image2a15.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 Second Quarter 2018 Results


                                    
NEW YORK, NY, August 1, 2018 - Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter ended June 30, 2018.

Financial Results(1)(2) 
Generated net income of $59.8 million, or $0.47 per diluted share, for the quarter compared to net income of $14.9 million, or $0.13 per diluted share for the second quarter of 2017 and $82.8 million, or $0.65 per diluted share, for the six months ended June 30, 2018 compared to $69.7 million, or $0.63 per diluted share, for the six months ended June 30, 2017.
Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $39.6 million, or $0.31 per share, for the quarter compared to $38.7 million, or $0.34 per share, for the second quarter of 2017 and $83.7 million, or $0.66 per share, for the six months ended June 30, 2018 compared to $112.1 million, or $1.01 per share, for the six months ended June 30, 2017.
Generated FFO as Adjusted of $41.6 million, or $0.33 per share, for the quarter compared to $38.3 million, or $0.33 per share, for the second quarter of 2017 and $82.9 million, or $0.65 per share, for the six months ended June 30, 2018 compared to $73.9 million, or $0.66 per share, for the six months ended June 30, 2017.
Operating Results(1) 
Same-property cash Net Operating Income (“NOI”) increased by 0.1% over the second quarter of 2017, and by 1.5% compared to the six months ended June 30, 2017. Second quarter results were negatively impacted by the following:
Las Catalinas in Puerto Rico - $0.6 million lower NOI primarily due to tenant vacancies and rent reductions, and
Bergen Town Center and The Shops at Bruckner - $0.5 million lower NOI due to expected vacancies on spaces planned for redevelopment.
Excluding these properties, same-property cash NOI would have increased by 3.2% for the quarter ended June 30, 2018.
Same-property cash NOI including properties in redevelopment increased by 0.4% compared to the second quarter of 2017 and by 1.8% compared to the six months ended June 30, 2017 and were impacted by the same factors noted above. Excluding the properties listed above, same-property cash NOI including properties in redevelopment would have increased by 3.3% for the quarter ended June 30, 2018.
Reported same-property retail portfolio occupancy of 98.5%, an increase of 20 basis points compared to June 30, 2017.
Reported consolidated retail portfolio occupancy of 96.6%, an increase of 70 basis points compared to June 30, 2017. Occupancy levels as of June 30, 2018 were not impacted by Toys "R" Us bankruptcies. Subsequent to the end of the quarter, five leases comprising 237,000 square feet (sf) were recaptured.
Executed 29 new leases, renewals and options totaling 435,000 sf during the quarter. Same-space leases totaled 355,000 sf and generated average rent spreads of 2.0% on a GAAP basis and (1.9)% on a cash basis. The negative cash spread was primarily driven by one new lease executed for a 36,000 sf building that was vacant for more than six years.


1

The following information was filed by Urban Edge Properties (UE) on Wednesday, August 1, 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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