NYSE$UE
Urban Edge Properties · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported strong second quarter results and raised outlook for full-year FFO as adjusted.
Urban Edge Properties reported strong second quarter results, with progress towards a targeted FFO of $1.35 per share in 2025. Leases representing $6 million of expected annual gross rent were commenced during the quarter. The company has a signed pipeline of executed leases that are expected to generate an additional $28 million in annual gross rent.
- Reported same-property portfolio leased occupancy of 95.5%, an increase of 170 basis points compared to June 30, 2022 and an increase of 10 basis points compared to March 31, 2023.
- Reported consolidated portfolio leased occupancy, excluding Sunrise Mall, of 94.7%, an increase of 280 basis points compared to June 30, 2022 and an increase of 10 basis points compared to March 31, 2023.
- Executed 35 new leases, renewals and options totaling 362,000 sf during the quarter. Same-space leases totaled 355,000 sf and generated an average rent spread of 6.8% on a cash basis.
- Issued 2022 Environmental, Social and Governance report, highlighting progress on ESG initiatives including the completion of first materiality assessment.
Headline financials
Revenue & EPS history
Urban Edge · Revenue · Quarterly
$99.1M
Forward guidance
The Company has updated its 2023 full-year guidance ranges, estimating FFO of $1.13 to $1.16 per diluted share, and FFO as Adjusted of $1.16 to $1.19 per diluted share.
Tailwinds
- Same-property NOI growth, including properties in redevelopment, of 1.0% to 3.0%.
- Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible of 2.5% to 4.5%.
- No new acquisitions or dispositions.
- Recurring G&A expenses ranging from $34.5 million to $36.5 million.
- Interest and debt expense ranging from $71.0 million to $72.5 million.
Headwinds
- Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, or any one-time items outside of the ordinary course of business.
- The Company's projections are based on management’s current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections.
- There can be no assurance that our actual results will not differ from the guidance set forth above.
- Rising inflation
- Discontinuation of USD LIBOR, which was replaced by SOFR after June 30, 2023
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.6%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+0.2%
Avg return
30 days after
51%
25 / 49 earnings
Positive
+10.1%
Q3 2023
Best reaction
-5.4%
Q3 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.8% | -2.1% | +1.4% | |
| Q4 2025 | -1.7% | -1.3% | -2.4% | |
| Q3 2025 | -3.0% | -6.2% | -5.3% | |
| Q1 2025 | -1.8% | +0.1% | -1.4% | |
| Q4 2024 | +2.1% | -0.0% | -11.1% | |
| Q3 2024 | +0.5% | +1.0% | +4.0% | |
| Q2 2024 | -2.5% | -6.1% | +2.1% | |
| Q1 2024 | -0.2% | +0.5% | +4.2% | |
| Q4 2023 | -0.1% | -1.1% | -6.0% | |
| Q3 2023 | +10.1% | +15.3% | +13.6% | |
| Q2 2023 | +1.7% | +0.8% | -4.7% | |
| Q1 2023 | -1.0% | -2.0% | +2.9% | |
| Q4 2022 | +0.3% | -0.4% | -13.2% | |
| Q3 2022 | +4.3% | +4.3% | +11.2% | |
| Q2 2022 | +1.3% | +3.2% | +0.2% | |
| Q1 2022 | -2.2% | -8.8% | -5.4% | |
| Q4 2021 | +4.7% | +3.7% | +7.9% | |
| Q3 2021 | +1.1% | +0.7% | -4.9% | |
| Q2 2021 | +1.9% | +0.9% | +1.1% | |
| Q1 2021 | +0.5% | +2.3% | +6.5% | |
| Q4 2020 | -1.0% | +2.9% | +4.3% | |
| Q3 2020 | -5.4% | +33.2% | +40.2% | |
| Q2 2020 | +4.6% | +11.5% | +12.9% | |
| Q1 2020 | +4.7% | -5.4% | -11.2% | |
| Q4 2019 | -1.9% | -1.0% | -25.6% | |
| Q3 2019 | -0.3% | +2.4% | -2.1% | |
| Q2 2019 | -0.3% | -3.6% | +3.9% | |
| Q1 2019 | -2.5% | -0.8% | -7.1% | |
| Q4 2018 | -1.8% | -1.4% | -8.9% | |
| Q3 2018 | -1.1% | -2.3% | -5.2% | |
| Q2 2018 | -0.4% | -1.1% | +0.8% | |
| Q1 2018 | -2.3% | -0.3% | +4.2% | |
| Q4 2017 | +2.0% | +4.1% | +1.0% | |
| Q3 2017 | +6.2% | +1.7% | +9.5% | |
| Q2 2017 | -2.8% | +0.4% | +0.3% | |
| Q1 2017 | -1.6% | -3.8% | -8.3% | |
| Q4 2016 | +1.8% | +3.2% | -5.3% | |
| Q3 2016 | -0.4% | +1.4% | +7.3% | |
| Q2 2016 | -0.7% | -0.1% | -1.7% | |
| Q1 2016 | +3.1% | — | — | |
| Q4 2013 | +0.6% | — | — | |
| Q4 2015 | -0.6% | — | — | |
| Q3 2015 | +1.7% | — | — | |
| Q3 2014 | +1.7% | — | — | |
| Q2 2015 | +1.7% | — | — | |
| Q2 2014 | +1.7% | — | — | |
| Q4 2014 | +2.4% | — | — | |
| Q1 2015 | +2.4% | — | — | |
| Q1 2014 | +2.4% | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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