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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