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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Urban Edge Properties | NYSE:UE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.03 | -0.17% | 17.27 | 17.435 | 17.21 | 17.22 | 580,700 | 21:04:05 |
-- Raises Outlook for Full-Year FFO as Adjusted --
Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2023 and updated its outlook for full-year 2023.
“We are pleased to report strong second quarter results that reflect continued progress towards our targeted FFO of $1.35 per share in 2025,” said Jeff Olson, Chairman and CEO. "During the quarter, leases representing $6 million of expected annual gross rent were commenced. Additionally, we have a signed pipeline of executed leases that we expect will generate an additional $28 million in annual gross rent, which accounts for 11% of our annualized net operating income. Overall, we remain excited about the significant opportunities embedded in our portfolio to continue to drive long-term earnings growth."
Financial Results(1)(2)
(in thousands, except per share amounts)
2Q23
2Q22
YTD 2023
YTD 2022
Net income (loss) attributable to common shareholders
$
10,262
$
11,626
$
(8,856
)
$
21,112
Net income (loss) per diluted share
0.09
0.10
(0.08
)
0.18
Funds from Operations ("FFO")
35,918
36,236
74,520
70,407
FFO per diluted share
0.29
0.30
0.61
0.58
FFO as Adjusted
37,180
36,825
76,153
71,370
FFO as Adjusted per diluted share
0.30
0.30
0.62
0.58
FFO for the six months ended June 30, 2023, benefited from rent commencements on new leases, higher net recovery income, and lower operating and general and administrative expenses, offset by higher interest and debt expense. The net loss for the six months ended June 30, 2023 was driven by a non-cash impairment charge of $34.1 million in the first quarter of 2023, or $0.29 per diluted share, reducing the carrying value of Kingswood Center, an office and retail property located in Brooklyn, NY.
Same-Property Operating Results Compared to the Prior Year Period(3)
2Q23
YTD 2023
Same-property Net Operating Income ("NOI") growth
2.3 %
3.8 %
Same-property NOI growth, including properties in redevelopment
3.5 %
5.1 %
Same-property NOI growth, adjusted for the collection of amounts previously deemed uncollectible
5.1 %
4.8 %
Same-property NOI growth, including properties in redevelopment, adjusted for the collection of amounts previously deemed uncollectible
6.6 %
6.3 %
The increases in our same-property NOI metrics for the three and six months ended June 30, 2023 were primarily driven by rent commencements on new leases, higher net recovery income and lower operating expenses.
Operating Results(1)
Balance Sheet and Liquidity(1)(4)
Balance sheet highlights as of June 30, 2023 include:
Financing Activity
On April 6, 2023, the Company successfully refinanced the mortgage secured by its property, Bergen Town Center, with a 7-year fixed rate, $290 million loan. The proceeds from the loan were used to pay down the Company's previous mortgage on the property which had an outstanding balance of $300 million.
On June 7, 2023, the Company obtained a 10-year, $16 million non-recourse mortgage secured by its property Newington Commons, located in Newington, CT. The loan bears interest at a fixed rate of 6.0%.
On June 23, 2023, the Company refinanced the mortgage secured by its property, Shops at Bruckner, with a new 6-year, $38 million loan bearing interest at a fixed rate of 6.0%. The proceeds from the new loan were used to pay down the Company's previous mortgage on the property which had an outstanding balance of approximately $8.7 million. The remaining funds were used to pay off the $29 million variable rate mortgage loan secured by the Plaza at Cherry Hill which had a maturity date of June 15, 2025 and an interest rate of 8.75% on the payoff date of June 23, 2023.
Leasing, Development and Redevelopment
During the quarter, the Company executed 28,000 sf of new leases, including leases with Puma at Las Catalinas and Bluestone Lane at Bergen Town Center. Subsequent to the quarter, the Company executed an 18,000 sf lease with a medical user at Manalapan Commons. Including this lease, the average rent spread for new leases during the quarter would have been 11% on a cash basis and 15% for the six months ended June 30, 2023.
The Company commenced one redevelopment project with an estimated cost of $1.5 million during the quarter and now has $196.5 million of active redevelopment projects under way, with estimated remaining costs to complete of $128.2 million. The active redevelopment projects are expected to generate an approximate 12% unleveraged yield.
During the quarter, the Company stabilized three redevelopment projects with aggregate estimated costs of $17.5 million. Nemours Children's Health at Broomall and Walgreens at the Outlets at Montehiedra both rent commenced in April 2023, and the relocation of Total Wine at the Plaza at Cherry Hill was completed in June 2023.
As of June 30, 2023, the Company has signed leases that have not yet rent commenced that are expected to generate an additional $27.9 million of future annual gross rent, representing approximately 11% of current annualized NOI. Approximately $2.7 million of this amount is expected to be recognized in the remainder of 2023.
