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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 6, 2026

URBAN EDGE PROPERTIES
URBAN EDGE PROPERTIES LP
(Exact name of Registrant as specified in its charter)
Maryland (Urban Edge Properties) 001-36523 (Urban Edge Properties) 47-6311266
Delaware (Urban Edge Properties LP) 333-212951-01 (Urban Edge Properties LP) 36-4791544
(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number)
12 East 49th Street,
 New York NY 10017
(Address of Principal Executive offices) (Zip Code)
Registrant’s telephone number including area code: (212) 956-0082
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Urban Edge Properties
Title of class of registered securities Trading symbol Name of exchange on which registered
Common shares of beneficial interest, par value $0.01 per share UE The New York Stock Exchange
Urban Edge Properties LP
Title of class of registered securities Trading symbol Name of exchange on which registered
None N/A N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Urban Edge Properties - Emerging growth company  ☐      Urban Edge Properties LP - Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Urban Edge Properties o                   Urban Edge Properties LP o   


This Current Report on Form 8-K is filed by Urban Edge Properties, a Maryland real estate investment trust (the “Company”), and Urban Edge Properties LP, a Delaware limited partnership through which the Company conducts substantially all of its operations (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership.

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, the Company announced its financial results for the three and six months ended June 30, 2026. Copies of the Company's Earnings Press Release and Supplemental Disclosure Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any filing of the Company or the Operating Partnership under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On August 6, 2026, the Company announced its financial results for the three and six months ended June 30, 2026 and made available on its website the Earnings Press Release and Supplemental Disclosure Package described in Item 2.02 above. The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any filing of the Company or the Operating Partnership under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:
104 Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document)



SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
URBAN EDGE PROPERTIES
Date: August 6, 2026
 By: /s/ Mark Langer
Mark Langer, Executive Vice President and Chief Financial Officer
URBAN EDGE PROPERTIES LP
By: Urban Edge Properties, General Partner
Date: August 6, 2026
 By: /s/ Mark Langer
Mark Langer, Executive Vice President and Chief Financial Officer


EX-99.1 2 exhibit991-earningsrelease.htm EX-99.1 Document

ue_logoxstackedxnavya.jpg
 Exhibit 99.1
Urban Edge Properties For additional information:
12 East 49th Street
Mark Langer, EVP and
New York, NY 10017 Chief Financial Officer
212-956-0082
FOR IMMEDIATE RELEASE:
Urban Edge Properties Reports Second Quarter 2026 Results
 -- Raises Outlook for Full-Year 2026 FFO as Adjusted --
 -- Declares Quarterly Common Dividend of $0.21 per Share --
                    
NEW YORK, NY, August 6, 2026 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2026 and updated its outlook for full-year 2026.
"Urban Edge delivered another excellent quarter, highlighted by record FFO as Adjusted of $0.40 per share and continued momentum across our portfolio,” said Jeff Olson, Chairman and CEO. “Capital recycling remains a top priority. We recently acquired The Shops at West Falls Church in Falls Church, VA, and a leasehold interest at Shoppers World in Framingham, MA, together totaling $51.1 million. We're also under contract to sell a Kohl's-anchored center in Morris Plains, NJ for $60.5 million."
"Given our better-than-expected results, we raised full-year FFO as Adjusted guidance by $0.02 per share. With $22 million of signed leases that have not yet rent commenced, double-digit redevelopment yields, and sustained tenant demand across our centers, we're well positioned to continue delivering durable, visible growth."

Financial Results(1)(2)
(in thousands, except per share amounts) 2Q26 2Q25 YTD 2026 YTD 2025
Net income attributable to common shareholders $ 17,922  $ 57,978  $ 40,567  $ 66,176 
Net income per diluted share 0.14  0.46  0.32  0.53 
Funds from Operations ("FFO") 53,395  43,779  109,052  89,237 
FFO per diluted share 0.41  0.34  0.83  0.68 
FFO as Adjusted 52,267  47,252  99,836  93,173 
FFO as Adjusted per diluted share 0.40  0.36  0.76  0.71 
The decreases in net income for the three and six months ended June 30, 2026 were primarily driven by a $49.5 million, or $0.39 per diluted share, gain on sale of real estate related to three properties divested in the second quarter of 2025. The increases in FFO and FFO as Adjusted for the three and six months ended June 30, 2026 were driven by rent commencements on new leases, higher net recovery revenue, lease termination income, and growth from accretive capital recycling. FFO for the six months ended June 30, 2026 also benefited from $8.4 million, or $0.06 per diluted share, of non-recurring reimbursements received during the first quarter of 2026 pertaining to previously incurred environmental remediation costs.

Same-Property Operating Results Compared to the Prior Year Period(1)(3)

2Q26 YTD 2026
Same-property Net Operating Income ("NOI") growth 3.2  % 2.8  %
Same-property NOI growth, including properties in redevelopment 3.2  % 3.0  %
Increases in same-property NOI metrics for the three and six months ended June 30, 2026 were driven by rent commencements on new leases from our signed but not open pipeline. The increase for the three months ended June 30, 2026 also benefited from out-of-period collections on past due rents.


1

Leasing and Occupancy Results(1)
•Consolidated portfolio leased occupancy was 96.6%, an increase of 10 basis points compared to June 30, 2025 and 20 basis points compared to March 31, 2026.
•The Company reported same-property portfolio leased occupancy of 96.3%, a decrease of 40 basis points compared to June 30, 2025 and 10 basis points compared to March 31, 2026.
•The Company executed 26 new leases, renewals and options totaling 199,000 sf during the quarter. New leases totaled 120,000 sf, of which 90,000 sf was on a same-space basis and generated an average cash spread of 12.8%. New leases, renewals and options totaled 169,000 sf on a same-space basis and generated an average cash spread of 10.7%.
•As of June 30, 2026, signed leases that have not yet rent commenced are expected to generate an additional $22.0 million of future annual gross rent, representing approximately 7% of current annualized NOI. Approximately $1.7 million of this amount is expected to be recognized in the remainder of 2026.

Acquisition and Disposition Activity
On July 17, 2026, the Company acquired The Shops at West Falls Church for a gross purchase price of $40.4 million. The 85,000 sf shopping center is located in Falls Church, VA and sits within a densely populated and affluent submarket of Washington, D.C. with average annual household income of approximately $200,000 within a three-mile radius. The center is anchored by a grocer and provides visible growth potential through lease-up, contractual annual rent increases, and mark-to-market opportunities on expiring leases.
On May 21, 2026, the Company entered into a purchase and sale agreement with the ground lessor of certain ground leased premises at Shoppers World in Framingham, MA, to acquire the ground lease for $10.7 million, allowing the Company to take over as lessor for the underlying tenant. The transaction closed on June 25, 2026.
The Company is currently under contract to sell Briarcliff Commons, located in Morris Plains, NJ, for a gross sales price of $60.5 million which is expected to close later this month.

Development and Redevelopment
During the quarter, the Company commenced two redevelopment projects with estimated aggregate costs of $6.7 million and stabilized one project totaling $12.7 million with the rent commencement of Burlington at Hudson Mall. The completed projects over the last 12 months total $32.6 million of investment with a blended yield of 25%.
As of June 30, 2026, the Company has $155.0 million of active development and redevelopment projects underway, with estimated remaining costs to complete of $66.7 million. The active development and redevelopment projects are expected to generate an approximate 12% yield.

Balance Sheet and Liquidity(1)(4)(5)
Balance sheet highlights as of June 30, 2026 include:
•Total liquidity of approximately $957 million, consisting of $82 million of cash on hand and $875 million available under the Company's $950 million of unsecured credit facilities, including undrawn letters of credit.
•Mortgages payable of $1.64 billion, with a weighted average term to maturity of 3.3 years, all of which are fixed rate or hedged.
•$55 million drawn on our $700 million unsecured line of credit that matures on June 28, 2030, with two six-month extension options.
•No borrowings on our $250 million of delayed-draw term loans.
•Total market capitalization of approximately $4.75 billion, comprised of 133.5 million fully-diluted common shares valued at $3.05 billion and $1.70 billion of debt.
•Net debt to total market capitalization of 34%.

2026 Outlook
Based on results for the first half of the year, the Company has raised its 2026 full-year guidance ranges for net income, FFO, and FFO as Adjusted, estimating net income of $0.57 to $0.61 per diluted share, net income attributable to common shareholders of $0.55 to $0.58 per diluted share, FFO of $1.57 to $1.60 per diluted share, and FFO as Adjusted of $1.50 to $1.54 per diluted share. The updated range for FFO as Adjusted now implies a midpoint of $1.52 per diluted share, an increase of $0.02 from the previous midpoint of $1.50 per diluted share. A reconciliation of the range of estimated earnings, FFO and FFO as Adjusted, the assumptions used in our guidance, and a reconciliation bridging 2025 FFO per diluted share to the 2026 estimates can be found on pages 4 and 5 of this release.

2

Dividend
On August 6, 2026, the Board of Trustees declared a regular quarterly dividend of $0.21 per common share. The dividend will be payable on September 30, 2026 to common shareholders of record on September 15, 2026.

Corporate Responsibility
On June 23, 2026, the Company published its 2025 Corporate Responsibility Report. The report can be found on the Corporate Responsibility page of the Company's website. Notable achievements highlighted in the report include:
•Achieved a 41% reduction in scope 1 and scope 2 greenhouse gas emissions as compared to a 2015 base year and remain on track towards our goal of a 50% reduction by 2030.
•Reduced water consumption at landlord-controlled properties by 35% as compared to 2021.
•Recycled over 7,400 metric tons of materials in 2025, representing a 37% waste diversion rate.

