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Urban Edge Properties of Beneficial Interest (UE-0.35%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $444.97 million, a 6.7% increase from the previous year. This growth is attributed to property acquisitions and increased rental income from new tenant leases.
Net income for the year was $75.44 million, down from $259.88 million in 2023, primarily due to a significant gain on the sale of real estate in the prior year that was not repeated in 2024.
The company completed acquisitions of three properties totaling 917,000 square feet for $245.3 million and sold three properties for $108.9 million.
Urban Edge Properties has 26 active development projects with an estimated total cost of $162.6 million, of which $89.5 million remains to be funded.
The company issued 7,097,124 common shares under its at-the-market equity offering program, generating net proceeds of $131.1 million.
As of December 31, 2024, the company had $1.6 billion in secured debt and $50 million drawn on its $800 million unsecured credit facility.
The filing also notes the completion of several refinancing activities, including a new $50 million loan for Yonkers Gateway Center and a $50 million loan for Ledgewood Commons.
Urban Edge Properties declared a quarterly dividend of $0.17 per share, resulting in an annual dividend of $0.68 per share for 2024.
The company continues to focus on leasing vacant spaces and managing its balance sheet to support growth and development initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Urban Edge Properties of Beneficial Interest annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.