2023 Earnings Guidance
The Company has updated its 2023 full-year guidance ranges, estimating FFO of $1.13 to $1.16 per diluted share, and FFO as Adjusted of $1.16 to $1.19 per diluted share. A reconciliation of the range of estimated earnings, FFO and FFO as Adjusted, as well as the assumptions used in our forecasting can be found on page 4 of this release.
Earnings Conference Call Information
The Company will host an earnings conference call and audio webcast on August 2, 2023 at 8:30am ET. All interested parties can access the earnings call by dialing 1-877-407-9716 (Toll Free) or 1-201-493-6779 (Toll/International) using conference ID 13739356. The call will also be webcast and available in listen-only mode on the investors page of our website: www.uedge.com. A replay will be available at the webcast link on the investors page for one year following the conclusion of the call. A telephonic replay of the call will also be available starting August 2, 2023 at 11:30am ET through August 16, 2023 at 11:59pm ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 13739356.
(1)
Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail.
(2)
Refer to page 10 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended June 30, 2023.
(3)
Refer to page 11 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended June 30, 2023.
(4)
Net debt as of June 30, 2023 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $93 million.
2023 Earnings Guidance
The Company has updated its 2023 full-year guidance ranges, estimating FFO of $1.13 to $1.16 per diluted share, and FFO as Adjusted of $1.16 to $1.19 per diluted share. Below is a summary of the Company's 2023 outlook, assumptions used in our forecasting, and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.
Previous Guidance
Revised Guidance
Net income per diluted share
$0.03 - $0.06
$0.02 - $0.05
Net income attributable to common shareholders per diluted share
$0.03 - $0.06
$0.02 - $0.05
FFO per diluted share
$1.13 - $1.17
$1.13 - $1.16
FFO as adjusted per diluted share
$1.14 - $1.18
$1.16 - $1.19
The Company's full year FFO outlook is based on the following assumptions:
Guidance 2023E
Per Diluted Share(1)
(in thousands, except per share amounts)
Low
High
Low
High
Net income
$
2,200
$
6,200
$
0.02
$
0.05
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership
(500
)
(500
)
—
—
Consolidated subsidiaries
700
700
0.01
0.01
Net income attributable to common shareholders
2,400
6,400
0.02
0.05
Adjustments:
Rental property depreciation and amortization
101,500
101,500
0.83
0.83
Gain on sale of real estate
(400
)
(400
)
—
—
Real estate impairment loss
34,100
34,100
0.28
0.28
Limited partnership interests in operating partnership
500
500
—
—
FFO Applicable to diluted common shareholders
138,100
142,100
1.13
1.16
Adjustments to FFO:
Default interest on mortgage loan in foreclosure
2,400
2,400
0.02
0.02
Transaction, severance, litigation and other expenses
1,300
1,300
0.01
0.01
FFO as Adjusted applicable to diluted common shareholders
$
141,800
$
145,800
$
1.16
$
1.19
(1)
Amounts may not foot due to rounding.
The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission. The Company's projections are based on management’s current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2023 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 7 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the Securities and Exchange Commission for more information.
Non-GAAP Financial Measures
The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other REITs or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:
The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.
Operating Metrics
The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics are used by the Company and are useful to investors in facilitating an understanding of the operational performance for our properties.
Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 69 and 68 properties for the three and six months ended June 30, 2023 and 2022, respectively. Occupancy metrics presented for the Company's same-property portfolio exclude properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months or properties sold, and properties that are in the foreclosure process during the periods being compared.
Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease.
The Company occasionally provides disclosures by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops are further broken down by local, regional and national tenants. We define anchor tenants as those who have a leased area of >10,000 sf. Local tenants are defined as those with less than five locations. Regional tenants are those with five or more locations in a single region. National tenants are defined as those with five or more locations and operate in two or more regions.
ADDITIONAL INFORMATION
For a copy of the Company’s supplemental disclosure package, please access the "Investors" section of our website at www.uedge.com. Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports.
The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.uedge.com as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
ABOUT URBAN EDGE
Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Press Release. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic and related COVID-19 variants; (ii) the loss or bankruptcy of major tenants; (iii) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (iv) the impact of e-commerce on our tenants’ business; (v) macroeconomic conditions, such as rising inflation and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors, including the discontinuation of USD LIBOR, which was replaced by SOFR after June 30, 2023; (ix) the Company’s ability to pay down, refinance, hedge, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements included in this Press Release. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Press Release. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Press Release.
