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年第一季度業績電話會議記錄摘要：
Financial Performance:
財務業績：
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報告稱，經調整後的2024年第一季度FFO爲每股0.33美元，與去年同期相比增長4.4％，這主要是由淨營業收入增長3.7％推動的。
根據調整後的預期，該公司將2024年的FFO上調了每股0.03美元，至1.30美元，這意味着該年度的增長率爲4％。
Urban Edge預計，其2025年的FFO調整後將接近1.31美元至1.39美元區間的較高水平，這意味着收益增長5％至6％。
同類物業的入住率比去年增長了140個點子，新租約和續訂的租賃利差分別爲23％和10％。
租賃活動仍然強勁，在他們簽署但尚未開放的項目中，租賃活動爲2700萬美元，佔淨營業收入的10％。
Business Progress:
業務進展：
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.
該公司以1.17億美元的價格收購了兩個購物中心，上限利率爲8％，資金來自抵押債務、資產出售和股權。
Urban Edge有一條耗資1.66億美元的重建項目，預計將帶來15％的回報，超過90％的零售空間已經預先租用。
該公司在過去一年中完成了近5億美元的固定利率再融資，使到2026年的到期債務總額降至11％。
Urban Edge的未支配資產池在一年內增加了4億美元，達到15億美元，這極大地增強了他們的流動性和財務狀況。
該公司的目標是提高入住率，並正在用利潤更高的企業取代利潤較低的租戶。
該公司預計，由於零售基本面改善、資本回收增加，以及可預測的利息支出，以及完成約5億美元的再融資，該公司預計將達到其25年FFO指引的高端。
More details: Urban Edge Properties IR
更多詳情： 城市邊緣地產 IR
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