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Mar 31, 2025
Urban Edge Q1 2025 Earnings Report
Urban Edge Properties reported its financial results for the first quarter ended March 31, 2025.
Key Takeaways
Urban Edge Properties delivered a strong first quarter with FFO as Adjusted increasing by 6.0% and same-property NOI increasing by 3.8% compared to the prior year period. The company's occupancy rates are nearing all-time highs, supported by accelerating rent growth in their markets and limited new development. Capital recycling efforts are progressing with $66 million of assets sold or under contract.
Net income attributable to common shareholders increased significantly to $8.2 million for Q1 2025, up from $2.6 million in Q1 2024.
FFO as Adjusted per diluted share rose to $0.35 in Q1 2025, an increase from $0.33 in the prior year.
Same-property NOI growth, including properties in redevelopment, was 3.8% for the quarter.
Consolidated portfolio leased occupancy stood at 96.4%, showing a 30 basis point increase compared to March 31, 2024.
Shop leased occupancy saw a substantial increase of 400 basis points compared to the prior year, reaching 92.4%.
Revenue by Segment
Forward Guidance
Urban Edge Properties updated its full-year 2025 guidance range for net income, increasing it to $0.40 to $0.45 per diluted share, including expected gains on dispositions. The company reiterated its previous guidance ranges for FFO ($1.36 to $1.41 per diluted share) and FFO as Adjusted ($1.37 to $1.42 per diluted share).
Positive Outlook
- Increased full-year 2025 net income guidance.
- Reiterated full-year 2025 FFO guidance.
- Reiterated full-year 2025 FFO as Adjusted guidance.
- Same-property NOI growth, including properties in redevelopment, projected at 3.0% to 4.0%.
- Expected gains on dispositions are included in the updated net income guidance.
Challenges Ahead
- Guidance includes expected gains on dispositions, which may not be recurring.
- Subject to known and unknown risks and uncertainties that could cause actual results to differ.
- Assumptions used in forecasting may not fully materialize.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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