Group 1 - The REIT sector (XLRE) has performed better in 2025 compared to 2022, indicating a recovery trend in the market [1] - Despite the overall improvement, certain REITs are still trading below their historical averages, presenting solid buying opportunities for investors [1]

Group 1 - The REIT sector (XLRE) has performed better in 2025 compared to 2022, yet some REITs still offer solid buying opportunities as they trade below historical averages [1]

Core Insights - The Zacks REIT and Equity Trust - Retail industry is well-positioned to leverage favorable market conditions, with strong consumer spending and limited new development supporting healthy fundamentals [1] - The industry is experiencing a rebound driven by renewed consumer interest in in-store shopping, despite facing challenges from e-commerce expansion and macroeconomic pressures [2][5] Industry Overview - The industry comprises REITs that own, develop, manage, and lease various retail properties, including regional malls and grocery-anchored shopping venues [2] - Key demand drivers include geographic location and demographics, with a positive shift in the retail landscape noted [2] Future Trends - Experiential retail and omnichannel integration are revitalizing the sector, with physical stores transforming into immersive destinations that enhance customer engagement [3] - Solid leasing demand from consumer service providers and cross-border entrants is diversifying the tenant base and driving long-term occupancy stability [3] Supply and Demand Dynamics - Retail REITs benefit from a constrained supply pipeline, with limited new construction due to high building costs and labor shortages, leading to historically tight national vacancy rates [4] - Many REITs are redeveloping underperforming assets and adding non-traditional tenants, enhancing portfolio durability [4] Macroeconomic Challenges - High interest rates, inflation, and tariff changes are pressuring retailers, leading to delayed leasing decisions and increased store closures [5] - E-commerce penetration is dampening demand for traditional retail space, particularly in commodity-driven segments [5] Industry Performance - The Zacks REIT and Equity Trust - Retail industry has underperformed the broader Zacks Finance sector and the S&P 500 over the past year, declining 5.5% compared to the S&P 500's rise of 19.4% [10] - The industry is currently trading at a forward 12-month price-to-FFO of 14.62X, below the S&P 500's forward P/E of 22.54X [13] Stock Recommendations - **Brixmor Property Group Inc. (BRX)** focuses on open-air shopping centers with a balanced tenant base, currently has a Zacks Rank 2, and its FFO per share estimate has been revised upward to $2.23, indicating a 4.7% year-over-year increase [17][19] - **Phillips Edison & Company, Inc. (PECO)** specializes in grocery-anchored shopping centers, managing 327 centers with a Zacks Rank 2, and its FFO per share estimate for 2025 has been revised to $2.58, reflecting a bullish outlook [21][24] - **Urban Edge Properties (UE)** operates in densely populated regions with a focus on essential retailers, holding a Zacks Rank 2, and its FFO per share estimate has been raised to $1.40, indicating a 3.7% year-over-year increase [26][28]

Financial Data and Key Metrics Changes - The company reported a 12% increase in FFO as adjusted year-over-year and an 8% increase year-to-date [4] - Same property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date [4][14] - Same property occupancy rose to 96.7%, up 10 basis points from the prior quarter, while SHOP occupancy reached a record high of 92.5%, up 270 basis points year-over-year [5][10] Business Line Data and Key Metrics Changes - The company executed 42 leasing deals totaling 482,000 square feet in the second quarter, including 27 renewals at a 12% spread and 15 new leases at a 19% spread [9][10] - The redevelopment pipeline totals $142 million with an expected return of 15% [7][13] Market Data and Key Metrics Changes - The investment sales market for retail assets is thriving, with the company selling $66 million of assets at a blended cap rate of 4.9% [6] - The company has acquired $552 million of high-quality shopping centers at a 7.2% cap rate and sold $493 million of non-core low-growth assets at a 5.2% cap rate [8] Company Strategy and Development Direction - The company’s strategy is anchored by five key strengths, including a concentrated portfolio in the densely populated DC to Boston Corridor and a strong redevelopment pipeline [7] - The company anticipates a substantial decrease in future capital expenditures due to high occupancy rates and significant property improvements [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the retail sector's recovery, noting strong demand for space in shopping centers and upward pressure on rents [5][6] - The company increased its 2025 FFO as adjusted guidance by $0.02 per share to a new range of $1.40 to $1.44 per share, reflecting a growth of 5% over 2024 [6][18] Other Important Information - The company has a resilient balance sheet with $1.5 billion in nonrecourse mortgages and only 9% of total debt maturing through 2026 [8][17] - Management highlighted a favorable trend in G&A expenses, projecting a reduction of 3% from 2024 [18][19] Q&A Session Summary Question: Can you discuss the upside potential for occupancy and how it translates into lease contracts? - Management indicated that they believe they can achieve between 93% to 94% SHOP occupancy, which would require additional leasing activity and noted that they have real pricing power in negotiations [21][24] Question: What are the current trends in capital recycling and cap rates? - Management noted that the acquisition market is heating up, with banks becoming more active and competitive in pricing, leading to higher expectations from sellers [26][27] Question: Any updates on Kohl's? - Management is monitoring Kohl's closely but does not see an imminent decision regarding store closures, as Kohl's is reportedly profitable in most of its stores [32][34] Question: How does the improvement in markets affect redevelopment plans? - Management expressed confidence in redeveloping existing assets due to strong tenant demand and noted that many large tenants are looking for new space [40][41] Question: Can you elaborate on the expected decline in CapEx? - Management explained that the replacement of struggling tenants with high-quality credit tenants and the completion of significant renovations have led to expectations of lower future CapEx [60][62]

