Urban Edge Properties (UE) Tops Q1 EPS by 16c, Revenues Beat

Urban Edge Properties (NYSE: UE) reported Q1 EPS of $0.17, $0.16 better than the analyst estimate of $0.01. Revenue for the quarter came in at $95.66 million versus the consensus estimate of $67.55 million.

Financial Results(1)(2)

• Generated net income attributable to common shareholders of $20.7 million, or $0.17 per diluted share, for the first quarter of 2021 compared to $51.3 million, or $0.40 per diluted share, for the first quarter of 2020.
• Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $31.8 million, or $0.26 per share, for the quarter compared to $34.8 million, or $0.27 per share, for the first quarter of 2020.
• Generated FFO as Adjusted of $32.3 million, or $0.26 per share, for the quarter compared to $34.9 million, or $0.28 per share, for the first quarter of 2020.

“We are encouraged by the momentum of the retail recovery as we continue to execute on our leasing, development and redevelopment strategies. Our leasing pipeline reflects strong demand from grocers, discounters and a variety of restaurants,” said Jeff Olson, Chairman and CEO. “Our rent collection rate has now reached 95%, and we expect further improvement as state and local operating restrictions are lifted in the New York metropolitan area.”

For earnings history and earnings-related data on Urban Edge Properties (UE) click here.

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