Jeffrey S. Olson, Chairman and CEO of Urban Edge Properties (NYSE:UE), recently conducted significant transactions involving the company's common shares. According to the latest SEC filings, Olson sold a total of 233,136 common shares over two days, December 4 and 5, for a combined value of approximately $5.3 million. The shares were sold at prices ranging from $22.5492 to $22.8056, near the stock's 52-week high of $23.85. InvestingPro data shows the stock has gained over 30% in the past six months.
In addition to the sales, Olson exercised stock options to acquire a substantial number of shares. On December 4, he acquired 188,733 shares at an exercise price of $21.64 and 128,534 shares at $19.53. The following day, he acquired an additional 44,403 shares at $21.64. The total value of these acquisitions was approximately $4.77 million. The company currently trades at an attractive P/E ratio of 10.29 and offers a dividend yield of 2.99%.
These transactions reflect Olson's active management of his holdings in Urban Edge Properties, a real estate investment trust based in Paramus, New Jersey. The company, with a market capitalization of $3 billion, focuses on the acquisition, development, and management of retail real estate in urban communities. InvestingPro analysis indicates the company maintains a GOOD financial health score, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Urban Edge Properties exhibited a strong third quarter in 2024, reporting a 9% year-over-year increase in funds from operations (FFO) per share. This was driven largely by a 5.1% rise in same property net operating income (NOI), and the strategic acquisition of The Village at Waugh Chapel. Urban Edge also saw robust leasing activity, securing 23 new leases and raising its leased occupancy to 96.3%.
In light of its solid performance, the company raised its 2024 FFO guidance to $1.32 to $1.35 per share. The company also plans to sell $100 million to $200 million of assets annually, focusing on single-tenant properties. Urban Edge anticipates a 3% annual NOI growth for The Village at Waugh Chapel over the next decade and expects an additional $10 million in gross revenue from its SNO pipeline in 2025.
The company continues to pursue acquisitions, especially in the D.C. to Boston corridor, while maintaining a net debt to EBITDA ratio of 5.8x. Despite certain tenant risks and inflationary pressures, these recent developments underscore Urban Edge's strong position in the retail real estate market.
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