Urban Edge Properties (UE) Bundle
An Overview of Urban Edge Properties (UE)
General Overview of Urban Edge Properties (UE)
Urban Edge Properties (UE) is a leading real estate investment trust (REIT) focused on owning, operating, and developing retail and mixed-use properties. The company was formed in 2014 and has since grown its portfolio significantly. As of 2024, UE primarily operates in the northeastern United States and has a diversified portfolio that includes shopping centers and retail properties.
As of 2024, Urban Edge Properties has reported total sales of approximately $328.6 million for the nine months ended September 30, 2024, compared to $300.3 million for the same period in 2023, reflecting an increase of $28.3 million year-over-year.
Company's Financial Performance in the Latest Financial Reports
In the latest financial report for the third quarter of 2024, Urban Edge Properties reported a net income of $9.5 million, down from $37.5 million in the same quarter of 2023. For the nine months ending September 30, 2024, the net income was $43.9 million, compared to $28.0 million for the same period in 2023.
Key financial metrics for the three and nine months ended September 30, 2024, include:
| Financial Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Change |
|---|---|---|---|
| Total Revenue | $112,427,000 | $101,834,000 | $10,593,000 |
| Net Income | $9,467,000 | $37,540,000 | ($28,073,000) |
| Funds from Operations (FFO) | $43,935,000 | $64,242,000 | ($20,307,000) |
| Same-Property NOI | $54,354,000 | $51,873,000 | $2,481,000 |
For the nine months ended September 30, 2024, the financial performance was similarly strong, with total revenue reaching $328,599,000, a significant increase from $300,340,000 in the same period of the previous year. The same-property Net Operating Income (NOI) for the nine months ended was $161,459,000, compared to $155,882,000 in 2023, reflecting a growth trajectory in the company’s core operations.
Introduction to Urban Edge Properties as a Leading Company in the Industry
Urban Edge Properties stands out as a prominent player in the retail real estate sector, driven by its strategic focus on high-quality assets and strong tenant relationships. The company has made significant investments in property acquisitions, including notable acquisitions such as Ledgewood Commons for $83.2 million and Heritage Square for $33.8 million in 2024. These acquisitions are part of UE's strategy to enhance its portfolio and drive future growth.
With a commitment to sustainability and community engagement, Urban Edge Properties continues to adapt and thrive in an evolving market landscape, maintaining its position as a leader in the retail real estate industry. To understand more about Urban Edge Properties and its successful strategies, further exploration of its financial reports and market position is recommended.
Mission Statement of Urban Edge Properties (UE)
Mission Statement Overview
Urban Edge Properties (UE) is committed to being a premier owner and operator of retail real estate in urban markets. Their mission statement reflects a commitment to enhancing the communities they serve while delivering strong financial performance for their unitholders.
Core Component 1: Community Engagement
Urban Edge Properties emphasizes the importance of community engagement in their mission. This involves understanding and responding to the needs of the neighborhoods where they operate. For example, the acquisition of properties such as Ledgewood Commons for $83.2 million demonstrates their strategy to invest in community-centric developments that provide essential retail services.
Core Component 2: Financial Performance
The company aims to deliver strong financial returns to its unitholders. In Q3 2024, Urban Edge reported a net income of $9.08 million attributable to common shareholders, reflecting a diluted earnings per share of $0.07. This financial performance is crucial in reinforcing investor confidence and ensuring the sustainability of their operations.
Core Component 3: Sustainable Development
Urban Edge Properties is committed to sustainable development practices. The company focuses on acquiring and managing properties that not only meet current market demands but also consider future environmental impacts. Their total assets as of September 30, 2024, amounted to $3.21 billion, with significant investments in sustainable real estate practices.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income Attributable to Common Shareholders | $9.08 million | $36.12 million | -74.9% |
| Earnings per Share (Diluted) | $0.07 | $0.31 | -77.4% |
| Total Assets | $3.21 billion | $3.28 billion | -2.1% |
| Total Revenue | $112.43 million | $101.83 million | 10.3% |
Vision Statement of Urban Edge Properties (UE)
Vision Statement Overview
Urban Edge Properties (UE) aims to create and sustain thriving urban communities through strategic investments in retail real estate, focusing on enhancing the customer experience while delivering value to stakeholders.
Commitment to Urban Communities
Urban Edge emphasizes its dedication to urban revitalization. The company strategically invests in properties that contribute to the growth and sustainability of urban areas, particularly from the Washington, D.C. to Boston corridor. As of September 30, 2024, UE's portfolio includes approximately 124 properties totaling 22.4 million square feet, with a market value that reflects the company's commitment to urban development.
Enhancing Customer Experience
Urban Edge prioritizes enhancing the customer experience at its retail properties. In 2024, the company reported a total revenue of $328.6 million, an increase from $300.3 million in 2023, indicating effective strategies in attracting tenants and consumers alike. The company focuses on creating engaging environments that cater to the needs of urban customers, which is reflected in its tenant mix that includes national retailers and local businesses.
