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Section 1: 8-K (FORM 8-K)

sc0003.htm
 

 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):
January 7, 2015

URBAN EDGE PROPERTIES
(Exact Name of Registrant as Specified in Charter)

Maryland
 
No. 001-36523
 
No. 47-6311266
(State or Other
 
(Commission
 
(IRS Employer
Jurisdiction of
 
File Number)
 
Identification No.)
Incorporation)
       

888 Seventh Avenue
New York, New York
 
10106
(Address of Principal Executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (212) 956-2556
 
Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





 
 
 
 

 


                      
 
Item 7.01 Regulation FD Disclosure.
 
On January 7, 2015, Vornado Realty Trust (“VNO”) issued a press release announcing the modification of the $120 million, 6.04% mortgage loan secured by its Montehiedra Town Center, in the San Juan area of Puerto Rico. As previously announced, Montehiedra Town Center, subject to the loan, will be contributed to Urban Edge Properties (UE”) as part of the spin-off of UE from VNO, effective as of January 15, 2015.  As part of the planned redevelopment of the property, UE is committed to fund $20 million through a loan for leasing and building capex of which $8 million has been funded.

The press release announcing certain details of the modification of the loan is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. 

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 or furnished with this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Urban Edge Properties, under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.
 

 
(d)
Exhibits.

 
99.1  Press Release dated January 7, 2015.












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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
URBAN EDGE PROPERTIES
 
(Registrant)
     
 
By:
/s/ Donald P. Casey
 
Name:
Donald P. Casey
 
Title:
General Counsel and Secretary

Date:  January 7, 2015
















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Exhibit Index

99.1           Press Release dated January 7, 2015.
























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Section 2: EX-99.1 (PRESS RELEASE DATED JANUARY 7, 2015)

ex_99-1.htm
 
   Exhibit 99.1
   
CONTACT:
STEPHEN THERIOT
 
(201) 587-1000
 
 
   
   
 
210 Route 4 East
 
Paramus, NJ  07652
 
 
FOR IMMEDIATE RELEASE – January 7, 2015
 
 
Vornado Completes Modification
of Montehiedra Debt
 
 
PARAMUS, NEW JERSEY….VORNADO REALTY TRUST (NYSE:VNO) announced today, the modification of the $120 million, 6.04% mortgage loan secured by its Montehiedra Town Center, in the San Juan area of Puerto Rico.  The loan has been extended from July 2016 to July 2021 and separated into two tranches: a senior $90 million position, with interest at 5.33% to be paid currently, and a junior $30 million position, with interest at 3.00% to accrue.
 
As previously announced, Montehiedra Town Center subject to the loan, will be included in a spin-off into Urban Edge Properties (“UE”) on January 15, 2015.  As part of the planned redevelopment of the property, UE is committed to fund $20 million through a loan for leasing and building capex of which $8 million has been funded.  This loan will be senior to the $30 million position noted above and accrue interest at 10%.
 
Vornado Realty Trust is a fully integrated equity real estate investment trust.
 
 
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
 
 
 
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