Urban Edge Properties · NYSE:UE

Urban Edge Properties — Investor Day (April 2023)

67 slides from Urban Edge Properties's investor day presentation, Apr 18, 2023

  1. Slide 1: Investor Day April 2023

    INVESTOR DAY APRIL 2023 G: EDGE PROPERTIES.

  2. Slide 2: Overview

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 2 Overview “We come and go, but the land is always here.” - Willa Sibert Cather

  3. Slide 3: The Urban Edge – Six Most Important Takeaways

    I N V E S T O R P R E S E N T A T I O N 3I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S The Urban Edge – Six Most Important Takeaways 1. Irreplaceable $4B portfolio of retail real estate primarily in the DC to Boston corridor  ~80% of portfolio value is located in NY

  4. Slide 4: Our Mission

    I N V E S T O R P R E S E N T A T I O N 4I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S Our Mission Own and improve retail real estate, primarily in the Washington, DC to Boston corridor, generating attractive risk-adjusted returns while enhancing communities through s

  5. Slide 5: Bruckner Commons in 2015

    I N V E S T O R P R E S E N T A T I O N 5I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S Bruckner Commons in 2015 Bronx, NY

  6. Slide 6: Bruckner Commons – Today

    I N V E S T O R P R E S E N T A T I O N 6I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S Bruckner Commons – Today Bronx, NY

  7. Slide 7: Bruckner Commons – Tomorrow

    I N V E S T O R P R E S E N T A T I O N 7I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S Bruckner Commons – Tomorrow Bronx, NY

  8. Slide 8: Urban Edge Team

    Urban Edge Team Cecilia Li SVP, Chief Information Officer John Villapiano SVP, Development Leigh Lyons SVP, Leasing Scott Auster EVP, Head of Leasing Andrea Drazin Chief Accounting Officer Jeff Olson Chairman and Chief Executive Officer Mark Langer EVP, Chief Financial Officer Danielle De Vita EVP,

  9. Slide 9: What's Changed Since Our November 2019 Investor Day?

    I N V E S T O R P R E S E N T A T I O N 9I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S What’s Changed Since Our November 2019 Investor Day? » A pandemic validated the resiliency of brick-and-mortar retail real estate  We replaced underperforming anchor tenants with r

  10. Slide 10: Portfolio Concentrated in DC to Boston Corridor

    I N V E S T O R P R E S E N T A T I O N 10I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 1 Portfolio Concentrated in DC to Boston Corridor Most heavily urbanized region in the U.S. 90% portfolio NOI generated from properties situated in the DC to Boston corridor 2x our

  11. Slide 11: First-Ring Suburbs of NY Metro

    I N V E S T O R P R E S E N T A T I O N 11I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 11 First-Ring Suburbs of NY Metro 44 Properties; ~80% of Total Value Supply Constraints and Population Density drive demand from retailers seeking to expand their omnichannel initi

  12. Slide 12: Portfolio Situated in Dense, Affluent U.S. Submarkets

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 12 Portfolio Situated in Dense, Affluent U.S. Submarkets BRX FRT KIM KRG PECO REGROIC SITC UE $75,000 $80,000 $85,000 $90,000 $95,000 $100,000 $105,000 $110,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

  13. Slide 13: Infill Shopping Center vs Secondary Market

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 13 SECONDARY MARKETPRIMARY MARKET Infill Shopping Center vs Secondary Market Which property has higher land value? Which one is more vulnerable to new supply? Bruckner Commons, Bronx, NY Peer shopping center

  14. Slide 14: Portfolio Composition (% of Value)

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 14 Portfolio Composition (% of Value) INDUSTRIAL/SELF-STORAGE: 7% CORE: 63% Tonnelle Commons, North Bergen, NJ VALUE-ADD: 20% Bruckner Commons, Bronx, NY The Outlets at Montehiedra PUERTO RICO: 6% NON-CORE: 4% VALUE-ADD PU

  15. Slide 15: Portfolio Composition – Clear Path to Growth

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 15 Portfolio Composition – Clear Path to Growth TotalNon-core Industrial/ Self-Storage Puerto RicoValue-AddCore 74(1)20421236Number of Assets 16.0M2.0M1.5M0.9M3.0M8.7MGross Leasable Area 100%4%7%6%20%63%% of Portfolio Est.

