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The Company also executed a 20-year lease with Hackensack Meridian Health to build an 80,000 sf medical office building at Bergen Town Center on a vacant outparcel facing Route 4. The Company executed 271,000 sf of new leases, including a 134,000 sf lease with Kohl's at Bergen Town Center in the vacancy created as a result of Century 21's bankruptcy. Net debt to total market capitalization of 37%. Total market capitalization of approximately $4.0 billion comprised of 121.8 million fully-diluted common shares valued at $2.3 billion and $1.7 billion of debt. Weighted average term to maturity of 4.9 years with $80.8 million of debt maturing in 2022. Total liquidity of approximately $820 million, comprised of $220 million of cash on hand and $600 million available under our revolving credit agreement. Same-space leases totaled 589,000 sf and generated average rent spreads of 20.1% on a GAAP basis and 5.3% on a cash basis.Ĭollected 99% of fourth quarter base rents.īalance sheet highlights as of December 31, 2021, include: The decrease is primarily due to the termination of our Kmart and Sears leases at Bruckner Commons, The Outlets at Montehiedra and Sunrise Mall.Įxecuted 34 new leases, renewals and options totaling 815,000 sf during the quarter. Reported consolidated portfolio leased occupancy of 88.8%, a decrease of 190 basis points compared to Septemand of 60 basis points compared to December 31, 2020. Reported same-property portfolio leased occupancy of 94.1%, an increase of 120 basis points compared to Septemand of 250 basis points compared to December 31, 2020. Increased same-property NOI excluding properties in redevelopment by 17.5% compared to the fourth quarter of 2020 and by 14.3% compared to the year ended December 31, 2020. Increased same-property Net Operating Income ("NOI") including properties in redevelopment by 16.0% compared to the fourth quarter of 2020 and by 14.1% compared to the year ended December 31, 2020. For the year ended December 31, 2021, FFO as Adjusted increased to $133.5 million, or $1.09 per share, compared to $107.5 million, or $0.88 per share, for the year ended December 31, 2020. Generated FFO as Adjusted of $33.1 million, or $0.27 per share, for the quarter compared to $28.0 million, or $0.23 per share, for the fourth quarter of 2020. For the year ended December 31, 2021, FFO increased to $180.3 million, or $1.48 per share, from $156.3 million, or $1.27 per share, for the year ended December 31, 2020.
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Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $67.8 million, or $0.56 per share, for the quarter compared to $49.0 million, or $0.40 per share, for the fourth quarter of 2020. For the year ended December 31, 2021, net income attributable to common shareholders increased to $102.7 million, or $0.88 per diluted share, from $93.6 million, or $0.79 per diluted share, for the year ended December 31, 2020.
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Generated net income attributable to common shareholders of $42.5 million, or $0.36 per diluted share, for the quarter compared to $19.0 million, or $0.16 per diluted share, for the fourth quarter of 2020. Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter and year ended December 31, 2021. Board Raises Quarterly Cash Dividend on Common Shares 6.7%.
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