Urban Edge Properties (UE) Q3 2026 Earnings Call: FFO and NOI Guidance Raised
Source Tradingkey
Key Takeaways
- Urban Edge Properties reported Q3 2026 adjusted FFO of $0.38 per share, up 6% year over year. Year-to-date adjusted FFO also increased 6%.
- Same-property NOI, including redevelopment, grew 4.6% in the quarter and 3.6% year to date. Management raised the full-year growth guidance midpoint to 4.1% from 3.5%.
- The company increased 2026 adjusted FFO guidance by $0.01 at the midpoint to $1.52-$1.54 per share, implying $1.53 for the full year and $0.39 for Q4.
- New leases generated a 27% same-space cash spread in Q3, while year-to-date new lease spreads reached 28%. Management is targeting approximately 50% spreads in Q4 and more than 30% for the full year.
- The signed-but-not-open pipeline totaled $21 million, equal to 7% of annualized NOI. Nearly $13 million of annualized gross rent is expected to commence in 2027.
- Urban Edge acquired $185 million of shopping centers in 2026, including the $90.3 million Regency Court acquisition in Boca Raton, its entry into Florida.
Key Financial Data
| Metric | Q3 2026 result | Change or context |
|---|---|---|
| Adjusted FFO per share | $0.38 | Up 6% year over year |
| Same-property NOI, including redevelopment | +4.6% | Year-to-date growth of 3.6% |
| Same-property leased occupancy | 96.6% | Up 20 basis points sequentially |
| Shop occupancy | 91.7% | Unchanged sequentially |
| Uncollectible revenue | 45 basis points of gross rental income | Better than budgeted |
| Signed-but-not-open pipeline | $21 million | 7% of annualized NOI |
| Net debt to EBITDA | 5.7x | At quarter-end |
| Pro forma liquidity | More than $875 million | Includes $86 million of cash and $138 million drawn on the credit facility |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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