Urban Edge (UE) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, April 29, 2026 astatine 11:48 AM CDT 25 min read

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DATE

Wednesday, April 29, 2026 astatine 8:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Jeffrey Olson

• Chief Operating Officer — Jeffrey Mooallem

• Chief Financial Officer — Mark Langer

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Full Conference Call Transcript

Jeffrey Olson: Thank you, Areeba, and bully morning. We had a large archetypal quarter, delivering results that exceeded our interior expectations. We generated FFO arsenic adjusted of $0.36 per share, a 3% summation implicit the archetypal 4th of past year. Same-property nett operating income, including redevelopment, accrued by 2.8%, chiefly owed to rent commencements from our signed but not unfastened pipeline. Leasing fundamentals crossed our portfolio remains strong, reflecting continued request from retailers seeking well-located, high-quality space. Our buying centers, chiefly anchored by grocers, discounters, off-price retailers and location betterment stores, on with shops comprised of speedy work restaurants, health, fittingness and work uses proceed to make accrued traffic.

During the quarter, we executed leases totaling 419,000 quadrate feet, including 84,000 quadrate feet of caller leases astatine a beardown 52% currency spread. Our leasing pipeline remains robust and should effect successful grounds leasing enactment implicit the coming quarters with leasing spreads expected to transcend 20%. Our signed but not unfastened pipeline remains a meaningful contributor to aboriginal growth, representing $22 cardinal of yearly gross rent oregon astir 7% of existent nett operating income. This provides america with beardown visibility into net done 2027. In March, we completed the acquisition of the Village astatine Bridgewater Commons, a 92,000 quadrate ft buying halfway located successful Bridgewater, New Jersey for $54 cardinal astatine a 7.7% headdress rate.

This spot is situated successful a highly postulation corridor wrong an affluent market. It attracts 2.2 cardinal visitors per year, among the highest for its size. Tenants see Summit Health, Chipotle, Shake Shack, Millburn Deli, CAVA and Starbucks. We structured the acquisition of Bridgewater successful an accretive 1031 transaction with the expected merchantability of a Kohl's-anchored spot successful New Jersey. Looking ahead, based connected the results we achieved successful the archetypal quarter, we accrued our 2026 FFO arsenic adjusted guidance by $0.01 per stock connected the debased extremity to a caller scope of $1.48 to $1.52 per share, reflecting 5% maturation implicit 2025 astatine the midpoint.

Urban Edge is good positioned to proceed delivering dependable growth, supported by beardown fundamentals, our $22 cardinal SNO pipeline, our $157 cardinal redevelopment pipeline and aboriginal acquisitions. I volition present crook it implicit to our Chief Operating Officer, Jeff Mooallem.