Urban Edge to Highlight Growth Strategy at Investor Day Today
April 18 2023 - 7:00AM
Business Wire
Updates Outlook for 2023 and Provides
Three-Year FFO Target of $1.35 Per Share
Urban Edge Properties (NYSE: UE) will outline the Company’s
compelling growth opportunities and provide an update on its
business strategy and financial outlook at its Investor Day being
held in New York City today. Chairman and CEO Jeff Olson, along
with other members of the executive leadership team, will discuss
the Company’s irreplaceable retail real estate portfolio focused on
the supply constrained D.C. to Boston corridor, highly visible
growth plan, low-risk active redevelopment and retenanting
pipeline, and strong balance sheet, all underpinning the Company’s
growth targets.
In connection with today’s event, Urban Edge updated its outlook
for 2023, raising its FFO as Adjusted guidance by $0.02 per share
to $1.16 per share at the midpoint of its range, based on higher
NOI growth and lower general and administrative expenses. In
addition, the Company announced a three-year target for FFO as
Adjusted of $1.35 per share, representing an increase of 16% over
the updated 2023 guidance at the midpoint.
“Urban Edge has a clear path to deliver industry-leading
growth,” said Olson. “Following a very strong 2022, we are excited
to share more about the significant value embedded in our portfolio
and the initiatives underway to drive long-term performance and
earnings and cash flow growth.”
“The disruption created by the pandemic underscored the
resiliency of brick-and-mortar retail real estate and its
importance in omnichannel fulfillment. Our team continues to
enhance the quality and value of our assets by making accretive
investments in our properties, upgrading our tenant roster and
transforming local communities. With visibility to grow NOI by 20%
over the next three years, nearly 80% of which is derived from
executed leases and contractual rent bumps, Urban Edge’s future is
very bright,” Olson concluded.
A copy of the Investor Day presentation is available on the
company’s website at http://investors.uedge.com/Presentations,
which includes a reconciliation of estimated net income to FFO as
Adjusted per diluted share.
ABOUT URBAN EDGE PROPERTIES Urban Edge Properties is a
NYSE listed real estate investment trust focused on managing,
acquiring, developing, and redeveloping retail real estate in urban
communities, primarily in the Washington, D.C. to Boston corridor.
Urban Edge owns 76 properties totaling 17.2 million square feet of
gross leasable area.
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version on businesswire.com: https://www.businesswire.com/news/home/20230418005565/en/
Mark Langer, EVP and Chief Financial Officer (212) 956-0082
Urban Edge Properties (NYSE:UE)
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