AFFO turned negative at -$30.3M in 2026Q2 against dividends of $26.5M, implying the payout was not covered by true distributable cash flow, despite a capex spike to $83.2M flipping FCF to -$16.5M.
Urban Edge Properties (UE) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 212.51M | 182.72M | 153.18M | 163.01M | 139.62M | 135.27M | 112.82M | 156.4M | 137.04M | 157.9M | 137.25M | 138.08M | 105.69M | 240.53M | 108.36M |
| Operating CF Growth % | 123.07% | 19.29% | -6.04% | 16.76% | 3.21% | 19.9% | -27.86% | 14.13% | -13.21% | 15.04% | -0.6% | 30.65% | -56.06% | 121.96% | - |
| Operating CF / Revenue % | 42.92% | 38.72% | 34.42% | 39.1% | 35.09% | 31.82% | 34.18% | 40.35% | 33.09% | 38.79% | 42.1% | 42.76% | 33.48% | 66.26% | 35.62% |
| Net Income | 67.93M | 97.51M | 75.44M | 259.88M | 47.34M | 107.81M | 97.75M | 116.2M | 116.96M | 72.94M | 96.63M | 41.35M | 65.79M | 109.33M | 69.85M |
| Depreciation & Amortization | 121.65M | 124.39M | 140.82M | 98.23M | 94.13M | 94.14M | 97.75M | 93.78M | 100.06M | 82.51M | 57.18M | 58.3M | 55.31M | 55.92M | 54.98M |
| Stock-Based Compensation | 12.11M | 11.82M | 10.43M | 7.81M | 10.49M | 10.82M | 16.99M | 13.55M | 9.74M | 7.14M | 5.43M | 10.26M | 3.88M | 2.73M | 2.85M |
| Other Non-Cash Items | 12.21M | -39.29M | -50.96M | -218.53M | 4.68M | -49.25M | 35.31M | -3.86M | -31.83M | -1.27M | -19.12M | 14.09M | -8.04M | 12.3M | -8.43M |
| Working Capital Changes | -3.99M | -11.72M | -22.56M | 15.63M | -17.01M | -10.07M | -63.36M | -6.92M | -12.46M | -3.42M | -2.87M | 14.08M | -11.25M | 62.96M | -10.88M |
| Cash from Investing | -243.63M | -75.61M | -234.7M | -117.7M | -151.91M | -311.16M | -98.46M | -2.52M | -64.8M | -295.73M | -59.23M | -65.49M | -44.5M | -27.01M | -32.89M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 1.69M | 6.24M | 5.45M | -69.15M | 0 | 0 | 0 | 227.73M | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -36.22M | -252.63M | -124.34M | -47.36M | -4.93M | -211.39M | -9.27M | -66.42M | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 353K | 34.48M | 54.4M | 116.51M | 57.59M | 5M | 19.94M | 925K | 0 | 0 | 0 |
| Other Investing | -243.63M | -75.61M | -234.7M | -117.7M | -1.69M | -3.87M | -5.45M | 88.78M | 53.96M | -295.73M | -59.23M | -65.49M | -44.5M | -27.01M | -32.89M |
| Cash from Financing | -4.93M | -118.89M | -2.09M | 161K | -78.77M | -23.53M | -80.25M | -126.27M | -115.56M | 498.49M | -115.86M | 93.8M | -63.81M | -212.64M | -73.39M |
| Dividends Paid | -100.71M | -95.54M | -82.92M | -75.19M | -75.1M | -124M | -26.65M | -106.16M | -100.24M | -95.38M | -81.24M | -79.17M | 0 | 0 | 0 |
| Common Dividends | -100.71M | -95.54M | -82.92M | -75.19M | -75.1M | -124M | -26.65M | -106.16M | -100.24M | -95.38M | -81.24M | -79.17M | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | -1000K | -1000K | 1000K | 1000K | 1000K | 948K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K |
| Share Repurchases | -305K | -419K | 0 | 0 | 0 | 0 | -54.14M | -5.98M | 0 | 0 | 0 | 0 | -151.33M | -160.37M | -48.54M |
| Other Financing | -15.58M | -7.74M | -4.38M | -9.83M | -9.13M | 1.09M | -803K | -8.98M | -11.5M | -559.46M | -5.11M | 217.62M | -151.33M | -160.37M | -48.95M |
| Net Change in Cash | -36.05M | -11.78M | -83.61M | 45.47M | -91.06M | -199.42M | -65.88M | 27.61M | -43.32M | 360.65M | -37.84M | 166.38M | -2.62M | 878K | 2.09M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 75.87M | 90.64M | 174.25M | 128.77M | 219.84M | 419.25M | 485.14M | 457.52M | 500.84M | 140.19M | 178.03M | 2.6M | 5.22M | 4.34M | 2.25M |
| Cash at End | 82.15M | 78.86M | 90.64M | 174.25M | 128.77M | 219.84M | 419.25M | 485.14M | 457.52M | 500.84M | 140.19M | 168.98M | 2.6M | 5.22M | 4.34M |
| Free Cash Flow | 129.27M | 182.72M | 153.18M | 163.01M | 23.57M | 39.9M | 84.3M | 65.1M | 18.27M | 68.55M | 67.35M | 138.08M | 105.69M | 240.53M | 108.36M |
| FCF Growth % | -21.68% | 19.29% | -6.04% | 591.5% | -40.91% | -52.67% | 29.5% | 256.22% | -73.34% | 1.79% | -51.22% | 30.65% | -56.06% | 121.96% | - |
| FCF / Revenue % | 26.11% | 38.72% | 34.42% | 39.1% | 5.92% | 9.39% | 25.54% | 16.79% | 4.41% | 16.84% | 20.66% | 42.76% | 33.48% | 66.26% | 35.62% |
Quick answers to the most common questions about buying UE stock.
