Urban Edge Pptys Stock Price, News & Analysis

Urban Edge Properties (NYSE:UE) will announce its first quarter 2021 earnings on May 3, 2021, after market close. The company is a real estate investment trust that specializes in managing, acquiring, and developing retail real estate in urban communities, particularly in the New York metropolitan area. Urban Edge manages 77 properties with a total of 16.2 million square feet of gross leasable area, indicating its significant presence in the retail sector.

Urban Edge Properties (NYSE: UE) will participate in the 2021 Citi Virtual Global Property CEO Conference from March 8 to March 11, 2021. CEO Jeff Olson is set to present on March 10, 2021, at 2:00 p.m. EST. An audio-only webcast will be available for investors at this link, with a presentation deck posted on the company’s website. A replay of the webcast will be accessible until March 10, 2022. Urban Edge manages and develops retail properties, primarily in urban settings, owning 78 properties with a total of 16.2 million square feet of gross leasable area.

Urban Edge Properties (NYSE:UE) reported a net income of $19.0 million, or $0.16 per diluted share, for Q4 2020, an increase from $3.4 million in Q4 2019. The full year net income decreased to $93.6 million, or $0.79 per diluted share, down from $109.5 million in 2019. FFO for Q4 was $49.0 million, or $0.40 per share, and $156.3 million for the year. The company experienced a 16.6% decline in same-property NOI for Q4 due to COVID-19 impacts, with total liquidity of $1 billion. A quarterly dividend of $0.15 per common share was declared.

Urban Edge Properties (NYSE: UE) provided details on the tax treatment of its 2020 dividend distributions. The company announced a total distribution of $0.68 per share for 2020, with the final payment made on January 19, 2021, for shareholders on record as of December 31, 2020. All distributions are classified as 'qualified REIT dividends' under Section 199A of the Internal Revenue Code. Investors are encouraged to consult tax advisors for personalized tax implications.

Urban Edge Properties (NYSE:UE) has appointed Danielle De Vita as Executive Vice President of Development. Ms. De Vita previously led over $3 billion in development projects at Simon Property Group and brings extensive experience in retail property development. She will spearhead Urban Edge's redevelopment strategy, focusing on projects in New Jersey and New York. Additionally, the company reported an increase in rent collections for Q4 2020, reaching 92%, up from 87% in Q3 and 80% in Q2.

Urban Edge Properties (NYSE:UE) will release its fourth quarter and year-end 2020 earnings on February 17, 2021, after market hours. The company focuses on managing, acquiring, developing, and redeveloping retail real estate, primarily in urban communities within the New York metropolitan area. Urban Edge owns 79 properties, covering a total of 16.3 million square feet of gross leasable area.

Urban Edge Properties (NYSE:UE) has announced the acquisition of Sunrise Mall in Massapequa, NY for $29.7 million, with up to $6 million in contingent consideration. This property consists of 1.2 million square feet of retail space on 77 acres. Currently 65% occupied, it features anchor tenants like Macy’s and Sears. The location benefits from excellent access and is situated in a region with a population of 1.0 million and an average income of $125,000. Urban Edge has partnered with Sagamore Hill Partners and JG Petrucci to maximize redevelopment opportunities.

Urban Edge Properties (NYSE:UE) announced a significant special dividend of $0.46 per share, driven by tax gains from the modification of a $129 million mortgage on Las Catalinas Mall. The loan has been modified to allow for a discounted repayment option and interest-only payments starting at 3%, enhancing financial flexibility. Additionally, the Company plans to reinstate a quarterly dividend of $0.15 per share beginning March 2021, contingent on board approval. Rent collection rates improved from 78% in Q2 to 90% in October, suggesting a positive trajectory.

Urban Edge Properties (NYSE: UE) reported a net loss of $5.8 million, or $(0.05) per diluted share, for Q3 2020, a decline from a net income of $56.7 million in Q3 2019. For the nine months ending September 30, 2020, net income was $78 million, down from $112.7 million in 2019. Funds from Operations (FFO) dropped to $16.9 million for the quarter, compared to $38.2 million the previous year. The COVID-19 pandemic impacted results significantly, with $11.5 million in uncollectible rental revenue. Despite challenges, occupancy rates improved to 93%. The company has $1 billion in total liquidity and an active redevelopment pipeline.