Urban Edge Properties (UE) Q2 2025 Earnings Call July 30, 2025 08:30 AM ET Company ParticipantsAreeba Ahmed - Investor Relations & ESG AssociateJeffrey Olson - Chairman & CEOJeffrey Mooallem - EVP & COOMark Langer - EVP & CFORonald Kamdem - MD & Head - US REITs and CRE ResearchFloris van Dijkum - MD & Equity ResearchMichael Griffin - DirectorConference Call ParticipantsPaulina Rojas-Schmidt - Senior Analyst, RetailKenneth Billingsley - Senior AnalystOperatorGreetings and welcome to the Urban Edge Properties ...

Urban Edge Properties (UE) Q2 2025 Earnings Call July 30, 2025 08:30 AM ET Speaker0Greetings and welcome to the Urban Edge Properties Second Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Areva Ahmed, Investor Relations Associate.Thank you. You may begin.Speaker1Good morning, and welcome t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☒ EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number: 001-36523 (Urban Edge Properties) Commission File Number: 333-212951-01 (Urban Edge Properties LP) URBAN EDGE PROPERTIES URB ...

Exhibit 99.2 SUPPLEMENTAL DISCLOSURE PACKAGE June 30, 2025 Urban Edge Properties 12 East 49 Street, New York, NY 10017 NY Office: 212-956-0082 www.uedge.com th URBAN EDGE PROPERTIES SUPPLEMENTAL DISCLOSURE June 30, 2025 (unaudited) TABLE OF CONTENTS | | Page | | --- | --- | | Press Release | | | Second Quarter 2025 Earnings Press Release | 1 | | Overview | | | Summary Financial Results and Ratios | 13 | | Consolidated Financial Statements | | | Consolidated Balance Sheets | 14 | | Consolidated Statements of ...

Core Insights - Urano Energy Corp has appointed Mr. John Hamrick as a Director of the Board effective July 3, 2025, bringing extensive experience in the uranium sector [1][2] - Mr. Hamrick has over 40 years of experience in metallurgy, environmental health and safety, and process optimization, particularly in uranium, copper, and tungsten milling operations [3][4] - The company granted Mr. Hamrick 400,000 stock options at a price of $0.10 CDN, with a vesting schedule over eighteen months [6] Company Background - Urano Energy is a mineral exploration company focused on advanced conventional uranium projects in the Colorado Plateau, an area with a significant history of uranium and vanadium mining [8] - The company is well-positioned to advance permitting for key projects as the demand for domestic uranium and nuclear energy in the United States increases [8] Leadership Transition - Alongside Mr. Hamrick's appointment, Trey Wasser and Lori Walton will transition from the Board of Directors to advisory roles, continuing their involvement with the company [7]

Portfolio Highlights - The portfolio is concentrated in the DC to Boston corridor, the most densely populated region in the U S, with an average 3-mile population density of 200,000 people[1] - Grocers anchor 80% of the assets, generating sales of $900/ft[1,30] - Leased occupancy is 96 6%[7,10] - 90% of portfolio NOI is generated from properties situated in the D C to Boston corridor[19] Financial Performance and Growth - Targeting a long-term, annual growth rate of 4-5% per share in Funds from Operations as Adjusted[1] - A sector-leading pipeline of signed but not opened leases accounting for 9% of net operating income[4,68] - Redevelopment initiatives totaling $156 million, expected to deliver a 14% return[4,15,74,77] - Same-property NOI Growth with Redevelopment was 3 8% in 1Q25[9,15] - The company projects FFO as Adjusted to be between $1 37 and $1 42 per diluted common share for 2025[16,138] Strategic Capital Recycling - Since October 2023, the company acquired $552 million of high-quality shopping centers at a 7 2% cap rate and sold $452 million of non-core, low growth assets at a 5 2% cap rate[4,80,99]

Core Insights - Urban Edge Properties has signed a lease with TruGolf Links for a flagship location in Cherry Hill, New Jersey, which will feature a premium "eatertainment" experience and is set to open by the end of 2025 [1][3] - TruGolf, a Nasdaq-listed company, is transitioning from selling high-tech golf simulators to opening brick-and-mortar TruGolf Links Centers, offering a high-end entertainment experience [2][4] - The new TruGolf Links Center will include five premium golf simulators, an upscale food and beverage menu, and a full bar, aiming to attract a diverse audience [4][5] Company Overview - TruGolf has been innovating in the golf industry since 1983, focusing on making golf more accessible through technology and offering products like award-winning video games and e-sports platforms [6] - Urban Edge Properties is a real estate investment trust that manages and develops retail real estate in urban areas, owning 73 properties with a total of 17.2 million square feet of gross leasable area [9] Strategic Development - The flagship TruGolf Links Center will be located in a prime area of the Plaza at Cherry Hill, which is anchored by national brands and adjacent to a highly trafficked mall, enhancing its visibility and accessibility [3][4] - The collaboration between TruGolf and Urban Edge aims to create a compelling retail destination that meets community needs and enhances the overall shopping experience [4][5]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - REITs are currently undervalued, presenting opportunities for value and income investors to build diversified portfolios [2] Group 2 - The article emphasizes the importance of due diligence and independent decision-making for investors [4][5]

