Urban Edge Properties (NYSE:UE) announced today the appointment of Chris
Weilminster as Chief Operating Officer and Don Briggs as President of
Development, both effective on or before December 31, 2018. Robert
Minutoli, who currently serves as Chief Operating Officer, plans to
retire at year-end.
Messrs. Weilminster and Briggs both join Urban Edge from Federal Realty
Investment Trust, where they held senior leadership roles. Mr.
Weilminster, age 52, has been with Federal for the last 28 years, most
recently serving as President of the Mixed-Use Division and Executive
Vice President of Leasing. Mr. Briggs, age 50, currently serves as
Federal’s Executive Vice President of Development, having joined the
company 18 years ago.
The appointments of Messrs. Weilminster and Briggs bring two of the
retail real estate industry’s most accomplished executives to Urban
Edge. During their tenures at Federal, Mr. Weilminster and Mr. Briggs
have been instrumental in the successful execution of the company’s
development and leasing strategies. They have transformed numerous
shopping centers into iconic retail and mixed-use destinations widely
recognized for their innovation, strong market appeal and substantial
value creation.
Jeff Olson, Chairman and Chief Executive Officer at Urban Edge, said:
“Chris and Don set the gold standard in retail real estate development
and leasing, and we are thrilled to welcome them to Urban Edge. With
their experience, creativity and leadership, we are well positioned to
redevelop our existing assets and seize on acquisition opportunities we
expect will be coming.”
Mr. Weilminster said: “The infill nature of Urban Edge’s properties
makes them ideal candidates for bold, creative thinking. Don and I are
highly familiar with the type of work that needs to be done, and we look
forward to applying our expertise to achieve great results.”
Mr. Briggs said: “Urban Edge has an irreplaceable portfolio with prime
assets that are ripe for redevelopment. Together with Chris and the
Urban Edge team, I am eager to get started in repositioning the
portfolio and capitalizing on the significant value-creation
opportunities.”
Urban Edge also reported today that, after ten successful years with
Vornado and Urban Edge, Bob Minutoli will be retiring as Chief Operating
Officer on December 31, 2018.
“I want to thank Bob Minutoli for his decade of service and for the
critical role he has played in the formation of Urban Edge and its
sector-leading stock performance since the company was spun from Vornado
in 2015,” Mr. Olson added. “Bob will work with the team on a seamless
transition, and we wish him all the best in his retirement.”
ABOUT URBAN EDGE
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 88 properties totaling 16.3 million square feet
of gross leasable area.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Press Release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are not
guarantees of future performance. They represent our intentions, plans,
expectations and beliefs and are subject to numerous assumptions, risks
and uncertainties. Our future results, financial condition and business
may differ materially from those expressed in these forward-looking
statements. You can find many of these statements by looking for words
such as “approximates,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “would,” “may” or other similar
expressions in this Press Release. Many of the factors that will
determine the outcome of these and our other forward-looking statements
are beyond our ability to control or predict; these factors include,
among others, the Company’s ability to complete its active development,
redevelopment and anchor repositioning projects, the Company’s ability
to pursue, finance and complete acquisition opportunities, the Company’s
ability to engage in the projects in its planned expansion and
redevelopment pipeline, the Company’s ability to achieve the estimated
unleveraged returns for such projects and acquisitions, the estimated
remediation and repair costs related to Hurricane Maria at the affected
properties. For further discussion of factors that could materially
affect the outcome of our forward-looking statements, see “Risk Factors”
in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended
December 31, 2017 and the other documents filed by the Company with the
Securities and Exchange Commission.
For these statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of the
date of this Press Release. All subsequent written and oral
forward-looking statements attributable to us or any person acting on
our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. We do not undertake
any obligation to release publicly any revisions to our forward-looking
statements to reflect events or circumstances occurring after the date
of this Press Release.
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