NYSE$UE
Urban Edge Properties · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported strong third quarter results driven by strategic plan execution and portfolio growth.
Urban Edge Properties reported a decrease in net income and FFO compared to the prior year, primarily due to a gain on debt extinguishment in 2023. However, FFO as Adjusted increased by 9% per diluted share, driven by new leases and acquisitions. The company also raised its full-year 2024 FFO as Adjusted guidance by $0.03 per share at the midpoint and anticipates reaching the high end of its 2025 FFO target.
- Achieved same-property portfolio leased occupancy of 96.3%, up 200 basis points year-over-year.
- Increased retail shop leased occupancy to 90.4%, up 500 basis points year-over-year.
- Executed 45 new leases, renewals and options totaling 683,000 sf during the quarter.
- Acquired The Village at Waugh Chapel for $126 million and sold a Home Depot property in Union, New Jersey for $71 million.
Headline financials
Revenue & EPS history
Urban Edge · Revenue · Quarterly
$112M
Forward guidance
The Company has updated its 2024 full-year guidance ranges for net income, FFO and FFO as Adjusted, estimating net income of $0.35 to $0.38 per diluted share, FFO of $1.44 to $1.47 per diluted share, and FFO as Adjusted of $1.32 to $1.35 per diluted share, up from its previous guidance ranges of net income of $0.28 to $0.31 per diluted share, FFO of $1.42 to $1.45 per diluted share, and FFO as Adjusted of $1.29 to $1.32 per diluted share.
Tailwinds
- Same-property NOI growth, including properties in redevelopment, of 4.75% to 6.00%, reflecting an increase on the low end from our previous assumption of 4.50% to 6.00%.
- Recurring G&A expenses ranging from $35.5 million to $36.5 million, a decrease on the high end from our previous assumption of $35.5 million to $37.0 million.
- Interest and debt expense ranging from $82.0 million to $84.0 million, a decrease from our previous assumption of $83.0 million to $86.0 million, reflecting updated financing transactions.
- Net income per diluted share between $0.35 and $0.38
- FFO per diluted share between $1.44 and $1.47
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.
- Acquisitions of $243 million and dispositions of $109 million, both reflecting activity completed year-to-date.
- There can be no assurance that our actual results will not differ from the guidance set forth above.
- The Company assumes no obligation to update publicly any forward-looking statements, including its 2024 earnings guidance, whether as a result of new information, future events or otherwise.
- There are known and unknown risks and uncertainties associated with these projections.
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 Q3 2024
+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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