Urban Edge Properties(UE)
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Urban Edge Properties(UE) - 2024 Q4 - Annual Report
2025-02-12 12:00
Development and Redevelopment Projects - As of December 31, 2024, the company had $162.6 million in active development, redevelopment, and anchor repositioning projects, with an expected unleveraged yield of approximately 15%[41] - The company is focused on urban markets with high population density and strong consumer demand, seeking to create value through redevelopment opportunities[40] Revenue and Tenant Information - The largest tenant, TJX Companies, accounted for approximately $22.3 million, or 5.0%, of total revenue for the year ended December 31, 2024[55] - The company has a diverse tenant base, including department stores, grocers, and restaurants, with a focus on spaces with below-market leases[49] Capital Deployment and Financial Strategy - The company plans to selectively deploy capital through acquisitions in target markets that meet criteria for risk-adjusted returns while selling assets that no longer meet return requirements[42] - The company maintains a flexible balance sheet to support growth and expects increasing levels of cash flow from internally generated funds[44] - The company has $800 million in borrowing capacity under its revolving credit agreement, which supports its growth strategy[44] Asset Management and Corporate Responsibility - The company aims to maximize the value of existing properties through proactive management, including continuous asset evaluation and targeted leasing to desirable credit tenants[40] - The company is committed to corporate responsibility, engaging in environmentally and socially responsible practices while driving financial performance[45] Debt and Interest Rate Management - As of December 31, 2024, the company had variable rate debt outstanding of $100.9 million with a weighted average interest rate of 5.36%[247] - The company's fixed rate debt amounted to $1.53 billion with a weighted average interest rate of 5.02% as of December 31, 2024[247] - A 1% increase in the weighted average interest rate of fixed rate debt would result in an annualized interest expense increase of approximately $15.3 million[247] - The estimated fair value of the company's consolidated debt was $1.5 billion as of December 31, 2024[248] - The company utilizes various financial instruments to mitigate the impact of interest rate fluctuations, including hedging strategies[247] - The company was a counterparty to two interest rate derivative agreements designated as cash flow hedges as of December 31, 2024[247] - The company’s variable rate mortgage on Plaza at Woodbridge is hedged with an interest rate cap limiting SOFR to a maximum of 3.0%[247] Risk Management - The company had no material exposure to foreign currency exchange risk or commodity price risk as of December 31, 2024[249] Taxation and Foreign Investment - The withholding rules under FIRPTA apply to distributions paid by the company in excess of a non-U.S. shareholder's adjusted basis in its stock[246] - A qualified foreign pension fund must satisfy specific tests to be considered a qualified holder for U.S. real property interests[62]
Urban Edge Properties(UE) - 2024 Q4 - Annual Results
2025-02-12 11:59
Exhibit 99.2 SUPPLEMENTAL DISCLOSURE PACKAGE December 31, 2024 Urban Edge Properties 12 East 49 Street, New York, NY 10017 NY Office: 212-956-0082 www.uedge.com th URBAN EDGE PROPERTIES SUPPLEMENTAL DISCLOSURE December 31, 2024 (unaudited) TABLE OF CONTENTS | | Page | | --- | --- | | Press Release | | | Fourth Quarter 2024 Earnings Press Release | 1 | | Overview | | | Summary Financial Results and Ratios | 12 | | Consolidated Financial Statements | | | Consolidated Balance Sheets | 13 | | Consolidated State ...
Urano Energy Appoints Kyle Kimmerle to the Board of Directors
Prnewswire· 2024-12-17 12:00
CSE: UEOTCQB: UECXFwww.uranoenergy.comVANCOUVER, BC, Dec. 17, 2024 /PRNewswire/ - Urano Energy Corp, (CSE: UE) (OTCQB: UECXF) (the "Company" or "Urano") announced today the appointment of Mr. Kyle Kimmerle as Director, effective December 12, 2024.Kyle Kimmerle, DirectorKyle Kimmerle has a deep understanding of underground and surface mining having been a miner for many years. He comes from a family with deep roots in the mining industry of Southeastern Utah. His family has been involved in the region's min ...
