PARAMUS, N.J.— Urban Edge Properties (NYSE:UE), a $2.96 billion market cap real estate company currently trading near its 52-week high, saw its Chairman and CEO Jeffrey S. Olson recently sell a substantial portion of his holdings. According to a filing with the Securities and Exchange Commission, Olson sold 240,000 common shares on December 11, 2024, at a weighted average price of $22.45 per share, resulting in a total transaction value of approximately $5.39 million. According to InvestingPro, the stock appears fairly valued based on its proprietary Fair Value model.
The shares were sold in a price range between $22.33 and $22.62, amid a strong six-month rally of nearly 29% in the stock price. Following this transaction, Olson's direct ownership of Urban Edge Properties common shares decreased to 1,930.8 shares. The company maintains a healthy dividend yield of 3.03% and trades at an attractive P/E ratio of 10.2.
In a related series of transactions on December 10, Olson converted 240,000 LTIP Units from Urban Edge Properties LP into common shares. These units were initially granted under the company's 2015 Omnibus Plan, which allows for such conversions without expiration dates.
The transactions reflect Olson's ongoing involvement in the company's equity plans, and his role as both Chairman and CEO underscores the importance of these moves for investors tracking insider activities at Urban Edge Properties.
In other recent news, Urban Edge Properties reported a promising Q3 growth, with a 9% year-over-year increase in funds from operations (FFO) per share, primarily due to a 5.1% rise in same property net operating income (NOI) and the acquisition of The Village at Waugh Chapel. The company's leasing activity remained robust, with 23 new leases and a 15% cash spread. Urban Edge also raised its 2024 FFO guidance to $1.32 to $1.35 per share, reflecting confidence in its retail fundamentals and capital recycling initiatives.
Urban Edge's acquisition of The Village at Waugh Chapel for $126 million and the sale of a Home Depot (NYSE:HD) property for $71 million were other important developments. The company expects a 3% annual NOI growth for the newly acquired property over the next decade. Urban Edge also plans to sell $100 million to $200 million of assets annually, focusing on single-tenant properties.
Analysts noted that while uncollectible rental revenue was nearly double the previous year's level, the company remains optimistic about its growth strategy, citing favorable market conditions and limited available space. The company is also exploring outparcel developments, including drive-throughs, as part of its ongoing growth strategy. These recent developments highlight Urban Edge's strategic acquisitions, robust leasing activity, and positive financial guidance adjustments.
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