BOSTON— Urban Edge Properties (NYSE: UE) announced the $39 million acquisition of Brighton Mills Shopping Center in Allston, Massachusetts, a 91,000-square-foot grocery-anchored property less than a mile from Harvard Business School.
The purchase expands Urban Edge’s growing Boston-area presence—now representing more than 10% of its total asset value—and highlights the company’s ongoing strategy of capital recycling and reinvestment in high-growth markets. The acquisition was funded through a 1031 exchange using proceeds from recent property sales.
“The acquisition of Brighton Mills further strengthens our position in the Boston area, one of our fastest-growing markets,” said Jeff Olson, Chairman and CEO of Urban Edge. “It’s an excellent example of our disciplined capital recycling strategy, which allows us to reinvest in high-quality assets while delivering long-term value to shareholders.”
The Brighton Mills property sits in a densely populated area with a 3-mile population of 449,000 and average household incomes of $174,000. Surrounded by Harvard’s expanding campus and new multifamily developments, the center is well-positioned to benefit from continued neighborhood growth and strong retail demand.
Alongside the new acquisition, Urban Edge reported strong third-quarter 2025 results, driven by continued leasing momentum and higher rental income. The company executed 31 new leases, renewals, and options totaling 347,000 square feet during the quarter, achieving average cash spreads of over 20%. Shop leased occupancy reached 92.5%, up 210 basis points from last year, while same-property net operating income (NOI) grew 4.1% year-over-year and 4.6% year-to-date.
For the quarter ended September 30, 2025, net income attributable to common shareholders was $14.9 million, or $0.12 per diluted share, compared to $9.1 million, or $0.07 per share, in the same period last year. Funds from Operations (FFO) totaled $52 million, or $0.40 per diluted share, up from $0.34 in Q3 2024. FFO as Adjusted rose to $0.36 per share, reflecting improved rent commencements, higher recovery revenue, and contributions from acquisitions completed in 2024.
Citing the strong quarter, Urban Edge raised its full-year 2025 FFO as Adjusted guidance to a mid-point of $1.43 per share, up from $1.42, representing expected annual growth of 6% over 2024.
During the quarter, the company also secured a $123.6 million, four-year non-recourse mortgage for its Shoppers World property, locking in a 5.12% fixed rate and using proceeds to retire existing debt and support growth initiatives. With $913 million in total liquidity and limited debt maturities through 2026, Urban Edge maintains a strong balance sheet to fund redevelopment and acquisition opportunities.
Olson added, “Our third-quarter results reflect the strength of our portfolio, the quality of our tenants, and the ongoing success of our growth strategy. We remain focused on executing our redevelopment pipeline and pursuing strategic acquisitions like Brighton Mills that enhance long-term value for our investors.”
