Urban Edge Properties(UE)2025-02-12 12:00Development 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]