Urban Edge Properties (UE) Q4 FY2023 earnings: revenue $117 million, up 14.8% on the year

Urban Edge Properties (UE) reported revenue of $117 million for Q4 FY2023, the quarter ended 31 December 2023, up 14.8% on the same quarter a year earlier. Net income was $221 million, up 1517.8% on the year, and diluted earnings per share $1.88. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$117 millionup 14.8%

Net income$221 millionup 1517.8%

Diluted EPS$1.88

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	117	102	n/a	n/a
Interest expense	21.5	17.9	n/a	n/a
Pre-tax income	232	54.6	n/a	n/a
Income tax	-0.0	17.1	n/a	n/a
Effective tax rate	-0.0%	31.2%	n/a
Net income	221	36.1	n/a	n/a
Net margin	189.8%	35.5%	n/a
Diluted EPS	$1.88	$0.31	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	60.2	34.4	n/a	n/a
Capital expenditure	31.0	30.0	n/a	n/a
Free cash flow	29.2	4.4	n/a	n/a
Free cash flow margin	25.0%	4.3%	n/a
Cash from investing	-31.2	-30.0	n/a	n/a
Cash from financing	67.4	-19.9	n/a	n/a
Depreciation and amortisation	32.8	26.9	n/a	n/a
Share-based compensation	1.8	1.8	n/a	n/a
Dividends paid	18.8	18.8	n/a	n/a
Dividend per share	n/a	$0.16	n/a	n/a
Diluted shares, weighted	118m	122m	n/a	n/a
Shares outstanding at period end	118m	117m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,221	1,007	n/a	n/a
Debt	1,731	1,643	n/a	n/a
Other liabilities	327	231	n/a	n/a
Total liabilities and equity	3,280	2,882	n/a	n/a
Intangible assets	114	54.8	n/a	n/a
Cash and equivalents	101	50.8	n/a	n/a
Other assets	3,065	2,776	n/a	n/a
Total assets	3,280	2,882	n/a	n/a

Questions

What was Urban Edge Properties' revenue in Q4 FY2023?

Urban Edge Properties (UE) reported revenue of $117 million for Q4 FY2023, the quarter ended 31 December 2023, up 14.8% on the same quarter a year earlier.

How much did Urban Edge Properties earn in Q4 FY2023?

Net income for Q4 FY2023 was $221 million, up 1517.8% on the year, and diluted earnings per share $1.88.

When did Urban Edge Properties report Q4 FY2023 results?

Urban Edge Properties filed its 10-K for the year that ended with the quarter on 14 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	102	117	110	107	112	116	118	114	120	120	133	123
Interest expense	17.9	21.5	19.6	20.9	18.4	18.4	18.6	18.3	18.1	18.3	17.4	18.4
Pre-tax income	54.6	232	3.1	32.6	10.0	32.2	9.0	61.4	16.1	13.5	23.9	19.4
Tax rate	31%	-0%	21%	2%	5%	2%	7%	1%	4%	5%	2%	4%
Net income	36.1	221	2.6	30.8	9.1	30.1	8.2	58.0	14.9	12.4	22.6	17.9
Net margin	35%	190%	2%	29%	8%	26%	7%	51%	12%	10%	17%	15%
Diluted EPS	$0.31	$1.88	$0.02	$0.26	$0.07	$0.24	$0.07	$0.46	$0.12	$0.10	$0.18	$0.14
Operating cash flow	34.4	60.2	22.9	41.2	36.6	52.4	32.6	43.5	55.7	51.0	39.1	66.7
Capital expenditure	30.0	31.0	20.2	21.4	24.4	44.6	20.7	23.8	29.6	26.8	40.5	42.7
Free cash flow	4.4	29.2	2.7	19.9	12.2	7.8	11.9	19.6	26.1	24.2	-1.4	24.0
Dividends paid	18.8	18.8	20.2	20.2	21.2	21.3	23.9	23.9	23.9	23.9	26.4	26.5
Shares outstanding	117m	118m	118m	118m	118m	125m	125m	125m	125m	126m	126m	126m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0001611547-24-000012: the filing on EDGAR. All of Urban Edge Properties's filings: EDGAR company page.

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