URBAN EDGE PROPERTIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts)
June 30,
December 31,
2023
2022
ASSETS
Real estate, at cost:
Land
$
543,083
$
535,770
Buildings and improvements
2,500,534
2,468,385
Construction in progress
273,929
314,190
Furniture, fixtures and equipment
9,023
8,539
Total
3,326,569
3,326,884
Accumulated depreciation and amortization
(821,732
)
(791,485
)
Real estate, net
2,504,837
2,535,399
Operating lease right-of-use assets
59,193
64,161
Cash and cash equivalents
48,930
85,518
Restricted cash
44,496
43,256
Tenant and other receivables
15,911
17,523
Receivable arising from the straight-lining of rents
66,424
64,713
Identified intangible assets, net of accumulated amortization of $44,199 and $40,983, respectively
57,407
62,856
Deferred leasing costs, net of accumulated amortization of $21,414 and $20,107, respectively
28,907
26,799
Prepaid expenses and other assets
77,024
77,207
Total assets
$
2,903,129
$
2,977,432
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net
$
1,683,328
$
1,691,690
Operating lease liabilities
55,958
59,789
Accounts payable, accrued expenses and other liabilities
88,304
102,519
Identified intangible liabilities, net of accumulated amortization of $44,384 and $40,816, respectively
89,041
93,328
Total liabilities
1,916,631
1,947,326
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,639,602 and 117,450,951 shares issued and outstanding, respectively
1,175
1,173
Additional paid-in capital
1,012,825
1,011,293
Accumulated other comprehensive income
321
629
Accumulated deficit
(82,588
)
(36,104
)
Noncontrolling interests:
Operating partnership
40,021
39,209
Consolidated subsidiaries
14,744
13,906
Total equity
986,498
1,030,106
Total liabilities and equity
$
2,903,129
$
2,977,432
URBAN EDGE PROPERTIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
REVENUE
Rental revenue
$
98,773
$
97,454
$
198,127
$
196,870
Other income
292
400
379
1,185
Total revenue
99,065
97,854
198,506
198,055
EXPENSES
Depreciation and amortization
25,513
24,691
50,597
49,218
Real estate taxes
16,121
15,456
31,798
31,431
Property operating
15,708
17,596
33,134
38,801
General and administrative
9,907
10,634
18,965
21,755
Real estate impairment loss
—
—
34,055
—
Lease expense
3,156
3,083
6,311
6,218
Total expenses
70,405
71,460
174,860
147,423
Gain on sale of real estate
—
353
356
353
Interest income
564
214
1,075
419
Interest and debt expense
(18,131
)
(14,241
)
(33,424
)
(28,245
)
Loss on extinguishment of debt
(489
)
—
(489
)
—
Income (loss) before income taxes
10,604
12,720
(8,836
)
23,159
Income tax expense
(41
)
(711
)
(747
)
(1,616
)
Net income (loss)
10,563
12,009
(9,583
)
21,543
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership
(444
)
(506
)
344
(893
)
Consolidated subsidiaries
143
123
383
462
Net income (loss) attributable to common shareholders
$
10,262
$
11,626
$
(8,856
)
$
21,112
Earnings (loss) per common share - Basic:
$
0.09
$
0.10
$
(0.08
)
$
0.18
Earnings (loss) per common share - Diluted:
$
0.09
$
0.10
$
(0.08
)
$
0.18
Weighted average shares outstanding - Basic
117,482
117,364
117,466
117,347
Weighted average shares outstanding - Diluted
117,578
117,427
117,466
117,410
Reconciliation of Net Income (Loss) to FFO and FFO as Adjusted
The following table reflects the reconciliation of net income (loss) to FFO and FFO as Adjusted for the three and six months ended June 30, 2023 and 2022, respectively. Net income (loss) is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of FFO and FFO as Adjusted.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share amounts)
2023
2022
2023
2022
Net income (loss)
$
10,563
$
12,009
$
(9,583
)
$
21,543
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership
(444
)
(506
)
344
(893
)
Consolidated subsidiaries
143
123
383
462
Net income (loss) attributable to common shareholders
10,262
11,626
(8,856
)
21,112
Adjustments:
Rental property depreciation and amortization
25,212
24,457
50,021
48,755
Limited partnership interests in operating partnership
444
506
(344
)
893
Gain on sale of real estate(2)
—
(353
)
(356
)
(353
)
Real estate impairment loss(3)
—
—
34,055
—
FFO Applicable to diluted common shareholders
35,918
36,236
74,520
70,407
FFO per diluted common share(1)
0.29
0.30
0.61
0.58
Adjustments to FFO:
Transaction, severance and litigation expenses
992
635
1,399
1,132
Default interest on mortgage loan in foreclosure(4)
773
—
773
—
Loss on extinguishment of debt
489
—
489
—
Impact of tenant bankruptcies and write-off/reinstatement of intangibles(5)
(308
)
(46
)
(344
)
(169
)
Income tax refund related to prior periods
(684
)
—
(684
)
—
FFO as Adjusted applicable to diluted common shareholders
$
37,180
$
36,825
$
76,153
$
71,370
FFO as Adjusted per diluted common share(1)
$
0.30
$
0.30
$
0.62
$
0.58
Weighted Average diluted common shares(1)
122,656
122,512
122,552
122,351
(1)
Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three and six months ended June 30, 2023 and 2022, respectively, are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.
