Urban Edge Properties, a Maryland-based real estate investment trust (REIT), reported a net income of $75.4 million for the fiscal year ending December 31, 2024, a significant decrease from $259.9 million in the previous year. The decline in profitability was attributed to a notable drop in gains from real estate sales, which fell from $217.7 million in 2023 to $38.8 million in 2024. Total revenue increased by 6.7% to $445 million, driven primarily by property acquisitions and rental income growth, despite a slight increase in rental revenue deemed uncollectible.
The company made strategic moves during the year, acquiring three properties in its core market for a total of $245.3 million, while also selling three non-core properties for $108.9 million. Urban Edge's portfolio now includes 71 shopping centers, two outlet centers, and two malls, totaling approximately 17.4 million square feet, with a consolidated occupancy rate of 91.7%. The company also reported a same-property net operating income (NOI) increase of 4.3% year-over-year, reflecting strong demand for retail space in urban markets.
Operationally, Urban Edge signed 79 new leases totaling 485,153 square feet, achieving an average rental rate of $31.34 per square foot. The company renewed or extended 86 leases totaling 1.9 million square feet, with an average rental rate of $19.92 per square foot. As of December 31, 2024, the company had approximately 1,100 leases in its portfolio, with no single tenant accounting for more than 10% of total revenues, although The TJX Companies remained the largest tenant, contributing approximately $22.3 million, or 5% of total revenue.
Looking ahead, Urban Edge aims to enhance its portfolio through strategic leasing, redevelopment, and acquisitions, while managing its balance sheet to maintain financial flexibility. The company plans to focus on adding essential tenants, managing operating expenses, and identifying opportunities for capital recycling. The outlook for 2025 includes expectations for continued growth in earnings and cash flows, supported by a robust pipeline of development and redevelopment projects totaling $162.6 million, of which $89.5 million remains to be funded.
About Urban Edge Properties
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