Urban Edge Properties Q4 FFO as Adjusted up 22% YoY; provides 2023 guidance

Urban Edge Properties

2022-FY EPS reported $0.39 revenue$397,938,000

Q4 FFO as Adjusted $0.33 per share ($40.6M), up 22% vs Q4 2021; full year $1.21, up 11%.
Same-property NOI (incl. redevelopment) grew 6.2% in Q4; same-property leased occupancy 95.4%, up 200 bps from Q3.
Executed 788k sf of leases in Q4; same-space cash rent spread 30.6%, driven by Target, T.J. Maxx, and industrial.
Total liquidity $929M; redevelopment pipeline $216M with expected 12% unleveraged yield.
2023 guidance: FFO as Adjusted $1.11–$1.17 per diluted share; net income $0.27–$0.33.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Urban Edge Properties reported the quarter and year ended December 31, 2022 results: net income $13.7 million, or $0.12 per diluted share, for the quarter...and $46.2 million, or $0.39 per diluted share for the year. Guidance initiated.

Period: the quarter and year ended December 31, 2022
Net income: $13.7 million, or $0.12 per diluted share, for the quarter...and $46.2 million, or $0.39 per diluted share for the year
Guidance: initiated
Result: reported results

Exact text from the filing

On February 14, 2023, the Company announced its financial results for the three and twelve months ended December 31, 2022.

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Source: SEC EDGAR

accession 0001611547-23-000006

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