Every material Form 8-K Urban Edge Properties filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Urban Edge Properties reported third-quarter 2024 results on October 30, 2024, and raised its full-year 2024 FFO as Adjusted guidance to $1.32 to $1.35 per diluted share from $1.29 to $1.32. Net income attributable to common shareholders fell from the prior-year quarter, which included a $26.7 million gain on debt extinguishment, while FFO as Adjusted per diluted share rose 9%.
Q3 2024 net income attributable to common shareholders was $9.1 million, or $0.07 per diluted share, versus $36.1 million, or $0.31, in Q3 2023.
Q3 2024 FFO as Adjusted was $0.35 per diluted share, up $0.03, or 9%, from $0.32 a year earlier.
2024 FFO as Adjusted guidance was raised to $1.32 to $1.35 per diluted share from $1.29 to $1.32.
On October 29, 2024, the company closed the $126 million acquisition of The Village at Waugh Chapel in Maryland.
Urban Edge Properties reported second-quarter 2024 results on July 31, 2024, with net income attributable to common shareholders of $30.8 million, or $0.26 per diluted share, compared with $10.3 million, or $0.09, a year earlier. The company raised the low end of its full-year 2024 FFO as Adjusted guidance and raised its net income and FFO ranges, which points to higher expected earnings for shareholders.
Q2 2024 FFO per diluted share was $0.47, up from $0.29 in Q2 2023; FFO as Adjusted per diluted share was $0.32, up from $0.30.
Q2 net income included a $21.7 million gain on extinguishment of debt tied to the Kingswood Center foreclosure and a $13.4 million gain on sale of real estate.
Full-year 2024 FFO per diluted share guidance was raised to $1.42 to $1.45 from $1.22 to $1.27.
Full-year FFO as Adjusted per diluted share guidance is now $1.29 to $1.32, up from $1.27 to $1.32, with the low end raised.
Urban Edge Properties entered a new employment agreement with Chairman and CEO Jeffrey S. Olson dated June 28, 2024, replacing his prior agreement. The new term runs to September 1, 2027, with automatic one-year renewals unless either party gives at least 90 days' notice, and the company says his current target compensation is unchanged. For shareholders, the filing sets out the terms of severance and bonus arrangements if his employment ends.
Agreement dated June 28, 2024; initial term extends to September 1, 2027
Base salary of not less than $1,100,000 and target bonus of not less than 110% of base salary
Annual LTIP Unit grant beginning in 2025 with fair value of not less than $4,450,000
Severance equals two times base salary plus target bonus, or three times if a change in control termination applies
Urban Edge Properties reported first-quarter 2024 net income attributable to common shareholders of $2.6 million, or $0.02 per diluted share, compared with a net loss of $19.1 million a year earlier. FFO as Adjusted was $0.33 per diluted share, up from $0.32, and the company raised its full-year 2024 FFO as Adjusted guidance by $0.03 per share at the midpoint to $1.27 to $1.32 per diluted share. For shareholders, the higher guidance points to improved expected core operating earnings for 2024.
Q1 2024 net income attributable to common shareholders was $2.6 million, or $0.02 per diluted share, versus a net loss of $19.1 million in Q1 2023.
Q1 2024 FFO as Adjusted was $0.33 per diluted share, up from $0.32 in Q1 2023; same-property NOI growth was 2.2%.
2024 FFO as Adjusted guidance was raised to $1.27 to $1.32 per diluted share from $1.24 to $1.29.
The company acquired Ledgewood Commons for $83 million on April 5, 2024, and Heritage Square for $34 million on February 8, 2024.
At its May 1, 2024 annual meeting, Urban Edge Properties shareholders elected eight trustees, approved the 2024 Omnibus Share Plan, ratified Deloitte & Touche LLP as the independent auditor for fiscal 2024, and approved executive compensation on a non-binding advisory basis. The plan approval sets the terms of equity awards the company can grant under the new plan, which affects how shareholder ownership may change over time.
The 2024 Omnibus Share Plan passed with 98,188,770 votes for and 4,628,376 against.
All eight trustees, including Jeffrey S. Olson and Katherine M. Sandstrom, were elected to serve until the 2025 annual meeting.
Sandstrom received 8,471,600 votes against, the most against votes of any nominee.
Shareholders ratified Deloitte & Touche LLP with 105,627,388 votes for, out of 106,191,629 shares present or represented.
Urban Edge Properties reported fourth-quarter and full-year 2023 results on February 14, 2024, showing net income attributable to common shareholders of $221.2 million for the quarter versus $13.7 million a year earlier. The company also issued 2024 guidance and raised its quarterly dividend 6.25% to $0.17 per share, which matters to shareholders because it reflects both a sharp rise in reported profit and a higher payout.
Q4 2023 net income attributable to common shareholders was $221.2 million, or $1.88 per diluted share, versus $13.7 million, or $0.12 per diluted share, in Q4 2022.
FY 2023 FFO as Adjusted rose to $1.25 per diluted share from $1.21 in 2022, an increase of 3.3% per share.
2024 guidance projects net income of $0.12 to $0.17 per diluted share, FFO of $1.20 to $1.25 per diluted share, and FFO as Adjusted of $1.24 to $1.29 per diluted share.
Board declared a $0.17 quarterly dividend on February 13, 2024, payable March 29, 2024 to holders of record on March 15, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Urban Edge Properties filing is on SEC EDGAR ↗. 8-K briefs of other companies →