Urban Edge Properties (UE) has reported 2.15 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $19.26 million, or $0.19 a share in the quarter, compared with $18.86 million, or $0.19 a share for the same period last year.
Revenue during the quarter went up marginally by 0.19 percent to $79.97 million from $79.82 million in the previous year period.
Cost of revenue for the quarter was almost stable at $22.63 million, when compared with the previous year period. Gross margin for the quarter expanded 17 basis points over the previous year period to 71.71 percent.
Total expenses were $46.56 million for the quarter, up 1.63 percent or $0.74 million from year-ago period. Operating margin for the quarter contracted 83 basis points over the previous year period to 41.78 percent.
Operating income for the quarter was $33.41 million, compared with $34.01 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $47.70 million compared with $46.03 million in the prior year period. At the same time, adjusted EBITDA margin improved 199 basis points in the quarter to 59.65 percent from 57.66 percent in the last year period.
Revenue from real estate activities during the quarter went up marginally by 1.99 percent or $1.55 million to $79.40 million.
Income from operating leases during the quarter went up marginally by 1.77 percent or $1.03 million to $59.14 million. Revenue from tenant reimbursements was $19.89 million for the quarter, up 3.65 percent or $0.70 million from year-ago period.
Income from management fees during the quarter plunged 31.94 percent or $0.18 million to $0.38 million.
