Urban Edge Properties has recently released its 10-K report, revealing key insights into its financial performance and strategic direction. The company, listed on the NYSE, is a real estate investment trust focused on owning, 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 17.1 million square feet of gross leasable area.
In its ITEM 7 * MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Urban Edge Properties provided an executive overview of its business. As of December 31, 2024, the company's portfolio comprised 17.4 million square feet, including 71 shopping centers, two outlet centers, and two malls. The report also discussed the economic considerations, highlighting the impact of macroeconomic conditions on the financial markets, inflation, and interest rates.
The 10-K report highlighted several key accomplishments in 2024, including leasing activities, development and redevelopment projects, property acquisitions and dispositions, as well as financing and refinancing activities. For instance, the company signed 79 new leases totaling 485,153 square feet and renewed or extended 86 leases totaling 1,910,688 square feet. Urban Edge also acquired three properties in its core market for an aggregate purchase price of $245.3 million and sold three single-tenant and non-core properties for an aggregate gross price of $108.9 million.
Looking ahead, Urban Edge Properties outlined its 2025 outlook, emphasizing its focus on adding essential tenants to its properties, managing its balance sheet, and actively leasing vacant spaces. The company also aims to generate additional income from its existing assets by redeveloping underutilized space and repositioning anchors.
The report also delved into critical accounting estimates, particularly related to valuing acquired assets and liabilities and impairments. Urban Edge Properties emphasized the importance of these estimates, noting that changes in assumptions could have a material impact on its financial condition and operating results.
Following these announcements, the company's shares moved 2.1%, and are now trading at a price of $21.18. Check out the company's full 10-K submission here.