Value Creation for Stakeholders
Urban Edge is committed to delivering value to its stakeholders, including shareholders, tenants, and the communities it serves. For the nine months ended September 30, 2024, UE declared distributions on common shares of $0.51 per share, up from $0.48 per share in 2023. This reflects the company's strong financial performance and commitment to returning value to its investors. The net income attributable to common shareholders was $42.4 million for the same period, compared to $27.3 million in 2023, showcasing significant growth in profitability.
Strategic Acquisitions and Developments
In line with its vision, Urban Edge continues to pursue strategic acquisitions and developments. Noteworthy transactions in 2024 include the acquisition of Ledgewood Commons for $83.2 million and Heritage Square for $33.8 million. These acquisitions align with UE's vision of enhancing its portfolio and contributing to urban revitalization efforts. The company's total acquisitions for 2024 reached $117.0 million as of September 30, 2024.
| Property Name | Location | Purchase Price (in millions) | Square Feet | Type |
|---|---|---|---|---|
| Ledgewood Commons | Roxbury Township, NJ | 83.2 | 448,000 | Retail Center |
| Heritage Square | Watchung, NJ | 33.8 | 87,000 | Retail Center |
Financial Performance Indicators
As of September 30, 2024, Urban Edge Properties reported a total assets value of approximately $3.2 billion. The company has demonstrated strong financial health with an increase in net income and effective cost management strategies. The following financial metrics are indicative of UE's performance:
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue (in millions) | 328.6 | 300.3 |
| Net Income (in millions) | 43.9 | 28.0 |
| Earnings Per Share (Basic) | $0.35 | $0.23 |
| Distributions per Share | $0.51 | $0.48 |
Conclusion
Urban Edge Properties is poised to continue its growth trajectory in 2024 and beyond, driven by its vision of creating sustainable urban communities, enhancing customer experiences, and delivering value to stakeholders.
Core Values of Urban Edge Properties (UE)
Integrity
Integrity is a core value at Urban Edge Properties (UE), emphasizing transparency and ethical practices in all operations.
In 2024, UE demonstrated its commitment to integrity through various compliance initiatives, including rigorous adherence to SEC regulations. The company’s transparency in financial reporting is evident, as seen in its quarterly earnings reports which disclose detailed financial performance metrics. For instance, the net income attributable to common shareholders for the nine months ended September 30, 2024, was $42.4 million, reflecting a robust commitment to accurate financial disclosure.
Collaboration
Collaboration at UE fosters teamwork and partnerships both internally and externally.
The company has established strategic partnerships with local businesses and community organizations to enhance its property developments. An example is the collaboration with local vendors during the acquisition of the Ledgewood Commons in Roxbury Township, NJ, for $83.2 million. This initiative not only supports the local economy but also strengthens community ties.
Accountability
Accountability is fundamental to UE’s operational ethos, ensuring that all employees take ownership of their roles.
In 2024, UE implemented a robust performance management system that ties employee evaluations to company goals. This system is reflected in the company’s operational efficiency, with total revenue reaching $328.6 million for the nine months ended September 30, 2024, a significant increase compared to $300.3 million in the same period in 2023. The focus on accountability has led to improved performance metrics across the board.
Innovation
Innovation drives UE’s approach to real estate management and development.
The company invested $115.5 million in real estate acquisitions during the first nine months of 2024, including properties that incorporate sustainable design and technology. This investment reflects UE’s commitment to innovative practices that enhance property value and tenant satisfaction.
Community Engagement
Community engagement is vital to UE’s mission, focusing on building strong relationships with local stakeholders.
In 2024, UE launched initiatives aimed at community development, including the support of local charities and events. The company's active participation in community projects is evident in its contributions, which totaled approximately $1 million in community support programs. This engagement not only builds goodwill but also enhances the company’s reputation within the communities it serves.
| Core Value | Example of Commitment | Impact |
|---|---|---|
| Integrity | Transparent financial reporting | Net income of $42.4 million for 2024 |
| Collaboration | Partnerships with local businesses | Strengthened community ties |
| Accountability | Performance management system | Total revenue of $328.6 million in 2024 |
| Innovation | Investment in sustainable properties | Enhanced property value |
| Community Engagement | Support for local charities | $1 million in community contributions |
Excellence
Excellence is pursued through high standards in property management and customer service.
In 2024, UE achieved a tenant satisfaction rate exceeding 90%, indicative of its commitment to excellence in service delivery. This success is supported by ongoing training programs for staff, ensuring they meet the highest standards in customer interactions. The company’s focus on excellence contributes significantly to tenant retention and overall business growth.
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Article updated on 8 Nov 2024
Resources:
- Urban Edge Properties (UE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Urban Edge Properties (UE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Urban Edge Properties (UE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.