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Sep 30, 2023
Urban Edge Q3 2023 Earnings Report
Reported strong third quarter results driven by higher rent, lower operating costs, and lower G&A, while also raising outlook for full-year FFO as Adjusted.
Key Takeaways
Urban Edge Properties reported a strong third quarter with a 7% increase in earnings compared to last year. The company also announced the acquisition of two shopping centers in Boston and the sale of its industrial portfolio in East Hanover. Based on the strong results and capital recycling progress, the company increased its 2023 guidance for FFO as Adjusted by $0.06 per share at the midpoint.
Earnings growth for the quarter was strong at 7% compared to last year.
Acquired two shopping centers in Boston for $309 million and sold the East Hanover Warehouse portfolio for $218 million.
Capital recycling transactions should increase 2024 FFO as Adjusted by $5 million annually, or $0.04 per share.
Increased 2023 guidance for FFO as Adjusted by $0.06 per share at the midpoint.
Forward Guidance
The Company has increased its 2023 full-year guidance ranges for FFO and FFO as Adjusted, raising both the low and high end of the range by $0.06 per share. The new guidance ranges reflect FFO of $1.39 to $1.43 per diluted share, and FFO as Adjusted of $1.22 to $1.25 per diluted share.
Positive Outlook
- FFO per diluted share is expected to be between $1.39 and $1.43.
- FFO as adjusted per diluted share is expected to be between $1.22 and $1.25.
- Same-property NOI growth, including properties in redevelopment, is expected to be between 2.25% and 3.25%.
- Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible of 3.5% to 4.5%.
- Acquisitions of $309 million and dispositions ranging from $217.5 million to $240 million.
Challenges Ahead
- Recurring G&A expenses ranging from $34.0 million to $36.0 million.
- Interest and debt expense ranging from $74.5 million to $75.5 million.
Historical Earnings Impact
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