Earnings call transcript Q2 2023

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Operator

Greetings and welcome to the Urban Edge Properties' Second Quarter of 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Bluman. Etan begin. may you Sir,

Etan Bluman

morning and quarter Properties' second Urban welcome conference call. to earnings Edge XXXX Good

Joining are Langer, Jeff Executive Andrea Mooallem, Rob me Drazin, Executive General Vice Chief Chief today Milton, Officer. of Operating Jeff President Olson, Chief and Officer; Leasing; Scott Accounting Mark Counsel; Chief Head Officer; and Financial Auster, Chairman and Officer;

which are Please the and events and future company's views note, today's of undertake risks not discussion does assumptions, may performance, company contain subject which to forward-looking uncertainties numerous and statements about the to financial update.

refer business the Our about our actual condition which our financial the future on are information more company. with results, may website and differ also for available materially. Please filings SEC, to

Reconciliations our measures available of of results are In Investors release in earnings GAAP these to discussion our we measures. will to in today, supplemental website. section refer the disclosure and our package financial certain non-GAAP

to Officer, Chairman At my our and this introduce Executive pleasure Chief Olson. is it time, Jeff

Jeff Olson

Etan, good you, Great. morning. Thank and

this least results attaining our per operating giving outlined in XXXX share income including progress confidence quarter growing in our FFO further Day achieving growth a to at us net achieving Our targets Investor of growth continued and at by $X.XX income we three-year XXXX XX% April, goals, net compared reflect our our and operating towards FFO XXXX. in

On contractual of during bumps. previously of NOI million leases. growth expected rents rent commenced our point, is that from XX% executed quarter stems the approximately conviction from leases that on gross Our and fact the we signed annualized derived second $X that disclosed

XX% percentage the of $XX leases opened NOI, shopping center the not annual highest but to in signed, of annual pipeline gross representing rents, current current million of sector. Our amounts

decision exceeded our this quarter. performance to year our strong Our again guidance this raise supporting plan has

is the This we $X.XX quarter. range per of at increase $X.XXX the to share, new follows first increase announced the $X.XX adjusted in midpoint. per an as $X.XX FFO Our share

demand variety a most manageable grocers, risk strong health supply demand and quick-service to restaurants, beauty continue of with for from and has favorable discounters, strong especially and retail We environment landlords. see combined This limited categories, a services. created bankruptcy medical

Cushman new supply of is shopping by capital the retail construction constrained is significantly all-time in and high the Wakefield, the populated X.X% to corridor, center costs, currently at corridor retail low construction D.C. constrained an in According & most to Boston especially country. densely and vacancy

Our from same-property occupancy well the now is occupancy rate three-year still XXXX. level XX.X%, our XXXX since average but XX% highest to XXXX, below

square we increased feet of We & of allow are the it upgrade Beyond will higher traffic centers. at square to the these beginning at rents Bath and year, XXX,XXX feet pleased the a as XXX,XXX to us Bed, tenants recaptured space have had our at of

repositioning active great We projects. are our anchor and progress making redevelopment on

at completed which at we quarter, Wine the Walgreens During new included Nemours three Cherry Hill. Children's a Broomall Montehiedra, Health at projects, Total and

our long-term approximately project $XXX million of our to are remain been and demand confident projects expected supply dynamics strategy GLA generate currently have favorable XX% due healthy has pre-leased. in underway the in We particularly a unleveraged the shopping which redevelopment XX% to return, center of total of We markets. industry, active of the that

NOI over target our goal liquidity share. a leasing achieve open balance and debt net will the us strong pipeline XX% our XXXX of us maturities sheet, in combined at the FFO reaching gives of fuel by help is least three growth not income abundant per next but signed confidence that our operating $X.XX This with Our increasing well-laddered years.

greatest our Magazine employees. our this consecutive the We culture Work to commitment acknowledged direct Best that employees collaborative are proud dedication year. asset have to and for to professional We second that. are growth and been to to of a well-being recognize prioritizes proud believe for Jersey's We our are creating result been our our NJBIZ named One Places a have of is New of by a

I over will Operating now turn it to Mooallem. our Officer, Chief Jeff

Jeff Mooallem

and Thanks, Jeff, morning, good everyone.

