Urban Edge Properties (UE) Cash Flow Statement

The dividend-to-AFFO ratio ranged from roughly 0.26 to 0.53 across the periods shown, meaning strong quarters consumed about a quarter of AFFO while weaker quarters approached half. The 2026Q2 print, where distributable cash appears to have been strained by recurring capex timing, suggests that mismatches between leasing spend and distributions may be material. Investors should monitor whether the average coverage margin holds through the redevelopment cycle.

FFO adds back depreciation and other non-cash items, so a persistent gap above OCF can reflect working capital absorption, straight-line rent accruals, or timing of tenant receivables rather than pure earnings. The gap appears wider in several quarters than in others, which suggests collection timing may be contributing to the variance. Analysts should treat FFO as the distributable earnings anchor but cross-check it against OCF before assuming cash-backed earnings growth.

The step-up in capex from zero in earlier periods to roughly $83M per quarter is consistent with a redevelopment or acquisition program, but the supplied data does not separate maintenance from growth spend. Because the cash flow statement does not isolate recurring leasing costs, the true maintenance burden on AFFO cannot be confirmed from this dataset. Investors should watch whether this spending converts into SNO-driven rent growth or remains a prolonged drag on distributable cash.

The supplied cash flow data does not disclose the financing inflows used to close the gap, so the precise funding source remains unverified. The reported low debt-to-equity figure may imply debt capacity, but that figure appears anomalous and should not be relied upon without reconciliation. Investors should examine the financing section of the filings to determine whether the gap is bridged by equity issuance, debt, or asset sales.