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Urban Edge Properties amends $600M revolver, details property sales

Urban Edge Properties, in detailing its latest results, said it amended its $600 million revolving credit facility and extended the maturity date to January 2024 from March 2021, with two six-month extension options.

The terms and conditions of the facility are materially consistent with the prior agreement except that borrowing rates are generally lower by 5 basis points. The company said it has not drawn any amounts on the credit facility.

The shopping center real estate investment trust also said it sold a property in Glen Burnie, Md., for $16.2 million and its property in Springfield, Mass., for $10.2 million.

It noted that nine noncore properties are under contract or letter of intent to sell for about $140 million. The REIT expects to use the proceeds for acquisitions, redevelopment and, potentially, a special dividend.