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Mar 31, 2020
Urban Edge Q1 2020 Earnings Report
Announced results for the quarter ended March 31, 2020.
Key Takeaways
Urban Edge Properties reported a net income of $51.3 million, or $0.40 per diluted share, for the first quarter of 2020. The company maintains a strong balance sheet with approximately $1 billion in total liquidity.
Generated net income of $51.3 million, or $0.40 per diluted share.
FFO applicable to diluted common shareholders was $34.8 million, or $0.27 per share.
FFO as Adjusted was $34.9 million, or $0.28 per share.
The Company has $643 million of cash on hand and $350 million available under our revolving credit agreement.
Urban Edge
Urban Edge
Forward Guidance
Due to COVID-19 and the future uncertainties it has generated, the Company has temporarily suspended quarterly dividend distributions.
Positive Outlook
- Strong balance sheet
- Significant liquidity of $1 billion
- Low leverage structure
- Strong and diversified tenant base
- Experienced management team
Challenges Ahead
- The economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic
- The loss or bankruptcy of major tenants
- The impact of e-commerce on our tenants’ business
- Increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021
- Potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates