Urban Edge Properties Revises Up 2023 Adj. FFO Outlook

(RTTNews) - Urban Edge Properties (UE), a real estate investment trust, said on Tuesday that it has revised up its full year 2023 outlook for adjusted funds from operations based on higher NOI growth and lower general and administrative expenses.

For the 12-month period, the company has raised its adjusted FFO outlook by $0.02 per share to $1.16 per share at the midpoint of its range.

In addition, the firm announced a three-year adjusted FFO target of $1.35 per share, representing an increase of 16 percent over the updated 2023 guidance at the midpoint.

Jeff Olson, CEO of Urban Edge Properties, said: "…Following a very strong 2022, we are excited to share more about the significant value embedded in our portfolio and the initiatives underway to drive long-term performance and earnings and cash flow growth."