FFO conversion remains robust with an FFO-to-net income ratio of 1.73 in 2026Q1, though the lack of reported CapEx warrants further investigation into maintenance costs.
| 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 | 189.26M | 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 % | 74.95% | 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 % | 38.91% | 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 | 107.98M | 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 | 120.72M | 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 | 12.77M | 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 | -36.4M | -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 | -20.5M | -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 | -149.71M | -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 | -149.71M | -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 | -61.77M | -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 | -98.1M | -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 | -98.1M | -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) | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | 948K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K |
| Share Repurchases | -24K | -419K | 0 | 0 | 0 | 0 | -54.14M | -5.98M | 0 | 0 | 0 | 0 | -151.33M | -160.37M | -48.54M |
| Other Financing | -7.28M | -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 | -22.23M | -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 | 78.86M | 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 | 75.87M | 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 | 189.26M | 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 % | 16.23% | 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 % | 38.91% | 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% |
Regional economic concentration
As reported in financial statements, the ratio of FFO to net income has fluctuated significantly, reaching 1.73 in 2026Q1, which highlights the persistent disconnect between GAAP accounting and the actual cash-generating capacity of the company's high-barrier, NYC-centric retail portfolio throughout the observed ten-quarter period.
The wide variance in FFO relative to GAAP net income suggests that non-cash charges, particularly depreciation, continue to heavily distort the company's reported earnings profile. Investors should monitor this conversion quality closely, as the reliance on FFO as a primary performance metric is essential for understanding the true operational health of the business.
Based on the provided data, the dividend payout ratio relative to AFFO—while data for AFFO is currently unavailable—shows a consistent dividend-to-FFO ratio that peaked at 0.53 in 2025Q1, suggesting a conservative capital allocation strategy that prioritizes internal reinvestment over aggressive shareholder distributions.
The company's ability to maintain a low payout ratio relative to its FFO suggests a significant buffer exists to protect the dividend against potential regional economic downturns. This conservative stance appears to provide management with the necessary flexibility to fund ongoing redevelopment projects without immediate reliance on external capital markets.
According to recent SEC filings, the massive gap between GAAP net income and FFO, exemplified by the 2023Q4 net income of $221.2 million versus $252.7 million in FFO, underscores the significant impact of non-cash accounting adjustments that frequently obscure the REIT's true cash-flow performance.
The volatility in GAAP net income appears largely driven by non-recurring items and accounting conventions rather than operational shifts. Analysts should focus on the FFO trend to strip away these distortions and gain a clearer view of the recurring cash flow generated by the company's core retail assets.
Data from recent quarterly reports indicates that property-level capital expenditures are currently reported as zero, which warrants further investigation as it may suggest that maintenance costs are being capitalized or deferred, potentially inflating the reported free cash flow figures beyond what is sustainable for long-term asset upkeep.
The absence of reported maintenance capex is an anomaly that may imply a reliance on redevelopment-focused accounting or a temporary pause in necessary portfolio reinvestment. Investors should monitor whether this trend persists, as a lack of recurring maintenance spending could eventually lead to deferred capital liabilities that may impact future cash flow availability.
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.