Urban Edge Properties (UE) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Note today's discussion may contain forward-looking statements about the company's views of future events and financial performance, which are subject to numerous assumptions, risks, and uncertainties, and which the company does not undertake to update. Our actual results, financial condition, and business may differ. Please refer to our filings with the SEC, which are also available on our website, for more information about the company. In our discussion today, we will refer to certain non-GAAP financial measures. Reconciliations of these measures to GAAP results are available in our earnings release and our supplemental disclosure package. At this time, it is my pleasure to introduce our Chairman and Chief Executive Officer, Jeff Olson. Jeff Olson Thank you, Areeba, and good morning. We delivered another strong quarter with FFO as adjusted, increasing 4% over the third quarter of last year, bringing our year-to-date growth to 7% compared to the first nine months of last year. Same property net operating income increased by 4.7% for the quarter and 5.4% year to date. Last week, we completed the $39 million acquisition of Brighton Mills, a 91,000 square foot grocery anchored shopping center located less than one mile from Harvard Business School. The property is situated in a highly desirable infill neighborhood of Boston that has experienced significant growth driven by new multifamily developments. The three-mile trade area comprises 449,000 people with average household incomes of $170,000. The purchase was funded with proceeds from the sales of Kennedy Commons, and McDade Commons, both structured as 1031 exchange transactions. Those two properties were sold at a 5.4% cap rate with a five-year forecasted NOI growth of only 0.4%. We acquired Brighton Mills for a s...