Urban Edge Pptys Stock Price, News & Analysis

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 $0.02 to $1.16 per share, citing higher NOI growth alongside reduced general and administrative costs. Additionally, a three-year target for FFO as Adjusted was set at $1.35 per share, a 16% increase over the revised 2023 target. Chairman and CEO Jeff Olson emphasized the resilience of retail real estate post-pandemic, noting a projected 20% growth in NOI over three years, primarily from executed leases and rent bumps. Urban Edge manages 76 properties, totaling 17.2 million square feet, strategically positioned in the D.C. to Boston corridor.

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.