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Sep 30, 2022
Urban Edge Q3 2022 Earnings Report
Announced third quarter 2022 results and provided full-year 2022 guidance.
Key Takeaways
Urban Edge Properties reported strong third quarter performance driven by continued leasing velocity, especially in the suburbs around New York City. The company executed a lease with Target at Bruckner Commons and saw improvement in shop occupancy with the addition of tenants like First Watch and Shake Shack. Future gross rent from leases executed but not yet commenced grew to $28 million.
Generated net income attributable to common shareholders of $11.4 million, or $0.10 per diluted share.
Generated Funds from Operations (FFO) applicable to diluted common shareholders of $35.9 million, or $0.29 per share.
Increased same-property Net Operating Income (NOI), including properties in redevelopment, by 1.5% compared to the third quarter of 2021.
Reported same-property portfolio leased occupancy of 94.7%.
Forward Guidance
The Company has provided its outlook for full-year performance estimating net income of $0.36 to $0.38 per diluted share, FFO of $1.16 to $1.17 per diluted share, and FFO as Adjusted of $1.17 to $1.19 per diluted share.
Positive Outlook
- Net income available to common shareholders (per diluted share) of $0.35 to $0.37
- NAREIT FFO (per diluted share) of $1.16 to $1.17
- FFO as Adjusted (per diluted share) of $1.17 to $1.19
- Same-property NOI growth of 3.0% to 4.0%
- Same-property NOI growth including properties in redevelopment of 1.5% to 2.5%
Challenges Ahead
- No new acquisitions or dispositions for the remainder of the year
- No new financing transactions
- Does not include any items that impact FFO comparability, including loss on extinguishment of debt, litigation and other non-routine legal expenses, transaction costs, or any one-time items outside of the ordinary course of business
Historical Earnings Impact
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Avg. Return Before/After Earnings
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