Urban Edge Properties (UE) Q2 2026 earnings summary

Executive summary

• Achieved record FFO as Adjusted of $0.40 per share for Q2 2026, up 10% year-over-year, with strong leasing demand and portfolio momentum.

• Portfolio comprised 75 properties totaling 16.2 million sq. ft. with occupancy at 96.5%-96.6% as of June 30, 2026.

• Revenue and FFO growth driven by rent commencements, acquisitions, and higher reimbursements, while net income declined due to prior-year asset sale gains.

• Active development/redevelopment pipeline with 19 projects and $155 million in estimated costs, $66.7 million remaining to be funded.

• Robust capital recycling with acquisitions totaling $51.1 million and dispositions under contract for $60.5 million.

Financial highlights

• Q2 2026 FFO as Adjusted was $52.3 million ($0.40 per share), up from $47.3 million ($0.36) in Q2 2025.

• Q2 2026 net income was $17.9 million ($0.14 per share), down from $58.0 million ($0.46) in Q2 2025 due to prior-year gains.

• Same-property NOI grew 3.2% for Q2 2026 and 2.8% year-to-date, including redevelopment.

• Total liquidity was approximately $960 million, with $82 million in cash and $875 million available under credit facilities.

• Net debt to adjusted EBITDA at 5.5x; net debt to total market capitalization at 34%.

Outlook and guidance

• Full-year 2026 FFO as Adjusted guidance raised by $0.02 to $1.50–$1.54 per share, implying 6% growth.

• Same-property NOI growth, including redevelopment, projected at 3.25%–3.75% for 2026.

• Net income guidance for 2026 is $0.57–$0.61 per diluted share; FFO guidance is $1.57–$1.60.

• Assumes $95 million in acquisitions and $60.5 million in dispositions for the year.

• Management continues to monitor inflation, interest rates, and macroeconomic volatility.