Urban Edge Properties Stock Earnings Reports

Urban Edge reported a beat quarter with FFO as adjusted of $0.36 per share (up 3% YoY) and same-property NOI (including redevelopment) up 2.8%. Leasing momentum is strong: 45 leases totaling 419,000 sq ft were executed (84k sq ft of new leases) with new-lease cash spreads of 52% and expected leasing spreads >20% going forward. The signed-but-not-open (SNO) pipeline represents ~$22 million of annual gross rent (~7% of current NOI), providing visibility into earnings through 2027. The company closed the $54M acquisition of The Village at Bridgewater Commons at a 7.7% cap rate (1031 exchange), and increased 2026 FFO as adjusted guidance to $1.48–$1.52 (midpoint ~5% growth vs. 2025). Redevelopment activity is significant: $157M active pipeline (expected yield 13%) with four projects stabilized in Q1 that generate nearly a 50% yield at the property level; many redevelopment projects are pre-leased. Balance sheet and liquidity are strong: nearly $1.0B total liquidity, $62.5M 7-year mortgage on Plaza at Woodbridge at a swapped fixed 5% rate, and conservative disposition assumptions (~$60M). Risks/notes: Q1 included an $8M NAREIT FFO benefit from a state remediation recovery and higher-than-expected bad debt tied to isolated tenant issues (management expects uncollected rent to trend near ~75 bps of gross rents going forward). Key catalysts near-term: commencement of SNO rents (mostly in Q3–Q4), deployment of redevelopment pipeline, progress on notable asset initiatives (Sunrise Mall entitlements/Amazon portion, Kohl’s box recaptures and dispositions).