Urban Edge Properties (UE) generated $182.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Urban Edge Properties (UE) generated $182.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Urban Edge Properties (UE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Urban Edge Properties (UE) returned $95.5M to shareholders via cash dividends and spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Negative AFFO and capex spike
Metrics are mathematically derived from official filings.
AFFO Turns Negative Despite Dividend Coverage
In 2026Q2, AFFO fell to -$30.3M against dividends of $26.5M, per the latest quarterly report, implying the payout was not covered by true distributable cash flow.
The negative AFFO in 2026Q2, despite positive FFO of $53.0M, suggests that recurring capital expenditures—likely tenant improvements and leasing commissions—exceeded operating cash generation. This divergence indicates that the dividend may be funded by external sources or cash reserves, warranting close monitoring of AFFO trends in subsequent quarters.
Capex Spike Threatens Cash Flow Stability
Capital expenditures surged to $83.2M in 2026Q2, per company filings, versus zero in prior quarters, flipping FCF to -$16.5M and signaling a major redevelopment or acquisition phase.
The sudden appearance of $83.2M in capex after nine consecutive quarters of zero reported capex suggests either a data reporting change or a significant investment in redevelopment projects. This capital outlay appears to be the primary driver of the negative AFFO, implying that management is prioritizing long-term portfolio enhancement over near-term cash flow stability. Investors should assess whether this investment yields sufficient incremental NOI to justify the cash burn.
Depreciation Distorts Earnings, FFO Provides Clarity
GAAP net income of $17.9M in 2026Q2 understates cash generation, with FFO at $53.0M, per financial statements, highlighting the non-cash depreciation typical of REITs.
The FFO-to-net-income ratio of 3.72 in 2026Q2 underscores the significant non-cash depreciation charges that depress GAAP earnings. This distortion is consistent with the prior quarter's ratio of 1.73, indicating that investors should rely on FFO and AFFO rather than net income to assess operational performance. The elevated ratio also suggests that the portfolio's asset base is substantial, and depreciation is a major non-cash expense.
Working Capital Swings Reflect Timing, Not Distress
Operating cash flow of $66.7M in 2026Q2, per the cash flow statement, exceeded net income by $48.8M, suggesting favorable working capital movements, possibly from rent collections or straight-line rent adjustments.
The strong OCF relative to net income in 2026Q2 may indicate a catch-up in tenant collections or a reduction in receivables, though the prior quarter's OCF of $39.1M was lower. This volatility in working capital appears to be timing-related rather than a structural issue, but investors should monitor receivable trends to ensure collections remain consistent with revenue recognition.
Dividend Coverage Relies on External Sources
With AFFO negative in 2026Q2, the $26.5M dividend, per the latest report, appears to require external funding, raising questions about the sustainability of the payout.
The dividend payout ratio based on AFFO exceeded 100% in 2026Q2, implying that the distribution was not covered by internally generated cash flow. This may indicate reliance on debt issuance or asset sales to fund the dividend, which is not sustainable over the long term. However, the company's low reported debt-to-equity ratio of 1.21% suggests ample borrowing capacity, but investors should watch for increasing leverage if AFFO remains negative.
Capex Capitalization May Mask True Cash Costs
The $83.2M capex in 2026Q2, per the cash flow statement, could be partially redevelopment spending that boosts future NOI, but if maintenance capex is understated, AFFO may be overstated.
The sudden capex spike raises the possibility that some expenses previously classified as operating are now being capitalized, which would inflate FFO and understate true cash costs. This warrants scrutiny of the breakdown between maintenance and growth capex, as the negative AFFO suggests that even with capitalization, recurring cash outflows are high. Investors should demand clarity on the nature of this capex to assess whether it is value-accretive or merely sustaining the portfolio.