  16. Slide 16: Core Portfolio Stable Cash Flows

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 16 TONNELLE COMMONS, North Bergen, NJWOODMORE TOWNE CENTRE, Glenarden, MD HANOVER COMMONS, East Hanover, NJ HACKENSACK COMMONS, Hackensack, NJ BRICK COMMONS, Brick, NJ BRUNSWICK COMMONS, East Brunswick, NJ PLAZA AT WOODBRI

  17. Slide 17: Value-Add Assets

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 17 Value-Add Assets 14% NOI CAGR $18M 3-Year NOI growth from 6 assets representing 95% of value-add NOI growth BRUCKNER COMMONS GLA: 712K, Major Tenants: Best Buy BRUCKNERHUNTINGTON YONKERS GATEWAY CENTER Yonkers, NY Repos

  18. Slide 18: The Sun is Shining in Puerto Rico

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 18 The Sun is Shining in Puerto Rico » Significant relocation and tourism combined with tax incentives are helping drive local economic growth particularly in high density areas » Record low unemployment has enabled the lo

  19. Slide 19: The Outlets at Montehiedra – San Juan, Puerto Rico

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 19 The Outlets at Montehiedra – San Juan, Puerto Rico » Value-oriented outlet center located six miles south of San Juan just off the main expressway with daily traffic of 125K cars » Major improvements to tenant mix achie

  20. Slide 20: Las Catalinas – Caguas, Puerto Rico

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 20 Las Catalinas – Caguas, Puerto Rico » Regional mall located in Caguas. The property is highly visible, with easy access to the main expressway » The asset is undergoing a transformation replacing a former 122K sf Kmart

  21. Slide 21: Industrial / Self-storage

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 21 Industrial / Self-storage Diversified Cash Flows | 17% NOI CAGR CAGR calculated on ‘22 – ’25 projected NOI (1) Includes expected benefit of improved recoveries of operating expenses related to occupancy gains HANOVER WA

  22. Slide 22: Urban Edge Board of Trustees – 2023 Slate

    Urban Edge Board of Trustees – 2023 Slate Refreshed and Diversified Board With Deep Expertise Katherine M. SandstromKevin P. O’Shea Mary L. Baglivo Steven H. Grapstein Steven J. GuttmanNorman K. Jenkins Lead Trustee Jeffrey S. Olson Chairman and CEO Douglas W. SeslerCatherine D. Rice

  23. Slide 23: UE Stock is Mispriced

    I N V E S T O R P R E S E N T A T I O N 23I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S Implied Value PSF FFO Multiple Implied Cap Rate 3-Mile Population Density $18512.2x7.7%211,000 $24013.2x7.3%120,000 Peer Average UE Stock is Mispriced We do not believe current sto

  24. Slide 24: Business Update

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 24 Business Update

  25. Slide 25: The Retail Market

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 25 The Retail Market Tailwinds » Pandemic demonstrated the resiliency and permanence of brick-and-mortar retail » Cost of capital impacts all industries Headwinds » Demand is strong, with vacancy at the lowest level in 15

  26. Slide 26: Retail Demand Driven by Successful Proven Brands

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 26 Retail Demand Driven by Successful Proven Brands Notable store expansion plans: Projected opening data per media reports 170 in 2023 500-600 in 5 years 200 new restaurants by 2025 Tripling the store count by 2030 Enteri

  27. Slide 27: Declining Retail Supply Has Helped Drive Higher Occupancy and Rent Growth

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 27 Declining Retail Supply Has Helped Drive Higher Occupancy and Rent Growth 112 112 75 34 21 19 20 25 29 31 31 28 21 17 14 13 15 95.3% 88% 89% 90% 91% 92% 93% 94% 95% 96% 0 20 40 60 80 100 120 2006 2007 2008 2009 2010 201

  28. Slide 28: New Retail Construction in The Northeast is Virtually Non-existent

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 28 New Retail Construction in The Northeast is Virtually Non-existent 92.0% 92.5% 93.0% 93.5% 94.0% 94.5% 95.0% 95.5% 96.0% 0 2 4 6 8 10 12 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 20

  29. Slide 29: UE Achieved Record New Leasing Activity in 2022

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 29 UE Achieved Record New Leasing Activity in 2022 683K 355K 347K 433K 369K 431K 678K 1 Million 2015 2016 2017 2018 2019 2020 2021 2022 Leased SF 22% Wtd Avg Cash Leasing Spread 8% Wtd Avg Cash Leasing Spread ’15 - ’21

  30. Slide 30: Record 1M sf of New Leases in 2022 With Diverse Mix of Tenants

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 30 Record 1M sf of New Leases in 2022 With Diverse Mix of Tenants

