NEW YORK--(BUSINESS WIRE)--
Urban Edge Properties (NYSE:UE) (the “Company”) has completed 16
individual, non-recourse mortgage financings totaling $663 million. The
new mortgages have a weighted average interest rate of 4.0% with a
weighted average term to maturity of 10 years.
Proceeds were used to defease and prepay the Company’s $544 million,
4.2% mortgage cross-collateralized by 39 assets scheduled to mature in
2020. The Company generated $80 million of additional cash proceeds net
of all refinancing costs.
The Company has a strong and liquid balance sheet with $460 million of
cash, a $600 million undrawn line of credit, approximately $1.5 billion
in unencumbered asset value, a 23% net debt to total capitalization
ratio and a 4.7x net debt to adjusted EBITDA ratio.
The Company’s total debt is now limited to 31 individual non-recourse
mortgages totaling $1.5 billion. The average rate on these mortgages is
4.0% with a weighted average term to maturity of approximately eight
years. There is no debt maturing until 2021.
The Company will record a $31 million charge related to the early debt
extinguishment in the fourth quarter of 2017.
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 New York metropolitan
region. Urban Edge owns 90 properties totaling 16.7 million square feet
of gross leasable area.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Press Release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are not
guarantees of future performance. They represent our intentions, plans,
expectations and beliefs and are subject to numerous assumptions, risks
and uncertainties. Our future results, financial condition and business
may differ materially from those expressed in these forward-looking
statements. You can find many of these statements by looking for words
such as “approximates,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “would,” “may” or other similar
expressions in this Press Release. Many of the factors that will
determine the outcome of these and our other forward-looking statements
are beyond our ability to control or predict; these factors include,
among others, the Company’s ability to complete its active development,
redevelopment and anchor repositioning projects, the Company’s ability
to pursue, finance and complete acquisition opportunities, the Company's
ability to engage in the projects in its planned expansion and
redevelopment pipeline and the Company's ability to achieve the
estimated unleveraged returns for such projects and acquisitions.
For further discussion of factors that could materially affect the
outcome of our forward-looking statements, see “Risk Factors” in Part I,
Item 1A, of our Annual Report on Form 10-K for the year ended December
31, 2016, and the other documents filed by the Company with the
Securities and Exchange Commission. For these statements, we claim the
protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995. You are
cautioned not to place undue reliance on our forward-looking statements,
which speak only as of the date of this Press Release. All subsequent
written and oral forward-looking statements attributable to us or any
person acting on our behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to in this section. We
do not undertake any obligation to release publicly any revisions to our
forward-looking statements to reflect events or circumstances occurring
after the date of this Press Release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171116006508/en/
Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief
Financial Officer
Source: Urban Edge Properties