Urban Edge Properties (NYSE: UE), a real estate investment trust (REIT) focused on retail properties primarily in the Washington, D.C. to Boston corridor, reported its financial results for the third quarter and nine months ended September 30, 2024. The company experienced a notable increase in total revenue, which rose to $112.4 million for Q3 2024, up from $101.8 million in Q3 2023. This increase was attributed to $5.9 million from property acquisitions, $4.3 million from property rentals and tenant reimbursements, and additional income from lease terminations and non-cash revenues.
Despite the revenue growth, Urban Edge's net income for Q3 2024 significantly decreased to $9.5 million, compared to $37.5 million in the same period last year. The decline in profitability was influenced by higher total expenses, which increased to $83.6 million from $71.8 million in Q3 2023. The company reported a net income attributable to common shareholders of $9.1 million for Q3 2024, down from $36.1 million in Q3 2023, resulting in a basic earnings per share of $0.07, compared to $0.31 in the prior year.
For the nine months ended September 30, 2024, Urban Edge's net income rose to $43.9 million, compared to $28.0 million for the same period in 2023. Total revenue for the nine months increased to $328.6 million from $300.3 million, driven by similar factors as the quarterly results. Funds from Operations (FFO) applicable to diluted common shareholders for the nine months was $141.4 million, slightly up from $138.8 million in 2023.
The company’s balance sheet showed total assets of $3.6 billion as of September 30, 2024, a modest increase from $3.6 billion at the end of 2023. Total liabilities decreased to $1.9 billion, down from $2.1 billion at year-end 2023. Urban Edge's total equity rose to $1.3 billion, reflecting a strong capital position.
Strategically, Urban Edge has been active in acquisitions, closing deals totaling $117.0 million in 2024, including the acquisition of Ledgewood Commons for $83.2 million. The company also disposed of two properties, generating proceeds of $34.8 million and recognizing a gain of $15.3 million. As of September 30, 2024, Urban Edge owned approximately 94.8% of the outstanding common OP Units in Urban Edge Properties LP, with a portfolio comprising 71 shopping centers, two outlet centers, and two malls totaling about 17.2 million square feet.
The company continues to manage its debt effectively, with total mortgages payable decreasing to $1.6 billion, and remains compliant with all debt covenants. Urban Edge has also maintained a robust liquidity position, with $89.6 million in cash and cash equivalents, including restricted cash, as of September 30, 2024.
About Urban Edge Properties
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