Urban Edge Q2 FFO as Adjusted $0.32 (+7% YoY); raises FY2024 guidance low end

Urban Edge Properties

2024-Q2 EPS reported $0.28 revenue$216,172,000

Net income $30.8M ($0.26/diluted) vs $10.3M ($0.09) prior year; includes $21.7M debt extinguishment gain.
Same-property NOI grew 3.6% Q2; consolidated portfolio leased occupancy 96.4%, shop occupancy 89.8% (+520bps YoY).
Acquired Ledgewood Commons for $83M (7.9% cap rate); sold Lodi industrial for $29.2M (5.4% cap).
Foreclosure settlement eliminated $68.6M mortgage at Kingswood Center; recognized $21.7M gain.
FY2024 FFO as Adjusted guidance raised to $1.29-$1.32 per diluted share (from prior $1.28-$1.32).

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