Urano Energy Completes Acquisition of Uranium Properties in Utah and Colorado
Prnewswire· 2024-12-05 12:00
CSE: UEOTCQB: UECXFwww.uranoenergy.comVANCOUVER, BC, Dec. 5, 2024 /PRNewswire/ - Urano Energy Corp. (CSE: UE) (OTCQB: UECXF) (the "Company" or "Urano Energy") announced today that it has completed the acquisition of fifteen uranium properties (the "Properties") as previously announced (UE News Release dated Nov 27, 2024). The properties, with a total of 345 claims covering 8,200 acres, or 33 square kilometers, are situated within the Colorado Plateau geological region within the states of Utah and Colorado. ...
Urano Energy to Acquire Advanced Uranium Properties in Utah and Colorado
Prnewswire· 2024-11-27 12:00
Core Viewpoint - Urano Energy Corp has announced the acquisition of uranium properties in Utah and Colorado for a total consideration of approximately US$10,665,000, which includes cash and shares, with payments structured over five years [1][2]. Group 1: Acquisition Details - The company will pay an aggregate of US$5,865,000 in cash and US$4,800,000 in shares, with the share value based on the 15-day volume weighted average price at the payment date [1]. - The vendors will retain a 1% gross royalty on all uranium produced and a 10% net smelter returns royalty on all vanadium produced from the properties [1]. Group 2: Company Profile - Urano Energy is focused on conventional uranium assets in the United States and also holds a portfolio of gold and copper projects in Canada [3].
Urban Edge Properties: Improving Quality But High Valuation
Seeking Alpha· 2024-11-10 09:08
Full time trader and investor. Instead of lengthy and boring articles, I prefer writing concise arguments about value stocks. My goal is to identify great entry levels. Prices that you can remember years later and say "it was a great time to buy". My focus is on quality US large caps but may invest in mid caps occasionally. Dividends are good, but capital appreciation matters. Finding a balance between both is an art. I like to apply famous Warren Buffet principles. Investing is simple but not easy. Unlike ...
Urban Edge Properties(UE) - 2024 Q3 - Quarterly Report
2024-10-30 11:00
Financial Performance - Net income for Q3 2024 was $9.5 million, a decrease from $37.5 million in Q3 2023, reflecting a significant year-over-year decline [103]. - Total revenue increased by $10.6 million to $112.4 million in Q3 2024 from $101.8 million in Q3 2023, primarily due to property acquisitions and rental increases [104]. - Funds From Operations (FFO) applicable to diluted common shareholders for Q3 2024 was $43.9 million, down from $64.2 million in Q3 2023 [102]. - Net Operating Income (NOI) for Q3 2024 was $69.5 million, compared to $63.4 million in Q3 2023, indicating a year-over-year increase [102]. - Same-property NOI for Q3 2024 was $54.4 million, up from $51.9 million in Q3 2023, reflecting improved performance in existing properties [102]. - Net income for the nine months ended September 30, 2024, was $43.9 million, compared to $28.0 million for the same period in 2023, showing overall growth [106]. - Total revenue increased by $28.3 million to $328.6 million for the nine months ended September 30, 2024, compared to $300.3 million for the same period in 2023 [107]. - Same-property NOI increased by $5.6 million, or 3.6%, for the nine months ended September 30, 2024, compared to the same period in 2023 [110]. - Funds From Operations (FFO) applicable to diluted common shareholders was $141.4 million for the nine months ended September 30, 2024, compared to $138.8 million for the same period in 2023 [112]. - Net income attributable to common shareholders for the three months ended September 30, 2024, was $9.08 million, a decrease from $36.12 million in the same period of 2023 [114]. Expenses and Costs - Depreciation and amortization expenses increased by $7.7 million to $34.7 million in Q3 2024, primarily due to property acquisitions [104]. - Real estate tax expenses rose by $1.5 million to $17.7 million in Q3 2024, driven by property acquisitions [104]. - General and administrative expenses increased by $0.5 million to $9.4 million in Q3 2024, attributed to higher employment costs [104]. - Interest and debt expense increased by $0.5 million to $19.5 million in Q3 2024, influenced by outstanding borrowings for property acquisitions [104]. - Depreciation and amortization rose by $35.4 million to $112.9 million for the nine months ended September 30, 2024, from $77.5 million in the same period of 2023 [107]. - Interest and debt expense increased by $9.6 million to $62.0 million for the nine months ended September 30, 2024, compared to $52.4 million for the same period in 2023 [108]. - Income tax expense decreased by $16.1 million to $1.7 million for the nine months ended September 30, 2024, from $17.8 million in the same period of 2023 [108]. Cash Flow and Investments - Cash and cash equivalents, including restricted cash, decreased to $89.6 million as of September 30, 2024, from $174.2 million at December 31, 2023 [116]. - Net cash provided by operating activities for the nine months ended September 30, 2024, was $100.74 million, a decrease of $2.11 million from $102.85 million in the same period of 2023 [117]. - Net cash used in investing activities increased to $146.34 million for the nine months ended September 30, 2024, compared to $86.48 million in the same period of 2023, primarily due to increased real estate acquisitions [118]. - Total capital expenditures for the nine months ended September 30, 2024, were $65.65 million, down from $84.55 million in the same period of 2023 [120]. Debt and Financing - The company has an $800 million revolving credit agreement with a remaining balance of $769.9 million available as of September 30, 2024 [115]. - As of September 30, 2024, the balance of variable rate debt was $51.3 million with a weighted average interest rate of 5.26% [125]. - The fixed rate debt amounted to $1.5 billion with a weighted average interest rate of 5.03% [125]. - An increase of 1% in the weighted average interest rate of fixed rate debt would result in an annualized interest expense increase of approximately $14.7 million [125]. - The estimated fair value of consolidated debt as of September 30, 2024, was $1.5 billion [126]. - The fixed rate debt excludes a $44.4 million mortgage classified as held for sale [125]. - The company was a counterparty to two interest rate derivative agreements designated as cash flow hedges as of September 30, 2024 [125]. - The variable rate mortgage on Plaza at Woodbridge is hedged with an interest rate cap limiting the maximum SOFR to 3.0% [125]. - The company does not enter into financial instrument agreements for speculation or trading purposes [125]. Gains and Losses - A real estate impairment loss of $34.1 million was recognized in the first quarter of 2023, impacting the carrying value of a property in Brooklyn, NY [107]. - The company reported a $15.3 million gain on the sale of real estate during the nine months ended September 30, 2024, compared to a gain of $0.4 million in the same period of 2023 [107]. - The company recognized a $21.7 million gain on extinguishment of debt for the nine months ended September 30, 2024, compared to a $42.5 million gain in the same period of 2023 [108]. Dividends - The company declared a quarterly dividend of $0.17 per common share for the first three quarters of 2024, resulting in an annual rate of $0.68 [115]. Development Projects - The company has 22 active development projects with total estimated costs of $159.2 million, of which $64.0 million has been incurred as of September 30, 2024 [118].
Urban Edge Properties(UE) - 2024 Q3 - Quarterly Results
2024-10-30 10:59
Exhibit 99.2 SUPPLEMENTAL DISCLOSURE PACKAGE September 30, 2024 | --- | |------------------------------------------------| | | | Urban Edge Properties | | 888 7th Avenue, New York, NY 10019 | | NY Office: 212-956-2556 www.uedge.com | URBAN EDGE PROPERTIES SUPPLEMENTAL DISCLOSURE September 30, 2024 (unaudited) | --- | --- | |---------------------------------------------------------------------------------------------------------------|-------| | TABLE OF CONTENTS | Page | | Press Release Third Quarter 2024 E ...
Why Urban Edge Properties (UE) is a Top Dividend Stock for Your Portfolio
ZACKS· 2024-10-24 16:45
Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a met ...
Urban Edge Properties: A Small-Cap REIT Poised To Benefit From Lower Interest Rates
Seeking Alpha· 2024-10-09 11:38
Lately there have been talks of small-cap stocks breaking out as the market has continued to climb to new highs. And now that interest rates have seen their first cut and are likely to continue going forward, this should Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their ow ...