Financial Data and Key Metrics Changes - The company reported a 12% increase in FFO as adjusted year-over-year and an 8% increase year-to-date [4] - Same property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date [4] - Same property occupancy rose to 96.7%, up 10 basis points from the prior quarter, while SHOP occupancy reached a record high of 92.5%, up 270 basis points year-over-year [5][10] Business Line Data and Key Metrics Changes - The company executed 42 leasing deals totaling 482,000 square feet in the second quarter, including 27 renewals at a 12% spread and 15 new leases at a 19% spread [9] - The redevelopment pipeline totals $142 million with an expected return of 15% [13] Market Data and Key Metrics Changes - The investment sales market for retail assets is thriving, with the company selling $66 million of assets at a blended cap rate of 4.9% [6] - The company has acquired $552 million of high-quality shopping centers at a 7.2% cap rate and sold $493 million of non-core low-growth assets at a 5.2% cap rate [7] Company Strategy and Development Direction - The company’s strategy is anchored by five key strengths, including a concentrated portfolio in the densely populated DC to Boston Corridor and a strong redevelopment pipeline [6] - The company aims to exceed 93% SHOP occupancy by 2025 and is focused on capital recycling to enhance growth [10][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the retail sector's recovery, noting strong demand for space and upward pressure on rents [5] - The company increased its 2025 FFO as adjusted guidance by $0.02 per share to a range of $1.40 to $1.44, reflecting a 5% growth over 2024 at the midpoint [6][18] Other Important Information - The company has a resilient balance sheet with $1.5 billion in nonrecourse mortgages and only 9% of total debt maturing through 2026 [7][16] - Management highlighted a favorable trend in G&A expenses, projecting a reduction of 3% from 2024 [18] Q&A Session Summary Question: What is the upside potential for occupancy and how is it translating into lease contracts? - Management indicated that they believe they can achieve between 93-94% SHOP occupancy and have real pricing power, allowing for better lease terms and conditions [21][24] Question: What are the current trends in capital recycling and cap rates? - Management noted that the acquisition market is heating up, with banks becoming more active and competitive in pricing, leading to higher expectations from sellers [26][27] Question: Any updates on Kohl's and its impact on the company? - Management is monitoring Kohl's but does not see an imminent decision regarding store closures, as Kohl's is performing well in the Northeast [32][34] Question: How does the company view its redevelopment plans in light of market improvements? - Management expressed confidence in deploying capital into existing assets due to strong tenant demand and the potential for higher rents [40] Question: Can you elaborate on the expected decline in CapEx? - Management explained that the replacement of struggling tenants with high-quality credit tenants and the completion of significant renovations will lead to lower future CapEx [61][64]

Part I - Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Urban Edge Properties and its LP, detailing balance sheets, income, equity, cash flows, and accounting notes [Consolidated Financial Statements of Urban Edge Properties](index=4&type=section&id=Consolidated%20Financial%20Statements%20of%20Urban%20Edge%20Properties) Presents core financial statements for Urban Edge Properties, with net income attributable to common shareholders at **$66.2 million** and total assets at **$3.31 billion** as of June 30, 2025 Consolidated Balance Sheets (In thousands) | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$3,313,551** | **$3,311,540** | | Real estate, net | $2,861,967 | $2,865,393 | | Cash and cash equivalents | $52,962 | $41,373 | | **Total Liabilities** | **$1,920,947** | **$1,949,816** | | Mortgages payable, net | $1,514,237 | $1,569,753 | | Unsecured credit facility | $90,000 | $50,000 | | **Total Equity** | **$1,392,604** | **$1,361,724** | Consolidated Statements of Income (In thousands, except per share) | (In thousands, except per share) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total revenue** | **$232,249** | **$216,172** | | Gain on sale of real estate | $49,462 | $15,349 | | **Net income** | **$69,175** | **$34,469** | | Net income attributable to common shareholders | $66,176 | $33,362 | | **Earnings per common share - Diluted** | **$0.53** | **$0.28** | Consolidated Statements of Cash Flows (In thousands) | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$76,039** | **$64,158** | | Net cash provided by (used in) investing activities | $19,810 | $(121,930) | | Net cash used in financing activities | $(68,288) | $(15,270) | | **Net increase (decrease) in cash** | **$27,561** | **$(73,042)** | [Consolidated Financial Statements of Urban Edge Properties LP](index=10&type=section&id=Consolidated%20Financial%20Statements%20of%20Urban%20Edge%20Properties%20LP) Provides consolidated financial statements for Urban Edge Properties LP, nearly identical to the REIT's, with equity split between General Partner and Limited Partners - The financial statements of UELP are substantively similar to UE, with equity divided into **General Partner's capital ($1.16 billion)**, **Limited Partners' capital ($62.4 million)**, and **noncontrolling interests ($18.3 million)** as of June 30, 2025[20](index=20&type=chunk)[21](index=21&type=chunk)[35](index=35&type=chunk) [Notes to Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies and financial activities, covering property transactions, debt, fair value, redevelopment, tenant bankruptcies, and share-based compensation - As of June 30, 2025, the company's portfolio included **68 shopping centers**, **two outlet centers**, and **two malls**, totaling approximately **17.1 million square feet**[46](index=46&type=chunk) Property Acquisitions and Dispositions (In thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Acquisitions** | None | 2 properties for $117,000 thousand | | **Dispositions** | 2 properties and 1 parcel | 2 properties | | Proceeds | $64,400 thousand | $34,800 thousand | | Gain on Sale | $49,500 thousand | $15,300 thousand | - On June 26, 2025, the company paid off a **$50.2 million** variable-rate mortgage using its line of credit; in Q2 2024, a foreclosure eliminated a **$68.6 million** mortgage liability, resulting in a **$21.7 million** gain on debt extinguishment[84](index=84&type=chunk)[86](index=86&type=chunk) - The company has **20 active development projects** with total estimated costs of **$141.8 million**, of which **$76.6 million** remains to be funded as of June 30, 2025[103](index=103&type=chunk) - Tenant At Home, leasing **186,000 sq. ft.