Urban Edge Properties Q1 FFO as Adj $0.33/share; raises full-year guidance to $1.30 midpoint

Urban Edge Properties

2024-Q1 EPS reported $0.02 revenue$109,626,000

Net income $2.6M ($0.02/diluted); FFO as Adj $0.33 vs $0.32 YoY.
Same-property NOI growth 2.2% (3.7% incl. redevelopment); retail shop occupancy up 340bps to 88.4%.
Acquired Heritage Square ($34M, 7.8% cap) and Ledgewood Commons ($83M, 7.9% cap) in NJ; funded via mortgage debt, asset sales.
Raised 2024 FFO as Adj guidance to $1.27-$1.32/share (midpoint $1.30); cites strong Q1 and accretive acquisitions.
Total liquidity $712M; net debt to market cap 41%; weighted average debt maturity 5 years.

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, 2024 results: net income $ 2,603, EPS 0.02. Guidance raised.

Period: the quarter ended March 31, 2024
Net income: $ 2,603
EPS: 0.02
Guidance: raised
Result: reported results

Exact text from the filing

Financial Results (1)(2) (in thousands, except per share amounts) 1Q24 1Q23 Net income (loss) attributable to common shareholders $ 2,603 $ (19,118) Net income (loss) per diluted share 0.02 (0.16)

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Source: SEC EDGAR

accession 0001611547-24-000028

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