Urban Edge Q3 net income $27.8M vs loss of $5.6M; FFO $0.37; same-property NOI up 26.4%

Urban Edge Properties

2021-Q3 EPS reported $0.51 revenue$296,506,000

Net income $27.8M ($0.24 diluted) vs net loss $5.6M ($0.05 loss) Q3 2020; FFO as Adj $0.28 vs $0.19.
Same-property NOI up 26.4% (incl redev) driven by $11.4M lower uncollectible rent; leased occupancy 92.8% +80 bps.
Acquired two industrial warehouses for $55.5M; sold properties for $5.5M and $11.8M.
Terminated three Kmart/Sears leases for $20M to reposition; signed leases have $16M future annual gross rent.
Balance sheet: $1B liquidity, net debt to market cap 33%, no debt maturing in 2021.

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