Urban Edge Properties (UE) 2017年年度报告「NYSE」.pdf

1、URBAN EDGE PROPERTIES 2017 ANNUAL REPORTTo Our Shareholders,Investors will remember 2017 as the year brick-and-mortar retailers experienced an existential crisis.Amazon and other e-commerce providers are disrupting the industry,creating chaos throughout much of the sector and pressuring retailers an

2、d landlords to evolve.The market is separating the winners from the losers.Urban Edge is a winner because our high quality real estate consistently attracts the best tenants,our growth is primarily derived from investing in our existing assets and our strong balance sheet provides ample capital for

3、funding redevelopment and acquisitions.First,our concentration in metro New York,the nations most densely-populated market,is a powerful draw for retailers.Our top tenants include many of todays most successful retailers including Home Depot,Walmart,Costco,TJX,ShopRite and Whole Foods(now owned by A

4、mazon).Our shopping centers generate strong sales with grocers producing nearly$800 per square foot-the highest reported number in the sector.The desirability of our centers is evidenced by our 98%same property occupancy rate.Second,improving our existing shopping centers is our most significant gro

5、wth opportunity.We are executing a$300 million program to renovate and remerchandise our properties and adding retailers like ShopRite,Sprouts,Marshalls,Homesense,Burlington,Ulta,Five Below,Starbucks and Chick-fil-A.We expect to earn an attractive 8%+unlevered return while increasing traffic,sales a

6、nd rents.Many of our properties are ripe for redevelopment due to their irreplaceable locations,age,physical condition,anchor lease maturities,below-market rents and retail demand.A prime example is Bruckner Commons where ShopRite is opening its first store in the Bronx and where Burlington is addin