Urban Edge Properties (UE) Q3 2025 earnings summary

Executive summary

• FFO as adjusted increased 4% year-over-year for Q3 and 7% year-to-date, reflecting strong operational performance and leasing momentum.

• Portfolio comprised 68 shopping centers, two outlet centers, and two malls totaling 17.1 million sq. ft. with 89.8% occupancy as of September 30, 2025.

• Net income for Q3 2025 was $15.5M, up from $9.5M in Q3 2024; nine-month net income was $84.7M, up from $43.9M year-over-year.

• Same-property NOI growth was 4.1% for Q3 and 4.6% year-to-date; including redevelopment, growth was 4.7% and 5.4%, respectively.

• Completed $39 million acquisition of Brighton Mills Shopping Center, expanding Boston market presence to over 10% of asset value.

Financial highlights

• Q3 FFO as adjusted was $0.36 per share; FFO for Q3 2025 was $51.95 million ($0.40 per diluted share).

• Q3 2025 total revenue: $120.1M, up $7.7M from Q3 2024; nine-month revenue: $352.4M, up $23.8M year-over-year.

• Shop occupancy rate held at 92.5%; anchor lease rate at 97.2%; consolidated portfolio occupancy at 96.3%.

• Net debt to annualized EBITDA was 5.6x at quarter end; net debt to total market capitalization at 34%.

• Total liquidity of $913 million, including $145 million cash and $768 million available under credit agreement.

Outlook and guidance

• 2025 FFO as adjusted guidance raised to $1.42-$1.44 per share, representing 6% growth over 2024 at midpoint.

• Same property NOI growth guidance, including redevelopment, increased to a midpoint of 5.25%.

• Fourth quarter FFO expected at $0.36 per share.

• Recurring G&A expenses forecasted at $34.5–$35.0 million; interest and debt expense at $78.5–$79.5 million.

• Long-term goal to sustain 3%+ same property NOI growth.