Earnings Call Summary | Urban Edge Properties(UE.US) Q1 2024 Earnings Conference
Earnings Call Summary | Urban Edge Properties(UE.US) Q1 2024 Earnings Conference
The following is a summary of the Urban Edge Properties (UE) Q1 2024 Earnings Call Transcript:
以下是Urban Edge Properties（UE）2024年第一季度财报电话会议记录摘要：
Financial Performance:
财务业绩：
Urban Edge Properties reported Q1 2024 FFO as adjusted of $0.33 per share, a 4.4% increase compared to prior year, largely driven by a 3.7% growth in Net Operating Income.
The company increased its 2024 FFO as adjusted guidance by $0.03 per share to $1.30, implying a 4% growth for the year.
Urban Edge expects its 2025 FFO as adjusted to near the higher end of the $1.31 to $1.39 range, implying 5% to 6% earnings growth.
Same property occupancy was up 140 basis points over last year with leasing spreads on new leases and renewals at 23% and 10% respectively.
Leasing activity remains robust with a $27 million or 10% of net operating income in their signed but not yet open pipeline.
Urban Edge Properties报告称，经调整后的2024年第一季度FFO为每股0.33美元，与去年同期相比增长4.4％，这主要是由净营业收入增长3.7％推动的。
根据调整后的预期，该公司将2024年的FFO上调了每股0.03美元，至1.30美元，这意味着该年度的增长率为4％。
Urban Edge预计，其2025年的FFO调整后将接近1.31美元至1.39美元区间的较高水平，这意味着收益增长5％至6％。
同类物业的入住率比去年增长了140个基点，新租约和续订的租赁利差分别为23％和10％。
租赁活动仍然强劲，在他们签署但尚未开放的项目中，租赁活动为2700万美元，占净营业收入的10％。
Business Progress:
业务进展：
The company acquired two shopping centers for $117 million at an 8% cap rate, financed through a mix of mortgage debt, asset sales, and equity.
Urban Edge has a $166 million redevelopment pipeline expected to yield a 15% return, with over 90% of retail space already pre-leased.
The company has completed almost $500 million of fixed-rate refinancements in the past year, bringing total debt maturing till 2026 down to 11%.
Urban Edge's unencumbered asset pool increased by $400 million to $1.5 billion in a year, which significantly strengthens their liquidity and financial health.
The company aims for higher occupancy and is replacing less profitable tenants with more lucrative businesses.
The company predicts to be at the high end of their '25 FFO guidance due to improved retail fundamentals, accretive capital recycling, and predictable interest expense with about $500 million of refinancing completed.
该公司以1.17亿美元的价格收购了两个购物中心，上限利率为8％，资金来自抵押债务、资产出售和股权。
Urban Edge有一条耗资1.66亿美元的重建项目，预计将带来15％的回报，超过90％的零售空间已经预先租用。
该公司在过去一年中完成了近5亿美元的固定利率再融资，使到2026年的到期债务总额降至11％。
Urban Edge的未支配资产池在一年内增加了4亿美元，达到15亿美元，这极大地增强了他们的流动性和财务状况。
该公司的目标是提高入住率，并正在用利润更高的企业取代利润较低的租户。
该公司预计，由于零售基本面改善、资本回收增加，以及可预测的利息支出，以及完成约5亿美元的再融资，该公司预计将达到其25年FFO指引的高端。
More details: Urban Edge Properties IR
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