Industry Overview - The Zacks REIT and Equity Trust - Retail industry is showing resilience as landlords adapt and reposition assets for long-term stability, focusing on necessity-based and experience-driven retailers [1][3] - The industry is experiencing a rebound driven by renewed consumer interest in in-store shopping, despite past challenges such as declining foot traffic and store closures [2] Key Drivers - Strategic re-tenanting and disciplined expansion are strengthening occupancy and cash flows, with limited new supply helping to preserve rent levels and investor confidence [1][4] - The lack of new construction activity has minimized competitive pressure on existing assets, allowing occupancy and rents to hold firm [4] Consumer Behavior - The outlook for retail REITs is closely linked to consumer behavior, with economic softness and rising costs making households more selective in their spending [5] - Wealthier consumers continue to support high-end demand, while middle-income shoppers are cutting back, leading to an uneven spending landscape [5] Industry Performance - The Zacks REIT and Equity Trust - Retail industry carries a Zacks Industry Rank 55, placing it in the top 23% of 243 Zacks industries, indicating robust near-term prospects [6][7] - The industry has underperformed the broader Zacks Finance sector and the S&P 500 over the past year, declining 5.6% compared to the S&P 500's rise of 22.3% [10] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-FFO of 14.98X, below the S&P 500's forward P/E of 23.77X and the Finance sector's forward P/E of 16.94X [12] - Over the last five years, the industry has traded as high as 18.89X and as low as 12.21X, with a median of 15.22X [15] Company Highlights - **Agree Realty Corporation (ADC)**: Specializes in retail net-lease properties with a portfolio of approximately 2,603 properties totaling around 53.7 million square feet. The company raised its full-year 2025 investment guidance to $1.50 billion-$1.65 billion, indicating confidence in its capital deployment strategy [16][17] - **Federal Realty Investment Trust (FRT)**: Focuses on high-quality retail properties in affluent markets, with a recent acquisition of Annapolis Town Center enhancing its portfolio. The Zacks Consensus Estimate for 2025 FFO per share has been revised upward to $7.22 [21][22][23] - **Urban Edge Properties (UE)**: Concentrates on retail properties in urban communities, with grocery tenants accounting for about 80% of its portfolio's value. The Zacks Consensus Estimate for its 2025 FFO per share has been raised to $1.42, indicating a 5.2% year-over-year increase [26][28][29]

Financial Data and Key Metrics Changes - FFO as adjusted increased by 4% year-over-year for Q3 2025, with year-to-date growth at 7% compared to the first nine months of the previous year [4] - Same property net operating income (NOI) rose by 4.7% for the quarter and 5.4% year-to-date [4] - The company raised its 2025 FFO as adjusted guidance to a new range of $1.42-$1.44 per share, representing 6% growth over 2024 at the midpoint [8][17] Business Line Data and Key Metrics Changes - Leasing activity totaled 31 deals aggregating 347,000 sq ft, including 20 renewals at a 9% spread and 11 new leases at a 61% spread [9] - Same property lease rate stands at 96.6%, a decline of 20 basis points from the previous quarter [10] - Shop occupancy rate remained flat at 92.5% [11] Market Data and Key Metrics Changes - The acquisition market remains competitive, driven by institutional capital and tighter spreads from traditional banks [7] - The company’s Boston portfolio now includes seven properties valued at nearly $500 million, representing about 10% of the company's total value [7] Company Strategy and Development Direction - The company is focused on capital recycling, having acquired nearly $600 million in high-quality shopping centers while disposing of approximately $500 million in non-core assets [7] - The active redevelopment pipeline totals $149 million with a projected yield of 15% [12] - The company aims to generate sustainable 3%+ growth in same property NOI [72] Management's Comments on Operating Environment and Future Outlook - Management expects shopping center fundamentals to remain strong due to favorable supply-demand dynamics and record low vacancy rates [8] - The company is optimistic about the leasing market, with national retailers in expansion mode and willing to pay necessary rents [14][56] - Management believes the supply-demand imbalance in retail will continue to favor their properties for the foreseeable future [68] Other Important Information - The company completed a $39 million acquisition of Brighton Mills, a grocery-anchored shopping center, funded by proceeds from the sale of other properties [4][5] - The company has a strong liquidity position of over $900 million, including $145 million in cash [16] Q&A Session Summary Question: Timeline for lease expirations at Brighton Mills - Management indicated that most leases at Brighton Mills expire in 22 years, with expected NOI growth exceeding 3% [22] Question: Breakdown of one-time items recognized in 2025 - Management highlighted about $2 million in one-time collections and $1.5 million related to CAM recovery billings as non-recurring items [24][25] Question: Opportunities at Shoppers World - Management discussed flexibility with the Kohl's parcel and potential mixed-use opportunities for redevelopment [32] Question: Rent spreads in the quarter - Management noted that the 60% rent spread was driven by unique anchor leases, with expectations for double-digit spreads going forward [34] Question: Creating more shop space in the portfolio - Management is actively studying opportunities to split anchor spaces into shop spaces, with high demand for shop tenants [40][41] Question: Acquisition environment and competition - Management acknowledged a competitive market with increased interest from institutional capital, but emphasized a disciplined approach to acquisitions [46][48] Question: Tenant demand and balance between restaurants and grocers - Management reported strong demand from both grocers and restaurants, with no significant push-pull tension between the two [56] Question: Institutional capital demand in the D.C. metro area - Management noted that while Boston and New York are more in demand, their D.C. centers are performing well [61] Question: Sustainability of high occupancy levels - Management attributed sustained high occupancy levels to a favorable supply-demand dynamic in the retail market [67]

