Urban Edge raises 2024 FFO guidance; Q1 results show strong leasing and acquisition activity

Urban Edge Properties

1Q24 FFO as Adjusted $0.33/sh (+4.4% YoY); 2024 guidance raised $0.03 to $1.30/sh midpoint.
Same-property NOI +3.7% YoY; leased occupancy 96.2% (+140 bps YoY).
44 leases for 805K sf at 10% same-space cash rent spread; $27M future gross rent from signed leases.
Acquired 4 properties for $426M at 7.2% cap rate; disposed $356M at 5.2% cap rate since Oct 2023.
Expect 2025 FFO at high end of $1.31-$1.39 range, implying 5-6% growth.

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