Urban Edge Pptys Stock Price, News & Analysis

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.

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.