,556 |
|
|
|
53,863 |
|
Accounts payable, accrued expenses and other liabilities |
|
88,523 |
|
|
|
102,997 |
|
Identified intangible liabilities, net of accumulated amortization of |
|
175,837 |
|
|
|
170,411 |
|
Total liabilities |
|
1,969,946 |
|
|
|
2,058,381 |
|
Commitments and contingencies |
|
|
|
||||
Shareholders’ equity: |
|
|
|
||||
Common shares: |
|
1,203 |
|
|
|
1,175 |
|
Additional paid-in capital |
|
1,052,199 |
|
|
|
1,011,942 |
|
Accumulated other comprehensive income |
|
689 |
|
|
|
460 |
|
Accumulated earnings |
|
130,033 |
|
|
|
137,113 |
|
Noncontrolling interests: |
|
|
|
||||
Operating partnership |
|
66,092 |
|
|
|
55,355 |
|
Consolidated subsidiaries |
|
15,534 |
|
|
|
15,383 |
|
Total equity |
|
1,265,750 |
|
|
|
1,221,428 |
|
Total liabilities and equity |
$ |
3,235,696 |
|
|
$ |
3,279,809 |
|
URBAN EDGE PROPERTIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
REVENUE |
|
|
|
|
|
|
|
||||||||
Rental revenue |
$ |
106,358 |
|
|
$ |
98,773 |
|
|
$ |
215,905 |
|
|
$ |
198,127 |
|
Other income |
|
188 |
|
|
|
292 |
|
|
|
267 |
|
|
|
379 |
|
Total revenue |
|
106,546 |
|
|
|
99,065 |
|
|
|
216,172 |
|
|
|
198,506 |
|
EXPENSES |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
39,679 |
|
|
|
25,513 |
|
|
|
78,253 |
|
|
|
50,597 |
|
Real estate taxes |
|
17,472 |
|
|
|
16,121 |
|
|
|
34,475 |
|
|
|
31,798 |
|
Property operating |
|
18,260 |
|
|
|
15,708 |
|
|
|
38,766 |
|
|
|
33,134 |
|
General and administrative |
|
9,368 |
|
|
|
9,907 |
|
|
|
18,414 |
|
|
|
18,965 |
|
Real estate impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,055 |
|
Lease expense |
|
3,115 |
|
|
|
3,156 |
|
|
|
6,243 |
|
|
|
6,311 |
|
Total expenses |
|
87,894 |
|
|
|
70,405 |
|
|
|
176,151 |
|
|
|
174,860 |
|
Gain on sale of real estate |
|
13,447 |
|
|
|
— |
|
|
|
15,349 |
|
|
|
356 |
|
Interest income |
|
661 |
|
|
|
564 |
|
|
|
1,349 |
|
|
|
1,075 |
|
Interest and debt expense |
|
(21,896 |
) |
|
|
(18,131 |
) |
|
|
(42,473 |
) |
|
|
(33,424 |
) |
(Gain) loss on extinguishment of debt, net |
|
21,699 |
|
|
|
(489 |
) |
|
|
21,427 |
|
|
|
(489 |
) |
Income (loss) before income taxes |
|
32,563 |
|
|
|
10,604 |
|
|
|
35,673 |
|
|
|
(8,836 |
) |
Income tax expense |
|
(539 |
) |
|
|
(41 |
) |
|
|
(1,204 |
) |
|
|
(747 |
) |
Net income (loss) |
|
32,024 |
|
|
|
10,563 |
|
|
|
34,469 |
|
|
|
(9,583 |
) |
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||||||||
Operating partnership |
|
(1,739 |
) |
|
|
(444 |
) |
|
|
(1,857 |
) |
|
|
344 |
|
Consolidated subsidiaries |
|
474 |
|
|
|
143 |
|
|
|
750 |
|
|
|
383 |
|
Net income (loss) attributable to common shareholders |
$ |
30,759 |
|
|
$ |
10,262 |
|
|
$ |
33,362 |
|
|
$ |
(8,856 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share - Basic: |
$ |
0.26 |
|
|
$ |
0.09 |
|
|
$ |
0.28 |
|
|
$ |
(0.08 |
) |
Earnings (loss) per common share - Diluted: |
$ |
0.26 |
|
|
$ |
0.09 |
|
|
$ |
0.28 |
|
|
$ |
(0.08 |
) |
Weighted average shares outstanding - Basic |
|
118,859 |
|
|
|
117,482 |
|
|
|
118,466 |
|
|
|
117,466 |
|
Weighted average shares outstanding - Diluted |
|
118,971 |
|
|
|
117,578 |
|
|
|
118,575 |
|
|
|
117,466 |
|
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, 2024 and 2023. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of FFO and FFO as Adjusted.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in thousands, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
$ |
32,024 |
|
|
$ |
10,563 |
|
|
$ |
34,469 |
|
|
$ |
(9,583 |
) |
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||||||||
Consolidated subsidiaries |
|
474 |
|
|
|
143 |
|
|
|
750 |
|
|
|
383 |
|
Operating partnership |
|
(1,739 |
) |
|
|
(444 |
) |
|
|
(1,857 |
) |
|
|
344 |
|
