Urban Edge Properties (UE) 2016年年度报告「NYSE」.pdf

1、URBAN EDGE PROPERTIES2016 ANNUAL REPORTMarch 28,2017To Our Shareholders:We are delighted with our achievements since our spin from Vornado Realty Trust in January 2015.We have established a strong track record built on generating industry-leading operating results,creating substantial value from dev

2、elopment,redevelopment and anchor repositioning and making smart,strategic acquisitions.Since the spin,we have:Increased FFO as Adjusted to$1.27 per share in 2016,a 5%increase over 2015.Raised the dividend by 10%to$.88 per share on an annualized basis while maintaining aconservative FFO payout ratio

3、.Produced same-property cash NOI growth of 4.1%in both 2015 and 2016.Increased same-property occupancy to 98.0%in 2016,up from 97.2%in 2015 and 96.5%in 2014.Increased active development,redevelopment and anchor repositioning projects to$192million in 2016,up from$123 million in 2015 and$66 million i

4、n 2014.Acquired four shopping centers and several outparcels in the New York metropolitan areafor$160 million.Maintained a fortress balance sheet with a net debt to total capitalization ratio of less than30%and a net debt to Adjusted EBITDA ratio of 5.5x.Most importantly,we achieved an 18%total retu

5、rn for shareholders from the date of our spin through the date of this letter.This result compares to-9%for the Bloomberg Shopping Center Index,outperformance of 2,700 basis points relative to our shopping center peers.Our strategyWe own,operate and increase the value of retail real estate in and ar

6、ound urban areas,principally in the New York metropolitan region.Favorable demographics,supply constraints and barriers to entry create attractive investment opportunities in our markets.While retail may be overbuilt across America,there is significant demand for quality space throughout metro New Y