Earnings Conference Call Information
The Company will host an earnings conference call and audio webcast on August 6, 2026 at 5:00 PM ET. All interested parties can access the earnings call by dialing 1-833-309-3473 (Toll Free) or 1-785-838-9251 (Toll/International) using conference ID "URBAN" (87226). The call will also be webcast and available in listen-only mode on the investors page of our website: www.uedge.com. A replay will be available at the webcast link on the investors page for one year following the conclusion of the call. A telephonic replay of the call will also be available starting August 6, 2026 at 8:00 PM ET through August 20, 2026 at 11:59 PM ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 11162144.



































(1) Refer to "Non-GAAP Financial Measures" on page 6 and "Operating Metrics" on page 7 for definitions and additional details. Reported consolidated occupancy excludes the impact of Sunrise Mall. Including Sunrise Mall, consolidated portfolio leased occupancy was 96.5% at June 30, 2026.
(2) Refer to page 11 for a reconciliation of net income to FFO and FFO as Adjusted for the three and six months ended June 30, 2026.
(3) Refer to page 12 for a reconciliation of net income to NOI and Same-Property NOI for the three and six months ended June 30, 2026.
(4) Net debt as of June 30, 2026 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $82 million. Total consolidated debt and mortgages payable excludes unamortized debt issuance costs of $11.9 million and our $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. Including the $30.0 million mortgage secured by our property in Morris Plains, NJ, weighted average term to maturity of mortgages payable is 3.4 years.
(5) Availability under our unsecured credit facilities is net of letters of credit issued under the unsecured line of credit. The Company obtained seven letters of credit aggregating $20.5 million which have reduced the available balance commensurate with their face values but remain undrawn and no separate liability has been recorded.
3

2026 Earnings Guidance
The Company has raised its 2026 full-year guidance ranges for net income, FFO, and FFO as Adjusted, estimating net income of $0.57 to $0.61 per diluted share, net income attributable to common shareholders of $0.55 to $0.58 per diluted share, FFO of $1.57 to $1.60 per diluted share, and FFO as Adjusted of $1.50 to $1.54 per diluted share. Below is a summary of the Company's 2026 outlook, assumptions used in its forecasting, and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.
Previous Guidance Revised Guidance
Net income per diluted share
$0.56 - $0.60
$0.57 - $0.61
Net income attributable to common shareholders per diluted share
$0.54 - $0.58
$0.55 - $0.58
FFO per diluted share
$1.54 - $1.58
$1.57 - $1.60
FFO as Adjusted per diluted share
$1.48 - $1.52
$1.50 - $1.54

The Company's revised 2026 full-year outlook is based on the following assumptions:
•Same-property NOI growth, including properties in redevelopment, of 3.25% to 3.75%, reflecting an increase from our previous assumption of 3.00% to 3.75%.
•Recurring G&A expenses ranging from $34.5 million to $36.5 million, unchanged from our previous assumption.
•Interest and debt expense ranging from $78.0 million to $79.0 million, unchanged from our previous assumption.
•Acquisitions of $95 million, reflecting activity completed year-to-date, and dispositions of $60.5 million reflecting properties currently under contract.
•Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, and other one-time items outside of the ordinary course of business.

Guidance 2026E
Per Diluted Share(1)
(in thousands, except per share amounts) Low High Low High
Net income $ 75,600  $ 80,000  $ 0.57  $ 0.61 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership (3,900) (4,100) (0.03) (0.03)
Consolidated subsidiaries 900  900  0.01  0.01 
Net income attributable to common shareholders 72,600  76,800  0.55  0.58 
Adjustments:
Rental property depreciation and amortization 130,000  130,000  0.99  0.99 
Limited partnership interests in operating partnership 3,900  4,100  0.03  0.03 
FFO Applicable to diluted common shareholders 206,500  210,900  1.57  1.60 
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net (7,700) (7,700) (0.06) (0.06)
Loss on extinguishment of debt 200  200  —  — 
Non-cash adjustments(2)
(1,400) (1,400) (0.01) (0.01)
FFO as Adjusted applicable to diluted common shareholders $ 197,600  $ 202,000  $ 1.50  $ 1.54 
(1) Amounts may not foot due to rounding.
(2) Includes the acceleration and write-off of lease intangibles related to tenant terminations and bankruptcies for the six months ended June 30, 2026.













4

The following table is a reconciliation bridging 2025 FFO per diluted share to the Company's estimated 2026 FFO per diluted share:
Per Diluted Share(1)
Low High
2025 FFO applicable to diluted common shareholders $ 1.43  $ 1.43 
2025 Items impacting FFO comparability(2)
0.01  0.01 
2026 Items impacting FFO comparability(2)
0.07  0.07 
Same-property NOI growth, including redevelopment 0.07  0.08 
Acquisitions net of dispositions NOI growth 0.02  0.02 
Interest and debt expense (0.01) — 
Recurring general and administrative (0.01) — 
Straight-line rent and non-cash items (0.01) — 
Lease termination and other income 0.01  0.01 
2026 FFO applicable to diluted common shareholders $ 1.57  $ 1.60 
(1) Amounts may not foot due to rounding.
(2) Includes adjustments to FFO for fiscal year 2025 and expected adjustments for fiscal year 2026 which impact comparability. See "Reconciliation of net income to FFO and FFO as Adjusted" on page 11 for actual adjustments year-to-date and our fourth quarter 2025 Supplemental Disclosure Package for 2025 adjustments.

The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission ("SEC"). The Company's projections are based on management's current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2026 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 8 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the SEC for more information.
































5

Non-GAAP Financial Measures
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 the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other real estate investment trusts ("REITs") or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:
•FFO: The Company believes FFO is a useful, supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry and, in particular REITs. FFO, as defined by the National Association of Real Estate Investment Trusts ("Nareit") and the Company, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable real estate and land when connected to the main business of a REIT, impairments on depreciable real estate or land related to a REIT's main business, earnings from consolidated partially owned entities and rental property depreciation and amortization expense. The Company believes that financial analysts, investors and shareholders are better served by the presentation of comparable period operating results generated from FFO primarily because it excludes the assumption that the value of real estate assets diminishes predictably. FFO does not represent cash flows from operating activities in accordance with GAAP, should not be considered an alternative to net income as an indication of our performance, and is not indicative of cash flow as a measure of liquidity or our ability to make cash distributions.
•FFO as Adjusted: The Company provides disclosure of FFO as Adjusted because it believes it is a useful supplemental measure of its core operating performance that facilitates comparability of historical financial periods. FFO as Adjusted is calculated by making certain adjustments to FFO to account for items the Company does not believe are representative of ongoing core operating results, including non-comparable revenues and expenses. The Company's method of calculating FFO as Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
•NOI: The Company uses NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company calculates NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the property level and through the Company's captive insurance program, adjusted for non-cash rental income and expense, impairments on depreciable real estate or land, and income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses NOI margin, calculated as NOI divided by total property revenue, which the Company believes is useful to investors for similar reasons.
•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 total 65 properties for the three and six months ended June 30, 2026 and 2025. Information provided on a same-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired, sold, held for sale, or that are in the foreclosure process during the periods being compared, and results of our captive insurance program. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition, or foreclosure of properties and results of our captive insurance program during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when it is designated as a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment. The Company has also provided disclosure of NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include
6

other adjustments as detailed in the Reconciliation of Net Income to NOI and Same-Property NOI included in the tables accompanying this press release.
•EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of June 30, 2026, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage.
The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.

Operating Metrics
The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics used by the Company are useful to investors in facilitating an understanding of the operational performance for our properties.
Recovery ratios represent the percentage of operating expenses recuperated through tenant reimbursements. This metric is presented on a same-property and same-property including redevelopment basis and is calculated by dividing tenant expense reimbursements (adjusted to exclude any ancillary income) by the sum of real estate taxes and property operating expenses.
Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 65 properties for the three and six months ended June 30, 2026 and 2025. Occupancy metrics presented for the Company's same-property portfolio exclude properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months, properties sold or held for sale, and properties that are in the foreclosure process during the periods being compared.
Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease.
The Company occasionally provides disclosures by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops are further broken down by local, regional and national tenants. We define anchor tenants as those who have a leased area of >10,000 sf. Local tenants are defined as those with less than five locations. Regional tenants are those with five or more locations in a single region. National tenants are defined as those with five or more locations and that operate in two or more regions.


7

ADDITIONAL INFORMATION
For a copy of the Company’s supplemental disclosure package, please access the "Investors" section of our website at www.uedge.com. Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports.
The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.uedge.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

ABOUT URBAN EDGE
Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 75 properties totaling 16.2 million square feet of gross leasable area.

FORWARD-LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this press release. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, adverse impacts to supply chains, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, refinance, hedge, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance (collectively, our Corporate Responsibility or “CR”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting CR metrics and meeting CR goals and targets, and the impact of governmental regulation on our CR efforts. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents filed by the Company with the Securities and Exchange Commission (the "SEC").
We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements included in this press release. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this press release.
8

URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) 
June 30, December 31,
2026 2025
ASSETS
Real estate, at cost:
Land $ 669,498  $ 669,078 
Buildings and improvements 2,861,588  2,835,540 
Construction in progress 382,031  327,413 
Furniture, fixtures and equipment 14,035  13,059 
Total 3,927,152  3,845,090 
Accumulated depreciation and amortization (964,931) (935,548)
Real estate, net 2,962,221  2,909,542 
Operating lease right-of-use assets 55,618  58,917 
Cash and cash equivalents 58,264  48,881 
Restricted cash 23,884  29,984 
Tenant and other receivables 26,300  26,658 
Receivables arising from the straight-lining of rents 62,755  63,842 
Identified intangible assets, net of accumulated amortization of $71,193 and $70,514, respectively
 85,189  87,591 
Deferred leasing costs, net of accumulated amortization of $22,018 and $21,982, respectively
 29,430  31,220 
Prepaid expenses and other assets 80,727  55,236 
Total assets $ 3,384,388  $ 3,311,871 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net $ 1,632,980  $ 1,606,774 
Unsecured line of credit 55,000  — 
Operating lease liabilities 53,172  56,329 
Accounts payable, accrued expenses and other liabilities 108,764  97,397 
Identified intangible liabilities, net of accumulated amortization of $58,036 and $59,668, respectively
 157,096  174,899 
Total liabilities 2,007,012  1,935,399 
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 126,224,466 and 125,912,647 shares issued and outstanding, respectively
 1,261  1,257 
Additional paid-in capital 1,168,529  1,163,939 
Accumulated other comprehensive income (loss) 2,136  (703)
Accumulated earnings 112,159  124,566 
Noncontrolling interests:
Operating partnership 73,982  69,140 
Consolidated subsidiaries 19,309  18,273 
Total equity 1,377,376  1,376,472 
Total liabilities and equity $ 3,384,388  $ 3,311,871 
9

URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)


Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
REVENUE
Rental revenue $ 122,645  $ 113,912  $ 246,830  $ 232,004 
Other income 136  172  8,575  245 
Total revenue 122,781  114,084  255,405  232,249 
EXPENSES
Depreciation and amortization 35,036  32,602  67,348  69,797 
Real estate taxes 16,875  16,582  33,477  32,940 
Property operating 19,317  18,874  48,255  42,933 
General and administrative 9,680  11,717  18,816  21,248 
Lease expense 3,275  3,290  6,448  6,661 
Total expenses 84,183  83,065  174,344  173,579 
Gain on sale of real estate —  49,462  —  49,462 
Interest income 599  667  992  1,274 
Interest and debt expense (19,801) (19,537) (38,520) (39,292)
(Loss) gain on extinguishment of debt —  (175) (212) 323 
Income before income taxes 19,396  61,436  43,321  70,437 
Income tax expense (749) (643) (1,127) (1,262)
Net income 18,647  60,793  42,194  69,175 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership (930) (3,058) (2,107) (3,490)
Consolidated subsidiaries 205  243  480  491 
Net income attributable to common shareholders $ 17,922  $ 57,978  $ 40,567  $ 66,176 
Earnings per common share - Basic: $ 0.14  $ 0.46  $ 0.32  $ 0.53 
Earnings per common share - Diluted: $ 0.14  $ 0.46  $ 0.32  $ 0.53 
Weighted average shares outstanding - Basic 126,069  125,688  125,975  125,601 
Weighted average shares outstanding - Diluted 131,668  125,766  131,304  125,780 


10

Reconciliation of Net Income to FFO and FFO as Adjusted


The following table reflects the reconciliation of net income to FFO and FFO as Adjusted for the three and six months ended June 30, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of FFO and FFO as Adjusted.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share amounts) 2026 2025 2026 2025
Net income $ 18,647  $ 60,793  $ 42,194  $ 69,175 
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries 205  243  480  491 
Operating partnership (930) (3,058) (2,107) (3,490)
Net income attributable to common shareholders 17,922  57,978  40,567  66,176 
Adjustments:
Rental property depreciation and amortization 34,543  32,205  66,378  69,033 
Limited partnership interests in operating partnership 930  3,058  2,107  3,490 
Gain on sale of real estate —  (49,462) —  (49,462)
FFO Applicable to diluted common shareholders 53,395  43,779  109,052  89,237 
FFO per diluted common share(1)
0.41  0.34  0.83  0.68 
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net(2)
385  3,151  (7,915) 4,175 
Non-cash adjustments(3)
(1,448) 155  (1,448) 92 
Loss (gain) on extinguishment of debt —  175  212  (323)
Tenant bankruptcy settlement income (65) (8) (65) (8)
FFO as Adjusted applicable to diluted common shareholders $ 52,267  $ 47,252  $ 99,836  $ 93,173 
FFO as Adjusted per diluted common share(1)
$ 0.40  $ 0.36  $ 0.76  $ 0.71 
Weighted Average diluted common shares(1)
131,668  130,623  131,304  130,476 
(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three and six months ended June 30, 2025 are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.
(2) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(3) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.




11

Reconciliation of Net Income to NOI and Same-Property NOI

The following table reflects the reconciliation of net income to NOI, same-property NOI and same-property NOI including properties in redevelopment for the three and six months ended June 30, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of NOI and same-property NOI.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2026 2025 2026 2025
Net income $ 18,647  $ 60,793  $ 42,194  $ 69,175 
Depreciation and amortization 35,036  32,602  67,348  69,797 
Interest and debt expense 19,801  19,537  38,520  39,292 
General and administrative expense 9,680  11,717  18,816  21,248 
Loss (gain) on extinguishment of debt —  175  212  (323)
Other expense (income) 435  455  (7,631) 922 
Income tax expense 749  643  1,127  1,262 
Gain on sale of real estate —  (49,462) —  (49,462)
Interest income (599) (667) (992) (1,274)
Non-cash revenue and expenses (4,776) (2,762) (7,595) (6,034)
NOI 78,973  73,031  151,999  144,603 
Adjustments:
Sunrise Mall net operating loss 45  340  524  635 
Tenant bankruptcy settlement income and lease termination income (2,315) (8) (2,315) (69)
Non-same property NOI and other(1)
(10,699) (9,386) (20,069) (18,554)
Same-property NOI $ 66,004  $ 63,977  $ 130,139  $ 126,615 
NOI related to properties being redeveloped 6,820  6,578  13,403  12,727 
Same-property NOI including properties in redevelopment $ 72,824  $ 70,555  $ 143,542  $ 139,342 
(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, held for sale, or that are in the foreclosure process during the periods being compared, and results of the Company's captive insurance program.




12

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

The following table reflects the reconciliation of net income to EBITDAre and Adjusted EBITDAre for the three and six months ended June 30, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of EBITDAre and Adjusted EBITDAre.
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2026 2025 2026 2025
Net income $ 18,647  $ 60,793  $ 42,194  $ 69,175 
Depreciation and amortization 35,036  32,602  67,348  69,797 
Interest and debt expense 19,801  19,537  38,520  39,292 
Income tax expense 749  643  1,127  1,262 
Gain on sale of real estate —  (49,462) —  (49,462)
EBITDAre 74,233  64,113  149,189  130,064 
Adjustments for Adjusted EBITDAre:
Transaction, severance, litigation expenses and other, net(1)
385  3,151  (7,915) 4,175 
Loss (gain) on extinguishment of debt —  175  212  (323)
Non-cash adjustments(2)
(1,448) 155  (1,448) 92 
Tenant bankruptcy settlement income (65) (8) (65) (8)
Adjusted EBITDAre $ 73,105  $ 67,586  $ 139,973  $ 134,000 
(1) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(2) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.
13
EX-99.2 3 exhibit992-supplementaldis.htm EX-99.2 Document

Exhibit 99.2




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SUPPLEMENTAL DISCLOSURE
PACKAGE
June 30, 2026













Urban Edge Properties
12 East 49th Street, New York, NY 10017
NY Office: 212-956-0082
www.uedge.com






URBAN EDGE PROPERTIES
SUPPLEMENTAL DISCLOSURE
June 30, 2026
(unaudited)
TABLE OF CONTENTS
Page
Press Release
Second Quarter 2026 Earnings Press Release
 1
Overview
Summary Financial Results and Ratios 13
Consolidated Financial Statements
Consolidated Balance Sheets 14
Consolidated Statements of Income 15
Consolidated Statements of Cash Flows 16
Non-GAAP Financial Measures and Supplemental Data
Supplemental Schedule of Net Operating Income 17
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) 18
Funds from Operations 19
Market Capitalization, Debt Ratios and Liquidity 20
Additional Disclosures 21
Leasing Data
Tenant Concentration - Top Twenty-Five Tenants 22
Leasing Activity 23
Leases Executed but Not Yet Rent Commenced 24
Retail Portfolio Lease Expiration Schedules 25
Property Data
Property Status Report 27
Property Acquisitions and Dispositions 30
Development, Redevelopment and Anchor Repositioning Projects 31
Debt Schedules
Debt Summary 33
Mortgage Debt Summary 34
Debt Maturity Schedule 35







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Urban Edge Properties For additional information:
12 East 49th Street
Mark Langer, EVP and
New York, NY 10017 Chief Financial Officer
212-956-0082
FOR IMMEDIATE RELEASE:
Urban Edge Properties Reports Second Quarter 2026 Results
 -- Raises Outlook for Full-Year 2026 FFO as Adjusted --
 -- Declares Quarterly Common Dividend of $0.21 per Share --
        
NEW YORK, NY, August 6, 2026 - Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended June 30, 2026 and updated its outlook for full-year 2026.
"Urban Edge delivered another excellent quarter, highlighted by record FFO as Adjusted of $0.40 per share and continued momentum across our portfolio,” said Jeff Olson, Chairman and CEO. “Capital recycling remains a top priority. We recently acquired The Shops at West Falls Church in Falls Church, VA, and a leasehold interest at Shoppers World in Framingham, MA, together totaling $51.1 million. We're also under contract to sell a Kohl's-anchored center in Morris Plains, NJ for $60.5 million."
"Given our better-than-expected results, we raised full-year FFO as Adjusted guidance by $0.02 per share. With $22 million of signed leases that have not yet rent commenced, double-digit redevelopment yields, and sustained tenant demand across our centers, we're well positioned to continue delivering durable, visible growth."

