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Dec 31, 2025
Urban Edge Q4 2025 Earnings Report
Urban Edge Properties reported a decrease in net income for Q4 2025 compared to the prior year, primarily due to a gain on real estate sale in 2024, but showed strong operating results with increased FFO as Adjusted and a dividend raise.
Key Takeaways
Urban Edge Properties delivered an exceptional 2025, signing over 360,000 sf of new leases with record cash spreads of 32% and achieving record high shop occupancy of 92.6%. The strong operating results drove a 6% increase in FFO as Adjusted per share over the prior year, ahead of target, leading to an 11% dividend increase. For Q4 2025, net income decreased compared to 2024 due to a significant gain on sale of real estate in the prior year.
Net income attributable to common shareholders for Q4 2025 was $12.424 million, a decrease from $30.121 million in Q4 2024, primarily due to a $23.5 million gain on sale of real estate in 2024.
FFO per diluted common share for Q4 2025 remained stable at $0.35, consistent with Q4 2024.
FFO as Adjusted per diluted common share for Q4 2025 increased to $0.36 from $0.34 in Q4 2024, driven by higher rental revenues and accretive capital recycling.
The Board of Trustees declared a regular quarterly dividend of $0.21 per common share, an 11% increase over the prior annual rate, payable on March 31, 2026.
Revenue by Segment
Forward Guidance
Urban Edge Properties anticipates full-year 2026 net income of $0.49 to $0.54 per diluted share, FFO of $1.47 to $1.52 per diluted share, and FFO as Adjusted of $1.47 to $1.52 per diluted share, reflecting 4.5% growth at the midpoint compared to 2025.
Positive Outlook
- Anticipated FFO as Adjusted growth of 4.5% at the midpoint compared to 2025.
- Same-property NOI growth, including properties in redevelopment, is projected to be between 2.75% and 3.75%.
- Acquisitions of $54 million are currently under contract, contributing to future growth.
- The company expects to use future proceeds from unsecured credit facilities for working capital purposes to support growth plans.
- The Board raised the quarterly cash dividend by 11% to $0.21 per common share, indicating confidence in future performance.
Challenges Ahead
- The outlook excludes items that impact FFO comparability, such as gains/losses on extinguishment of debt, transaction, severance, litigation, and other one-time items.
- The projections are based on management's current beliefs and assumptions, which are subject to known and unknown risks and uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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