Q3 2025 Urban Edge Properties Earnings Call Transcript
Key Points
- Urban Edge Properties (UE) reported a 4% increase in FFO as adjusted over the third quarter of last year, with a year-to-date growth of 7%.
- Same property net operating income increased by 4.7% for the quarter and 5.4% year-to-date.
- The company completed a $39 million acquisition of Brighton Mills, a grocery-anchored shopping center in a desirable Boston neighborhood, expected to exceed 3% annual NOI growth.
- Urban Edge Properties (UE) raised its 2025 FFO as adjusted guidance to a new range of $1.42 to $1.44 per share, representing 6% growth over 2024.
- Leasing activity was strong, with 31 deals totaling 347,000 square feet, including new leases with significant rent spreads, such as 61% for new leases and 9% for renewals.
- The overall same property lease rate declined by 20 basis points to 96.6%, and the anchor lease rate also declined by 20 basis points.
- The at-home store vacancy at Ledgewood Commons had a 60 basis point impact on leased occupancy.
- The acquisition market remains highly competitive, with Urban Edge Properties (UE) losing three shopping centers in the last 90 days due to competitive bidding.
- The company anticipates some reversion in G&A expenses next year due to headcount stabilization and inflationary increases.
- Urban Edge Properties (UE) faces challenges in creating new shop space due to limited opportunities and high anchor occupancy.
Greetings and welcome to the Urban Edge Properties third quarter 2025 earnings call. (Operator Instructions). It is now my pleasure to introduce your host Areeba Ahmed, Investor Relations Associate. Thank you. You may begin.
Good morning and welcome to Urban Edge Properties third quarter 2025 earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer, Jeff Mooallem, Chief Operating Officer, Mark Langer, Chief Financial Officer, Heather Ohlberg, General Counsel, Scott Auster, EVP and Head of Leasing, and Andrea Drazin, Chief Accounting Officer.
Please note today's discussion may contain fully looking statements about the company's views of future events and financial performance, which are subject to numerous assumptions, risks, and uncertainties, and which the company does not undertake to update. Our actual results, financial condition, and business may differ. Please refer to our filings with the SEC.
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