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.35 per share, a 6% increase over the first quarter of last year, marking the highest quarterly earnings result in the company's ten-year history [4] - Same property NOI increased by 3.8% compared to the first quarter of last year, benefiting from improved recovery ratios and better-than-expected collections [4][18] - The company has approximately $800 million of total liquidity, including $98 million in cash, with a manageable debt maturity profile [19] Business Line Data and Key Metrics Changes - The company executed 42 leases totaling 434,000 square feet, including 18 new leases amounting to 118,000 square feet with same space cash leasing spreads of 34% [4][13] - Tenant retention ratio remains high at 95%, and SHOP occupancy grew to a record 92.4% [5][14] - The same property lease rate stands at 96.6%, reflecting a 50 basis point decrease over the previous quarter [13] Market Data and Key Metrics Changes - The investment sales market is showing early signs of slowing down, with limited CMBS issuance since April [6] - Transactions with private buyers remain active, highlighted by a successful $25 million sale of land approved for residential units [7] - The company plans to reinvest capital from property dispositions into accretive acquisitions to enhance portfolio quality and growth rate [8] Company Strategy and Development Direction - The company is reiterating its 2025 full-year guidance of achieving FFO as adjusted of $1.37 to $1.42 per share, reflecting growth of 4% at the midpoint [8][20] - The company has a large redevelopment pipeline totaling $156 million, expected to generate a 14% return [10][15] - The company is focused on capital recycling, having acquired over $550 million in assets at a 7.2% cap rate while selling approximately $450 million at a 5.2% cap rate [11] Management's Comments on Operating Environment and Future Outlook - Management expressed a more conservative outlook for the back half of the year due to economic volatility, despite a stronger start to the year [9][21] - The company is confident in its ability to navigate economic cycles, emphasizing the strength of its tenant roster and balance sheet [22] - Management noted that the overall health of retailer balance sheets is strong, with no significant bankruptcy risks anticipated [48] Other Important Information - The company has no corporate debt other than $50 million currently drawn on its line of credit, isolating market risk to individual assets [11] - The company has built in more conservative assumptions for the remainder of the year, incorporating contingencies for potential volatility in rent collections [21] Q&A Session Summary Question: Impact of macro uncertainty on leasing timelines - Management has not seen any slowdown from retailers, with ongoing strong demand across the portfolio [26][27] Question: Details on dispositions and acquisition opportunities - The company has successfully announced $66 million in dispositions at a 5% cap rate, with plans to pursue acquisitions [28][29] Question: Caution in guidance due to market volatility - Management has added to contingency measures in guidance but did not specify any particular tenant concerns [35][36] Question: Rent growth context and impact of bankruptcies - Management indicated a 5% to 10% increase in market rents, with no significant impact from recent bankruptcies on overall demand [44][46] Question: Performance of the portfolio in recessionary environments - Management believes the portfolio is well-positioned to perform better than typical grocery-anchored centers during economic downturns [51][52] Question: Bad debt assumptions and exposure to Kohl's - The company reiterated bad debt guidance of 75 to 100 basis points of gross rents, with no near-term bankruptcy risk for Kohl's [60]

Core Viewpoint - Urban Edge Properties reported quarterly funds from operations (FFO) of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, and up from $0.33 per share a year ago [1][2] Financial Performance - The company achieved revenues of $118.09 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.42%, compared to $109.63 million in the same quarter last year [3] - Urban Edge Properties has exceeded consensus revenue estimates two times over the last four quarters [3] Stock Performance - The stock has declined approximately 15.4% since the beginning of the year, while the S&P 500 has decreased by 5.5% [4] - The current consensus FFO estimate for the upcoming quarter is $0.34 on revenues of $114.51 million, and for the current fiscal year, it is $1.38 on revenues of $446.2 million [8] Industry Context - The REIT and Equity Trust - Retail industry is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can impact stock performance [6]