Urban Edge Properties (NYSE: UE) reported significant financial growth in its latest quarterly results for the period ending March 31, 2026. The company achieved total revenue of $132.6 million, a 12.2% increase from $118.2 million in the same period last year. This growth was primarily driven by an $8.3 million increase in rental income and a notable $8.3 million rise in other income, which included reimbursements for environmental remediation costs. Net income for the quarter surged to $23.5 million, compared to $8.4 million in the prior year, resulting in earnings per share of $0.18, up from $0.07.
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 89.9%. The company also reported a same-property net operating income (NOI) increase of 2.4% year-over-year, reflecting improved performance across its existing properties. The total cash and cash equivalents, including restricted cash, stood at $75.9 million as of March 31, 2026, down from $78.9 million at the end of 2025.
Strategically, Urban Edge completed the acquisition of The Village at Bridgewater Commons in New Jersey for $54.3 million during the quarter, marking its first acquisition in over a year. This acquisition is part of the company's ongoing strategy to enhance its portfolio through targeted investments. Additionally, Urban Edge is actively engaged in 19 development and redevelopment projects with an estimated total cost of $157.3 million, of which $66.8 million remains to be funded.
The company’s financial position remains strong, with total assets increasing to $3.39 billion from $3.31 billion at the end of 2025. Total liabilities also rose to $2.01 billion, primarily due to increased mortgage payables and the establishment of a new unsecured line of credit. Urban Edge's management expressed confidence in the company's ability to navigate current market conditions, citing a robust liquidity position and a commitment to maintaining its REIT status by distributing at least 90% of its taxable income.
Looking ahead, Urban Edge anticipates continued growth driven by strategic acquisitions and ongoing development projects. The company remains vigilant regarding macroeconomic factors, including inflation and interest rate fluctuations, which could impact its operations and financial performance. Management is focused on leveraging its strong market position to capitalize on opportunities while managing risks effectively.
About Urban Edge Properties
Urban Edge Properties is a Maryland REIT specializing in owning, managing, acquiring, developing, and redeveloping retail real estate primarily along the Washington, D.C. to Boston corridor. Its portfolio includes shopping centers, outlet centers, and malls, focusing on high-demand urban markets. The company emphasizes proactive asset management, redevelopment, and sustainable practices to generate value, support communities, and maintain competitive advantages in the retail real estate sector.
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