Financial Data and Key Metrics Changes - FFO as adjusted increased by 4% year-over-year for Q3 2025, with year-to-date growth at 7% compared to the first nine months of the previous year [4] - Same property net operating income (NOI) rose by 4.7% for the quarter and 5.4% year-to-date [4] - The company raised its 2025 FFO as adjusted guidance to a new range of $1.42 to $1.44 per share, representing 6% growth over 2024 at the midpoint [8][17] Business Line Data and Key Metrics Changes - Leasing activity totaled 31 deals aggregating 347,000 square feet, including 20 renewals at a 9% spread and 11 new leases at a 61% spread [9] - Same property lease rate stands at 96.6%, with a 20 basis point decline from the previous quarter [10] - Shop occupancy rate remained flat at 92.5%, while the overall same property NOI growth, including redevelopment guidance, was increased to a new midpoint of 5.25% [11][17] Market Data and Key Metrics Changes - The acquisition market remains competitive, driven by institutional capital and tighter spreads from traditional banks [7] - The company’s Boston portfolio now includes seven properties valued at approximately $5,500 million, representing about 10% of the company's total value [7] - The overall leasing market shows strong demand, with year-to-date leasing spreads averaging 40% on new leases and nearly 10% on renewals [8] Company Strategy and Development Direction - The company is focused on capital recycling, having acquired nearly $600 million of high-quality shopping centers at an average 7% cap rate while disposing of approximately $500 million of non-core assets at a 5% cap rate [7] - The active redevelopment pipeline totals $149 million with a projected yield of 15% [12] - The company aims to generate sustainable 3% plus growth through strategic acquisitions and dispositions [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of shopping center fundamentals, driven by favorable supply-demand dynamics and record low vacancy rates [8] - The company anticipates continued strong demand for retail space, particularly in the Northeast Corridor market [14] - Management highlighted the importance of maintaining a balance between restaurant and grocery tenants to ensure overall tenant success [56] Other Important Information - The company completed the acquisition of Brighton Mills, a grocery-anchored shopping center, for $39 million, expecting annual NOI growth to exceed 3% [4][5] - The company has a strong liquidity position of over $900 million, including $145 million in cash [16] Q&A Session Summary Question: Timeline for monetizing opportunities at Brighton Mills - Management indicated that most leases at Brighton Mills have terms extending over the next 10 to 22 years, with confidence in achieving over 3% NOI growth [22] Question: Breakdown of one-time items recognized in 2025 - Management highlighted approximately $2 million in one-time collections related to old receivables and about $1.5 million from CAM recovery billings as non-recurring items [24][25] Question: Opportunities at Shoppers World - Management discussed the flexibility to work with the Kohl's parcel separately and the potential for redevelopment or retenanting to enhance value [32] Question: Rent spreads in the quarter - Management noted that the 60% rent spread was driven by unique anchor leases with HomeGoods and Ross, and while double-digit spreads are expected, 60% is not sustainable every quarter [34][35] Question: Creating more shop space in the portfolio - Management is actively studying opportunities to split anchor spaces into shop spaces, with demand for shop space remaining strong [40][41] Question: Acquisition environment and funding - Management acknowledged a competitive acquisition market with increased interest from institutional capital, while maintaining a disciplined approach to bidding [46][48] Question: Institutional competition for nontraditional assets - Management noted that while there is interest in nontraditional shopping center assets, their platform allows them to differentiate and find value-add opportunities [52][53] Question: Balancing demand between restaurants and grocers - Management indicated that both sectors are in expansion mode, with no significant push-pull tension observed [56] Question: Shift in demand in the D.C. metro area - Management reported strong performance and demand in their D.C. centers, with no significant shifts in institutional capital interest noted [61] Question: Sustaining high occupancy levels - Management emphasized that supply-demand metrics favor sustained high occupancy levels due to limited new retail construction [67]

