Urban Edge Properties (UE) Q4 2025 earnings summary

Executive summary

• Achieved FFO as adjusted of $1.43 per share in 2025, up 6% year-over-year, driven by record leasing activity, strong leasing spreads, and 5% same-property NOI growth.

• Signed over 360,000 sf in new leases, reaching record shop occupancy of 92.6%.

• Completed 14 redevelopment projects totaling $55 million with unlevered yields up to 26%.

• Acquired nearly $600 million of high-quality centers at a 7% cap rate and disposed of $500 million of non-core assets at a 5% cap rate.

• Quarterly cash dividend increased by 11% to $0.84 per share due to higher earnings and taxable income.

Financial highlights

• FFO as adjusted was $1.43 per share for 2025, reflecting 6% growth over 2024.

• Net income attributable to common shareholders for 2025 was $93.5 million ($0.74 per diluted share), up from $72.6 million ($0.60 per share) in 2024.

• Same-property NOI grew 4.3% year-over-year, and 5% including redevelopment.

• Balance sheet liquidity stood at $849 million with no amounts drawn on the line of credit.

• Net debt to annualized EBITDA ended at 5.8x, and net debt to total market capitalization was 37%.

Outlook and guidance

• 2026 FFO as adjusted per share guidance is $1.47-$1.52, reflecting 4.5% growth at the midpoint.

• Same-property NOI growth expected at 2.75%-3.75% for 2026, with growth building in the second half.

• Recurring G&A expected to rise 3% in 2026 to $34.5-$36.5 million.

• Dividend increased 11% to $0.84 per share, with a 56% FFO payout ratio.

• 2027 NOI growth projected at approximately 5%, with over 80% of growth from executed leases and contractual rent increases.