NEW YORK--(BUSINESS WIRE)--Urban Edge Properties (NYSE:UE) (the “Company”) has completed 16 individual, non-recourse mortgage financings totaling $663 million. The new mortgages have a weighted average interest rate of 4.0% with a weighted average term to maturity of 10 years.

Proceeds were used to defease and prepay the Company’s $544 million, 4.2% mortgage cross-collateralized by 39 assets scheduled to mature in 2020. The Company generated $80 million of additional cash proceeds net of all refinancing costs.

The Company has a strong and liquid balance sheet with $460 million of cash, a $600 million undrawn line of credit, approximately $1.5 billion in unencumbered asset value, a 23% net debt to total capitalization ratio and a 4.7x net debt to adjusted EBITDA ratio.

The Company’s total debt is now limited to 31 individual non-recourse mortgages totaling $1.5 billion. The average rate on these mortgages is 4.0% with a weighted average term to maturity of approximately eight years. There is no debt maturing until 2021.

The Company will record a $31 million charge related to the early debt extinguishment in the fourth quarter of 2017.

ABOUT URBAN EDGE PROPERTIES

Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 90 properties totaling 16.7 million square feet of gross leasable area.