NYSE$UE
Urban Edge Properties · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported fourth quarter and full year results, provided 2024 earnings outlook, and raised quarterly cash dividend by 6%.
Urban Edge Properties reported strong fourth quarter and full year 2023 results, driven by exceptional execution across the company. The company highlighted its financing, leasing, and capital recycling activity in the fourth quarter, as well as the simplification of its business through strategic sales and acquisitions. Continued retailer demand and low levels of new supply are driving rental rates in the portfolio.
- Reported same-property portfolio leased occupancy of 96.0%, an increase of 150 basis points compared to September 30, 2023 and 100 basis points compared to December 31, 2022.
- Reported consolidated portfolio leased occupancy, excluding Sunrise Mall and Kingswood Center, of 95.9%, an increase of 150 basis points compared to September 30, 2023 and 110 basis points compared to December 31, 2022.
- Executed 51 new leases, renewals and options totaling 647,000 sf during the quarter, with new leases generating an average cash spread of 37.5%.
- Closed on the $309 million acquisition of Shoppers World and Gateway Center and closed on the sale of two properties and one property parcel for an aggregate sales price of $318 million.
Headline financials
Revenue & EPS history
Urban Edge · Revenue · Quarterly
$117M
Forward guidance
The Company announced its outlook for full-year 2024 performance including anticipated net income of $0.12 to $0.17 per diluted share, FFO of $1.20 to $1.25 per diluted share, and FFO as Adjusted of $1.24 to $1.29 per diluted share.
Tailwinds
- Same-property NOI growth, including properties in redevelopment, of 3.0% to 5.0%.
- Acquisitions of $34 million.
- Dispositions ranging from $8 million to $40 million.
- Recurring G&A expenses ranging from $35.5 million to $37.5 million.
- Interest and debt expense ranging from $83 million to $85 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.
- Macroeconomic conditions, including geopolitical conditions and instability, which may lead to rising inflation and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price
- The economic, political and social impact of, and uncertainty relating to, epidemics and pandemics
- The loss or bankruptcy of major tenants
- The impact of e-commerce on our tenants’ business
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 Q4 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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