Urban Edge Q3 FFO as Adj $0.32/shr; raises 2023 guidance; acquires Boston centers for $309M, sells industrial for $218M

Urban Edge Properties

2023-Q3 EPS reported $0.23 revenue$300,340,000

Q3 FFO as Adjusted $0.32/shr vs $0.30 YoY; net income $36.1M includes $43M debt extinguishment gain.
Full-year 2023 FFO as Adjusted guidance raised by $0.06 per share to $1.22-$1.25.
Acquired Shoppers World and Gateway Center (Boston) for $309M; sold East Hanover industrial portfolio for $217.5M (4.9% cap rate).
Same-property NOI growth (incl redevelopment) 3.3% in Q3; portfolio leased occupancy 95.0%, up 130 bps YoY; cash rent spreads 12.5%.
Capital recycling expected to increase 2024 FFO as Adjusted by $5M/yr ($0.04/shr); active redevelopment projects with $168.5M costs.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Urban Edge Properties reported the quarter ended September 30, 2023 results: net income $36,118, EPS 0.31. Guidance raised.

Period: the quarter ended September 30, 2023
Net income: $36,118
EPS: 0.31
Guidance: raised
Result: reported results

Exact text from the filing

On October 31, 2023, the Company announced its financial results for the three and nine months ended September 30, 2023.

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Source: SEC EDGAR

accession 0001611547-23-000052

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