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Jun 30, 2020
Urban Edge Q2 2020 Earnings Report
Urban Edge Properties reported second quarter 2020 results.
Key Takeaways
Urban Edge Properties reported a net income of $32.5 million, or $0.27 per diluted share. The results were impacted by $12.5 million of rental revenue deemed uncollectible due to the COVID-19 pandemic. The company maintains a strong balance sheet with $640 million of cash on hand.
Generated net income of $32.5 million, or $0.27 per diluted share.
Generated Funds from Operations applicable to diluted common shareholders (FFO) of $55.7 million, or $0.46 per share.
Reported a decline of 19.4% in same-property Net Operating Income (NOI), including properties in redevelopment.
Reported same-property portfolio occupancy of 92.7%.
Urban Edge
Urban Edge
Forward Guidance
Due to COVID-19 and the ongoing uncertainties, the Company has temporarily suspended quarterly dividend distributions. The Board of Trustees will continue to monitor the Company’s financial performance and economic outlook and, at a later date, intends to reinstate a regular quarterly dividend.