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Sep 30, 2020
Urban Edge Q3 2020 Earnings Report
Announced results for the quarter ended September 30, 2020.
Key Takeaways
Urban Edge Properties reported a net loss of $5.8 million for the third quarter of 2020. Same-property occupancy increased to 93.0%, up 40 basis points compared to June 30, 2020 and up 30 basis points compared to September 30, 2019. The Company collected 83% of gross rent for the third quarter.
Reported a net loss of $5.8 million, or $(0.05) per diluted share.
Generated Funds from Operations applicable to diluted common shareholders of $16.9 million, or $0.14 per share.
Reported a decline of 19.8% in same-property Net Operating Income.
Increased same-property occupancy to 93.0%.
Urban Edge
Urban Edge
Forward Guidance
As a result of COVID-19 and the ongoing uncertainties it has generated regarding tenant reopening dates, rent collections and the long-term impact on free cash-flow, the Company has temporarily suspended quarterly dividends.