  31. Slide 31: UE's Same-Property Leased Occupancy – Returning to Historical Levels

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 31 UE’s Same-Property Leased Occupancy – Returning to Historical Levels 98% 93% 93% 92% 94% 95% 98%+ 2016-2017 2018 2019 2020 2021 2022 2025 Projection (1) Represents an average of quarterly occupancy (1)

  32. Slide 32: Upgraded Tenant Roster

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 32 Upgraded Tenant Roster UPGRADED UE has a proven track record of successfully re-leasing anchor spaces from bankrupt tenants. Toys “R” Us and Kmart boxes that represented 4% of ABR have been re-leased at average rent spr

  33. Slide 33: Top Tenants – Dominant Operators With Financial Strength

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 33 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Top 15 Tenants – Dominant Operators With Financial Strength By Annualized Base Rent Data as of December 31, 2022 proforma to include SNO as of March 31, 2023 A- Weighted Avg. Credit Ra

  34. Slide 34: The UE Portfolio – Value Drivers

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 34 The UE Portfolio – Value Drivers Accretive Investments » Delivered $105M at a 10% unleveraged yield during 2022 » Current pipeline includes $216M of investment at a 12% unleveraged return » Opportunities include expansi

  35. Slide 35: Active Redevelopment Pipeline

    I N V E S T O R P R E S E N T A T I O N 35I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S Active Redevelopment Pipeline Description Target Stabilization Incurred as of 12/31/22 Estimated Gross Cost ($000s)Projects Ground-up development of a medical office building for H

  36. Slide 36: Leases Signed Not Yet Open Driving NOI Growth

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 36 Leases Signed Not Yet Open (SNO) Driving NOI Growth » Approximately $32M of future annual gross rent from the SNO pipeline will provide significant earnings growth » National, regional, and industrial tenants represent

  37. Slide 37: UE's Implied Value of $185/sf Represents a 25% Discount to Peer Average

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 37 UE’s Implied Value of $185/sf Represents a 25% Discount to Peer Average Source: Company data and implied operating value based on stock price at 4/14/23 - 50,000 100,000 150,000 200,000 250,000 0 50 100 150 200 250 300

  38. Slide 38: Property Spotlights

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 38 Property Spotlights

  39. Slide 39: Sunrise - Acres of Opportunity

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 39 Sunrise - 77 Acres of Opportunity

  40. Slide 40: Bergen Town Center

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 40 Bergen Town Center

  41. Slide 41: Bergen Town Center – 456-Unit Residential Opportunity on 8 Acres

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 41 Bergen Town Center – 456-Unit Residential Opportunity on 8 Acres

  42. Slide 42: Bergen Town Center – Neighborhood Residential Community

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 42 Bergen Town Center – Neighborhood Residential Community

  43. Slide 43: Core Asset: Woodmore Towne Centre, Glenarden, MD

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 43 Core Asset: Woodmore Towne Centre, Glenarden, MD » 712,000 sf Wegmans and Costco anchored center located on 83 acres in Glenarden, MD; 9 miles from center of Washington, DC » #2 most frequented open-air shopping center

  44. Slide 44: Core Asset: Briarcliff Commons, Morris Plains, NJ

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 44 Core Asset: Briarcliff Commons, Morris Plains, NJ AFTER BEFORE » 176K sf grocery-anchored center on 27 acres » Newly opened (Feb 2022) Uncle Giuseppe’s grocer increased 2022 foot traffic 62% compared to 2019 55% From ex

  45. Slide 45: Value-Add Asset: Huntington Commons, Huntington, NY

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 45 Value-Add Asset: Huntington Commons, Huntington, NY AFTER BEFORE

  46. Slide 46: Value-Add Asset: Huntington Commons, Huntington, NY

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 46 Value-Add Asset: Huntington Commons, Huntington, NY » 207K sf center anchored by new ShopRite (opened 4Q ‘22), Marshalls, Petco, Old Navy; includes a Home Depot shadow anchor » Full renovation, façade and parking improv

  47. Slide 47: Value-Add Asset: Bruckner Commons, Bronx, NY

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 47 Value-Add Asset: Bruckner Commons, Bronx, NY BEFORE AFTER

  48. Slide 48: Value-Add Asset: Bruckner Commons, Bronx, NY

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 48 Value-Add Asset: Bruckner Commons, Bronx, NY » 510K sf located at Bruckner Blvd and White Plains Rd, one of the most significant retail hubs in the Bronx » 3-mile population of 700K people » 22 acres spread among 3 parc

