NEW YORK--(BUSINESS WIRE)--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.
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