Net income (loss) attributable to common shareholders |
|
30,759 |
|
|
|
10,262 |
|
|
|
33,362 |
|
|
|
(8,856 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Rental property depreciation and amortization |
|
39,346 |
|
|
|
25,212 |
|
|
|
77,577 |
|
|
|
50,021 |
|
Limited partnership interests in operating partnership |
|
1,739 |
|
|
|
444 |
|
|
|
1,857 |
|
|
|
(344 |
) |
Gain on sale of real estate |
|
(13,447 |
) |
|
|
— |
|
|
|
(15,349 |
) |
|
|
(356 |
) |
Real estate impairment loss(2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,055 |
|
FFO Applicable to diluted common shareholders |
|
58,397 |
|
|
|
35,918 |
|
|
|
97,447 |
|
|
|
74,520 |
|
FFO per diluted common share(1) |
|
0.47 |
|
|
|
0.29 |
|
|
|
0.79 |
|
|
|
0.61 |
|
Adjustments to FFO: |
|
|
|
|
|
|
|
||||||||
Impact of property in foreclosure(3) |
|
1,455 |
|
|
|
773 |
|
|
|
2,276 |
|
|
|
773 |
|
Non-cash adjustments(4) |
|
1,731 |
|
|
|
(208 |
) |
|
|
2,307 |
|
|
|
(244 |
) |
Transaction, severance and litigation expenses |
|
272 |
|
|
|
992 |
|
|
|
381 |
|
|
|
1,399 |
|
(Gain) loss on extinguishment of debt, net(5) |
|
(21,699 |
) |
|
|
489 |
|
|
|
(21,427 |
) |
|
|
489 |
|
Tenant bankruptcy settlement income |
|
— |
|
|
|
(100 |
) |
|
|
(10 |
) |
|
|
(100 |
) |
Income tax refund related to prior periods |
|
— |
|
|
|
(684 |
) |
|
|
— |
|
|
|
(684 |
) |
FFO as Adjusted applicable to diluted common shareholders |
$ |
40,156 |
|
|
$ |
37,180 |
|
|
$ |
80,974 |
|
|
$ |
76,153 |
|
FFO as Adjusted per diluted common share(1) |
$ |
0.32 |
|
|
$ |
0.30 |
|
|
$ |
0.66 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average diluted common shares(1) |
|
123,885 |
|
|
|
122,656 |
|
|
|
123,218 |
|
|
|
122,552 |
|
(1) |
Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three and six months ended June 30, 2024 and 2023, respectively, are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares. |
(2) |
During the six months ended June 30, 2023, the Company recognized an impairment charge reducing the carrying value of Kingswood Center, an office and retail property located in |
(3) |
In April 2023, the Company notified the lender of its mortgage secured by Kingswood Center that the cash flows generated by the property are insufficient to cover the debt service and that the Company is unwilling to fund future shortfalls. As such, the Company defaulted on the loan and adjusted for the default interest incurred for the second quarter of 2023. The Company determined it is appropriate to exclude the operating results of Kingswood Center from FFO as Adjusted as the property was in the foreclosure process. In June of 2024, the foreclosure process was completed and the lender took possession of the property. |
(4) |
Includes the acceleration and write-off of lease intangibles related to tenant terminations, bankruptcies, and write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting. |
(5) |
The gain on extinguishment of debt for the three and six months ended June 30, 2024 relates to the mortgage debt forgiven in the foreclosure settlement of Kingswood Center. |
Reconciliation of Net Income to NOI and Same-Property NOI
The following table reflects the reconciliation of net income to NOI, same-property NOI and same-property NOI including properties in redevelopment for the three and six months ended June 30, 2024 and 2023. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of NOI and same-property NOI.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
$ |
32,024 |
|
|
$ |
10,563 |
|
|
$ |
34,469 |
|
|
$ |
(9,583 |
) |
Depreciation and amortization |
|
39,679 |
|
|
|
25,513 |
|
|
|
78,253 |
|
|
|
50,597 |
|
Interest and debt expense |
|
21,896 |
|
|
|
18,131 |
|
|
|
42,473 |
|
|
|
33,424 |
