Mark Langer, the Chief Financial Officer of Urban Edge Properties (NYSE:UE), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On November 11, Langer sold 93,962 common shares at a weighted average price of $23.569, amounting to a total of approximately $2.21 million.
In addition to the sale, Langer exercised stock options to acquire a total of 93,962 shares at prices ranging from $19.53 to $21.64. The total value of these acquisitions was approximately $1.92 million. Following these transactions, Langer's direct ownership stands at 35,816.39 shares.
In other recent news, Urban Edge Properties has reported a robust third quarter with a 9% year-over-year increase in funds from operations (FFO) per share. This growth was driven by a 5.1% rise in same property net operating income (NOI) and the strategic acquisition of The Village at Waugh Chapel. The company's leasing activity remained strong, with a total of 23 new leases and a 15% cash spread.
Urban Edge has also raised its 2024 FFO guidance to $1.32 to $1.35 per share, reflecting confidence in its retail fundamentals and capital recycling initiatives. The company anticipates a 3% annual NOI growth for The Village at Waugh Chapel over the next decade.
In addition, Urban Edge executed 23 new leases, with a total leasing activity of 683,000 square feet, and increased its leased occupancy to 96.3%. The company is also planning to sell $100 million to $200 million of assets annually, focusing on single-tenant properties.
These recent developments underscore Urban Edge Properties' strong position in the retail real estate market and its strategic focus on capital recycling and asset management.
InvestingPro Insights
Urban Edge Properties (NYSE:UE) has been showing strong market performance, aligning with CFO Mark Langer's recent stock transactions. According to InvestingPro data, the company's stock has seen a robust 20.37% price total return over the last three months and an impressive 38.3% over the past six months. This upward trend is further supported by an InvestingPro Tip indicating that UE is "Trading near 52-week high," with the current price at 97.78% of its 52-week high.
The company's financial health appears solid, with an InvestingPro Tip noting that "Liquid assets exceed short term obligations." This financial stability is reflected in UE's market capitalization of $3.08 billion and a price-to-book ratio of 2.45 as of the last twelve months ending Q3 2024.
Urban Edge Properties also offers a dividend yield of 2.92%, with a dividend growth of 6.25% over the last twelve months, potentially adding to its attractiveness for income-focused investors.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for Urban Edge Properties, providing a more comprehensive view of the company's financial position and market outlook.
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