Revenue: As of FY2026 Q1, the actual value is USD 132.62 M.

EPS: As of FY2026 Q1, the actual value is USD 0.18.

EBIT: As of FY2026 Q1, the actual value is USD 60.79 M.

Financial Results (Three Months Ended March 31, 2026 vs. 2025)

Net income attributable to common shareholders was $22,645 thousand in 2026 compared to $8,198 thousand in 2025. Funds from Operations (“FFO”) were $55,657 thousand in 2026 compared to $45,458 thousand in 2025. FFO as Adjusted was $47,569 thousand in 2026 compared to $45,921 thousand in 2025. Total Revenue was $132,624 thousand in 2026 compared to $118,165 thousand in 2025. Total Expenses were $90,161 thousand in 2026 compared to $90,514 thousand in 2025. Interest and Debt Expense was $18,719 thousand in 2026 compared to $19,755 thousand in 2025. Net Operating Income (“NOI”) was $73,026 thousand in 2026 compared to $71,572 thousand in 2025. Same-property NOI was $65,259 thousand in 2026 compared to $63,715 thousand in 2025. Same-property NOI including properties in redevelopment was $71,842 thousand in 2026 compared to $69,864 thousand in 2025. EBITDAre was $74,956 thousand in 2026 compared to $65,951 thousand in 2025. Adjusted EBITDAre was $66,868 thousand in 2026 compared to $66,414 thousand in 2025. Net income and FFO in 2026 benefited from $8.4 million, or $0.06 per diluted share, in non-recurring reimbursements for environmental remediation costs. The increases in Net income, FFO, and FFO as Adjusted were driven by rent commencements on new leases, higher net recovery revenue, growth from accretive capital recycling, and lower interest and debt expense.

Operational Metrics (Three Months Ended March 31, 2026)

Same-property NOI growth was 2.4% for the three months ended March 31, 2026. Same-property NOI growth, including properties in redevelopment, was 2.8% for the same period. Urban Edge Properties executed 419,000 square feet (sf) of leasing transactions in the quarter, including 84,000 sf of new leases at a cash spread of 52%, and 335,000 sf of renewals with a blended cash spread of 15%. New leases, comprising 84,000 sf (59,000 sf on a same-space basis), generated an average cash spread of 51.6%. Overall new leases, renewals, and options on a same-space basis, covering 394,000 sf, achieved a blended cash spread of 14.6%. As of March 31, 2026, same-property portfolio leased occupancy was 96.4%, and consolidated portfolio leased occupancy was 96.4%. Retail shop leased occupancy was 92.4%. Same-property portfolio leased occupancy decreased by 30 basis points compared to March 31, 2025, and December 31, 2025. Consolidated portfolio leased occupancy remained flat compared to March 31, 2025, but decreased by 30 basis points from December 31, 2025. Retail shop leased occupancy was flat year-over-year but down 20 basis points from December 31, 2025. The weighted average annual rent per square foot for the retail portfolio was $21.79. NOI margin was 60.8%. The same-property expense recovery ratio was 89.1%, and 88.7% including redevelopment properties. Same-property physical occupancy was 94.8%. Signed leases not yet rent commenced are expected to generate an additional $21.7 million in future annual gross rent, representing approximately 7% of current annualized NOI, with about $3.3 million anticipated in the remainder of 2026.

Cash Flow (Three Months Ended March 31, 2026)

Net cash provided by operating activities was $39,125 thousand. Net cash used in investing activities was - $94,838 thousand. Net cash used in financing activities was $52,714 thousand.

Acquisition Activity

The Village at Bridgewater Commons was acquired for $54.3 million on March 30, 2026, reflecting a 7.7% capitalization rate.

Development and Redevelopment

Four redevelopment projects totaling $6.8 million stabilized during the quarter. As of March 31, 2026, $157.3 million of active development and redevelopment projects are underway with estimated remaining costs of $66.8 million, expected to generate an approximate 13% yield.

Liquidity and Debt (As of March 31, 2026)

Total liquidity was approximately $968 million, consisting of $76 million cash on hand and $892 million available under unsecured credit facilities. Mortgages payable totaled $1.68 billion with a weighted average term to maturity of 3.6 years. Net debt to total market capitalization was 37%. Total debt was $1,707,984 thousand. The company secured $950 million in unsecured credit facilities on January 22, 2026, increasing borrowing capacity by $150 million, and established two delayed-draw term loans of $125 million each. A $62.5 million, 7-year non-recourse mortgage was obtained for Plaza at Woodbridge on March 18, 2026, with a swapped fixed interest rate of 5.0%. As of March 31, 2026, $30 million was outstanding under the unsecured line of credit, with no amounts drawn on the term loans.

Outlook / Guidance (Full-Year 2026)

Urban Edge Properties updated its full-year 2026 guidance, raising the low end of its FFO as Adjusted range by $0.01 per diluted share. The company now estimates net income of $0.56 to $0.60 per diluted share, FFO of $1.54 to $1.58 per diluted share, and FFO as Adjusted of $1.48 to $1.52 per diluted share. This outlook assumes same-property NOI growth, including properties in redevelopment, of 3.00% to 3.75%, recurring G&A expenses of $34.5 million to $36.5 million, and interest and debt expense of $78.0 million to $79.0 million.