** and generating **$2.5 million** in annual rent, filed for Chapter 11 bankruptcy on June 16, 2025, with uncertain outcomes for its two leases[111](index=111&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting increased net income from higher revenues and property sales, covering non-GAAP measures, liquidity, capital resources, and cash flow [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q2 2025 net income rose to **$60.8 million**, driven by property sales and revenue growth, with same-property NOI increasing by **5.7%** for the quarter and **4.7%** for the six months Key Financial Highlights (Three Months Ended June 30) (In thousands) | (In thousands) | Q2 2025 | Q2 2024 | $ Change | | :--- | :--- | :--- | :--- | | Total revenue | $114,084 | $106,546 | $7,538 | | Depreciation and amortization | $32,602 | $39,679 | $(7,077) | | Gain on sale of real estate | $49,462 | $13,447 | $36,015 | | (Loss) gain on extinguishment of debt | $(175) | $21,699 | $(21,874) | Key Financial Highlights (Six Months Ended June 30) (In thousands) | (In thousands) | H1 2025 | H1 2024 | $ Change | | :--- | :--- | :--- | :--- | | Total revenue | $232,249 | $216,172 | $16,077 | | Depreciation and amortization | $69,797 | $78,253 | $(8,456) | | Gain on sale of real estate | $49,462 | $15,349 | $34,113 | | Gain on extinguishment of debt | $323 | $21,427 | $(21,104) | - Same-property Net Operating Income (NOI) increased by **5.7%** for the three months and **4.7%** for the six months ended June 30, 2025, compared to the prior year periods[170](index=170&type=chunk) [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) Reconciles non-GAAP metrics: NOI, Same-Property NOI, and FFO, with Q2 2025 FFO at **$43.8 million** and Same-Property NOI at **$61.3 million** Funds From Operations (FFO) Reconciliation (In thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net income** | **$60,793** | **$32,024** | | Adjustments | (17,014) | 26,373 | | **FFO applicable to diluted common shareholders** | **$43,779** | **$58,397** | Net Operating Income (NOI) Reconciliation (In thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net income** | **$60,793** | **$32,024** | | Adjustments to reach NOI | 12,238 | 34,678 | | **NOI** | **$73,031** | **$66,702** | | Adjustments for non-same property | (11,760) | (8,761) | | **Same-property NOI** | **$61,271** | **$57,941** | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity sources include rental income, an **$800 million** credit facility, and an ATM program, with **$118.2 million** cash and **$677.9 million** available credit as of June 30, 2025 - As of June 30, 2025, the company held **$118.2 million** in cash and equivalents and had **$677.9 million** available under its Revolving Credit Agreement[180](index=180&type=chunk) Cash Flow Activities (In thousands) | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $76,039 | $64,158 | | Net cash provided by (used in) investing activities | $19,810 | $(121,930) | | Net cash used in financing activities | $(68,288) | $(15,270) | - In the first six months of 2024, the company generated **$47.4 million** in net proceeds from its ATM program by issuing **2.7 million shares**; no shares were issued in the first six months of 2025[178](index=178&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Primary market risk is interest rate fluctuations, with **$90 million** in variable rate debt; a 1% rate increase would raise annual interest expense by **$0.9 million** Interest Rate Risk Exposure (In thousands) | Debt Type | Balance (June 30, 2025) (In thousands) | Weighted Avg. Interest Rate | Effect of 1% Rate Change (In thousands) | | :--- | :--- | :--- | :--- | | Variable rate debt | $90,000 | 5.45% | $900 | | Fixed rate debt | $1,526,634 | 5.02% | N/A | - The company uses financial instruments, including one interest rate derivative designated as a cash flow hedge as of June 30, 2025, to mitigate interest rate fluctuations[197](index=197&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[202](index=202&type=chunk)[205](index=205&type=chunk) Part II - Other Information [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal actions, with outcomes not expected to materially affect financial position or results of operations - The company states that ordinary course legal proceedings are not expected to materially affect its financial condition[207](index=207&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, were reported[208](index=208&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q2 2025, with approximately **$145.9 million** remaining available under the share repurchase program as of June 30, 2025 - The company did not repurchase shares during the three months ended June 30, 2025, with approximately **$145.9 million** remaining under the share repurchase program[209](index=209&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities were reported[213](index=213&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) No trustees or officers adopted, terminated, or modified Rule 10b5-1 trading arrangements during Q2 2025 - No company trustees or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the quarter[215](index=215&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO/CFO certifications and Inline XBRL data files

