Urban Edge Properties Q2 2022 FFO as Adj. $0.30/share; record leasing of 716K sf

Urban Edge Properties

2022-Q2 EPS reported $0.18 revenue$198,055,000

Net income $11.6M ($0.10/diluted) vs $12.5M ($0.11) in Q2 2021; FFO as Adj. $36.8M ($0.30) vs $34.5M ($0.28).
Same-property NOI +1.2% (+6.0% ex. prior-year uncollectible receipts); leased occupancy 94.9%, +270bps YoY.
Executed record 716K sf of leases at 9.6% cash rent spreads; 290K sf new leases including anchor tenants.
Acquired The Shops at Riverwood for $32.9M (initial yield ~6%); active redevelopment $205.8M with 10% expected yield.
Total liquidity $771M; refinanced two mortgages ($52.9M at SOFR+2.26%, $29M at Prime+50bps).

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