best years. have environment seen the we is last XX in The the leasing

has XX,XXX square we two back & vacant are feet Bath nine from Beyond. that spaces portfolio or Our that including just Bed, yesterday got larger, just

negotiating of able terms. We of deals to more are and better actively higher multiple those eight. on we on with nine vacancies, bidding extract are With the rent seven eight retailers choices,

generating Our right returns. the on each adjusted is most focus capital the for tenant attractive and selecting asset

coming the indication off XXX is bidder to grouping awarded that of the auctioned recent a a were the limited in stores, the Of retailer. in space state were strong the bankruptcy XX demand first of out another Bed, today. leases of being industry. Data healthy Box for also Bath the in retailers, and exemplifies centers backup cases with supply many shopping the of This

of Puerto in leases these mall The XX than interior tenants spaces with were compared vacant second Spreads leasing quarter negative locations new XX,XXX years. have Rico been was for aggregating more to prior light, activity two square most were as that feet.

We a expect of of XXX,XXX half in XXXX, leases increased spread feet have as about we excess in XX%. second activity in the of square the pipeline, at

side, open to On the and projects quarter delivered we in but development continued work pipeline. through second sector-leading not our three signed the

prices to numbers have we have construction budgeted eased labor supply As and savings deliver concerns material and as from some stabilized. seen chain tenants, we've

also of on Town which work Bergen to Center. at non-core some of our notable land parcels, the residential our monetizing We opportunity continued is most

our units, ahead received to second multifamily projected final unanimous development the approved plan who entire credit XXX site our In approvals for we team, vote, this quarter, timeline. an got a of with

and with a value one unit believe be at a on engaged basis that we hope highest soon the County. for actively will valuation deal to ever a price maximize to developers announce per are of Bergen we several We residential

about want transaction I few add Lastly, the today. market to comments a

months, Sellers a cycle. the higher the of than the a The second assets time prioritizing during in XX with have now closing real historically there of spread any seen probably what to and last more narrowing. market degree in offerings, pickup at certainty are parts quarter we has bid/ask seen the than in other are the

a deep relationships, using provides core this advantage strong to with more with us we're a well-capitalized time markets. spend our and in lending buyer deals that advantage As at looking competitive

We now also that acquisitions including own, a and properties. our between potential is believe cap of spread we assets attractive rate land a retail Bergen, high-quality, at there self-storage rate right number and industrial portfolio very the low-cap excess

assets grow business look earnings. we with to plan This and undervalued our result, to a retail low-cap aligns yielding, As proceeds core properties a in recycle certain our markets. non-retail and our strategic of higher into in dispose may and simplify our mind,

our turn to Mark Langer. it now Chief Financial over Officer, will I

Mark Langer

Jeff. Thanks, Good morning.

our including discuss will same-property our guidance. with the and $X.XX liquidity, quarter per balance second and of drivers of I adjusted our the results, our close second update on on growth, we'll an share results for X.X% and quarter. with to Starting reported compared NOI redevelopment, XXXX of We FFO comment XXXX. of sheet as quarter

primarily due new was operating net commencements by higher increase and rent driven lower recovery on leases expenses. income to The

Excluding the X.X%. both collection in would of increased amounts growth previously deemed have NOI periods, uncollectible by same-property

credit. drawn of quarter sheet, we $XXX of line cash our of our no $XX million with on the balance terms and amounts million ended In

have been busy financing We front. on the

closed call quarter, quarter. mortgage, announced the on successful three Bergen mortgage we new our million, X.X%, second Center's in Town addition regarding other $XXX In to last we refinancing financings the seven-year

Plaza our $X with million was fixed new variable Cherry refinanced million of mortgage at on proceeds pay to loan of at Hill $XX at six-year rate a off million portion Bruckner was shops interest We our at at X%, rate the a bearing that a mortgage X.XX%. the used $XX

XXXX to million X% $XX of mortgage one at rate a in mortgage $XX X% million Newington We We Commons at maturity XX-year Hudson have also only property. a Mall. by obtained a our secured new fixed now remaining limited

very of to rates XXXX, in X% Looking aggregate feel comfortable weighted our assets forward, believe six financeable in $XXX mortgages are X.X%. at that the a by amounting today. at XXXX we average our These maturing in-place million are XX% to of total which we high-quality only range a rate with secured X.X% and debt

