Urban Edge Properties (UE) Q4 2025 earnings summary

Executive summary

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

• Record leasing activity included 58 new leases and over 360,000 sf signed, with shop occupancy at a record 92.6%.

• Dividend increased 11% to $0.84 per share annualized due to higher earnings and taxable income.

• Portfolio remains highly attractive to national retailers, with limited supply supporting healthy rent growth expectations.

• Redevelopment and capital recycling strategies have outperformed peer group growth rates.

Financial highlights

• FFO as adjusted for 2025 was $187.1 million ($1.43 per diluted share), up from $169.7 million ($1.35 per share) in 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, including redevelopment, rose 5% for the year.

• Total liquidity at year-end was $849 million, with $79 million in cash and $770 million available under the credit line.

• Net debt to annualized EBITDA ended at 5.8x, below the 6.5x target.

Outlook and guidance

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

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

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

• 2027 NOI growth projected at approximately 5%, driven by executed leases and contractual rent increases.

• Recurring G&A expenses forecasted at $34.5–$36.5 million; interest and debt expense at $78.9–$80.9 million.