Urban Edge Properties ( (UE) ) has released its Q4 earnings. Here is a breakdown of the information Urban Edge Properties presented to its investors.
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Urban Edge Properties is a real estate investment trust specializing in retail properties in urban areas, primarily along the Washington, D.C. to Boston corridor. The company owns a portfolio of 75 properties with a total of 17.4 million square feet of gross leasable area.
Urban Edge Properties reported its fourth-quarter and full-year 2024 financial results, showcasing a successful year marked by an 8% increase in Funds from Operations (FFO) as Adjusted per share, achieving its three-year earnings target a year ahead of schedule. The company also announced a 12% increase in its quarterly cash dividend.
The company’s financial performance highlights include a decrease in net income due to a significant gain on the sale of real estate in 2023, but FFO as Adjusted rose by 8% to $1.35 per share. Same-property Net Operating Income (NOI) grew by 6.6% for the quarter and 4.3% for the year, driven by new lease commencements and higher net recovery income. Urban Edge also saw a rise in occupancy rates, with its same-property portfolio leased occupancy climbing to 96.6% by year-end.
In 2024, Urban Edge completed acquisitions worth $243 million and disposed of non-core assets valued at $109 million. The company maintained a strong balance sheet with total liquidity of $809 million and limited debt maturities until 2026. The board’s decision to increase the quarterly dividend reflects the company’s robust earnings and taxable income.
Looking forward to 2025, Urban Edge Properties anticipates steady growth, with projected net income of $0.32 to $0.37 per diluted share and FFO as Adjusted of $1.37 to $1.42 per diluted share. The management is optimistic about continuing to grow its earnings and cash flow, building on the strong performance of 2024.