XXXX less of In good the than positioned. total we X% have sheet Considering the rate debt our activity to way is this feel debt, all very is financing unhedged now about relates maturities. we balance announced our variable it and of short, year,

as which and the $X.XX when share, Turning for previously we our FFO our announced, XXXX per a increased share. upper a to as range to guidance share new a $X.XX end guidance to adjusted XXXX, end our compared $X.XX increases outlook of a the by increases to $X.XX lower prior of range the by

prior general including loss our reflects for new NOI same-property of points from increase credit of Beyond year-to-date that loss midpoint Bed, and up X%, remainder anchor The growth, the on revenues rent new the the & redevelopment midpoint with incorporates increased million basis year of midpoint XXX guidance better-than-expected of two X%. The a our recaptured. we of and a the assumes performance gross for of Bath leases $X a

In quarter expenses guidance to levels similar XXXX. to assumes third addition, of the normalize our operating

As start this likely in the deferred projects, will quarter the third benefited of from which certain maintenance timing quarter.

deemed of collections that XXXX $X.X prior we updated some tenants assumes XXXX. the received our above based an terms $X.X XXXX, million plan of our vacated bankrupt that In amounts million on uncollectible, in midpoint at we increase past payments receive guidance during will from on

deemed the the remainder XXXX expect quarter a for of our another the about that year. This materially first of higher the million of were NOI will XXXX in second on million and third amounts in half We last headwind about Note, have fourth during uncollectible year. to we and year. the the received $X.X received collections $X.X be of growth this of for as half $XXX,XXX remainder

with to we This lowered not million, Recurring XXXX. change from expectation and million. did G&A reflect G&A last is which $X.X million $XX.X from a our quarter X% to quarter that was G&A full our recurring year reduction when we will between line $XX.X guidance, be it in updated this

and to we savings evaluate and are we more extract can continuing efficient our ways are have We efforts with pleased made. the progress become

the is April In our Investor growth at focused Day. outlined executing our team closing, we in plan on

entire for who grateful has provided are possible. our by and made execution We the the team, dedication success UE

call now the over to for will questions. turn operator I the

Operator

Thank you.

session. We conducting ISI. Instructions] a question-and-answer Our will with from first Evercore [Operator now be comes Samir Khanal question

Samir Khanal

these mean, supply you X% just get what rent there, strong demand. executed that out these you've Good a the bumps the There's Jeff, curious, of past about leases morning, for the I'm on not I clearly do annual everyone. boxes, right. look bumps talked lot you like? in annual

this what So that at like Thanks. I economics does guess, look point.

JeffMooallem

than all Hi, It's Samir. leases Yes, of obviously, historically. seeing - a we're that's Jeff point better were new we now increases focal the executing are and Mooallem. we Good morning. we're so

Our leases box a north deals. shop of X%, in we're is rent growth now and signing general of the new that's on combination

about leases we're extract X.XX% our It was think lot So this to be and wise, for wise, we in between volume we ones leasing extensive the I in and a quarter pretty of to is new able that did third quarter us the quarter. a small X.X%. expect but pipeline

Samir Khanal

Okay. the just sort industrial I about Got was bit transaction of maybe then much the what color market has And how property don't been the in can Hanover. you talked more about of know sort on interest? I an provide that. know that's there opening East you yesterday a maybe up. initial article it. the And

JeffMooallem

the for there we we're selling the strong. more and about that It's assets certainly can't are have accretively concept details level play. say assets CAs to signed. but early into it, rate get market, process capital many XXX but want of cap this I asset the Look, on that is too very redeploying a in in low interest the excited been

Mark Langer

yes. XXX, are That

JeffMooallem

Yes.

that several couple Jeff So land as a the just we assets, other and It have couple a years that days have ago was to at industrial mentioned, of XXX And developed own excess self-storage we've increasing. facilities stabilized. of excess addition land a asset, in been we ago. Bergen, now also at that's we

assets up retailer We own be for happens largest would a include that of be credit that consideration. number by Home anchored to our single-tenant could who retailers Depot,

to make we're where our evaluating able trades. to might of pool some entire we see assets So be

Samir Khanal

my were in again the the year for kind to up - one and that your Mark. into how 'XX? it. stable quarter. maybe about recoveries that should know, second that you last similarly, around what's we about expense of of Got it number and is be then think the the Thanks. remainder And And for Maybe in thinking talk

Mark Langer

Sure.

basis from we that see XX% income that we As did improve I recoveries I year because how be can the ratio we expected this benefit messaged S&L were then modestly. message to I've we so rate SNO continuation did think elevated quarter went And recovery our think around to - some same-property bringing the a quarter. this previously producing, would say this on lower XX.X% and and a while I pipeline run XX.X% expect from pipeline, - the on as expenses. picking next levels of of level of up this into

Samir Khanal

That's so much. it Thanks for me.

