Urban Edge Properties (UE) Q2 2025 earnings summary

Executive summary

• FFO as adjusted increased 12–13% year-over-year for the quarter, with record shop occupancy at 92.5% and consolidated leased occupancy at 96.5%.

• Net income for Q2 2025 was $60.8M, up from $32.0M in Q2 2024, driven by higher rental revenue and $49.5M in property sale gains.

• Same-property NOI including redevelopment rose 7.4% for the quarter and 5.6%–5.7% year-over-year, reflecting strong leasing and rent growth.

• Asset sales totaled $66M year-to-date at a 4.9% blended cap rate, with proceeds recycled into higher-growth opportunities.

• Portfolio comprised 68 shopping centers, two outlet centers, and two malls totaling 17.1 million sq. ft. with 89.9% occupancy as of June 30, 2025.

Financial highlights

• FFO as adjusted was $0.36 per share for Q2 2025, up from $0.32 in Q2 2024.

• Net income attributable to common shareholders was $57.98M for Q2 2025, up from $30.76M in Q2 2024.

• Total revenue for Q2 2025 was $114.1M, up from $106.55M in Q2 2024, mainly due to rent commencements and contractual increases.

• Adjusted EBITDAre for Q2 2025 was $67.6M, up from $61.4M in Q2 2024.

• FFO per diluted share was $0.34 for Q2 2025, down from $0.47 in Q2 2024, reflecting a prior-year gain on debt extinguishment.

Outlook and guidance

• 2025 FFO as adjusted guidance increased to $1.40–$1.44 per share, up $0.025 at the midpoint.

• Full-year 2025 net income guidance is $0.70–$0.74 per diluted share; FFO guidance is $1.37–$1.41 per diluted share.

• Projected same-property NOI growth, including redevelopment, is 4.25%–5% for 2025.

• Recurring G&A forecast for 2025 lowered by $500,000 to a midpoint of $35M, a 3% reduction from 2024.

• Guidance excludes one-time items such as gains/losses on debt extinguishment and other non-recurring expenses.