Urban Edge Properties reports Q1 2023 net loss $19.1M on $34.1M impairment; FFO rises to $0.32/share

Urban Edge Properties

2023-Q1 EPS reported -$0.16 revenue$99,441,000

Net loss $(0.16)/share vs income $0.08 in Q1 2022; impairment charge of $34.1M on Kingswood Center.
FFO per share $0.32, up from $0.28 YoY; FFO as Adjusted also $0.32.
Same-property NOI (incl. redevelopment) up 6.3%; leased occupancy 95.3%, +240 bps YoY.
Refinanced Bergen Town Center with $290M 7-year fixed-rate loan; debt maturities through 2025 now $235M.
Signed pipeline grows to $31M future annual rent (13% of NOI); full-year guidance raised $0.02 midpoint to $1.14-$1.18 FFO as Adjusted.

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 0.9

Urban Edge Properties reported the quarter ended March 31, 2023 results: net income net loss attributable to common shareholders of $19.1 million, EPS $(0.16) per diluted share.

Period: the quarter ended March 31, 2023
Net income: net loss attributable to common shareholders of $19.1 million
EPS: $(0.16) per diluted share
Result: reported results

Exact text from the filing

Generated a net loss attributable to common shareholders of $19.1 million, or $(0.16) per diluted share, for the first quarter of 2023 compared to net income of $9.5 million, or $0.08 per diluted share, for the first quarter of 2022.

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Source: SEC EDGAR

accession 0001611547-23-000029

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