Urban Edge Properties Q1 FY2026 earnings call

Operating demand remains strong with leasing momentum intact. Executed 45 leases totaling 419,000 sq ft. Stabilized 4 redevelopment projects totaling $7M. Obtained $62.5M 7-year non-recourse mortgage at 5%.

FFO as adjusted was $0.36 per share, up 3% from first quarter of last year. Same property net operating income, including redevelopment, increased by 2.8%. Executed leases totaling 419,000 square feet, including 84,000 square feet of new leases at 52% cash spread. Acquired The Village at Bridgewater Commons for $54 million at a 7.7% cap rate.

Increased 2026 FFO as adjusted guidance to $1.48 - $1.52 per share. Same property NOI guidance revised to 3 - 3.75%.

Isolated instances of bad debt, such as a franchise operator in Puerto Rico portfolio with back rent and current rent reserved for, but payment plan executed.

Q: Michael Goldsmith asked about bad debt and anchor leasing; A: Mark Langer and Jeff Mualem answered.

Q: Michael Griffin asked about leasing and Bridgewater acquisition; A: Jeff Olson and Jeff Mualem answered.

Q: Michael Gorman asked about Bridgewater acquisition and same store; A: Jeff Olson and Mark Langer answered.

Q: Flores Van Dickem asked about acquisition and Puerto Rico; A: Jeff Olson and Jeff Mualem answered.

Q: Ronald Camden asked about Sunrise Mall and occupancy; A: Jeff Olson answered.

Q: Paulina Rojas asked about market differentiation; A: Jeff Olson answered