|
General and administrative expense |
|
9,368 |
|
|
|
9,907 |
|
|
|
18,414 |
|
|
|
18,965 |
|
(Gain) loss on extinguishment of debt, net |
|
(21,699 |
) |
|
|
489 |
|
|
|
(21,427 |
) |
|
|
489 |
|
Other expense |
|
22 |
|
|
|
244 |
|
|
|
247 |
|
|
|
470 |
|
Income tax expense |
|
539 |
|
|
|
41 |
|
|
|
1,204 |
|
|
|
747 |
|
Gain on sale of real estate |
|
(13,447 |
) |
|
|
— |
|
|
|
(15,349 |
) |
|
|
(356 |
) |
Real estate impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,055 |
|
Interest income |
|
(661 |
) |
|
|
(564 |
) |
|
|
(1,349 |
) |
|
|
(1,075 |
) |
Non-cash revenue and expenses |
|
(1,019 |
) |
|
|
(2,787 |
) |
|
|
(3,541 |
) |
|
|
(5,050 |
) |
NOI |
|
66,702 |
|
|
|
61,537 |
|
|
|
133,394 |
|
|
|
122,683 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Sunrise Mall net operating loss |
|
472 |
|
|
|
454 |
|
|
|
994 |
|
|
|
1,468 |
|
Non-same property NOI and other(1) |
|
(12,817 |
) |
|
|
(9,270 |
) |
|
|
(25,312 |
) |
|
|
(17,925 |
) |
Tenant bankruptcy settlement income and lease termination income |
|
— |
|
|
|
(250 |
) |
|
|
(47 |
) |
|
|
(258 |
) |
Same-property NOI |
$ |
54,357 |
|
|
$ |
52,471 |
|
|
$ |
109,029 |
|
|
$ |
105,968 |
|
NOI related to properties being redeveloped |
|
5,248 |
|
|
|
4,815 |
|
|
|
11,061 |
|
|
|
9,618 |
|
Same-property NOI including properties in redevelopment |
$ |
59,605 |
|
|
$ |
57,286 |
|
|
$ |
120,090 |
|
|
$ |
115,586 |
|
(1) |
Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, or that are in the foreclosure process during the periods being compared. |
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
The following table reflects the reconciliation of net income to EBITDAre and Adjusted EBITDAre for the three and six months ended June 30, 2024 and 2023. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of EBITDAre and Adjusted EBITDAre.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
$ |
32,024 |
|
|
$ |
10,563 |
|
|
$ |
34,469 |
|
|
$ |
(9,583 |
) |
Depreciation and amortization |
|
39,679 |
|
|
|
25,513 |
|
|
|
78,253 |
|
|
|
50,597 |
|
Interest and debt expense |
|
21,896 |
|
|
|
18,131 |
|
|
|
42,473 |
|
|
|
33,424 |
|
Income tax expense |
|
539 |
|
|
|
41 |
|
|
|
1,204 |
|
|
|
747 |
|
Gain on sale of real estate |
|
(13,447 |
) |
|
|
— |
|
|
|
(15,349 |
) |
|
|
(356 |
) |
Real estate impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,055 |
|
EBITDAre |
|
80,691 |
|
|
|
54,248 |
|
|
|
141,050 |
|
|
|
108,884 |
|
Adjustments for Adjusted EBITDAre: |
|
|
|
|
|
|
|
||||||||
Non-cash adjustments(1) |
|
2,056 |
|
|
|
(208 |
) |
|
|
2,754 |
|
|
|
(244 |
) |
Transaction, severance and litigation expenses |
|
272 |
|
|
|
992 |
|
|
|
381 |
|
|
|
1,399 |
|
Impact of property in foreclosure(2) |
|
64 |
|
|
|
— |
|
|
|
(561 |
) |
|
|
— |
|
(Gain) loss on extinguishment of debt, net |
|
(21,699 |
) |
|
|
489 |
|
|
|
(21,427 |
) |
|
|
489 |
|
Tenant bankruptcy settlement income |
|
— |
|
|
|
(100 |
) |
|
|
(10 |
) |
|
|
(100 |
) |
Adjusted EBITDAre |
$ |
61,384 |
|
|
$ |
55,421 |
|
|
$ |
122,187 |
|
|
$ |
110,428 |
|
(1) |
Includes the acceleration and write-off of lease intangibles related to tenant terminations, bankruptcies, and write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting. The adjustment to EBITDAre in calculating Adjusted EBITDAre is inclusive of the portion attributable to the noncontrolling interest in Sunrise Mall. |
(2) |
Adjustment reflects the operating income for Kingswood Center for the three and six months ended June 30, 2024, excluding |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731939775/en/
Mark Langer, EVP and Chief Financial Officer
212-956-2556
Source: Urban Edge Properties
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