  49. Slide 49: Financial Overview

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 49 Financial Overview

  50. Slide 50: 2023 Outlook – Raising FFO/share Guidance

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 50 2023 Outlook – Raising FFO/share Guidance PreviousUpdated $1.11 to $1.17$1.14 to $1.182023 FFO as Adjusted per diluted share Full year outlook is based on the following assumptions: (1.0%) to 2.0%0% to 2.0%Same Property

  51. Slide 51: Successfully Refinanced Bergen Town Center Mortgage

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 51 Successfully Refinanced Bergen Town Center Mortgage » Refinanced $300M mortgage on Bergen Town Center on attractive terms with high quality lenders:  Executed $290M, seven-year mortgage at fixed rate of 6.3%  Terms ar

  52. Slide 52: Three-Year Growth Targets 2023 – 2025

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 52 Three-Year Growth Targets 2023 – 2025 3% - 5% avg annual growthFFO as Adj Growth 5% - 7% avg annual growthSP NOI w/Redevelopment Increase from 95% to 98%Leased Occupancy $100M - $125M per yearRedevelopment / Re-tenantin

  53. Slide 53: 2022 – 2025 FFO Bridge – Targeting $1.35/sh in 2025

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 53 2022 – 2025 FFO Bridge – Targeting $1.35/sh in 2025 AssumptionsPer Share $1.212022 FFO as Adjusted • 17% - 21% same-property NOI w/ redevelopment growth from 2022$0.34 - $0.41NOI Growth • Streamlined senior management t

  54. Slide 54: Components of Three-Year SP NOI w/ Redevelopment CAGR

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 54 Components of Three-Year SP NOI w/ Redevelopment CAGR Excludes Sunrise Mall Signed but not yet open 3.4% – 4.0% Leasing Pipeline, Renewals & Options 1.3% – 2.3% Contractual Rent Steps & Other 1.0% – 1.3% Development/Exp

  55. Slide 55: NOI Increasing From Physical and Leased Occupancy Growth

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 55 NOI Increasing From Physical and Leased Occupancy Growth 95% 96% 97% 98%+ 91% 93% 96% 98% 2022 2023 Target 2024 Target 2025 Target Same-Property Occupancy Leased Physical (1) Anchors represent 83% of total consolidated

  56. Slide 56: Three-Year Capital Allocation Plan

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 56 Three-Year Capital Allocation Plan Capital Needs 2023 - 2025 $2B+ Capital Sources » $150M - $200M free cash flow after dividends and prior to capex » Monetize $50M - $100M of proceeds from asset / land sales / joint ven

  57. Slide 57: Unique Secured Debt Strategy Aligned With Opportunistic Business Plan

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 57 Unique Secured Debt Strategy Aligned With Opportunistic Business Plan » Strong balance sheet uniquely positioned with indebtedness solely attributable to non-recourse single-asset mortgages » Strategy protects our balan

  58. Slide 58: Liquidity and Balance Sheet

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 58 Liquidity and Balance Sheet • Total liquidity of ~$929 million, comprised of $129 million of cash and $800 million undrawn line of credit(1) • Outstanding indebtedness is made up of 34 individual non-recourse mortgages

  59. Slide 59: ESG

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 59 ESG Set goal to reduce Scope 1 and Scope 2 GHG emissions by 30% before 2025 and by 50% before 2030 from a 2015 base year Investing in health and wellness programs, new diversity, equity and inclusion policies and profes

  60. Slide 60: Summary

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 60 Summary

  61. Slide 61: Six Key Takeaways

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 61 Six Key Takeaways 1. Irreplaceable $4B portfolio of retail real estate primarily in the DC to Boston corridor 2. Positioned with market leading NOI growth (20%+) over the next three years, nearly 80% of which is derived

  62. Slide 62: Q&A

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 62 Q&A

  63. Slide 63: Forward-Looking Statements

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 63 Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amen

  64. Slide 64: Non-GAAP Performance Measures

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 64 The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We continually evaluate

  65. Slide 65: Same-property NOI definition

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 65 • Same-property NOI: The Company provides disclosure of NOI on a same-property basis, which includes the results of properties that were owned and operated for the entirety of the reporting periods being compared, which

  66. Slide 66: Reconciliation: Net Income to FFO and FFO as Adjusted

    I N V E S T O R D A Y A P R I L 2 0 2 3 U R B A N E D G E P R O P E R T I E S 66 Reconciliation: Net Income to FFO and FFO as Adjusted 2025 Target Per Diluted Share(1)2023 Guidance Per Diluted Share(1) HighLowHighLow(in thousands, except per share amounts) $0.45$0.37$0.34$0.31Net income Less net (in

  67. Slide 67: fee

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Urban Edge Properties — Investor Day (April 2023) on 6ix