Financial Results(1)(2)
(in thousands, except per share amounts) 2Q26 2Q25 YTD 2026 YTD 2025
Net income attributable to common shareholders $ 17,922  $ 57,978  $ 40,567  $ 66,176 
Net income per diluted share 0.14  0.46  0.32  0.53 
Funds from Operations ("FFO") 53,395  43,779  109,052  89,237 
FFO per diluted share 0.41  0.34  0.83  0.68 
FFO as Adjusted 52,267  47,252  99,836  93,173 
FFO as Adjusted per diluted share 0.40  0.36  0.76  0.71 
The decreases in net income for the three and six months ended June 30, 2026 were primarily driven by a $49.5 million, or $0.39 per diluted share, gain on sale of real estate related to three properties divested in the second quarter of 2025. The increases in FFO and FFO as Adjusted for the three and six months ended June 30, 2026 were driven by rent commencements on new leases, higher net recovery revenue, lease termination income, and growth from accretive capital recycling. FFO for the six months ended June 30, 2026 also benefited from $8.4 million, or $0.06 per diluted share, of non-recurring reimbursements received during the first quarter of 2026 pertaining to previously incurred environmental remediation costs.

Same-Property Operating Results Compared to the Prior Year Period(1)(3)

2Q26 YTD 2026
Same-property Net Operating Income ("NOI") growth 3.2  % 2.8  %
Same-property NOI growth, including properties in redevelopment 3.2  % 3.0  %
Increases in same-property NOI metrics for the three and six months ended June 30, 2026 were driven by rent commencements on new leases from our signed but not open pipeline. The increase for the three months ended June 30, 2026 also benefited from out-of-period collections on past due rents.


1

Leasing and Occupancy Results(1)
•Consolidated portfolio leased occupancy was 96.6%, an increase of 10 basis points compared to June 30, 2025 and 20 basis points compared to March 31, 2026.
•The Company reported same-property portfolio leased occupancy of 96.3%, a decrease of 40 basis points compared to June 30, 2025 and 10 basis points compared to March 31, 2026.
•The Company executed 26 new leases, renewals and options totaling 199,000 sf during the quarter. New leases totaled 120,000 sf, of which 90,000 sf was on a same-space basis and generated an average cash spread of 12.8%. New leases, renewals and options totaled 169,000 sf on a same-space basis and generated an average cash spread of 10.7%.
•As of June 30, 2026, signed leases that have not yet rent commenced are expected to generate an additional $22.0 million of future annual gross rent, representing approximately 7% of current annualized NOI. Approximately $1.7 million of this amount is expected to be recognized in the remainder of 2026.

Acquisition and Disposition Activity
On July 17, 2026, the Company acquired The Shops at West Falls Church for a gross purchase price of $40.4 million. The 85,000 sf shopping center is located in Falls Church, VA and sits within a densely populated and affluent submarket of Washington, D.C. with average annual household income of approximately $200,000 within a three-mile radius. The center is anchored by a grocer and provides visible growth potential through lease-up, contractual annual rent increases, and mark-to-market opportunities on expiring leases.
On May 21, 2026, the Company entered into a purchase and sale agreement with the ground lessor of certain ground leased premises at Shoppers World in Framingham, MA, to acquire the ground lease for $10.7 million, allowing the Company to take over as lessor for the underlying tenant. The transaction closed on June 25, 2026.
The Company is currently under contract to sell Briarcliff Commons, located in Morris Plains, NJ, for a gross sales price of $60.5 million which is expected to close later this month.

Development and Redevelopment
During the quarter, the Company commenced two redevelopment projects with estimated aggregate costs of $6.7 million and stabilized one project totaling $12.7 million with the rent commencement of Burlington at Hudson Mall. The completed projects over the last 12 months total $32.6 million of investment with a blended yield of 25%.
As of June 30, 2026, the Company has $155.0 million of active development and redevelopment projects underway, with estimated remaining costs to complete of $66.7 million. The active development and redevelopment projects are expected to generate an approximate 12% yield.

Balance Sheet and Liquidity(1)(4)(5)(6)
Balance sheet highlights as of June 30, 2026 include:
•Total liquidity of approximately $957 million, consisting of $82 million of cash on hand and $875 million available under the Company's $950 million of unsecured credit facilities, including undrawn letters of credit.
•Mortgages payable of $1.64 billion, with a weighted average term to maturity of 3.3 years, all of which are fixed rate or hedged.
•$55 million drawn on our $700 million unsecured line of credit that matures on June 28, 2030, with two six-month extension options.
•No borrowings on our $250 million of delayed-draw term loans.
•Total market capitalization of approximately $4.75 billion, comprised of 133.5 million fully-diluted common shares valued at $3.05 billion and $1.70 billion of debt.
•Net debt to total market capitalization of 34%.

2026 Outlook
Based on results for the first half of the year, the Company has raised its 2026 full-year guidance ranges for net income, FFO, and FFO as Adjusted, estimating net income of $0.57 to $0.61 per diluted share, net income attributable to common shareholders of $0.55 to $0.58 per diluted share, FFO of $1.57 to $1.60 per diluted share, and FFO as Adjusted of $1.50 to $1.54 per diluted share. The updated range for FFO as Adjusted now implies a midpoint of $1.52 per diluted share, an increase of $0.02 from the previous midpoint of $1.50 per diluted share. A reconciliation of the range of estimated earnings, FFO and FFO as Adjusted, the assumptions used in our guidance, and a reconciliation bridging 2025 FFO per diluted share to the 2026 estimates can be found on pages 4 and 5 of this release.

2

Dividend
On August 6, 2026, the Board of Trustees declared a regular quarterly dividend of $0.21 per common share. The dividend will be payable on September 30, 2026 to common shareholders of record on September 15, 2026.

Corporate Responsibility
On June 23, 2026, the Company published its 2025 Corporate Responsibility Report. The report can be found on the Corporate Responsibility page of the Company's website. Notable achievements highlighted in the report include:
•Achieved a 41% reduction in scope 1 and scope 2 greenhouse gas emissions as compared to a 2015 base year and remain on track towards our goal of a 50% reduction by 2030.
•Reduced water consumption at landlord-controlled properties by 35% as compared to 2021.
•Recycled over 7,400 metric tons of materials in 2025, representing a 37% waste diversion rate.

Earnings Conference Call Information
The Company will host an earnings conference call and audio webcast on August 6, 2026 at 5:00 PM ET. All interested parties can access the earnings call by dialing 1-833-309-3473 (Toll Free) or 1-785-838-9251 (Toll/International) using conference ID "URBAN" (87226). The call will also be webcast and available in listen-only mode on the investors page of our website: www.uedge.com. A replay will be available at the webcast link on the investors page for one year following the conclusion of the call. A telephonic replay of the call will also be available starting August 6, 2026 at 8:00 PM ET through August 20, 2026 at 11:59 PM ET by dialing 1-844-512-2921 (Toll Free) or 1-412-317-6671 (Toll/International) using conference ID 11162144.


































(1) Refer to "Non-GAAP Financial Measures" on page 6 and "Operating Metrics" on page 7 for definitions and additional details. Reported consolidated occupancy excludes the impact of Sunrise Mall. Including Sunrise Mall, consolidated portfolio leased occupancy was 96.5% at June 30, 2026.
(2) Refer to page 8 for a reconciliation of net income to FFO and FFO as Adjusted for the three and six months ended June 30, 2026.
(3) Refer to page 9 for a reconciliation of net income to NOI and Same-Property NOI for the three and six months ended June 30, 2026.
(4) Net debt as of June 30, 2026 is calculated as total consolidated debt of $1.7 billion less total cash and cash equivalents, including restricted cash, of $82 million. Total consolidated debt and mortgages payable excludes unamortized debt issuance costs of $11.9 million and our $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. Including the $30.0 million mortgage secured by our property in Morris Plains, NJ, weighted average term to maturity of mortgages payable is 3.4 years.
(5) Refer to page 20 for the calculation of market capitalization as of June 30, 2026.
(6) Availability under our unsecured credit facilities is net of letters of credit issued under the unsecured line of credit. The Company obtained seven letters of credit aggregating $20.5 million which have reduced the available balance commensurate with their face values but remain undrawn and no separate liability has been recorded.
3

2026 Earnings Guidance
The Company has raised its 2026 full-year guidance ranges for net income, FFO, and FFO as Adjusted, estimating net income of $0.57 to $0.61 per diluted share, net income attributable to common shareholders of $0.55 to $0.58 per diluted share, FFO of $1.57 to $1.60 per diluted share, and FFO as Adjusted of $1.50 to $1.54 per diluted share. Below is a summary of the Company's 2026 outlook, assumptions used in its forecasting, and a reconciliation of the range of estimated earnings, FFO, and FFO as Adjusted per diluted share.
Previous Guidance Revised Guidance
Net income per diluted share
$0.56 - $0.60
$0.57 - $0.61
Net income attributable to common shareholders per diluted share
$0.54 - $0.58
$0.55 - $0.58
FFO per diluted share
$1.54 - $1.58
$1.57 - $1.60
FFO as Adjusted per diluted share
$1.48 - $1.52
$1.50 - $1.54

The Company's revised 2026 full-year outlook is based on the following assumptions:
•Same-property NOI growth, including properties in redevelopment, of 3.25% to 3.75%, reflecting an increase from our previous assumption of 3.00% to 3.75%.
•Recurring G&A expenses ranging from $34.5 million to $36.5 million, unchanged from our previous assumption.
•Interest and debt expense ranging from $78.0 million to $79.0 million, unchanged from our previous assumption.
•Acquisitions of $95 million, reflecting activity completed year-to-date, and dispositions of $60.5 million reflecting properties currently under contract.
•Excludes items that impact FFO comparability, including gains and/or losses on extinguishment of debt, transaction, severance, litigation, and other one-time items outside of the ordinary course of business.