JeffMooallem

you, Samir. Great. Thank

Operator

comes question with next Floris The Dijkum, Point. van Compass

JeffOlson

Floris. Hi,

Floris van Dijkum

and Thanks morning. good guys. Hi

And rate if at growth interesting higher-yielding actually right so some the of had I really in here I now. as you market could, think presumably retail idea well. assets low-cap you've it's little a this attractive it's buying and asset and Maybe assets selling know got early, least one that

of plans in Maybe expect this out potential versus Sunrise You've spreads on Jersey got if got get And you've on New Sunrise can what does you impact of maybe big upon, your industrial and Island your development you Industrial that? getting touch to kind two obviously, well. as do sales of also, acquisitions and some with Long recycling? at this

Mark Langer

it's I it's about spreads, Yes, to sizable. a early mean, the talk little but

mean, I let of think a spread so as I'll the much that. question was answer it you centers Jeff And sub-X% Sunrise I cap and shopping reported larger rates on buy at these can it's assets than many

JeffMooallem

Yes, Floris, I good mean, morning.

such our many York those community. New qualities real very space these there's Sunrise the like industrial for Metro locations, Hanover East that shares attractive a just Just property development where of demand obviously great for infill it makes site and in same

really us. whether with area And project plan combination the tell project, we're that and town early retail see an Oyster industrial so the built benefit gets actively in to pickup as you in a the we going to demand project, a Too role of the residential, that Bay. working across some through is that our

in to forward on definitely Hanover right of going with working move actively we're with terms seeing also We're in we're direction, say industrial industrial today But the market us both on I terms retailers that that do. Sunrise. at in and clarity led are going in of us And through we to help the metrics the what put our moving an existing East numbers. to there. project it's getting would If

Floris van Dijkum

of bought - there's simplifies Thanks. part the properties ground that And that a of saw I ownership you a the just rents Sunrise and the as structure at that

JeffMooallem

had that in the asset for done. and that's to our in that had holdings probate that's declared get Yes, to something a into through a they sale But was while state pass works way been just yes, we one of wait for consolidating entity. to a simplifying and

Mark Langer

add just me thing. let Floris, So one

Floris van Dijkum

Yes.

Mark Langer

three one let Floris, of just the buckets. of characteristics into unique because here of the I this put me as sort I thought some add UE, different them about thing morning

XX%. about in yielding around in growth The first communicated $X.XX million which pipeline this FFO NOI that's is is to terms clearly we've and of what in our redevelopment which all to getting $XXX rooted SNO pipeline, XXXX and trajectory, $XX our that's leads million this

of that's one. So sort

to test X structure rate point we're ours rate assets, which low-cap And which the assets out to more the higher-cap then with some has beginning the into million of $XX you third our Number in sheet, know ability remove is of to as at really do this of is the trade market. balance do DPO million. of Catalinas, unique is the a which debt. non-recourse at centered about Kingswood, all mortgage And have between around $XXX which debt is $XX about Las an million we foreclosure around to ability

are So three to those I UE. unique think things

Floris van Dijkum

is the do guys question, other I of your that's Thanks. I on apart. my - No, the that next know, sheet follow-up one sets think balance I you things and you question guess, because

some today, it are money refinancing found to in able save unique you was mortgage the Your I assets Bruckner ways loan actually obviously, that pretty by structure. cheap.

appears you're And maybe actually you're at the, is seeing market then attractive that's X.XX%. comment debt, Bruckner XX-year money in financing you what X% could the on little even at six-year Mark, appears bit attractive, and a very if for for in paying you know, down money Newington

a So a walk can more give through little color. of bit a little that's, bit and you that if more

