Loading...
•
Dec 31, 2022
Urban Edge Q4 2022 Earnings Report
Reported strong results, driven by leasing momentum and redevelopment projects.
Key Takeaways
Urban Edge Properties reported a strong fourth quarter and full year 2022, with a 22% increase in fourth quarter FFO as Adjusted compared to fourth quarter 2021 and an 11% increase year-over-year.
Over one million square feet of new leases executed in 2022.
An additional 800,000 square feet of leases under negotiation.
Leased but not open pipeline increased by $5 million during the quarter to $29 million, representing 12% of current NOI.
Active redevelopment pipeline is expected to generate an approximate 12% unleveraged yield.
Urban Edge
Urban Edge
Forward Guidance
The Company announced its outlook for full-year 2023 performance including anticipated net income of $0.27 to $0.33 per diluted share, FFO of $1.10 to $1.16 per diluted share, and FFO as Adjusted of $1.11 to $1.17 per diluted share.