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Urban Edge Properties to sell Pa. property for $55M

Urban Edge Properties agreed to sell its property in Allentown, Pa., for $55.3 million during the fourth quarter of 2017, with the transaction slated to close in the second quarter.

The shopping center real estate investment trust said it incurred casualty-related losses from Hurricane Maria of $3.9 million during the 2017 fourth quarter and $6.1 million during the year.

The losses, which pertain to two of the company's properties in Puerto Rico, are excluded from funds from operations as adjusted and same-property cash net operating income for the quarter and the year. A bulk of these losses will be covered by the company's property and business interruption insurance, subject to about $2.3 million of deductibles.

Urban Edge said 86% of all stores previously occupied before the hurricane are open and an additional 10% are likely to open later in 2018.