[Press Release](index=3&type=section&id=Press%20Release) This section presents the company's second quarter 2025 earnings, updated full-year guidance, and definitions of key financial metrics [Second Quarter 2025 Earnings Press Release](index=3&type=section&id=Second%20Quarter%202025%20Earnings%20Press%20Release) Urban Edge Properties reported strong Q2 2025 operating performance with record FFO as Adjusted of $0.36 per share and over 7% same-property NOI growth, raising full-year guidance Key Financial Results (Q2 2025 vs. Q2 2024 & YTD 2025 vs. YTD 2024) (in thousands, except per share) | Metric (in thousands, except per share) | 2Q25 | 2Q24 | YTD 2025 | YTD 2024 | | :------------------------------------ | :--- | :--- | :------- | :------- | | Net income attributable to common shareholders | $57,978 | $30,759 | $66,176 | $33,362 | | Net income per diluted share | 0.46 | 0.26 | 0.53 | 0.28 | | Funds from Operations ("FFO") | 43,779 | 58,397 | 89,237 | 97,447 | | FFO per diluted share | 0.34 | 0.47 | 0.68 | 0.79 | | FFO as Adjusted | 47,252 | 40,156 | 93,173 | 80,974 | | FFO as Adjusted per diluted share | 0.36 | 0.32 | 0.71 | 0.66 | Same-Property Operating Results (2Q25 & YTD 2025) (percent) | Metric | 2Q25 | YTD 2025 | | :------------------------------------------ | :---- | :------- | | Same-property Net Operating Income ("NOI") growth | 5.7 % | 4.7 % | | Same-property NOI growth, including properties in redevelopment | 7.4 % | 5.6 % | - Full-year 2025 guidance for FFO as Adjusted raised by $0.025 per share at the midpoint to a new range of **$1.40 to $1.44 per share**[8](index=8&type=chunk) - Shop occupancy climbed to a new record level of **92.5%**[8](index=8&type=chunk) - Closed on the sale of two non-core properties for **$41 million** in June, contributing to **$66 million** of year-to-date asset sales at a weighted average capitalization rate of **4.9%**[8](index=8&type=chunk) [2025 Outlook and Guidance](index=7&type=section&id=2025%20Outlook%20and%20Guidance) The company updated its full-year 2025 guidance, raising estimates for net income and FFO metrics based on improved NOI growth and reduced G&A Revised 2025 Full-Year Guidance (Per Diluted Share) | Metric | Previous Guidance | Revised Guidance | | :-------------------------------------- | :---------------- | :--------------- | | Net income per diluted share | $0.40 - $0.45 | $0.70 - $0.74 | | Net income attributable to common shareholders per diluted share | $0.39 - $0.44 | $0.67 - $0.71 | | FFO per diluted share | $1.36 - $1.41 | $1.37 - $1.41 | | FFO as Adjusted per diluted share | $1.37 - $1.42 | $1.40 - $1.44 | - Same-property NOI growth, including properties in redevelopment, is projected to be **4.25% to 5.0%**, an increase from the previous assumption of **3.0% to 4.0%**[25](index=25&type=chunk) - Dispositions of **$66 million** reflect activity completed year-to-date[25](index=25&type=chunk) - Recurring G&A expenses are expected to range from **$34.5 million to $35.5 million**, a decrease from the previous assumption of **$35 million to $36.5 million**[25](index=25&type=chunk) [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures like FFO, NOI, and EBITDAre to clarify operational results and ensure comparability, defining them per industry standards - FFO (Funds from Operations) is defined as net income (GAAP) excluding gains/losses from sales of depreciable real estate and land, impairments, and rental property depreciation and amortization[28](index=28&type=chunk) - FFO as Adjusted is FFO with further adjustments for items not representative of ongoing core operating results, such as non-comparable revenues and expenses[28](index=28&type=chunk) - NOI (Net Operating Income) is used to compare unlevered property performance, reflecting trends in occupancy, rental rates, operating costs, and acquisition/disposition activity[28](index=28&type=chunk) - Same-property NOI includes results from properties owned and operated for the entirety of comparable reporting periods, excluding properties under development, redevelopment, or those acquired/sold/foreclosed[28](index=28&type=chunk) - EBITDAre and Adjusted EBITDAre are supplemental measures used to evaluate REITs and the company's operational performance, excluding various non-operating items and approximating key debt covenant measures[29](index=29&type=chunk) [Operating Metrics](index=11&type=section&id=Operating%20Metrics) This section details operating metrics such as recovery ratios, occupancy rates, and tenant classifications to provide insights into property performance - Recovery ratios represent the percentage of operating expenses recuperated through tenant reimbursements, calculated on a same-property basis[31](index=31&type=chunk) - Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases, including those signed but not yet rent commenced, with specific definitions for same-property portfolio occupancy[32](index=32&type=chunk) - Tenant categories include anchors (**>10,000 sf**) and shops (**<10,000 sf**), further broken down by local (**<5 locations**), regional (**5+ locations in one region**), and national (**5+ locations in 2+ regions**) tenants[34](index=34&type=chunk) [Reconciliation of Net Income to FFO and FFO as Adjusted](index=12&type=section&id=Reconciliation%20of%20Net%20Income%20to%20FFO%20and%20FFO%20as%20Adjusted) This section reconciles GAAP net income to FFO and FFO as Adjusted for Q2 and YTD 2025 and 2024, detailing key adjustments Reconciliation of Net Income to FFO and FFO as Adjusted (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $60,793 | $32,024 | $69,175 | $34,469 | | Net income attributable to common shareholders | $57,978 | $30,759 | $66,176 | $33,362 | | Rental property depreciation and amortization | 32,205 | 39,346 | 69,033 | 77,577 | | Gain on sale of real estate | (49,462) | (13,447) | (49,462) | (15,349) | | FFO Applicable to diluted common shareholders | 43,779 | 58,397 | 89,237 | 97,447 | | FFO per diluted common share | 0.34 | 0.47 | 0.68 | 0.79 | | Transaction, severance and litigation expenses | 3,151 | 272 | 4,175 | 381 | | Loss (gain) on extinguishment of debt | 175 | (21,699) | (323) | (21,427) | | FFO as Adjusted applicable to diluted common shareholders | $47,252 | $40,156 | $93,173 | $80,974 | | FFO as Adjusted per diluted common share | $0.36 | $0.32 | $0.71 | $0.66 | [Reconciliation of Net Income to NOI and Same-Property NOI](index=13&type=section&id=Reconciliation%20of%20Net%20Income%20to%20NOI%20and%20Same-Property%20NOI) This section reconciles net income to NOI and same-property NOI for Q2 and YTD 2025 and 2024, including adjustments for various expenses and non-same property items Reconciliation of Net Income to NOI and Same-Property NOI (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $60,793 | $32,024 | $69,175 | $34,469 | | Depreciation and amortization | 32,602 | 39,679 | 69,797 | 78,253 | | Interest and debt expense | 19,537 | 21,896 | 39,292 | 42,473 | | General and administrative expense | 11,717 | 9,368 | 21,248 | 18,414 | | Gain on sale of real estate | (49,462) | (13,447) | (49,462) | (15,349) | | NOI | 73,031 | 66,702 | 144,603 | 133,394 | | Same-property NOI | $61,271 | $57,941 | $120,051 | $114,668 | | NOI related to properties being redeveloped | 6,578 | 5,248 | 12,727 | 11,061 | | Same-property