Q4 2025 Urban Edge Properties Earnings Call Transcript
Key Points
- Urban Edge Properties (UE) achieved a 6% growth in FFO as adjusted, reaching $1.43 per share in 2025.
- The company set new leasing records with 58 new leases at a record same-space cash rent spread of 32% and achieved record shop occupancy of 92.6%.
- UE's signed-but-not-open pipeline is expected to generate an additional $22 million of annual gross rent, representing 8% of current NOI.
- The development and construction teams completed 14 projects totaling $55 million, generating unlevered yields of 19%.
- UE's balance sheet remains strong with total liquidity of $849 million and no amounts drawn on their line of credit.
- Anchor occupancy declined by 50 basis points to 97.5% due to taking back space from At Home at Ledgewood Commons.
- Higher snow removal expenses negatively impacted same-property NOI growth by 110 basis points in the fourth quarter.
- The acquisition market is highly competitive, making it challenging to find properties at attractive valuations.
- UE's same-property NOI growth guidance for 2026 is lower than 2025, with a midpoint of 3.25% compared to 5% in 2025.
- The company faces challenges in securing new development opportunities due to supply constraints and high construction costs in their markets.
Greetings, and welcome to the Urban Edge earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Areeba Ahmed, Investor Relations Associate. Please go ahead.
Good morning, and welcome to Urban Edge Properties 2025 year-end 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 forward-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, which are
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