The following is a summary of the Urban Edge Properties (UE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Urban Edge Properties reported 9% FFO per share growth compared to the third quarter of last year.

• Same property net operating income increased by 5.1%, driven by new rent commencements and contractual rent bumps.

• FFO as adjusted guidance for 2024 was increased to $1.32 to $1.35 per share, reflecting an expected 7% FFO growth for the year.

Business Progress:

• In Q3, Urban Edge acquired The Village at Waugh Chapel, a grocery-anchored shopping center, for $126 million and sold a freestanding Home Depot at a cap rate of 5.35%, showcasing active capital recycling.

• Leasing activity remained robust with 23 new leases signed, leading to a record shop occupancy of 90.4%.

• The company is engaged in low risk redevelopment projects expected to generate significant returns.

Opportunities:

• Urban Edge continues to target acquisitions in highly competitive markets with a focus on high-quality shopping centers utilizing their strong local market expertise and structured capital recycling.

• The company's strategy includes leveraging opportunities in strong retail fundamentals, focusing on accretive acquisitions and dispositions of high value, low growth assets.

Risks:

• Increased competitive pressure in the acquisition market may impact the company's ability to secure desirable assets.

• Potential short-term exposures from lease terminations, although mitigated by strong demand for retail spaces in prime locations.

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