NOI including properties in redevelopment | $67,849 | $63,189 | $132,778 | $125,729 | [Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre](index=14&type=section&id=Reconciliation%20of%20Net%20Income%20to%20EBITDAre%20and%20Adjusted%20EBITDAre) This section reconciles net income to EBITDAre and Adjusted EBITDAre for Q2 and YTD 2025 and 2024, detailing adjustments and key coverage ratios Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $60,793 | $32,024 | $69,175 | $34,469 | | Depreciation and amortization | 32,602 | 39,679 | 69,797 | 78,253 | | Interest and debt expense | 19,537 | 21,896 | 39,292 | 42,473 | | Income tax expense | 643 | 539 | 1,262 | 1,204 | | Gain on sale of real estate | (49,462) | (13,447) | (49,462) | (15,349) | | EBITDAre | 64,113 | 80,691 | 130,064 | 141,050 | | Transaction, severance and litigation expenses | 3,151 | 272 | 4,175 | 381 | | Loss (gain) on extinguishment of debt | 175 | (21,699) | (323) | (21,427) | | Adjusted EBITDAre | $67,586 | $61,384 | $134,000 | $122,187 | | Adjusted EBITDAre to interest expense | 3.7 x | 2.9 x | 3.6 x | 3.0 x | | Adjusted EBITDAre to fixed charges | 3.0 x | 2.5 x | 3.0 x | 2.6 x | [Additional Information and Forward-Looking Statements](index=15&type=section&id=Additional%20Information%20and%20Forward-Looking%20Statements) This section provides company information, directs to supplemental disclosures, and includes a comprehensive disclaimer regarding forward-looking statements and associated risks - Urban Edge Properties is a NYSE listed REIT focused on owning, managing, acquiring, developing, and redeveloping retail real estate primarily in the Washington, D.C. to Boston corridor, owning **72 properties** totaling **17.1 million square feet** of GLA[43](index=43&type=chunk) - The company uses its 'Investors' page (www.uedge.com) as a means of disclosing material nonpublic information and complying with Regulation FD[42](index=42&type=chunk) - Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, including macroeconomic conditions, tenant bankruptcies, e-commerce impact, borrowing costs, and development project risks[44](index=44&type=chunk) [Overview](index=17&type=section&id=Overview) This section provides a high-level summary of the company's key financial results and operational ratios for the reporting period [Summary Financial Results and Ratios](index=17&type=section&id=Summary%20Financial%20Results%20and%20Ratios) This section summarizes Urban Edge Properties' key financial results and operational ratios for Q2 and YTD 2025, including revenue, earnings, FFO, occupancy, and debt Summary Financial Results and Ratios (Q2 2025 & YTD 2025) (in thousands, except per share) | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :------------------------------------------ | :------------------------------- | :----------------------------- | | Total revenue | $114,084 | $232,249 | | Net income attributable to common shareholders | $57,978 | $66,176 | | Earnings per diluted share | $0.46 | $0.53 | | FFO per diluted common share | $0.34 | $0.68 | | FFO as Adjusted per diluted common share | $0.36 | $0.71 | | Total dividends paid per share | $0.19 | $0.38 | | Consolidated portfolio leased occupancy at end of period | 96.5 % | | | Shop leased occupancy at end of period | 92.5 % | | | Same-property NOI growth | 5.7 % | 4.7 % | | Same-property NOI growth, including redevelopment properties | 7.4 % | 5.6 % | | Net debt to total market capitalization | 36.7 % | 36.7 % | | Net debt to Adjusted EBITDAre | 5.5 x | 5.6 x | [Consolidated Financial Statements](index=18&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated balance sheets and statements of income, reflecting its financial position and performance [Consolidated Balance Sheets](index=18&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets present the company's financial position as of June 30, 2025, showing assets, liabilities, and equity, with changes in real estate, mortgages, and cash Consolidated Balance Sheets (in thousands) | Asset/Liability/Equity | June 30, 2025 | December 31, 2024 | | :---------------------------------- | :------------ | :---------------- | | Real estate, net | $2,861,967 | $2,865,393 | | Cash and cash equivalents | 52,962 | 41,373 | | Restricted cash | 65,239 | 49,267 | | Total assets | $3,313,551 | $3,311,540 | | Mortgages payable, net | $1,514,237 | $1,569,753 | | Unsecured credit facility | 90,000 | 50,000 | | Total liabilities | 1,920,947 | 1,949,816 | | Total equity | 1,392,604 | 1,361,724 | [Consolidated Statements of Income](index=19&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statements of income detail the company's financial performance for Q2 and YTD 2025, showing increased rental revenue and a significant gain on real estate sales Consolidated Statements of Income (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Rental revenue | $113,912 | $106,358 | $232,004 | $215,905 | | Total revenue | 114,084 | 106,546 | 232,249 | 216,172 | | Depreciation and amortization | 32,602 | 39,679 | 69,797 | 78,253 | | Real estate taxes | 16,582 | 17,472 | 32,940 | 34,475 | | Property operating | 17,531 | 18,260 | 40,263 | 38,766 | | General and administrative | 11,717 | 9,368 | 21,248 | 18,414 | | Total expenses | 83,065 | 87,894 | 173,579 | 176,151 | | Gain on sale of real estate | 49,462 | 13,447 | 49,462 | 15,349 | | Interest and debt expense | (19,537) | (21,896) | (39,292) | (42,473) | | Net income | 60,793 | 32,024 | 69,175 | 34,469 | | Net income attributable to common shareholders | $57,978 | $30,759 | $66,176 | $33,362 | [Non-GAAP Financial Measures and Supplemental Data](index=20&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Supplemental%20Data) This section provides detailed non-GAAP financial measures, including NOI, EBITDAre, and FFO, along with supplemental data on market capitalization, debt, and liquidity [Supplemental Schedule of Net Operating Income](index=20&type=section&id=Supplemental%20Schedule%20of%20Net%20Operating%20Income) This schedule details Net Operating Income (NOI) and Same-property NOI for Q2 and YTD 2025 and 2024, showing increases in revenue and improved NOI margin Supplemental Schedule of Net Operating Income (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total property revenue | $111,214 | $105,310 | $225,990 | $212,341 | | Total property operating expenses | (38,183) | (38,608) | (81,387) | (78,947) | | NOI | $73,031 | $66,702 | $144,603 | $133,394 | | NOI margin (NOI / Total property revenue) | 65.7 % | 63.3 % | 64.0 % | 62.8 % | | Same-property NOI | $61,271 | $57,941 | $120,051 | $114,668 | | Same-property NOI growth | 5.7 % | | 4.7 % | | | Same-property NOI including properties in redevelopment | $67,849 | $63,189 | $132,778 | $125,729 | | Same-property NOI including properties in redevelopment growth | 7.4 % | | 5.6 % | | [Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)](index=21&type=section&id=Earnings%20Before%20Interest%2C%20Taxes%2C%20Depreciation%20and%20Amortization%20for%20Real%20Estate%20(EBITDAre)) This section details the calculation of EBITDAre and Adjusted EBITDAre for Q2 and YTD 2025 and 2024, indicating increased Adjusted EBITDAre and improved coverage ratios EBITDAre and Adjusted EBITDAre (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | EBITDAre | $64,113 | $80,691 | $130,064 | $141,050 | | Adjusted EBITDAre | $67,586 | $61,384 | $134,000 | $122,187 | | Adjusted EBITDAre to interest expense | 3.7 x | 2.9 x | 3.6 x | 3.0 x | | Adjusted EBITDAre to fixed charges | 3.0 x | 2.5 x | 3.0 x | 2.6 x | [Funds from Operations](index=22&type=section&id=Funds%20from%20Operations) This section reconciles net income to FFO and FFO as Adjusted per diluted common share for Q2 and YTD 2025, detailing adjustments to GAAP net income FFO and FFO as Adjusted per Diluted Common Share (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :------------------------------------------ | :------------------------------- | :----------------------------- | | Net income | $60,793 | $69,175 | | Net income attributable to common shareholders | 57,978 | 66,176 | | Rental property depreciation and amortization | 32,205 | 69,033 | | Gain on sale of real estate | (49,462) | (49,462) | | FFO applicable to diluted common shareholders | 43,779 | 89,237 | | FFO per diluted common share | 0.34 | 0.68 | | Transaction, severance and litigation expenses | 3,151 | 4,175 | | Loss (gain) on extinguishment of debt | 175 | (323) | | FFO as Adjusted applicable to diluted common shareholders | $47,252 | $93,173 | | FFO as Adjusted per diluted common share | 0.36 | 0.71 | | Weighted average diluted common shares - FFO | 130,623 | 130,476 | [Market Capitalization, Debt Ratios and Liquidity](index=23&type=section&id=Market%20Capitalization%2C%20Debt%20Ratios%20and%20Liquidity) This section presents key financial metrics for market capitalization, debt levels, and liquidity as of June 30, 2025, including total market capitalization, net debt, and debt ratios Market Capitalization, Debt Ratios and Liquidity (in thousands, except per share amounts) | Metric | June 30, 2025 | | :------------------------------------------ | :------------ | | Closing market price of common shares | $18.66 | | Diluted common shares | 132,402,005 | | Equity market capitalization | $2,470,621 | | Total consolidated debt | $1,616,634 | | Cash and cash equivalents including restricted cash | (118,201) | | Net debt | $1,498,433 | | Net Debt to annualized Adjusted EBITDAre | 5.5 x | | Total market capitalization | $4,087,255 | | Net debt to total market capitalization at applicable market price | 36.7 % | | Total liquidity | $796,066 | [Additional Disclosures](index=24&type=section&id=Additional%20Disclosures) This section provides additional details on rental revenue composition, non-cash items, and a breakdown of capital expenditures for Q2 and YTD 2025 and 2024 Rental Revenue Composition (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Property rentals | $83,454 | $78,609 | $167,706 | $157,763 | | Tenant expense reimbursements | 31,206 | 28,057 | 65,810 | 58,154 | | Total rental revenue | $113,912 | $106,358 | $232,004 | $215,905 | | Minimum rent | $80,388 | $77,215 | $160,313 | $152,819 | | Non-cash revenues | 2,841 | 1,071 | 6,204 | 3,646 | | Percentage rent | 225 | 323 | 1,128 | 1,262 | Capital Expenditures (in thousands) | Type of Expenditure | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Development and redevelopment costs | $13,656 | $14,358 | $26,724 | $26,604 | | Maintenance capital expenditures | 8,647 | 4,777 | 13,997 | 10,806 | | Leasing commissions | 1,712 | 1,398 | 2,805 | 3,043 | | Tenant improvements and allowances | 1,510 | 1,335 | 3,822 | 3,254 | | Total capital expenditures | $25,525 | $21,868 | $47,348 | $43,707 | [Leasing Data](index=26&type=section&id=Leasing%20Data) This section provides detailed insights into the company's leasing activities, including tenant concentration, new leases, and the retail portfolio's lease expiration schedule [Tenant Concentration - Top Twenty-Five Tenants](index=26&type=section&id=Tenant%20Concentration%20-%20Top%20Twenty-Five%20Tenants) This section lists the top twenty-five tenants by square footage and annualized base rent as of June 30, 2025, providing insights into the company's tenant base Top Twenty-Five Tenants (as of June 30, 2025) | Tenant | Number of stores | Square feet | % of total square feet | Annualized base rent ("ABR") | % of total ABR | Weighted average ABR per square foot | Weighted average remaining term of ABR (years) | | :-------------------- | :--------------- | :---------- | :--------------------- | :--------------------------- | :------------- | :----------------------------------- | :--------------------------------------------- | | The TJX Companies | 28 | 873,159 | 5.1% | $18,608,814 | 5.7% | $21.31 | 4.0 | | Burlington | 11 | 532,514 | 3.1% | 9,828,699 | 3.0% | 18.46 | 4.9 | | Kohl's | 9 | 855,561 | 5.0% | 9,780,028 | 3.0% | 11.43 | 5.2 | | Best Buy | 9 | 409,641 | 2.4% | 9,533,005 | 2.9% | 23.27 | 5.4 | | The Home Depot | 5 | 538,742 | 3.2% | 9,189,305 | 2.8% | 17.06 | 12.6 | | Lowe's Companies | 6 | 976,415 | 5.7% | 9,071,256 | 2.8% | 9.29 | 5.2 | | Walmart | 5 | 780,788 | 4.6% | 8,989,075 | 2.8% | 11.51 | 7.4 | | ShopRite | 5 | 361,053 | 2.1% | 6,826,508 | 2.1% | 18.91 | 10.0 | | PetSmart | 11 | 237,034 | 1.4% | 6,467,915 | 2.0% | 27.29 | 4.7 | | BJ's Wholesale Club | 4 | 454,297 | 2.7% | 6,340,989 | 2.0% | 13.96 | 4.8 | | Total/Weighted Average | 171 | 8,512,862 | 49.9% | $153,698,426 | 47.2% | $18.05 | 5.9 | [Leasing Activity](index=27&type=section&id=Leasing%20Activity) This section details the company's leasing activity for new leases, renewals, and options during Q2 and YTD 2025, including square footage, rent per square foot, and rent spreads Leasing Activity (Three Months Ended June 30, 2025) | Metric | New Leases (Cash Basis) | Renewals & Options (Cash Basis) | Total New Leases and Renewals & Options (Cash Basis) | | :------------------------------------------ | :---------------------- | :------------------------------ | :--------------------------------------------------- | | Number of leases executed | 15 | 27 | 42 | | Total square feet | 87,863 | 394,032 | 481,895 | | Same space square feet | 56,277 | 394,032 | 450,309 | | Prior rent per square foot | $24.83 | $19.45 | $20.13 | | New rent per square foot | $29.50 | $21.76 | $22.72 | | Same space weighted average lease term (years) | 9.8 | 5.5 | 6.1 | | Rent spread | 18.8 % | 11.8 % | 12.9 % | Leasing Activity (Six Months Ended June 30, 2025) | Metric | New Leases (Cash Basis) | Renewals & Options (Cash Basis) | Total New Leases and Renewals & Options (Cash Basis) | | :------------------------------------------ | :---------------------- | :------------------------------ | :--------------------------------------------------- | | Number of leases executed | 33 | 51 | 84 | | Total square feet | 206,320 | 709,478 | 915,798 | | Same space square feet | 92,287 | 709,478 | 801,765 | | Prior rent per square foot | $27.12 | $20.92 | $21.63 | | New rent per square foot | $34.07 | $22.85 | $24.14 | | Same space weighted average lease term (years) | 9.4 | 4.9 | 5.5 | | Rent spread | 25.6 % | 9.2 % | 11.6 % | [Leases Executed but Not Yet Rent Commenced](index=28&type=section&id=Leases%20Executed%20but%20Not%20Yet%20Rent%20Commenced) This section provides an overview of executed leases not yet rent commenced, detailing expected future annual gross rent and changes in the pipeline - Signed leases not yet rent commenced are expected to generate an incremental **$23.8 million** of future annual gross rent, representing approximately **8%** of annualized NOI as of June 30, 2025[60](index=60&type=chunk) - Approximately **$1.7 million** of these future gross rents are expected to be recognized in the remainder of 2025[60](index=60&type=chunk) Changes in Annualized Gross Rent from Leases Executed but Not Yet Rent Commenced (in thousands) | Metric | Annualized Gross Rent | | :------------------------------------------ | :-------------------- | | Leases executed but not yet rent commenced as of March 31, 2025 | $25,100 | | Less: Leases commenced during the second quarter | (3,900) | | Plus: Leases executed during the second quarter | 2,600 | | Leases executed but not yet rent commenced as of June 30, 2025 | $23,800 | [Retail Portfolio Lease Expiration Schedule](index=29&type=section&id=Retail%20Portfolio%20Lease%20Expiration%20Schedule) This section presents the retail portfolio's lease expiration schedule, categorized by tenant type, showing square footage and ABR distribution across years, with and without renewal options Retail Portfolio Lease Expiration Schedule (Excluding Renewal Options, as of June 30, 2025) | Year | of leases | Square Feet | % of Total SF | Weighted Avg ABR PSF | | :-------- | :---------- | :---------- | :------------ | :------------------- | | M-T-M | 31 | 96,000 | 0.6% | $27.61 | | 2025 | 26 | 91,000 | 0.6% | 33.89 | | 2026 | 110 | 723,000 | 4.6% | 27.22 | | 2027 | 144 | 1,398,000 | 8.8% | 18.89 | | 2028 | 110 | 1,217,000 | 7.7% | 25.64 | | 2029 | 163 | 2,829,000 | 17.9% | 24.16 | | 2030 | 104 | 2,538,000 | 16.1% | 15.59 | | 2031 | 74 | 1,701,000 | 10.8% | 16.83 | | 2032 | 59 | 488,000 | 3.1% | 22.98 | | 2033 | 61 | 859,000 | 5.4% | 22.10 | | 2034 | 64 | 927,000 | 5.9% | 22.94 | | 2035 | 60 | 851,000 | 5.4% | 22.85 | | Thereafter | 62 | 1,541,000 | 9.6% | 20.99 | | Subtotal/Average | 1,068 | 15,259,000 | 96.5% | $21.16 | | Vacant | 105 | 550,000 | 3.5% | N/A | | Total/Average | 1,173 | 15,809,000 | 100.0% | N/A | Retail Portfolio Lease Expiration Schedule (Assuming Exercise of All Options, as of June 30, 2025) | Year | of leases | Square Feet | % of Total SF | Weighted Avg ABR PSF | | :-------- | :---------- | :---------- | :------------ | :------------------- | | M-T-M | 31 | 96,000 | 0.6% | $27.61 | | 2025 | 22 | 81,000 | 0.5% | 35.41 | | 2026 | 69 | 265,000 | 1.7% | 36.21 | | 2027 | 73 | 274,000 | 1.7% | 29.53 | | 2028 | 49 | 355,000 | 2.2% | 28.01 | | 2029 | 66 | 560,000 | 3.5% | 27.11 | | 2030 | 46 | 495,000 | 3.1% | 24.17 | | 2031 | 43 | 332,000 | 2.1% | 26.96 | | 2032 | 42 | 283,000 | 1.8% | 29.50 | | 2033 | 39 | 391,000 | 2.5% | 35.59 | | 2034 | 65 | 749,000 | 4.7% | 27.15 | | 2035 | 36 | 291,000 | 1.8% | 30.50 | | Thereafter | 487 | 11,087,000 | 70.3% | 26.71 | | Subtotal/Average | 1,068 | 15,259,000 | 96.5% | $27.32 | | Vacant | 105 | 550,000 | 3.5% | N/A | | Total/Average | 1,173 | 15,809,000 | 100.0% | N/A | [Property Data](index=31&type=section&id=Property%20Data) This section provides detailed information on the company's property portfolio, including status, acquisitions, dispositions, and ongoing development projects [Property Status Report](index=31&type=section&id=Property%20Status%20Report) This report lists the company's retail properties, detailing square footage, leased percentage, ABR per square foot, mortgage debt, and major tenants as of June 30, 2025 - Urban Edge Properties owns **72 properties** totaling **17.0 million square feet** (GLA), with a total retail portfolio of **15.8 million square feet**[48](index=48&type=chunk)[69](index=69&type=chunk) - The consolidated portfolio leased occupancy is **96.5%** (excluding Sunrise Mall), with a weighted average annual rent per square foot of **$21.16** for the retail portfolio[48](index=48&type=chunk)[69](index=69&type=chunk) - Major tenants across the portfolio include Walmart, The Home Depot, Lowe's, ShopRite, and various TJX Companies brands[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [Property Acquisitions and Dispositions](index=34&type=section&id=Property%20Acquisitions%20and%20Dispositions) This section summarizes property acquisitions and dispositions for YTD 2025, reporting no acquisitions but three non-core property sales totaling $66.2 million - No property acquisitions were made during the six months ended June 30, 2025[70](index=70&type=chunk) 2025 Property Dispositions (Six Months Ended June 30, 2025) | Date Disposed | Property Name | City | State | GLA (sf) | Price (thousands) | | :------------ | :------------------------ | :----------- | :---- | :------- | :---------------- | | 4/25/2025 | Bergen Town Center East | Paramus | NJ | 44,000 | $25,000 | | 6/9/2025 | Kennedy Commons | North Bergen | NJ | 62,000 | $23,200 | | 6/23/2025 | MacDade Commons | Glenolden | PA | 102,000 | $18,000 | [Development, Redevelopment and Anchor Repositioning Projects](index=35&type=section&id=Development%2C%20Redevelopment%20and%20Anchor%20Repositioning%20Projects) This