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Jun 30, 2024
Urban Edge Q2 2024 Earnings Report
Reported strong second quarter results driven by operating fundamentals and capital recycling, with shop occupancy reaching 89.8%.
Key Takeaways
Urban Edge Properties reported positive second quarter results with net income attributable to common shareholders of $30.759 million and FFO as Adjusted of $40.156 million. Shop occupancy grew to 89.8%, up 520 bps compared to the second quarter of 2023. The company also raised the low end of its FFO as Adjusted guidance for the full-year.
Shop occupancy grew to 89.8%, up 520 bps compared to Q2 2023.
Executed 47 new leases, renewals and options totaling 506,000 sf during the quarter.
Closed on the $83 million acquisition of Ledgewood Commons.
Recognized a $21.7 million gain on debt extinguishment related to the foreclosure settlement of Kingswood Center.
Revenue by Segment
Forward Guidance
The Company has updated its 2024 full-year guidance ranges for net income and FFO based on recent results and transactions and the expected ongoing strength in business fundamentals, and is increasing the low end of the guidance range for FFO as Adjusted.
Positive Outlook
- Net income per diluted share is estimated to be $0.28 to $0.31.
- FFO per diluted share is estimated to be $1.42 to $1.45.
- FFO as Adjusted per diluted share is estimated to be $1.29 to $1.32.
- Same-property NOI growth, including properties in redevelopment, is expected to be 4.5% to 6.0%.
- Recurring G&A expenses are projected to range from $35.5 million to $37.0 million.
Challenges Ahead
- Guidance excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt.
- Guidance excludes transaction, severance, litigation, or any one-time items outside of the ordinary course of business.
- Projections are based on management’s current beliefs and assumptions about the Company's business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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