Urban Edge Properties Q4 net income $42.5M ($0.36/sh); dividend raised 6.7%, Woodmore Towne Centre acquired for $193.4M

Urban Edge Properties

2021-FY EPS reported $0.88 revenue$425,082,000

Net income $42.5M ($0.36/sh) vs $19.0M ($0.16/sh) in Q4 2020; FFO as adjusted $0.27/sh vs $0.23/sh.
Same-property NOI (ex redevelopment) up 17.5% Q4; portfolio leased occupancy 94.1% (+250bps YoY).
Acquired Woodmore Towne Centre for $193.4M (initial yield 6.4%); funded with 10-year $117.2M mortgage at 3.39%.
Board raised quarterly dividend to $0.16/sh ($0.64 annual), +6.7% over prior annual rate of $0.60.
Executed 815k sf of leases; same-space rent spreads +20.1% GAAP; 99% of Q4 base rents collected.

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