section outlines active and completed development, redevelopment, and anchor repositioning projects, including costs, stabilization dates, and future opportunities to enhance the portfolio Active Development, Redevelopment and Anchor Repositioning Projects (as of June 30, 2025) | Project | Estimated Gross Cost (thousands) | Incurred as of 6/30/25 (thousands) | Target Stabilization | | :------------------------------------ | :------------------------------- | :--------------------------------- | :------------------- | | Bruckner Commons (Phase A) | $51,300 | $32,600 | 2Q27 | | Bruckner Commons (Phase B) | 18,400 | 2,500 | 4Q26 | | Hudson Mall | 11,500 | 7,600 | 2Q26 | | Yonkers Gateway Center (Phase C) | 8,400 | 900 | 1Q27 | | Manalapan Commons (Phase B) | 7,500 | 5,600 | 2Q26 | | Total Active Projects | $141,800 | $65,200 | | | Estimated, unleveraged yield for total Active Projects | 15% | | | Completed Development, Redevelopment and Anchor Repositioning Projects (as of June 30, 2025) | Project | Estimated Gross Cost (thousands) | Incurred as of 6/30/25 (thousands) | Stabilization | | :------------------------------------ | :------------------------------- | :--------------------------------- | :------------ | | Marlton Commons | $7,300 | $6,800 | 2Q25 | | Brick Commons | 5,300 | 5,300 | 2Q25 | | The Outlets at Montehiedra (Phase E) | 5,000 | 5,000 | 2Q25 | | Walnut Creek | 3,300 | 3,300 | 2Q25 | | Huntington Commons (Phase D) | 2,200 | 2,200 | 2Q25 | | Total Completed Projects | $57,200 | $55,400 | | | Estimated unleveraged yield for Completed projects | 17% | | | - Future redevelopment opportunities include Brunswick Commons, Hudson Mall, The Plaza at Cherry Hill, and Sunrise Mall, with plans for new pads, repositioning, renovations, and consideration of alternate uses[73](index=73&type=chunk) [Debt Schedules](index=37&type=section&id=Debt%20Schedules) This section provides a comprehensive overview of the company's debt structure, including a summary, detailed mortgage debt, and a maturity schedule [Debt Summary](index=37&type=section&id=Debt%20Summary) This section summarizes the company's debt structure as of June 30, 2025, detailing secured and unsecured debt, weighted average maturities, interest rates, and debt-to-market capitalization Debt Summary (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Secured fixed rate debt | $1,526,634 | $1,532,915 | | Secured variable rate debt | — | 50,905 | | Unsecured variable rate debt | 90,000 | 50,000 | | Total debt | $1,616,634 | $1,633,820 | | % Secured fixed rate debt | 94.4 % | 93.8 % | | % Unsecured variable rate debt | 5.6 % | 3.1 % | | Weighted average remaining maturity on secured mortgage debt | 4.3 years | 4.7 years | | Weighted average remaining maturity on unsecured debt | 2.6 years | 3.1 years | | Total market capitalization | $4,087,255 | | | Total debt: Total market capitalization | 39.6 % | | | Weighted average interest rate on secured mortgage debt | 5.03 % | 5.04 % | | Weighted average interest rate on unsecured debt | 5.45 % | 5.47 % | | Total debt weighted average interest rate | 5.05 % | 5.05 % | - As of June 30, 2025, the company has **$90 million** outstanding on its **$800 million** unsecured revolving credit facility, which matures on February 9, 2027, with two six-month extension options[18](index=18&type=chunk)[75](index=75&type=chunk) [Mortgage Debt Summary](index=38&type=section&id=Mortgage%20Debt%20Summary) This section provides a detailed breakdown of individual mortgage debts by property as of June 30, 2025, including maturity dates, interest rates, and outstanding balances Mortgage Debt Summary (in thousands) | Property | Maturity Date | Rate | June 30, 2025 | December 31, 2024 | Percent of Mortgage Debt at June 30, 2025 | | :------------------------ | :------------ | :----- | :------------ | :---------------- | :---------------------------------------- | | West End Commons | 12/10/2025 | 3.99 % | $23,470 | $23,717 | 1.5 % | | Town Brook Commons | 12/1/2026 | 3.78 % | 29,291 | 29,610 | 1.9 % | | Rockaway River Commons | 12/1/2026 | 3.78 % | 25,933 | 26,215 | 1.7 % | | Hanover Commons | 12/10/2026 | 4.03 % | 59,551 | 60,155 | 3.9 % | | Tonnelle Commons | 4/1/2027 | 4.18 % | 94,342 | 95,286 | 6.2 % | | Plaza at Woodbridge | 6/8/2027 | — % | — | 50,905 | — % | | Bergen Town Center | 4/10/2030 | 6.30 % | 289,454 | 290,000 | 19.1 % | | The Outlets at Montehiedra | 6/1/2030 | 5.00 % | 72,507 | 73,551 | 4.7 % | | Woodmore Towne Centre | 1/6/2032 | 3.39 % | 117,200 | 117,200 | 7.7 % | | Shops at Caguas | 8/1/2033 | 6.60 % | 80,760 | 81,504 | 5.3 % | | Total mortgage debt | | 5.03 % | $1,526,634 | $1,583,820 | 100.0 % | - The mortgage loan secured by the Plaza at Woodbridge, with an outstanding balance of **$50.2 million** and an effective interest rate of **6.4%**, was paid off during the quarter[12](index=12&type=chunk)[76](index=76&type=chunk) [Debt Maturity Schedule](index=39&type=section&id=Debt%20Maturity%20Schedule) This schedule breaks down the company's debt maturities by year, including amortization, balloon payments, and revolving credit facilities, showing total debt maturing and weighted average interest rates Debt Maturity Schedule (in thousands) | Year | Amortization | Balloon Payments | Revolving Credit Facilities | Total | Weighted Average Interest Rate at Maturity | Percent of Debt Maturing | | :-------- | :----------- | :--------------- | :-------------------------- | :---------- | :----------------------------------------- | :----------------------- | | 2025 | $8,020 | $23,258 | — | $30,891 | 4.3% | 1.9 % | | 2026 | 16,543 | 111,228 | — | 126,997 | 4.1% | 7.9 % | | 2027 | 13,611 | 259,526 | — | 272,363 | 4.3% | 16.8 % | | 2028 | 13,539 | 122,402 | 90,000 | 225,168 | 4.8% | 13.9 % | | 2029 | 12,402 | 224,990 | — | 236,619 | 6.0% | 14.6 % | | 2030 | 6,668 | 372,252 | — | 378,147 | 5.8% | 23.4 % | | 2031 | 3,741 | 110,000 | — | 113,028 | 4.5% | 7.0 % | | 2032 | 3,986 | 117,200 | — | 121,126 | 3.5% | 7.5 % | | 2033 | 2,986 | 78,094 | — | 81,020 | 6.5% | 5.0 % | | Thereafter | 1,333 | 30,000 | — | 31,275 | 5.5% | 2.0 % | | Total | $82,829 | $1,448,950 | $90,000 | $1,616,634 | 5.1% | 100 % | - The company has limited debt maturities through 2026, with **$23.5 million** maturing in December 2025 and **$114.8 million** maturing in December 2026, collectively representing approximately **9%** of outstanding debt[13](index=13&type=chunk)

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]