Urban Edge Properties ( (UE) ) has realeased its Q3 earnings. Here is a breakdown of the information Urban Edge Properties presented to its investors.
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Urban Edge Properties is a real estate investment trust that focuses on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor.
In its third quarter report for 2024, Urban Edge Properties highlighted significant achievements, including the acquisition of The Village at Waugh Chapel in Maryland and the sale of a Home Depot property in New Jersey. The company also raised its full-year 2024 FFO as Adjusted guidance, reflecting a 7% growth for the year.
Key financial metrics showed mixed performance with a decrease in net income and FFO compared to the previous year due to a one-time gain in 2023. However, FFO as Adjusted increased by 9% per diluted share, driven by rent commencements from new leases and growth from acquisitions. The company also reported a strong same-property NOI growth and increased leased occupancy rates across its portfolio.
The acquisition of The Village at Waugh Chapel was a notable strategic move, expected to yield a first-year levered return of approximately 9% and enhance the company’s presence in the key Washington, D.C. to Boston corridor. The transaction, along with the strategic sale of the Home Depot property, aligns with Urban Edge’s strategy of optimizing its portfolio through acquisitions and dispositions.
Looking ahead, Urban Edge Properties remains optimistic, with an upward revision of its 2024 financial guidance and an expectation to reach the high end of its 2025 FFO target, indicating confidence in continued growth and strategic execution.