Mark Langer

think we Jeff in our sole you are you sole our this and that, of just thing and I back that And if Floris. look mortgage Sure, our debt kind unique and is pointed both as step among is one peers, and out, - strategy. public

talk we the matter. when of REIT really and of so the kind go public time get-go we're lenders out sponsorship to And a having does well-capitalized like differentiated us, from because these,

to has we volatile three you the we retail has been with sources that actually when go have CMBS, the would for that primary I And and been more look actually at that assets recently pricing say starting inefficient. market

you go banks, a regional in the clearly, all given there's And when they've the next of done. some restructuring so noise of prong bifurcation headline the that to been the

seen our are regional where have is open They we our and others deposits. where the time tiers of in life High-quality are is for actually centers, many still Etan They loan play we've It traction fine and relationship-driven many business. and most like the of companies. found for product desired. size, smaller with type but still relationships - our They really spent transaction. a we which team is of highly have, in turn want on myself of

enabled well-located, even and tenancy duration with of, top interest, get you of you a us higher. debt that really rates to just but outside LTVs real grocery X% remains have well-anchored still Grocery the XX% know, high-credit mentioned has and we

of to Spreads would that really in but the what say of asset and is XXX of probably today. last we're terms quality the the I the range, part in center rates XXX are question, So your matters. seeing type

to with our for appetite that, the to among low everything all about we end, can doing in, those been very life companies but X.X%. you products. X% tell the push we've We're pleased would So I to are rates

Floris van Dijkum

Thanks, one an up you that? thinking I on. Mark. you follow know were May about on if asset us Can side. I office that an the asset the on - in final update debt think could, an keys back had Brooklyn, you I give handing

Mark Langer

asset Floris, announce May. quarter, disclose did in again, quarter, and to servicing. that has last special We this transferred Sure. was transferred and It been

with. volume I are services activity that know It's special you the large. all dealing quite guys think of

just hard very that's said expect process. do we good and the be too We're headed. that, lender that through but in early would are the going it and Lenders where with discussions it's progress. foreclosure very having when we So is making active completed, Counsel to predict But

JeffMooallem

And it debt from Floris, about when $XX to should it be earnings balance it's done, remove $X.XX million accretive and again, a share. of sheet should $X.XX by to a our

Floris van Dijkum

Perfect. Thanks, Thanks Mark. Jeff.

JeffMooallem

you. Thank Okay.

Mark Langer

Yes.

Operator

question Morgan is Ronald Our from next Stanley. Kamdem,

Ronald Kamdem

Hi.

there? ones. maybe it two you're what's thoughts if just on happening Puerto Just asset going One, Thanks. potentially that quick and ground on Rico, getting sale or already, back done to there maybe selling a the touched of thinking you've on

JeffMooallem

spaces morning, back. there hot. It's to it mall we've reiterating Mooallem. down to over said in leases, are just the A have Good been spaces a to seeing We're we that Puerto we're island. willing that Rico of permanent that come been years, Jeff temping. are this Ron. interior look, it The and gradually tenants quarter commitment has it market lot last longer converting our quarter. several make the the as we've We've really Yes, last leasing. is

just were told going and to on Rico, six it option only the Puerto exercise about said two stay and that's thinking of soft ago, stores was commit all best because to tenant very island, that they on they of to going the exit the came the to in one in two had island their us to in world. and months more particular, who month And they hard only big stores service building us and stores in longer good were back to one and retailers going the they were we're last

Puerto So next should follow our and a a we Las user that. at days leasing property after about then our standpoint. Rico entertainment restaurant week We're within feel Sector where XX Catalinas from good good very XX opening sits

to refinancing right And Mark we're And that's obviously to something we'll little that on term. rents it's And go now. as through. table talked as look more, continued continue continues it's far a a in the and but that. we're increase bit there bit working excited and as the about occupancy something sale, at, short values little can up not the not push we to about

Ronald Kamdem

little because...? in financing you market about just do Mark, a bit Puerto to talk want the Rico,

Mark Langer

just I for that's Yes, would the would million. that we have able exercisable the which to fact option Ron. add, - $XX.X Las for now this existing be which purchase mentioned us Olson enable payoff would Catalinas, debt Jeff discounted

based local on best market. the we So market. financed in Puerto the Rico find that are through we is

at as We you in permanent have Montehiedra. financing had success may getting great remember

We're to in three a are negotiate talking lenders mortgage now. to the trying new Rico primary same that Puerto and

But I to So to have for increasingly an point, and fundamentals enabled and leasing us. say stay remain both also activity market wellness just Jeff the opportunity would tuned. financing attractive more

So we right that are pursuing now.

