Urban Edge 2022 shareholder letter: FFO up 11%, record leasing, occupancy to 95%; new COO and board changes

Urban Edge Properties

2022 FFO as adjusted per share up 11% YoY; same-property NOI growth 4.1%.
Leased occupancy rose from 92% to 95%; record leasing of over 1M sq ft; cash leasing spreads +12%.
CEO cites potential 18% NOI increase ($44M) from signed leases and negotiations; net debt/EBITDAre 6.9x, targeting 6.5x.
Jeff Mooallem appointed COO; Steven Roth not standing for re-election; promotions: Scott Auster to EVP, Andrea Drazin to CAO.
Liquidity $929M ($129M cash + $800M undrawn credit line); only $225M maturing through 2025 (15% of total debt).

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