Urban Edge Properties (UE) Q1 2026 earnings summary

Executive summary

• First quarter results exceeded expectations, with strong leasing activity totaling 419,000 sq ft and robust demand for high-quality retail space.

• Portfolio comprised 70 shopping centers, two outlet centers, and two malls totaling 17.3 million sq ft with 89.9% occupancy as of March 31, 2026.

• Net income for Q1 2026 was $23.5 million, up from $8.4 million in Q1 2025, driven by higher rental revenue and other income.

• Acquired The Village at Bridgewater Commons (92,000 sq ft) for $54.3 million at a 7.7% cap rate, funded with cash on hand, enhancing portfolio quality.

• 19 active development/redevelopment projects with $157.3 million in estimated costs, $66.8 million remaining to be funded.

Financial highlights

• FFO as adjusted for Q1 2026 was $0.36 per share, a 3% increase over Q1 2025; FFO applicable to diluted common shareholders rose to $55.7 million from $45.5 million year-over-year.

• Net Operating Income (NOI) was $73.0 million, up from $71.6 million; same-property NOI increased 2.4% to $65.3 million, or 2.8% including redevelopment.

• Results benefited from $8.4 million in non-recurring environmental remediation reimbursements.

• Total liquidity at quarter end was nearly $1 billion, with $75.9 million in cash and $892 million available under credit facilities.

• Quarterly dividend of $0.21 per share/unit declared.

Outlook and guidance

• 2026 FFO as adjusted guidance raised to $1.48–$1.52 per share, reflecting 5% growth over 2025 at midpoint.

• Same-property NOI guidance increased to a range of 3%–3.75% for 2026.

• SNO pipeline expected to contribute $3.3 million in gross rents for the remainder of 2026, mostly in Q3 and Q4.

• 2026 net income guidance: $0.56–$0.60 per diluted share; FFO: $1.54–$1.58.

• Guidance reflects $54 million in acquisitions and $60–$65 million in dispositions.