Ronald Kamdem

year then remind the it and went would you have be this one? through guidance, just could baked for much year-to-date And you is debt us how much Great. for how into bad

the to of open us could then clear. think that right $XXX the make that XXXX talked are XX% moving mind signed at is, I'm are the sort Thanks. - Is you you've part what that number? Right, first of it redevelopment remind not or yield. your $X.XX FFO, as getting pieces debt? pretty is the about in a biggest pipeline, about I of second And thinking sales talked But about you're question just what and can of million to because those two as $X.XX Maybe undershoot the target you overshoot sort bad now? of it

Mark Langer

Sure.

had had Bed, that messaged additional portfolio the all on basis reserve commented right a mentioned. is included the also added We loss general credit that in we've we we're of but our in overall. guidance of $X the question Jeff Bath, for million fallout Bath for bad and terms that points first XXX in guidance, on So assuming the now debt, for Bed,

We've that Bed, for about exposure, provisioned credit a of deemed our and we much of general how question million we six got top on Bath loss. basis points first $X.X months. fully answer XXX the So to guidance in your in uncollectible

some of because of tenant general the guidance. So situations. one-off that's lumpy But that's

In the those to focused executed, has on think not your I that up. on fallout face that while got spec of $X.XX delays. biggest and we There the question get RCDs those terms a tenants pipeline to we're opened target, components is small is of or SNO and lease level normal any

to needs then that much. really we because that have say not fruition. And That's come dispositions. modest very is moving So to an the expectations I on and would acquisitions that element needle

just that So I to pillars to that. NOI it's really the fundamental on going biggest the impact are think have,

JeffMooallem

not footage of I that is XXX,XXX executed. deals Yes. signed add, that focused our spread. would pipeline we LOI we're on different open There's square which XX% the addition a - negotiating. About commencement sits of a pipeline I behind rent as said, we're XX% roughly it dates. And we're had mentioned in square that in into at pipeline, Mark converting Ron, feet to

into So if to signed, signed, getting that not new not we that combined but big into that's to open and lift, a leases XX% just $X.XX. with the under convert pipeline. but That's the executed existing LOI open signed the get

Ronald Kamdem

Thank Excellent. Super helpful. you.

JeffMooallem

you. Thank

Operator

is from Street. Paulina question next Our Green Rojas,

Paulina Rojas

morning. Good

Mark Langer

Good morning, Paulina.

Paulina Rojas

that some Can this that on on we're institutional Hi. It been interest were seeing - you your mentioned provide retail. there topic conversations? along seasonal has based

Mark Langer

institutional around more is retail. interest Yes. clearly mean, there I

into these it's positive product and sectors it part in allocation of to types. other office in where few the put many reduced they're think looking their institutional can part, have because of And investors leverage. one obtain you I also

get financing not it's for So hoping you're buying rent in that'll your above fours like costs. growth the you and

non-recourse some actually can properties spreads. of with debt and type it get you buy finance and Today,

So over and the taken shopping have resilience interest. that several seen institutions center space think in years the given you've last the I

about of So and interest no it that's investors proving to group assets. be looking at it. we're competition institutional going us retail out in providing some as is is a for and question There today

Paulina Rojas

have what's the of my rents today? you done mark-to-market then your the last is exercise And you. assessing Thank in of question portfolio the

Mark Langer

one I'm more sorry. that Say Paulina. time,

JeffMooallem

up. broke Your line

Paulina Rojas

Yes, rents what's every you exercise how in that spreads around of the I'm we your sorry. have evaluating today that good demand of so portfolio mark-to-market talk given is, the what's done releasing - upside saying quarter. the

JeffOlson

it's yes, - we think pretty significant. We

what We have under that But right based to the XX%. of biggest have - where negotiation just are about what as mark-to-market on exercise. of part XXX,XXX now We're not under going lease-by-lease-by-lease. market think is of through square going there what about is I negotiation and leases budgeting is And spread? mark the indicator and leases we our that feet

But still required high capital some nonetheless, there's we've for Now probably that it's had too. very a number, years. in highest the

JeffMooallem

Yes.

Paulina Rojas

That's me. for thank you. Okay, all

JeffOlson

Thank Okay. you, Paulina.

Operator

ahead. turn further to this [Operator time. to back Instructions] Please questions floor There I Olson like are no go would the at over Mr. Jeff for comments. closing

Jeff Olson

any have UE, you We please much. questions. Thank us call you so appreciate everyone's and in if interest

Operator

teleconference. today's concludes This

may disconnect your participation. lines very your much Thank you time. for this You at

Urban Edge Properties (UE) 2 Aug 232023 Q2 Earnings call transcript