Urban Edge Properties, a Maryland-based real estate investment trust (REIT), reported a net income of $97.5 million for the fiscal year ending December 31, 2025, an increase from $75.4 million in 2024. Total revenue rose to $471.9 million, up from $445.0 million the previous year, primarily driven by a $21.9 million increase in property rentals and tenant reimbursements due to new rent commencements and contractual rent increases. The company also recognized a gain of $49.7 million from the sale of two properties and one parcel, contributing to its overall financial performance.
In terms of operational metrics, Urban Edge's portfolio consisted of 69 shopping centers, two outlet centers, and two malls, totaling approximately 17.2 million square feet of gross leasable area, with a consolidated occupancy rate of 90.1%. The company signed 58 new leases totaling 360,691 square feet, achieving average rental rates of $35.88 per square foot on a GAAP basis. Additionally, it renewed or extended 104 leases totaling 1,139,359 square feet at an average rental rate of $24.64 per square foot, reflecting a 12.5% increase in rental rates on a GAAP basis.
Strategically, Urban Edge made significant moves in 2025, including the acquisition of Brighton Mills in Allston, MA, for $39.2 million and the completion of 14 development and redevelopment projects totaling $55.3 million, expected to generate an approximate 19% unleveraged yield. The company also sold two non-core properties for a total of $66.2 million, further optimizing its asset portfolio. As of December 31, 2025, Urban Edge had approximately $1.6 billion in outstanding mortgage debt, all of which was fixed-rate, and maintained compliance with all debt covenants.
Looking ahead, Urban Edge aims to enhance its portfolio by adding essential tenants, managing its balance sheet for flexibility, and pursuing additional development opportunities. The company plans to focus on leasing vacant spaces, extending existing leases, and replacing underperforming tenants to drive growth. Urban Edge's management remains optimistic about the demand for retail space in its core markets, particularly in high-income suburban areas with limited new construction, which they believe will support future revenue growth.
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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