Form 4: Urban Edge Properties Executive Robert C. Milton III Executes Stock Transactions
SEC Form 4
General Counsel and Secretary of Urban Edge Properties, Robert C. Milton III, converted LTIP units into common shares and subsequently sold them on March 11th and 12th, 2024.
Summary
- On March 11, 2024, Robert C. Milton III, General Counsel and Secretary of Urban Edge Properties, converted 26,333 LTIP units into common shares.
- These shares were obtained by exchanging LTIP units in Urban Edge Properties LP for common partnership units, which were then redeemed for common shares of Urban Edge Properties.
- On March 12, 2024, Mr. Milton sold these 26,333 common shares at a weighted average price of $17.0168 per share, with individual transactions ranging from $16.94 to $17.12.
- The LTIP units converted were granted under the Urban Edge Properties 2015 and 2019-2021 Omnibus Plans and vested over three-year periods.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing an insider stock sale. It doesn't inherently convey positive or negative sentiment about the company's performance or future prospects.
Industry Context
This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. Investors often monitor these filings for signals about management's view of the company's prospects, although sales can be for various personal financial reasons.
Comparison to Industry Standards
- Comparing this transaction to similar REITs, insider sales are a common occurrence.
- For example, executives at Simon Property Group and Kimco Realty also periodically report sales of company stock.
- The scale of this transaction is relatively small compared to the overall market capitalization of Urban Edge Properties, suggesting it is unlikely to have a significant impact on the stock price.
Stakeholder Impact
- The sale of shares by an executive could be perceived negatively by some shareholders, but the impact is likely minimal given the size of the transaction.
Key Dates
| Date | Description |
|---|---|
| 02/20/2021 | Initial vesting occurred for LTIP Units granted pursuant to the Urban Edge Properties 2015 Omnibus Plan. |
| 02/27/2020 | Initial vesting occurred for LTIP Units granted pursuant to the Omnibus Plan. |
| 02/27/2020 | Initial vesting occurred for LTIP Units in the Partnership granted pursuant to the Urban Edge Properties 2019 long-term incentive plan under the Omnibus Plan. |
| 03/02/2022 | 50% of the LTIP Units vested on March 2, 2022 granted pursuant to the Urban Edge Properties 2019 long-term incentive plan under the Omnibus Plan. |
| 02/27/2023 | 25% of the LTIP Units vested on February 27, 2023 granted pursuant to the Urban Edge Properties 2019 long-term incentive plan under the Omnibus Plan. |
| 02/27/2024 | 25% of the LTIP Units vested on February 27, 2024 granted pursuant to the Urban Edge Properties 2019 long-term incentive plan under the Omnibus Plan. |
| 02/20/2021 | Initial vesting occurred for LTIP Units in the Partnership granted pursuant to the Urban Edge Properties 2020 long-term incentive plan under the Omnibus Plan. |
| 02/22/2024 | 50% of the LTIP Units vested on February 22, 2024 granted pursuant to the Urban Edge Properties 2021 long-term incentive plan under the Omnibus Plan. |
| 02/09/2025 | 25% will vest on February 9, 2025 granted pursuant to the Urban Edge Properties 2021 long-term incentive plan under the Omnibus Plan, subject to continued employment through such dates. |
| 02/09/2026 | 25% will vest on February 9, 2026 granted pursuant to the Urban Edge Properties 2021 long-term incentive plan under the Omnibus Plan, subject to continued employment through such dates. |
| 02/10/2022 | Initial vesting occurred for LTIP Units in the Partnership granted pursuant to the Urban Edge Properties 2021 long-term incentive plan under the Omnibus Plan. |
| 03/11/2024 | Robert C. Milton III converted 26,333 LTIP units into common shares. |
| 03/12/2024 | Robert C. Milton III sold 26,333 common shares at a weighted average price of $17.0168. |
| 03/13/2024 | Date of signature for the SEC Form 4 filing. |
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