Urban Edge Properties

Greetings. Welcome to the Urban Edge Properties third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Areeba Ahmed, Investor and Relations Associate. Thank you, Areeba. You may begin.

Good morning and welcome to Urban Edge Properties third quarter 2026 earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer, Jeff Mooallem, Chief Operating Officer, Mark Langer, Chief Financial Officer, Heather Ohlberg, General Counsel, Scott Auster, EVP and Head of Leasing, and Andrea Drazin, Chief Accounting Officer. Please note today's discussion may contain forward-looking statements about the company's views of future events and financial performance, which are subject to numerous assumptions, risks, and uncertainties, and which the company does not undertake to update. Our actual results, financial condition, and business may differ. Please refer to our filings with the SEC, which are also available on our website, for more information about the company. In our discussion today, we will refer to certain non-GAAP financial measures. Reconciliations of these measures to GAAP results are available in our earnings release and our supplemental disclosure package. At this time, it is my pleasure to introduce our Chairman and Chief Executive Officer, Jeff Olson.

Thank you, Areva, and good morning. We delivered another strong quarter. FFO, as adjusted, was $0.38 per share, up 6% from last year's third quarter and 6% year-to-date. Same property NOI, including redevelopment, grew 4.6% for the quarter and 3.6% year-to-date. We raised FFO as adjusted guidance by a penny per share at the midpoint to $1.52 to $1.54, which implies 7% growth over 2025. We continue to improve the quality and long-term growth rates of the portfolio through capital recycling. In September, we sold Briarcliff Commons, a Kohl's-anchored center in Morris Plains, New Jersey, for $60.5 million. That sale moves Kohl's from our third-largest tenant by EBR to our seventh. We structured it as an accretive reverse 1031 exchange paired with our acquisition of the Village at Bridgewater Commons. Earlier this month, we closed on the $90.3 million acquisition of Regency Court in Boca Raton, marking our entry into Florida. As we've stated in the past, moving south is a natural extension of our footprint. Several of us on the leadership team spent years owning, living in, and operating shopping centers in South Florida. So we know these communities well. We expect to keep growing in this market, mostly through selling some of our more stabilized, high credit power centers in New Jersey. Regency Court is a 140,000 square foot center anchored by Publix and Walgreens. Thank you. Thank you. It draws 3.3 million visitors a year with traffic still increasing. We underwrote this acquisition on growth embedded in the rent roll, not on the going-in yield, which was approximately 4%. Both anchors pay a fraction of market, and both leases expire, including all options, in six years. Beyond the anchors, we see opportunities to add value through upgrading the tenant mix, improving access and parking, and potentially adding GLA. We expect to earn an 8% to 9% unlevered IRR. With Regency Court, the shops at West Falls Church in Virginia, and the Village at Bridgewater Commons in New Jersey, we've acquired $185 million of high-quality centers this year, further diversifying our geographic footprint and increasing our long-term growth rate. We are encouraged by the strength and depth of the leasing environment. Nationally, retail vacancy is 4.3%, near record lows. Big box tenants are competing for a well-located space and scarcity is pushing rents higher. Our same space new lease cash spreads are 28% year-to-date and our signed but not open pipeline is $21 million. representing 7% of annualized net operating income, one of the largest pipelines in the sector. We're very well positioned for continued, steady growth. With that, I'll turn it over to our Chief Operating Officer, Jeff Mooallem.