Guidance 2026E
Per Diluted Share(1)
(in thousands, except per share amounts) Low High Low High
Net income $ 75,600  $ 80,000  $ 0.57  $ 0.61 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership (3,900) (4,100) (0.03) (0.03)
Consolidated subsidiaries 900  900  0.01  0.01 
Net income attributable to common shareholders 72,600  76,800  0.55  0.58 
Adjustments:
Rental property depreciation and amortization 130,000  130,000  0.99  0.99 
Limited partnership interests in operating partnership 3,900  4,100  0.03  0.03 
FFO Applicable to diluted common shareholders 206,500  210,900  1.57  1.60 
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net (7,700) (7,700) (0.06) (0.06)
Loss on extinguishment of debt 200  200  —  — 
Non-cash adjustments(2)
(1,400) (1,400) (0.01) (0.01)
FFO as Adjusted applicable to diluted common shareholders $ 197,600  $ 202,000  $ 1.50  $ 1.54 
(1) Amounts may not foot due to rounding.
(2) Includes the acceleration and write-off of lease intangibles related to tenant terminations and bankruptcies for the six months ended June 30, 2026.













4

The following table is a reconciliation bridging 2025 FFO per diluted share to the Company's estimated 2026 FFO per diluted share:
Per Diluted Share(1)
Low High
2025 FFO applicable to diluted common shareholders $ 1.43  $ 1.43 
2025 Items impacting FFO comparability(2)
0.01  0.01 
2026 Items impacting FFO comparability(2)
0.07  0.07 
Same-property NOI growth, including redevelopment 0.07  0.08 
Acquisitions net of dispositions NOI growth 0.02  0.02 
Interest and debt expense (0.01) — 
Recurring general and administrative (0.01) — 
Straight-line rent and non-cash items (0.01) — 
Lease termination and other income 0.01  0.01 
2026 FFO applicable to diluted common shareholders $ 1.57  $ 1.60 
(1) Amounts may not foot due to rounding.
(2) Includes adjustments to FFO for fiscal year 2025 and expected adjustments for fiscal year 2026 which impact comparability. See "Reconciliation of net income to FFO and FFO as Adjusted" on page 8 for actual adjustments year-to-date and our fourth quarter 2025 Supplemental Disclosure Package for 2025 adjustments.

The Company is providing a projection of anticipated net income solely to satisfy the disclosure requirements of the Securities and Exchange Commission ("SEC"). The Company's projections are based on management's current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2026 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures on page 11 of this document and “Risk Factors” disclosed in the Company's annual and quarterly reports filed with the SEC for more information.
































5

Non-GAAP Financial Measures
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 the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other real estate investment trusts ("REITs") or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:
•FFO: The Company believes FFO is a useful, supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry and, in particular REITs. FFO, as defined by the National Association of Real Estate Investment Trusts ("Nareit") and the Company, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable real estate and land when connected to the main business of a REIT, impairments on depreciable real estate or land related to a REIT's main business, earnings from consolidated partially owned entities and rental property depreciation and amortization expense. The Company believes that financial analysts, investors and shareholders are better served by the presentation of comparable period operating results generated from FFO primarily because it excludes the assumption that the value of real estate assets diminishes predictably. FFO does not represent cash flows from operating activities in accordance with GAAP, should not be considered an alternative to net income as an indication of our performance, and is not indicative of cash flow as a measure of liquidity or our ability to make cash distributions.
•FFO as Adjusted: The Company provides disclosure of FFO as Adjusted because it believes it is a useful supplemental measure of its core operating performance that facilitates comparability of historical financial periods. FFO as Adjusted is calculated by making certain adjustments to FFO to account for items the Company does not believe are representative of ongoing core operating results, including non-comparable revenues and expenses. The Company's method of calculating FFO as Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
•NOI: The Company uses NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from net income. The Company calculates NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the property level and through the Company's captive insurance program, adjusted for non-cash rental income and expense, impairments on depreciable real estate or land, and income or expenses that we do not believe are representative of ongoing operating results, if any. In addition, the Company uses NOI margin, calculated as NOI divided by total property revenue, which the Company believes is useful to investors for similar reasons.
•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 total 65 properties for the three and six months ended June 30, 2026 and 2025. Information provided on a same-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired, sold, held for sale, or that are in the foreclosure process during the periods being compared, and results of our captive insurance program. As such, same-property NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition, disposition, or foreclosure of properties and results of our captive insurance program during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when it is designated as a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment. The Company has also provided disclosure of NOI on a same-property basis adjusted to include redevelopment properties. Same-property NOI may include
6

other adjustments as detailed in the Reconciliation of Net Income to NOI and Same-Property NOI included in the tables accompanying this press release.
•EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by Nareit's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes, in various ratios provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. Adjusted EBITDAre may include other adjustments not indicative of operating results as detailed in the Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre included in the tables accompanying this press release. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre as of June 30, 2026, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage.
The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.

Operating Metrics
The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics used by the Company are useful to investors in facilitating an understanding of the operational performance for our properties.
Recovery ratios represent the percentage of operating expenses recuperated through tenant reimbursements. This metric is presented on a same-property and same-property including redevelopment basis and is calculated by dividing tenant expense reimbursements (adjusted to exclude any ancillary income) by the sum of real estate taxes and property operating expenses.
Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 65 properties for the three and six months ended June 30, 2026 and 2025. Occupancy metrics presented for the Company's same-property portfolio exclude properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months, properties sold or held for sale, and properties that are in the foreclosure process during the periods being compared.
Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease.
The Company occasionally provides disclosures by tenant categories which include anchors, shops and industrial/self-storage. Anchors and shops are further broken down by local, regional and national tenants. We define anchor tenants as those who have a leased area of >10,000 sf. Local tenants are defined as those with less than five locations. Regional tenants are those with five or more locations in a single region. National tenants are defined as those with five or more locations and that operate in two or more regions.
7

Reconciliation of Net Income to FFO and FFO as Adjusted

The following table reflects the reconciliation of net income to FFO and FFO as Adjusted for the three and six months ended June 30, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of FFO and FFO as Adjusted.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share amounts) 2026 2025 2026 2025
Net income $ 18,647  $ 60,793  $ 42,194  $ 69,175 
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries 205  243  480  491 
Operating partnership (930) (3,058) (2,107) (3,490)
Net income attributable to common shareholders 17,922  57,978  40,567  66,176 
Adjustments:
Rental property depreciation and amortization 34,543  32,205  66,378  69,033 
Limited partnership interests in operating partnership 930  3,058  2,107  3,490 
Gain on sale of real estate —  (49,462) —  (49,462)
FFO Applicable to diluted common shareholders 53,395  43,779  109,052  89,237 
FFO per diluted common share(1)
0.41  0.34  0.83  0.68 
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net(2)
385  3,151  (7,915) 4,175 
Non-cash adjustments(3)
(1,448) 155  (1,448) 92 
Loss (gain) on extinguishment of debt —  175  212  (323)
Tenant bankruptcy settlement income (65) (8) (65) (8)
FFO as Adjusted applicable to diluted common shareholders $ 52,267  $ 47,252  $ 99,836  $ 93,173 
FFO as Adjusted per diluted common share(1)
$ 0.40  $ 0.36  $ 0.76  $ 0.71 
Weighted Average diluted common shares(1)
131,668  130,623  131,304  130,476 
(1) Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three and six months ended June 30, 2025 are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares.
(2) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(3) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.




8

Reconciliation of Net Income to NOI and Same-Property NOI

The following table reflects the reconciliation of net income to NOI, same-property NOI and same-property NOI including properties in redevelopment for the three and six months ended June 30, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of NOI and same-property NOI.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2026 2025 2026 2025
Net income $ 18,647  $ 60,793  $ 42,194  $ 69,175 
Depreciation and amortization 35,036  32,602  67,348  69,797 
Interest and debt expense 19,801  19,537  38,520  39,292 
General and administrative expense 9,680  11,717  18,816  21,248 
Loss (gain) on extinguishment of debt —  175  212  (323)
Other expense (income) 435  455  (7,631) 922 
Income tax expense 749  643  1,127  1,262 
Gain on sale of real estate —  (49,462) —  (49,462)
Interest income (599) (667) (992) (1,274)
Non-cash revenue and expenses (4,776) (2,762) (7,595) (6,034)
NOI 78,973  73,031  151,999  144,603 
Adjustments:
Sunrise Mall net operating loss 45  340  524  635 
Tenant bankruptcy settlement income and lease termination income (2,315) (8) (2,315) (69)
Non-same property NOI and other(1)
(10,699) (9,386) (20,069) (18,554)
Same-property NOI $ 66,004  $ 63,977  $ 130,139  $ 126,615 
NOI related to properties being redeveloped 6,820  6,578  13,403  12,727 
Same-property NOI including properties in redevelopment $ 72,824  $ 70,555  $ 143,542  $ 139,342 
(1) Non-same property NOI includes NOI related to properties being redeveloped and properties acquired, disposed, held for sale, or that are in the foreclosure process during the periods being compared, and results of the Company's captive insurance program.


