Urban Edge Properties (UE) recently announced an increase in its fourth quarter funds from operations, moving from $38.83 million in the previous year to a notable $45.68 million. Each share saw an elevation from $0.32 to an impressive $0.37. However, the funds from operations - adjusted for special items - saw a mild decline, moving from $40.58 million in the previous year to $37.92 million this year. Adjusted funds from operations per share also slipped from $0.33 down to $0.31.
Net income that standard shareholders earned also saw a vast improvement. Last year, the sum amounted to $13.67 million, but this increased to a huge $221.23 million this year. Per share, net income shot up from $0.12 to a considerable $1.88. Further, total revenue also saw upward movement, increasing from $101.59 million last year to $116.58 million this year.
Looking ahead, Urban Edge Properties projects that for the full year of 2024, the company expects to see a net income of between $0.12 to $0.17 per share, funds from operations of $1.20 to $1.25 per share, and an adjusted funds from operations of $1.24 to $1.29 per share.
