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Mar 31, 2023
Urban Edge Q1 2023 Earnings Report
Reported strong results due to growth strategy execution, leasing activity, and successful refinancing.
Key Takeaways
Urban Edge Properties reported a net loss of $19.1 million, or $(0.16) per diluted share, for Q1 2023, driven by a non-cash impairment charge of $34.1 million. However, the company saw an increase in FFO and same-property NOI, driven by rent commencements on new leases, higher net recovery income, and lower general and administrative expenses. The company successfully refinanced its mortgage loan secured by Bergen Town Center, reducing debt maturities through 2025.
Signed but not open pipeline increased by $10 million to $31 million since Q1 2022, representing approximately 13% of current annualized NOI.
Successfully refinanced mortgage loan secured by Bergen Town Center, reducing debt maturities through 2025 to $235 million.
Same-property NOI increased by 6.3% compared to Q1 2022.
Executed 42 new leases, renewals and options totaling 430,000 sf during the quarter with an average rent spread of 7.5% on a cash basis.
Forward Guidance
The Company is reiterating its updated 2023 full-year guidance ranges for FFO and FFO as Adjusted provided in our recent press release and investor presentation on April 18th, estimating FFO of $1.13 to $1.17 per diluted share, and FFO as Adjusted of $1.14 to $1.18 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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