Urban Edge Properties Files 2024 10-K

TL;DR

UE's 2024 10-K is in. Full year financials and outlook detailed.

AI Summary

Urban Edge Properties filed its 2024 10-K on February 12, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, incorporated in Maryland, operates in the Real Estate sector. Key financial details and operational highlights for the year are detailed within this comprehensive filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of Urban Edge Properties' financial health, operational performance, and strategic outlook for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-12 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• Urban Edge Properties (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-12 (date) — Filing date
• Maryland (location) — State of incorporation
• New York (location) — Business and mailing address city

FAQ

Key Financial Figures

• $18.47 — ed upon the last reported sale price of $18.47 per share on the New York Stock Exchang
• $162.6 million — sites. As of December 31, 2024, we had $162.6 million of active development, redevelopment, a
• $89.5 million — anchor repositioning projects, of which $89.5 million remains to be funded. These projects ar
• $800 million — ubstantial borrowing capacity under our $800 million revolving credit agreement (as amended,

Filing Documents

• ue-20241231.htm (10-K) — 3471KB
• exhibit191-insidertradingp.htm (EX-19.1) — 120KB
• exhibit211listofsubsidiari.htm (EX-21.1) — 232KB
• exhibit231consentofindepen.htm (EX-23.1) — 2KB
• exhibit232consentofindepen.htm (EX-23.2) — 2KB
• exhibit311certofceo-sox302.htm (EX-31.1) — 9KB
• exhibit312certofcfo-sox302.htm (EX-31.2) — 9KB
• exhibit313certofceo-sox302.htm (EX-31.3) — 9KB
• exhibit314certofcfo-sox302.htm (EX-31.4) — 9KB
• exhibit321certofceoandcfo-.htm (EX-32.1) — 8KB
• exhibit322certofceoandcfo-.htm (EX-32.2) — 8KB
• ue-20241231_g1.jpg (GRAPHIC) — 333KB
• 0001611547-25-000018.txt ( ) — 17943KB
• ue-20241231.xsd (EX-101.SCH) — 105KB
• ue-20241231_cal.xml (EX-101.CAL) — 126KB
• ue-20241231_def.xml (EX-101.DEF) — 742KB
• ue-20241231_lab.xml (EX-101.LAB) — 1190KB
• ue-20241231_pre.xml (EX-101.PRE) — 944KB
• ue-20241231_htm.xml (XML) — 2665KB

Risk Factors 7

Item 1A. Risk Factors 7

Unresolved Staff Comments 19

Item 1B. Unresolved Staff Comments 19

Cybersecurity 19

Item 1C. Cybersecurity 19

Properties 20

Item 2. Properties 20

Legal Proceedings 24

Item 3. Legal Proceedings 24

Mine Safety Disclosures 24

Item 4. Mine Safety Disclosures 24 PART II

Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

[Reserved] 27

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk 40

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data 41

Item 8. Financial Statements and Supplementary Data 41

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86

Controls and Procedures 86

Item 9A. Controls and Procedures 86

Other Information 91

Item 9B. Other Information 91

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III

Directors, Executive Officers and Corporate Governance 91

Item 10. Directors, Executive Officers and Corporate Governance 91

Executive Compensation 91

Item 11. Executive Compensation 91

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Certain Relationships and Related Transactions, and Director Independence 92

Item 13. Certain Relationships and Related Transactions, and Director Independence 92

Principal Accountant Fees and Services 92

Item 14. Principal Accountant Fees and Services 92 PART IV

Exhibits and Financial Statement Schedules 93

Item 15. Exhibits and Financial Statement Schedules 93

Form 10-K Summary 93

Item 16. Form 10-K Summary 93 Signatures 96

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this Annual Report on Form 10-K. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, which may lead to rising inflation and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company's share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration and the Company's ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants' business; (vi) the Company's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general econ

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

BUSINESS

ITEM 1. BUSINESS The Company Urban Edge Properties ("UE", "Urban Edge" or the "Company") (NYSE: UE) is a Maryland REIT that owns, manages, acquires, develops, and redevelops retail real estate, primarily in the Washington, D.C. to Boston corridor. Urban Edge Properties LP ("UELP" or the "Operating Partnership") is a Delaware limited partnership formed to serve as UE's majority-owned partnership subsidiary and to own, through affiliates, all of our real estate and other assets. Our portfolio is currently comprised of 71 shopping centers, two outlet centers and two malls totaling approximately 17.4 million square feet ("sf") of gross leasable area with a consolidated occupancy rate of 91.7%. For additional information on recent business developments, see Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K. 1 Company Strategies We are a leading owner and operator of retail real estate focused on the Washington, D.C. to Boston corridor. Our goal is to generate industry leading growth while improving the communities we serve. We believe urban markets offer attractive acquisition and redevelopment opportunities resulting from high population density, strong demand from consumers, above average retailer sales trends, a limited supply of institutional quality assets and a large number of older, undermanaged assets that remain privately owned. We seek to create value through the following strategies: Maximize the value of existing properties through proactive management. We intend to maximize the value of each of our assets through comprehensive, proactive management encompassing: continuous asset evaluation for highest-and-best-use; targeted leasing to desirable credit tenants; and efficient and cost-conscious day-to-day operations that minimize operating expenses while enhancing property quality. Repurposing retail real estate with high-quality retailers, with a focus on grocers

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View this 10-K filing on SEC EDGAR