9

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

The following table reflects the reconciliation of net income to EBITDAre and Adjusted EBITDAre for the three and six months ended June 30, 2026 and 2025. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 6 for a description of EBITDAre and Adjusted EBITDAre.
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2026 2025 2026 2025
Net income $ 18,647  $ 60,793  $ 42,194  $ 69,175 
Depreciation and amortization 35,036  32,602  67,348  69,797 
Interest and debt expense 19,801  19,537  38,520  39,292 
Income tax expense 749  643  1,127  1,262 
Gain on sale of real estate —  (49,462) —  (49,462)
EBITDAre 74,233  64,113  149,189  130,064 
Adjustments for Adjusted EBITDAre:
Transaction, severance, litigation expenses and other, net(1)
385  3,151  (7,915) 4,175 
Loss (gain) on extinguishment of debt —  175  212  (323)
Non-cash adjustments(2)
(1,448) 155  (1,448) 92 
Tenant bankruptcy settlement income (65) (8) (65) (8)
Adjusted EBITDAre $ 73,105  $ 67,586  $ 139,973  $ 134,000 
(1) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(2) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.

10

ADDITIONAL INFORMATION
For a copy of the Company’s supplemental disclosure package, please access the "Investors" section of our website at www.uedge.com. Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports.
The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.uedge.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

ABOUT URBAN EDGE
Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 75 properties totaling 16.2 million square feet of gross leasable area.

FORWARD-LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition, business and targeted occupancy may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this press release. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) macroeconomic conditions, including geopolitical conditions and instability, and international trade disputes, including any related tariffs, which may lead to rising inflation, adverse impacts to supply chains, and disruption of, or lack of access to, the capital markets, as well as potential volatility in the Company’s share price; (ii) the economic, political and social impact of, and uncertainty relating to, epidemics and pandemics; (iii) the loss or bankruptcy of major tenants; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration and the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (v) the impact of e-commerce on our tenants’ business; (vi) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company’s revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company’s borrowing costs as a result of changes in interest rates, rising inflation, and other factors; (ix) the Company’s ability to pay down, refinance, hedge, restructure or extend its indebtedness as it becomes due and potential limitations on the Company’s ability to borrow funds under its existing credit facility as a result of covenants relating to the Company’s financial results; (x) potentially higher costs associated with the Company’s development, redevelopment and anchor repositioning projects, and the Company’s ability to lease the properties at projected rates; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; (xv) the loss of key executives; and (xvi) the accuracy of methodologies and estimates regarding our environmental, social and governance (collectively, our Corporate Responsibility or “CR”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting CR metrics and meeting CR goals and targets, and the impact of governmental regulation on our CR efforts. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents filed by the Company with the Securities and Exchange Commission (the "SEC").
We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements included in this press release. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this press release.
11

URBAN EDGE PROPERTIES
ADDITIONAL INFORMATION
As of June 30, 2026

Basis of Presentation
The information contained in the Supplemental Disclosure Package does not purport to disclose all items required by GAAP and is unaudited. This Supplemental Disclosure Package should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. The results of operations of any property acquired are included in the Company's financial statements since the date of acquisition, although such properties may be excluded from certain metrics disclosed in this Supplemental Disclosure Package.

Non-GAAP Financial Measures and Forward-Looking Statements
For additional information regarding non-GAAP financial measures and forward-looking statements, please see pages 6 and 11 of this Supplemental Disclosure Package.





































12

URBAN EDGE PROPERTIES
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three and six months ended June 30, 2026 (unaudited)
(in thousands, except per share, sf, rent psf and financial ratio data)

Three Months Ended Six Months Ended
Summary Financial Results June 30, 2026 June 30, 2026
Total revenue $ 122,781  $ 255,405 
General & administrative expenses (G&A) $ 9,680  $ 18,816 
Recurring G&A(1)
$ 9,295  $ 18,341 
Net income attributable to common shareholders $ 17,922  $ 40,567 
Earnings per diluted share $ 0.14  $ 0.32 
Adjusted EBITDAre(2)
$ 73,105  $ 139,973 
Funds from operations (FFO) $ 53,395  $ 109,052 
FFO per diluted common share $ 0.41  $ 0.83 
FFO as Adjusted $ 52,267  $ 99,836 
FFO as Adjusted per diluted common share $ 0.40  $ 0.76 
Total dividends paid per share $ 0.21  $ 0.42 
Stock closing price low-high range (NYSE) $19.89 to $23.92 $18.60 to $23.92
Weighted average diluted shares used in EPS computations 131,668  131,304 
Weighted average diluted common shares used in FFO computations 131,668  131,304 
Summary Property, Operating and Financial Data
# of Total properties / # of Retail properties 74 / 73
Gross leasable area (GLA) sf - retail portfolio(3)(4)
15,992,000 
Weighted average annual rent psf - retail portfolio(3)(4)
$ 21.85 
Consolidated portfolio leased occupancy at end of period(5)
96.6  %
Consolidated retail portfolio leased occupancy at end of period(4)
96.6  %
Same-property portfolio leased occupancy at end of period(6)
96.3  % 96.3  %
Same-property physical occupancy at end of period(6)(7)
94.7  % 94.7  %
Same-property NOI growth(6)
3.2  % 2.8  %
Same-property NOI growth, including redevelopment properties(6)
3.2  % 3.0  %
NOI margin(8)
67.2  % 63.9  %
Same-property expense recovery ratio(9)
86.8  % 88.0  %
Same-property, including redevelopment, expense recovery ratio(9)
85.9  % 87.4  %
New, renewal and option rent spread - cash basis(10)
10.7  % 13.4  %
New, renewal and option rent spread - GAAP basis(10)
19.2  % 19.6  %
Net debt to total market capitalization(11)
34.0  % 34.0  %
Net debt to Adjusted EBITDAre(11)
5.5  x 5.8  x
Adjusted EBITDAre to interest expense(2)
4.0  x 3.9  x
Adjusted EBITDAre to fixed charges(2)
3.2  x 3.2  x
(1) Recurring G&A excludes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026 and $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(2) See computation on page 18.
(3) GLA - retail portfolio excludes 17,000 square feet for Sunrise Mall and 58,000 square feet of self-storage.
(4) Our retail portfolio includes shopping centers and malls (excluding Sunrise Mall) and excludes self-storage.
(5) Excludes the impact of Sunrise Mall. Including Sunrise Mall, consolidated portfolio leased occupancy was 96.5%.
(6) See "Non-GAAP Financial Measures" on page 6 for the definition of same-property and same-property including redevelopment.
(7) Physical occupancy includes tenants that have access to their leased space and includes dark and paying tenants.
(8) Excludes the impact of Sunrise Mall. Including Sunrise Mall, NOI margin for the three and six months ended June 30, 2026 was 67.0% and 63.5%, respectively.
(9) Excluding the impact of outlet centers and malls, same-property recovery ratio for the three and six months ended June 30, 2026 was 91.4% and 93.0%, respectively (90.8% and 92.9% including properties in redevelopment).
(10) See computation on page 23.
(11) See computation for the quarter ended June 30, 2026 on page 20. Net debt to annualized Adjusted EBITDAre is 5.8x and 6.0x for the three and six months ended June 30, 2026, respectively, excluding lease termination income of $2.2 million and including the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.


13

URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
As of June 30, 2026 (unaudited) and December 31, 2025
(in thousands, except share and per share amounts)

June 30, December 31,
2026 2025
ASSETS
Real estate, at cost:
Land $ 669,498  $ 669,078 
Buildings and improvements 2,861,588  2,835,540 
Construction in progress 382,031  327,413 
Furniture, fixtures and equipment 14,035  13,059 
Total 3,927,152  3,845,090 
Accumulated depreciation and amortization (964,931) (935,548)
Real estate, net 2,962,221  2,909,542 
Operating lease right-of-use assets 55,618  58,917 
Cash and cash equivalents 58,264  48,881 
Restricted cash 23,884  29,984 
Tenant and other receivables 26,300  26,658 
Receivables arising from the straight-lining of rents 62,755  63,842 
Identified intangible assets, net of accumulated amortization of $71,193 and $70,514, respectively
 85,189  87,591 
Deferred leasing costs, net of accumulated amortization of $22,018 and $21,982, respectively
 29,430  31,220 
Prepaid expenses and other assets 80,727  55,236 
Total assets $ 3,384,388  $ 3,311,871 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net $ 1,632,980  $ 1,606,774 
Unsecured line of credit 55,000  — 
Operating lease liabilities 53,172  56,329 
Accounts payable, accrued expenses and other liabilities 108,764  97,397 
Identified intangible liabilities, net of accumulated amortization of $58,036 and $59,668, respectively
 157,096  174,899 
Total liabilities 2,007,012  1,935,399 
Commitments and contingencies
Shareholders’ equity:
Common shares: $0.01 par value; 500,000,000 shares authorized and 126,224,466 and 125,912,647 shares issued and outstanding, respectively
 1,261  1,257 
Additional paid-in capital 1,168,529  1,163,939 
Accumulated other comprehensive income (loss) 2,136  (703)
Accumulated earnings 112,159  124,566 
Noncontrolling interests:
Operating partnership 73,982  69,140 
Consolidated subsidiaries 19,309  18,273 
Total equity 1,377,376  1,376,472 
Total liabilities and equity $ 3,384,388  $ 3,311,871 
14

URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2026 and 2025 (unaudited)
(in thousands, except per share amounts)







Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
REVENUE
Rental revenue $ 122,645  $ 113,912  $ 246,830  $ 232,004 
Other income 136  172  8,575  245 
Total revenue 122,781  114,084  255,405  232,249 
EXPENSES
Depreciation and amortization 35,036  32,602  67,348  69,797 
Real estate taxes 16,875  16,582  33,477  32,940 
Property operating 19,317  18,874  48,255  42,933 
General and administrative 9,680  11,717  18,816  21,248 
Lease expense 3,275  3,290  6,448  6,661 
Total expenses 84,183  83,065  174,344  173,579 
Gain on sale of real estate —  49,462  —  49,462 
Interest income 599  667  992  1,274 
Interest and debt expense (19,801) (19,537) (38,520) (39,292)
(Loss) gain on extinguishment of debt —  (175) (212) 323 
Income before income taxes 19,396  61,436  43,321  70,437 
Income tax expense (749) (643) (1,127) (1,262)
Net income 18,647  60,793  42,194  69,175 
Less net (income) loss attributable to noncontrolling interests in:
Operating partnership (930) (3,058) (2,107) (3,490)
Consolidated subsidiaries 205  243  480  491 
Net income attributable to common shareholders $ 17,922  $ 57,978  $ 40,567  $ 66,176 
Earnings per common share - Basic: $ 0.14  $ 0.46  $ 0.32  $ 0.53 
Earnings per common share - Diluted: $ 0.14  $ 0.46  $ 0.32  $ 0.53 
Weighted average shares outstanding - Basic 126,069  125,688  125,975  125,601 
Weighted average shares outstanding - Diluted 131,668  125,766  131,304  125,780 























15

URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2026 and 2025 (unaudited)
(in thousands, except per share amounts)







Six Months Ended June 30,
2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 42,194  $ 69,175 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 67,435  70,083 
Gain on sale of real estate —  (49,462)
Loss (gain) on extinguishment of debt 212  (323)
Amortization of deferred financing costs and premiums/discounts on debt obligations 3,069  2,727 
Amortization of above and below market leases, net (7,339) (5,238)
Amortization of lease incentives 208  198 
Noncash lease expense 3,299  3,375 
Straight-lining of rent (608) (1,164)
Share-based compensation expense 6,564  6,273 
Rental revenue deemed uncollectible 2,674  1,513 
Change in operating assets and liabilities:
Tenant and other receivables (2,316) (6,113)
Deferred leasing costs (2,547) (5,055)
Prepaid expenses and other assets 3,068  (567)
Lease liabilities (3,157) (3,212)
Accounts payable, accrued expenses and other liabilities (6,923) (6,171)
Net cash provided by operating activities 105,833  76,039 
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate development and capital improvements (83,245) (44,543)
Proceeds from sale of real estate —  64,353 
Acquisitions of real estate (54,296) — 
Acquisitions of leasehold interest (10,675) — 
Net cash (used in) provided by investing activities (148,216) 19,810 
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments (8,213) (92,566)
Dividends to common shareholders (52,922) (47,755)
Distributions to redeemable noncontrolling interests (3,650) (2,893)
Taxes withheld for vested restricted shares (281) (273)
Contributions from noncontrolling interests 1,516  204 
Borrowings from unsecured line of credit 55,000  75,000 
Proceeds from mortgage loan borrowings 62,500  — 
Debt issuance costs (8,208) (20)
(Costs) proceeds related to the issuance of common shares (76) 15 
Net cash provided by (used in) financing activities 45,666  (68,288)
Net increase in cash and cash equivalents and restricted cash 3,283  27,561 
Cash and cash equivalents and restricted cash at beginning of period 78,865  90,640 
Cash and cash equivalents and restricted cash at end of period $ 82,148  $ 118,201 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, net of amounts capitalized of $7,472 and $5,772, respectively
 $ 35,139  $ 36,767 
Cash payments for income taxes 492  597 
16

URBAN EDGE PROPERTIES
SUPPLEMENTAL SCHEDULE OF NET OPERATING INCOME
For the three and six months ended June 30, 2026 and 2025
(in thousands)


Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change
2026 2025 2026 2025
Composition of NOI(1)
Property rentals $ 86,541  $ 80,621  $ 169,619  $ 161,510 
Tenant expense reimbursements 31,839  31,341  72,283  65,992 
Rental revenue deemed uncollectible (473) (748) (2,674) (1,512)
Total property revenue 117,907  111,214  6.0% 239,228  225,990  5.9%
Real estate taxes (16,875) (16,582) (33,477) (32,940)
Property operating (20,156) (19,731) (49,938) (44,676)
Lease expense (1,903) (1,870) (3,814) (3,771)
Total property operating expenses (38,934) (38,183) 2.0% (87,229) (81,387) 7.2%
NOI(1)
$ 78,973  $ 73,031  8.1% $ 151,999  $ 144,603  5.1%
NOI margin (NOI / Total property revenue)(2)
67.0  % 65.7  % 63.5  % 64.0  %
Same-property NOI(1)(3)
Property rentals $ 72,512  $ 70,078  $ 144,970  $ 140,224 
Tenant expense reimbursements 27,738  28,108  63,848  58,928 
Rental revenue deemed uncollectible (313) (958) (2,142) (1,609)
Total property revenue 99,937  97,228  206,676  197,543 
Real estate taxes (15,320) (15,054) (30,532) (29,800)
Property operating (16,588) (16,183) (41,946) (37,128)
Lease expense (2,025) (2,014) (4,059) (4,000)
Total property operating expenses (33,933) (33,251) (76,537) (70,928)
Same-property NOI(1)(3)
$ 66,004  $ 63,977  3.2% $ 130,139  $ 126,615  2.8%
NOI related to properties being redeveloped(1)(3)
6,820  6,578  13,403  12,727 
Same-property NOI including properties in redevelopment(1)(3)
$ 72,824  $ 70,555  3.2% $ 143,542  $ 139,342  3.0%
Same-property physical occupancy 94.7  % 94.7  % 94.7  % 94.7  %
Same-property leased occupancy 96.3  % 96.7  % 96.3  % 96.7  %
Number of properties included in same-property analysis 65  65 
(1) NOI excludes non-cash revenue and expenses and includes lease termination income which is adjusted out for the purposes of calculating same-property NOI. Refer to page 9 for a reconciliation of net income to NOI and same-property NOI.
(2) Includes the impact of Sunrise Mall. Excluding Sunrise Mall, NOI margin for the three and six months ended June 30, 2026 was 67.2% and 63.9%, respectively.
(3) Excludes NOI related to properties acquired, disposed, held for sale, or that are in the foreclosure process in the comparative periods, Sunrise Mall, and results of the Company's captive insurance program.

17

URBAN EDGE PROPERTIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION for REAL ESTATE (EBITDAre)
For the three and six months ended June 30, 2026 and 2025
(in thousands)

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Net income $ 18,647  $ 60,793  $ 42,194  $ 69,175 
Depreciation and amortization 35,036  32,602  67,348  69,797 
Interest expense 18,442  18,324  35,838  36,952 
Amortization of deferred financing costs 1,359  1,213  2,682  2,340 
Income tax expense 749  643  1,127  1,262 
Gain on sale of real estate —  (49,462) —  (49,462)
EBITDAre 74,233  64,113  149,189  130,064 
Adjustments for Adjusted EBITDAre:
Transaction, severance, litigation expenses and other, net(1)
385  3,151  (7,915) 4,175 
Loss (gain) on extinguishment of debt —  175  212  (323)
Non-cash adjustments(2)
(1,448) 155  (1,448) 92 
Tenant bankruptcy settlement income (65) (8) (65) (8)
Adjusted EBITDAre $ 73,105  $ 67,586  $ 139,973  $ 134,000 
Interest expense $ 18,442  $ 18,324  $ 35,838  $ 36,952 
Adjusted EBITDAre to interest expense 4.0  x 3.7  x 3.9  x 3.6  x
Fixed charges
Interest expense $ 18,442  $ 18,324  $ 35,838  $ 36,952 
Scheduled principal amortization 4,115  3,961  8,213  7,372 
Total fixed charges $ 22,557  $ 22,285  $ 44,051  $ 44,324 
Adjusted EBITDAre to fixed charges 3.2  x 3.0  x 3.2  x 3.0  x
(1) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(2) Includes the acceleration and write-off of lease intangibles related to high-risk tenants, terminations and bankruptcies, net of reinstatements for tenants moved back to accrual basis accounting.
18

URBAN EDGE PROPERTIES
FUNDS FROM OPERATIONS
For the three and six months ended June 30, 2026
(in thousands, except per share amounts)

Three Months Ended June 30, 2026 Six Months Ended
June 30, 2026
(in thousands)
(per share)(1)
(in thousands)
(per share)(1)
Net income $ 18,647  $ 0.14  $ 42,194  $ 0.32 
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries 205  —  480  — 
Operating partnership (930) (0.01) (2,107) (0.02)
Net income attributable to common shareholders 17,922  0.14  40,567  0.31 
Adjustments:
Rental property depreciation and amortization 34,543  0.26  66,378  0.51 
Limited partnership interests in operating partnership(2)
930  0.01  2,107  0.02 
FFO applicable to diluted common shareholders 53,395  0.41  109,052  0.83 
Adjustments to FFO:
Transaction, severance, litigation expenses and other, net(3)
385  —  (7,915) (0.06)
Non-cash adjustments(4)
(1,448) (0.01) (1,448) (0.01)
Loss on extinguishment of debt —  —  212  — 
Tenant bankruptcy settlement income (65) —  (65) — 
FFO as Adjusted applicable to diluted common shareholders $ 52,267  $ 0.40  $ 99,836  $ 0.76 
Weighted average diluted shares used to calculate EPS 131,668  131,304 
Assumed conversion of OP and LTIP Units to common shares —  — 
Weighted average diluted common shares - FFO 131,668  131,304 
(1) Individual items may not foot due to total rounding.
(2) Represents earnings allocated to LTIP and OP unitholders for unissued common shares. LTIP and OP units are excluded for purposes of calculating earnings per diluted share when their effect is anti-dilutive.
(3) Includes $0.3 million of transaction costs and $0.1 million severance expenses for the three months ended June 30, 2026. Includes $8.4 million of non-recurring reimbursements related to environmental remediation costs, partially offset by $0.4 million of transaction costs and $0.1 million of severance expenses for the six months ended June 30, 2026.
(4) Includes the acceleration and write-off of lease intangibles related to tenant terminations and bankruptcies.



