Urban Edge Properties reported a significant increase in financial performance for the first quarter of 2025, with total revenue reaching $118.2 million, up from $109.6 million in the same period last year. This 8% increase was primarily driven by a $6.1 million rise in property rentals and tenant reimbursements due to new rent commencements and contractual rent increases. The company also noted a $3.3 million increase attributed to property acquisitions net of dispositions since the first quarter of 2024. Net income for the quarter was $8.4 million, compared to $2.4 million in the prior year, reflecting a substantial improvement in profitability.
In terms of operational metrics, Urban Edge's portfolio consisted of 70 shopping centers, two outlet centers, and two malls, totaling approximately 17.3 million square feet of gross leasable area, with a consolidated occupancy rate of 91.1%. The company reported a same-property net operating income (NOI) increase of 3.6% year-over-year, indicating stable performance across its existing properties. The total cash and cash equivalents, including restricted cash, stood at $98.1 million as of March 31, 2025, an increase from $90.6 million at the end of 2024.
Urban Edge did not complete any acquisitions during the first quarter of 2025, but it has 23 active development, redevelopment, or anchor repositioning projects with total estimated costs of $156.4 million. The company continues to monitor the stabilization dates of these projects, which may be affected by economic conditions. Notably, Urban Edge executed contracts to sell two non-core assets for a total purchase price of $41.2 million subsequent to the quarter.
The company’s financial structure remains robust, with total liabilities of $1.96 billion and total equity of $1.35 billion as of March 31, 2025. Urban Edge has a revolving credit agreement of $800 million, with $75 million drawn as of the end of the quarter. The company declared a quarterly dividend of $0.19 per common share, consistent with its strategy to distribute at least 90% of its taxable income to maintain its REIT status. Looking ahead, Urban Edge remains focused on managing its portfolio effectively while navigating potential market challenges, including inflation and interest rate fluctuations.
About Urban Edge Properties
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