URBAN EDGE PROPERTIES

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Urban Edge Properties Expands Boston-Area Presence with The Shops at Riverwood

06/27/2022 | 04:17pm EDT

Urban Edge Properties (NYSE:UE) today announced that it has acquired The Shops at Riverwood, a fully-leased grocery-anchored, retail center located in Boston’s Hyde Park neighborhood for $32.9 million. The acquisition advances the Company’s strategic plan of acquiring high-quality, infill real estate in a core retail market with attractive in-place yield and future growth potential. Alongside an anchor grocery store, Price Rite Marketplace, the property has a strong array of national and regional retail and service brands including Santander, Burger King, Boston Medical Center, and a recently opened Planet Fitness. Starbucks executed a lease for a pad site with construction expected to begin this summer.

“As we continue to see demand for essential retail and health care services in convenient urban locations, The Shops at Riverwood aligns with Urban Edge’s current strategy,” said Jeff Olson, Chief Executive Officer. “The new Starbucks will enhance this experience and drive additional visits from the nearby population.”

The Shops at Riverwood covers 78,000 square feet across six stand-alone buildings, including the future Starbucks, on an 8-acre site located just 7 miles south of downtown Boston. The site benefits from strong demographics with a 3-mile population of approximately 181,000 people with average annual household incomes of $113,000.

The transaction was completed by the Company using cash-on-hand and a new $21.5 million non-recourse first mortgage secured by the property. The mortgage has a 7-year term at a fixed interest rate of 4.25%.

ABOUT URBAN EDGE PROPERTIES

Urban Edge Properties is a NYSE-listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area. For further information, please visit https://www.uedge.com.


© Business Wire 2022
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Financials (USD)
Sales 2022 389 M - -
Net income 2022 41,1 M - -
Net Debt 2022 1 523 M - -
P/E ratio 2022 47,3x
Yield 2022 3,90%
Capitalization 1 944 M 1 944 M -
EV / Sales 2022 8,91x
EV / Sales 2023 8,46x
Nbr of Employees 116
Free-Float 96,7%
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Last Close Price 16,55 $
Average target price 20,25 $
Spread / Average Target 22,4%
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Jeffrey S. Olson Trustee
Mark J. Langer Chief Financial Officer & Executive Vice President
Cecilia Li Chief Information Officer & Senior Vice President
Christopher J. Weilminster Chief Operating Officer & Executive Vice President
Herbert Eilberg Chief Investment Officer
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