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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 2018 Results
Generated net income of $23.0 million, or $0.18 per diluted share.
Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $44.1 million, or $0.35 per share.
Generated FFO as Adjusted of $41.3 million or $0.33 per share, consistent with the first quarter of 2017.
Increased current cash balance to $515 million, up nearly $400 million compared to March 31, 2017.
Increased same-property cash Net Operating Income (“NOI”) by 2.4% over the first quarter of 2017 due to rent commencements and higher recovery revenue.
Increased same-property cash NOI including properties in redevelopment by 2.7% over the first quarter of 2017.
Reported same-property retail portfolio occupancy of 98.2%, a decrease of 20 basis points compared to March 31, 2017 and 10 basis points from December 31, 2017.
Reported consolidated retail portfolio occupancy of 96.1%, down 110 basis points compared to March 31, 2017 as a result of the acquisition of centers with lower occupancy than our existing portfolio in the second quarter of 2017. This metric increased 10 basis points compared to December 31, 2017.
Executed 35 new leases, renewals and options totaling 597,000 square feet (sf). Same-space leases totaled 504,000 sf and generated average rent spreads of 12.8% on a GAAP basis and 6.9% on a cash basis.
The following information was filed by Urban Edge Properties (UE) on Wednesday, May 2, 2018 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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