Urban Edge Pptys Stock Price, News & Analysis

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.

Urban Edge Properties (NYSE:UE) has successfully amended and restated its unsecured revolving credit facility, increasing the amount from $600 million to $800 million. The new facility, which has a maturity date of February 9, 2027 (extendable to 2028), features an interest rate of SOFR plus 1.10% and an annual facility fee of 0.15%. Notably, an ESG pricing provision allows for a reduction in the interest margin based on sustainability performance. Notably, there are currently no amounts drawn on the line of credit.

Urban Edge Properties (NYSE:UE) has declared a quarterly dividend of $0.16 per common share, set for payment on September 30, 2022. Shareholders of record by September 15, 2022 will receive this dividend. The company, focused on urban retail real estate, operates 76 properties across a gross leasable area of 17.2 million square feet, primarily along the Washington, D.C. to Boston corridor.

Urban Edge Properties (NYSE: UE) reported its Q2 2022 results, achieving a net income of $11.6 million, down from $12.5 million in Q2 2021. Funds from Operations (FFO) increased to $36.2 million, or $0.30 per share, compared to $35.4 million, or $0.29 per share year-over-year. The company executed a record 716,000 sq ft in leasing activity with a portfolio occupancy rate of 94.9%. Additionally, total liquidity stands at approximately $771 million. The company completed $20.7 million in redevelopment projects and acquired The Shops at Riverwood for $32.9 million, supporting its growth strategy.

Urban Edge Properties (NYSE: UE) has been recognized as one of the best places to work in New Jersey by NJBIZ Magazine. This accolade reflects the favorable feedback from employees regarding the company's inclusive and collaborative culture. Urban Edge is committed to investing in programs that facilitate personal and professional growth for their staff. The recognition is part of an annual program by Best Companies Group, which evaluated companies based on employee engagement and satisfaction surveys.