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Dec 31, 2020
Urban Edge Q4 2020 Earnings Report
Urban Edge Properties reported results for the quarter and year ended December 31, 2020.
Key Takeaways
Urban Edge Properties reported a net income attributable to common shareholders of $19.0 million, or $0.16 per diluted share, for the quarter. The company's same-property NOI declined by 16.6% compared to the fourth quarter of 2019, impacted by uncollectible rental revenue due to the COVID-19 pandemic. However, the company maintains a strong liquidity position with approximately $1 billion available.
Net income attributable to common shareholders was $19.0 million, or $0.16 per diluted share.
Funds from Operations (FFO) applicable to diluted common shareholders was $49.0 million, or $0.40 per share.
Same-property Net Operating Income (NOI) declined by 16.6% due to uncollectible rental revenue.
The company acquired Sunrise Mall in Massapequa, NY for $29.7 million.
Forward Guidance
Company has $132.4 million of active redevelopment projects under way, of which $86.6 million remains to be funded. These projects are expected to generate an approximate 8% unleveraged yield.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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