- Urban Edge Properties ( NYSE: UE ) said Tuesday that it clocked in record volume for new leases signed during 2022 .
- The New York-based retail REIT leased more than 1 million square feet, compared with the previous record of 683,000 square feet, through the execution of 69 leases.
- Also, same-property leased occupancy rose to 95.4% at the end of the year, a 110-basis-point increase vs. Dec. 31, 2021.
- The company executed 159 new leases, renewals, and options totaling over 2 million square feet, it said. Same-space leases totaled 1.8 million square feet and generated an average spread of 12% on a cash basis.
- "Our pipeline of signed but not yet commenced leases now totals $29 million in annual gross rent, representing approximately 12% of our current NOI, one of the largest pipelines in our sector," said Chairman and CEO Jeff Olson. He also highlighted that the company has ~800,000 square feet of new leases under negotiation at cash spreads of more than 15%.
- In its third quarter, Urban Edge's FFO and revenue both came in stronger than expected .
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Urban Edge Properties achieves record leasing activity for 2022; occupancy climbs