image2a14.jpg
Exhibit 99.1
 
 
 
 
Urban Edge Properties
For additional information:
888 Seventh Avenue
Mark Langer, EVP and
New York, NY 10019
Chief Financial Officer
212-956-2556
 
 
 
 
 
 
 
 
 
FOR IMMEDIATE RELEASE:
 
 
 
 
Urban Edge Properties Reports First Quarter 2018 Results


                                    
NEW YORK, NY, May 2, 2018
- Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter ended March 31, 2018.

Financial Results(1)(2) 
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.
Operating Results(1) 
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.
Leasing Activity
Leasing activity during the first quarter was strong. Approximately 151,000 sf of new leases were executed of which only four leases comprising 58,000 sf were on comparable same space locations including a 53,000 sf furniture store located in Glen Burnie, MD which negatively impacted the reported cash leasing spread. Eleven new leases comprising 93,000 sf were executed on newly created or redeveloped spaces for which the new cash rent averaged $41.54 psf.
Development, Redevelopment and Anchor Repositioning Activity
The Company is investing $363 million to renovate and remerchandise 27 of its properties. New retailers include ShopRite, Sprouts, Marshalls, Homesense, Burlington, Best Buy, Ulta, Five Below, Starbucks and Chick-fil-A. It has completed $64 million in projects in the last 12 months, has $206 million underway and has approximately $93 million in its pipeline. There are $200 million of remaining costs to complete these redevelopment projects. The Company expects to earn approximately 9% on its total investment.

The Company’s largest projects include Bergen Town Center and Bruckner Commons. At Bergen, Best Buy just opened its newest prototype store and construction is underway on a new 47,000 sf Burlington expected to open in April 2019. Enhanced food offerings include Cava Grill, Ruth’s Chris Steakhouse and a daytime café. At Bruckner, ShopRite and Burlington are opening this summer.

1

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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