image2b79.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 2020 Results
                    
NEW YORK, NY, August 6, 2020 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2020.
Financial Results(1)(2) 
Generated net income of $32.5 million, or $0.27 per diluted share, for the second quarter of 2020 compared to net income of $28.1 million, or $0.22 per diluted share, for the second quarter of 2019 and $83.8 million, or $0.67 per diluted share, for the six months ended June 30, 2020 compared to $56.0 million, or $0.44 per diluted share, for the six months ended June 30, 2019.
Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $55.7 million, or $0.46 per share, for the quarter compared to $57.6 million, or $0.45 per share, for the second quarter of 2019 and $90.5 million, or $0.73 per share, for the six months ended June 30, 2020 compared to $94.1 million, or $0.74 per share, for the six months ended June 30, 2019.
Generated FFO as Adjusted of $21.7 million, or $0.18 per share, for the quarter compared to $37.4 million, or $0.30 per share, for the second quarter of 2019 and $56.7 million, or $0.46 per share, for the six months ended June 30, 2020 compared to $74.6 million, or $0.59 per share, for the six months ended June 30, 2019.
Operating Results(1)(3) 
Reported a decline of 19.4% in same-property Net Operating Income ("NOI"), including properties in redevelopment, compared to the second quarter of 2019 and a decline of 10.1% compared to the six months ended June 30, 2019.
Reported a decline of 19.7% in same-property NOI, excluding properties in redevelopment, compared to the second quarter of 2019 and a decline of 10.4% compared to the six months ended June 30, 2019.
Second quarter results were negatively impacted by $12.5 million of rental revenue deemed uncollectible primarily due to the COVID-19 pandemic, of which $12.2 million was recognized within same-property NOI both including and excluding assets in redevelopment. 
Reported same-property portfolio occupancy of 92.7%, a decrease of 70 basis points compared to March 31, 2020 and an increase of 20 basis points compared to June 30, 2019. The decline in sequential occupancy was primarily related to the closure of three A.C. Moore locations as part of its liquidation.
Reported consolidated portfolio occupancy of 92.4%, a decrease of 40 basis points compared to March 31, 2020 and an increase of 30 basis points compared to June 30, 2019.
Executed 16 new leases, renewals and options totaling 240,000 square feet ("sf") during the quarter. Same-space leases totaled 230,000 sf and generated average rent spreads of 11.5% on a GAAP basis and 3.8% on a cash basis. Excluding a new lease executed on an anchor space that was vacant for more than five years, GAAP and cash rent spreads for the second quarter were 16.0% and 8.6%, respectively.
Balance Sheet and Liquidity(1)(5)(6) 
The Company maintains one of the strongest and most liquid balance sheets in the sector. The Company has $640 million of cash on hand and 46 unencumbered properties that had an estimated value of $1.2 billion prior to the COVID-19 pandemic. In addition, other than its line of credit, the Company’s outstanding indebtedness is made up entirely of 32 separate non-recourse mortgages aggregating $1.6 billion which provide flexibility on an asset-by-asset basis.
Balance sheet highlights as of June 30, 2020, include:
Total liquidity of approximately $1 billion, comprising $640 million of cash on hand and $350 million available under our revolving credit agreement.
$250 million drawn on $600 million revolving credit facility, which does not mature until 2024.
Total market capitalization of approximately $3.3 billion, comprised of 121.4 million fully-diluted common shares valued at $1.4 billion and $1.8 billion of debt.
Net debt to total market capitalization of 37%.

1

The following information was filed by Urban Edge Properties (UE) on Thursday, August 6, 2020 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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