(2)
The gain on sale of real estate for the six months ended June 30, 2023 relates to the release of escrow funds from a property disposed of in a prior period.
(3)
During the six months ended June 30, 2023, the Company recognized an impairment charge reducing the carrying value of Kingswood Center, an office and retail property located in Brooklyn, NY.
(4)
In April 2023, the Company notified the lender of its mortgage secured by Kingswood Center that the cash flows generated by the property are insufficient to cover the debt service and that the Company is unwilling to fund future shortfalls. As such, the mortgage loan is currently in the foreclosure process and the $0.8 million represents default interest incurred as a result. The Company determined this does not represent a normal, recurring, cash operating expense indicative of our ongoing business, and adjusting for the default interest enhances the comparability of current results to prior periods which is useful for investors to analyze the Company's financial performance.
(5)
Includes the acceleration and write-off of lease intangibles related to tenant bankruptcies, and the write-offs and reinstatements of receivables arising from the straight-lining of rents for tenants moved to and from the cash basis of accounting.Reconciliation of Net Income (Loss) to NOI and Same-Property NOI
The following table reflects the reconciliation of net income (loss) to NOI, same-property NOI and same-property NOI including properties in redevelopment for the three and six months ended June 30, 2023 and 2022, respectively. Net income (loss) is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of NOI and same-property NOI.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2023
2022
2023
2022
Net income (loss)
$
10,563
$
12,009
$
(9,583
)
$
21,543
Depreciation and amortization
25,513
24,691
50,597
49,218
Interest and debt expense
18,131
14,241
33,424
28,245
General and administrative expense
9,907
10,634
18,965
21,755
Loss on extinguishment of debt
489
—
489
—
Other expense (income)
244
(91
)
470
(530
)
Income tax expense
41
711
747
1,616
Gain on sale of real estate
—
(353
)
(356
)
(353
)
Real estate impairment loss
—
—
34,055
—
Interest income
(564
)
(214
)
(1,075
)
(419
)
Non-cash revenue and expenses
(2,787
)
(1,980
)
(5,050
)
(4,365
)
NOI
61,537
59,648
122,683
116,710
Adjustments:
Sunrise Mall net operating loss
454
347
1,468
1,701
Tenant bankruptcy settlement income and lease termination income
(250
)
—
(258
)
(110
)
Non-same property NOI and other(1)
(5,615
)
(5,117
)
(13,000
)
(11,472
)
Same-property NOI(2)
$
56,126
$
54,878
$
110,893
$
106,829
NOI related to properties being redeveloped
4,815
4,025
11,442
9,557
Same-property NOI including properties in redevelopment(3)
$
60,941
$
58,903
$
122,335
$
116,386
(1)
Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, or that are in the foreclosure process during the periods being compared.
(2)
Excluding the collection of amounts previously deemed uncollectible, the increase would have been 5.1% compared to the second quarter of 2022 and 4.8% compared to the six months ended June 30, 2022
(3)
Excluding the collection of amounts previously deemed uncollectible, the increase would have been 6.6% compared to the second quarter of 2022 and 6.3% compared to the six months ended June 30, 2022.
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
The following table reflects the reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre for the three and six months ended June 30, 2023 and 2022, respectively. Net income (loss) is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 5 for a description of EBITDAre and Adjusted EBITDAre.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2023
2022
2023
2022
Net income (loss)
$
10,563
$
12,009
$
(9,583
)
$
21,543
Depreciation and amortization
25,513
24,691
50,597
49,218
Interest and debt expense
18,131
14,241
33,424
28,245
Income tax expense
41
711
747
1,616
Gain on sale of real estate
—
(353
)
(356
)
(353
)
Real estate impairment loss
—
—
34,055
—
EBITDAre
54,248
51,299
108,884
100,269
Adjustments for Adjusted EBITDAre:
Transaction, severance and litigation expenses
992
635
1,399
1,132
Loss on extinguishment of debt
489
—
489
—
Impact of tenant bankruptcies and write-off/reinstatement of intangibles
(308
)
(46
)
(344
)
(169
)
Adjusted EBITDAre
$
55,421
$
51,888
$
110,428
$
101,232
View source version on businesswire.com: https://www.businesswire.com/news/home/20230802816210/en/
For additional information: Mark Langer, EVP and Chief Financial Officer 212-956-2556
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