Financial Data and Key Metrics Changes - FFO as adjusted increased by 4% year-over-year for Q3 2025, with year-to-date growth reaching 7% compared to the first nine months of the previous year [3] - Same property net operating income (NOI) rose by 4.7% for the quarter and 5.4% year-to-date [3] - The company raised its 2025 FFO as adjusted guidance to a new range of $1.42 to $1.44 per share, reflecting a 6% growth over 2024 at the midpoint [6][14] Business Line Data and Key Metrics Changes - Leasing activity totaled 31 deals aggregating 347,000 square feet, including 20 renewals at a 9% spread and 11 new leases at a 61% spread [7] - The overall same property lease rate is at 96.6%, a decline of 20 basis points from the previous quarter [8] - Shop occupancy rate remained flat at 92.5%, while the company continues to explore creating new shop space [9] Market Data and Key Metrics Changes - The Boston portfolio now includes seven properties valued at approximately $5,500 million, representing about 10% of the company's total value [5] - The acquisition market remains competitive, driven by institutional capital and tighter spreads from traditional banks [5] Company Strategy and Development Direction - The company is focused on capital recycling, having acquired nearly $600 million in high-quality shopping centers at an average 7% cap rate while disposing of approximately $500 million in non-core assets at a 5% cap rate [5] - The active redevelopment pipeline totals $149 million with a projected yield of 15% [10] - The company aims to generate sustainable same property NOI growth of 3% or more [92] Management's Comments on Operating Environment and Future Outlook - Management expects shopping center fundamentals to remain strong, driven by favorable supply-demand dynamics and record low vacancy rates [6] - The company is optimistic about the leasing market, with national retailers in expansion mode and willing to pay necessary rents [11] - Management highlighted the importance of balancing the addition of restaurant spaces with grocery stores to avoid oversaturation [77] Other Important Information - The company secured a new $123.6 million four-year non-recourse mortgage at a fixed rate of 5.1% [12] - The liquidity position remains strong at over $900 million, including $145 million in cash [14] Q&A Session Summary Question: Can you provide a breakdown of one-time items recognized in 2025? - Management noted about $2 million in one-time collections related to old receivables and approximately $1.5 million from CAM recovery billings [29][30] Question: What is the opportunity set within Shoppers World? - Management expressed confidence in redeveloping the Kohl's parcel and exploring mixed-use opportunities [41][42] Question: How do you balance demand from restaurants and grocers? - Management indicated that both sectors are expanding, with no significant push-pull tension between them [77] Question: Is there a shift in demand in the D.C. metro area? - Management reported strong performance in D.C. centers, with continued demand for retail space [79] Question: What is the outlook for same property NOI growth? - Management aims for sustainable same property NOI growth of 3% or more, supported by the signed-not-open pipeline [92]

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 For the quarterly period ended September 30, 2025 ☒ EXCHANGE ACT OF 1934 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 PROPERTIE ...

Exhibit 99.2 SUPPLEMENTAL DISCLOSURE PACKAGE September 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 September 30, 2025 (unaudited) TABLE OF CONTENTS | | Page | | --- | --- | | Press Release | | | Third Quarter 2025 Earnings Press Release | 1 | | Overview | | | Summary Financial Results and Ratios | 13 | | Consolidated Financial Statements | | | Consolidated Balance Sheets | 14 | | Consolidated Stat ...

Group 1 - The article does not provide any specific information or data regarding companies or industries [1]

Urban Edge Properties (UE) has been on a downward spiral lately with significant selling pressure. After declining 9.5% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a moment ...

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]