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Urban Edge Properties
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888 Seventh Avenue
Mark Langer, EVP and
New York, NY 10019
Chief Financial Officer
FOR IMMEDIATE RELEASE:
Urban Edge Properties Reports First Quarter 2017 Results
Generated net income of $54.7 million, or $0.50 per diluted share.
Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $73.5 million, or $0.68 per share.
Generated FFO as Adjusted of $35.6 million, or $0.33 per share, an increase of 6.5% per share compared to the first quarter of 2016. FFO as Adjusted excludes $39.2 million of non-cash income from acquired leasehold interests at the Shops at Bruckner and a $1.3 million loss on extinguishment of debt at Tonnelle Commons.
Increased same-property cash Net Operating Income (“NOI”) by 5.6% compared to the first quarter of 2016 primarily due to rent commencements at Garfield Commons, Kearny Commons and Bergen Town Center along with higher recoveries.
Increased same-property cash NOI including properties in redevelopment by 6.6% compared to the first quarter of 2016. Rent commencements at East Hanover warehouses, Walnut Creek and Montehiedra contributed to this growth.
Increased consolidated retail portfolio occupancy by 120 basis points to 97.2% compared to March 31, 2016 and remained unchanged compared to December 31, 2016.
Increased same-property retail portfolio occupancy by 110 basis points to 98.3% compared to March 31, 2016 and by 20 basis points compared to December 31, 2016.
Executed 17 new leases and renewals and exercised options totaling 94,000 square feet (sf) during the quarter. All were same-space leases and generated average rent spreads of 6.2% on a GAAP basis and 1.4% on a cash basis.
Yonkers Gateway Center
(partial fee and leasehold land interests)
Included in transaction under contract below
Shops at Bruckner
Jersey City, NJ
The following information was filed by Urban Edge Properties (UE) on Wednesday, May 3, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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