secwatch.observer — SEC 8-K summary
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Issuer:     Urban Edge Properties (UE)
CIK:        0001611547
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001611547-24-000042
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1611547/000161154724000042/0001611547-24-000042-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1611547/000161154724000042/ue-20240731.htm
  HTML page:      https://secwatch.observer/filing/0001611547-24-000042

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