Urban Edge Properties Raises FY23 Outlook: AFFO $1.14 - $1.18 ($1.11 - $1.17 Prior) Vs. $1.16 Estimate

Author: Benzinga Newsdesk | May 09, 2023 07:16am

2023 Earnings Guidance

The Company is reiterating its updated 2023 full-year guidance ranges provided for FFO and FFO as Adjusted in our recent release on April 18th, 2023, estimating FFO of $1.13 to $1.17 per diluted share, and FFO as Adjusted of $1.14 to $1.18 per diluted share. Below is a summary of the Company's 2023 outlook, assumptions used in our forecasting, and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.

		Previous Guidance		Revised Guidance
Net income per diluted share		$0.27 - $0.33		$0.03 - $0.06
Net income attributable to common shareholders per diluted share		$0.26 - $0.32		$0.03 - $0.06
FFO per diluted share		$1.10 - $1.16		$1.13 - $1.17
FFO as adjusted per diluted share		$1.11 - $1.17		$1.14 - $1.18

The Company's full year FFO outlook is based on the following assumptions:

• Same-property NOI growth, including properties in redevelopment, of 0.0% to 2.0%
• Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible of 1.5% to 3.5%
• No new acquisitions or dispositions
• Recurring G&A expenses ranging from $34.5 million to $36.5 million
• Interest and debt expense ranging from $71.0 million to $72.5 million
• Excludes items that impact FFO comparability, including gain/loss on extinguishment of debt, transaction, severance, litigation, or any one-time items outside of the ordinary course of business

	Guidance 2023E								Per Diluted Share(1)
(in thousands, except per share amounts)	Low				High				Low			High
Net income	$	3,700			$	7,700			$	0.03		$	0.06
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership		(400	)			(400	)			—			—
Consolidated subsidiaries		600				600				—			—
Net income attributable to common shareholders		3,900				7,900				0.03			0.06
Adjustments:
Rental property depreciation and amortization		101,100				101,100				0.82			0.82
Gain on sale of real estate		(400	)			(400	)			—			—
Real estate impairment loss		34,100				34,100				0.28			0.28
Limited partnership interests in operating partnership		400				400				—			—
FFO Applicable to diluted common shareholders		139,100				143,100				1.13			1.17
Adjustments to FFO:
Transaction, severance and litigation expenses		1,100				1,100				0.01			0.01
FFO as Adjusted applicable to diluted common shareholders	$	140,200			$	144,200			$	1.14		$	1.18

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