19

URBAN EDGE PROPERTIES
MARKET CAPITALIZATION, DEBT RATIOS AND LIQUIDITY
As of June 30, 2026
(in thousands, except share amounts and market price)

June 30, 2026
Closing market price of common shares $ 22.88 
Basic common shares 126,224,466 
OP and LTIP units 7,272,372 
Diluted common shares 133,496,838 
Equity market capitalization $ 3,054,408 
Total consolidated debt(1)
$ 1,699,062 
Cash and cash equivalents including restricted cash (82,148)
Net debt $ 1,616,914 
Net Debt to annualized Adjusted EBITDAre(2)
5.5  x
Total consolidated debt(1)
$ 1,699,062 
Equity market capitalization 3,054,408 
Total market capitalization $ 4,753,470 
Net debt to total market capitalization at applicable market price 34.0  %
Cash and cash equivalents including restricted cash $ 82,148 
Available under unsecured credit facilities(3)
874,486 
Total liquidity $ 956,634 
(1) Total consolidated debt excludes unamortized debt issuance costs of $11.9 million and the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.
(2) Net debt to Adjusted EBITDAre is calculated based on second quarter 2026 annualized Adjusted EBITDAre. Net debt to annualized Adjusted EBITDAre is 5.8x excluding lease termination income of $2.2 million and including the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.
(3) Includes the Company's unsecured line of credit and delayed-draw term loans. Availability is net of letters of credit issued under the unsecured line of credit. The Company obtained seven letters of credit aggregating $20.5 million which were provided to mortgage lenders and other entities to secure its obligations for certain capital requirements. As of June 30, 2026, the Company had $55 million of outstanding borrowings under the unsecured line of credit and no amounts drawn on either of the 5-year or 7-year delayed-draw term loans.

20

URBAN EDGE PROPERTIES
ADDITIONAL DISCLOSURES
For the three and six months ended June 30, 2026
(in thousands)


Three Months Ended June 30, Six Months Ended June 30,
Rental Revenue: 2026 2025 2026 2025
Property rentals $ 91,322  $ 83,454  $ 177,292  $ 167,706 
Tenant expense reimbursements 31,796  31,206  72,212  65,810 
Rental revenue deemed uncollectible (473) (748) (2,674) (1,512)
Total rental revenue $ 122,645  $ 113,912  $ 246,830  $ 232,004 

Three Months Ended June 30, Six Months Ended June 30,
Composition of Property Rentals: 2026 2025 2026 2025
Minimum rent $ 83,689  $ 80,388  $ 165,944  $ 160,313 
Non-cash revenues(1)
4,847  2,841  7,739  6,204 
Percentage rent 536  225  1,359  1,128 
Lease termination income(1)
2,250  —  2,250  61 
Total property rentals $ 91,322  $ 83,454  $ 177,292  $ 167,706 

Three Months Ended June 30, Six Months Ended June 30,
Certain Non-Cash Items: 2026 2025 2026 2025
Straight-line rents(2)
$ 246  $ 386  $ 608  $ 1,164 
Amortization of below-market lease intangibles, net(2)
4,601  2,455  7,131  5,040 
Lease expense GAAP adjustments(3)
(71) (79) (144) (170)
Amortization of deferred financing costs(4)
(1,359) (1,213) (2,682) (2,340)
Capitalized interest(4)
3,762  2,970  7,472  5,772 
Share-based compensation expense(5)
(2,908) (3,566) (6,564) (6,273)
Three Months Ended June 30, Six Months Ended June 30,
Capital Expenditures:(6)
2026 2025 2026 2025
Redevelopment and repositioning $ 17,317  $ 9,812  $ 33,373  $ 19,530 
New development and outparcels 18,604  3,845  35,908  7,195 
Maintenance capital expenditures 2,503  7,053  3,752  10,845 
Leasing commissions 523  1,712  2,101  2,805 
Tenant improvements and leasing landlord work 4,279  3,103  10,212  6,973 
Total capital expenditures $ 43,226  $ 25,525  $ 85,346  $ 47,348 











(1) Amounts are excluded from the calculation of NOI and same-property NOI with the exception of lease termination income which is included in portfolio NOI and excluded from the calculation of same-property NOI. See page 9 for a reconciliation of net income to NOI and same-property NOI.
(2) Amounts included in the financial statement line item "Rental revenue" on the consolidated statements of income.
(3) Amounts consist of amortization of below-market ground lease intangibles and straight-line lease expense, and are included in the financial statement line item "Lease expense" on the consolidated statements of income.
(4) Amounts included in the financial statement line item "Interest and debt expense" on the consolidated statements of income.
(5) Amounts included in the financial statement line item "General and administrative" on the consolidated statements of income.
(6) Amounts presented on a cash basis.
21

URBAN EDGE PROPERTIES
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
As of June 30, 2026

Tenant Number of stores Square feet % of total square feet Annualized base rent ("ABR") % of total ABR Weighted average ABR per square foot
Average remaining term of ABR(1)
The TJX Companies(2)
28  873,159  5.5% $ 18,893,725  5.6% $ 21.64  3.8 
Burlington 12  568,926  3.6% 10,715,283  3.2% 18.83  4.7 
Kohl's 9  855,561  5.3% 9,980,148  3.0% 11.67  4.6 
Best Buy 9  412,305  2.6% 9,914,625  2.9% 24.05  4.5 
Lowe's Companies 6  976,415  6.1% 9,421,256  2.8% 9.65  4.2 
The Home Depot 5  538,742  3.4% 9,189,305  2.7% 17.06  11.6 
Walmart 5  780,788  4.9% 9,098,422  2.7% 11.65  6.4 
ShopRite 5  361,053  2.3% 6,826,508  2.0% 18.91  9.0 
Petsmart 11  237,034  1.5% 6,636,961  2.0% 28.00  3.7 
BJ's Wholesale Club 4  454,297  2.8% 6,340,989  1.9% 13.96  3.8 
Amazon(3)
4  183,923  1.1% 6,059,412  1.8% 32.95  5.4 
The Gap(4)
14  208,937  1.3% 5,681,061  1.7% 27.19  4.3 
Dick's Sporting Goods(5)
9  246,596  1.5% 5,663,709  1.7% 22.97  6.3 
Target Corporation 4  476,146  3.0% 5,565,190  1.6% 11.69  6.3 
LA Fitness 6  271,496  1.7% 5,488,641  1.6% 20.22  4.5 
Bob's Discount Furniture 6  226,221  1.4% 4,716,422  1.4% 20.85  6.3 
Nordstrom 4  132,460  0.8% 4,327,307  1.3% 32.67  6.0 
Ahold Delhaize (Stop & Shop)
3  212,216  1.3% 3,952,820  1.2% 18.63  4.4 
AMC 1  85,000  0.5% 3,267,502  1.0% 38.44  3.5 
Ulta 8  83,679  0.5% 3,070,549  0.9% 36.69  2.7 
Petco 7  93,951  0.6% 2,753,168  0.8% 29.30  2.5 
Five Below 10  93,578  0.6% 2,739,255  0.8% 29.27  3.7 
24 Hour Fitness 1  53,750  0.3% 2,700,000  0.8% 50.23  5.5 
DSW 6  117,766  0.7% 2,630,519  0.8% 22.34  3.6 
Anthropologie 1  31,450  0.2% 2,531,725  0.7% 80.50  2.3 
Total/Weighted Average 178  8,575,449  53.5% $ 158,164,502  46.9% $ 18.44  5.2
(1) In years excluding tenant renewal options. The weighted average is based on ABR.
(2) Includes Marshalls (16), T.J. Maxx (5), HomeGoods (3), HomeSense (3), and Sierra Trading Post (1).
(3) Includes Whole Foods (2) and Amazon Fresh (2).
(4) Includes Old Navy (10), Gap (3), and Banana Republic (1).
(5) Includes Dick's Sporting Goods (3), Golf Galaxy (2), Foot Locker (2), Public Lands (1), and Champs (1).



Note: Amounts shown in the table above include all retail properties, including those in redevelopment. Amounts are presented on a cash basis other than tenants in free rent periods which are shown at their initial cash rent. The table excludes executed leases that have not yet rent commenced.
22

URBAN EDGE PROPERTIES
LEASING ACTIVITY
For the three and six months ended June 30, 2026

Three Months Ended June 30, 2026 Six Months Ended
June 30, 2026		 Year Ended
December 31, 2025
GAAP(2)
Cash(1)
GAAP(2)
Cash(1)
GAAP(2)
Cash(1)
New Leases
Number of new leases executed 13  13  26  26  58  58 
Total square feet 120,211  120,211  204,391  204,391  360,691  360,691 
Number of same space leases 9  9  18  18  40  40 
Same space square feet 89,911  89,911  148,730  148,730  205,748  205,748 
Prior rent per square foot $ 15.94  $ 16.67  $ 15.94  $ 16.92  $ 23.39  $ 24.69 
New rent per square foot $ 21.21  $ 18.81  $ 24.64  $ 21.74  $ 35.88  $ 32.59 
Same space weighted average lease term (years) 12.9  12.9  11.7  11.7  9.7  9.7 
Same space TIs per square foot N/A $ 15.76  N/A $ 25.88  N/A $ 38.99 
Rent spread 33.0  % 12.8  % 54.6  % 28.5  % 53.4  % 32.0  %
Renewals & Options
Number of leases executed 13  13  45  45  104  104 
Total square feet 78,782  78,782  413,560  413,560  1,139,359  1,139,359 
Number of same space leases 13  13  45  45  104  104 
Same space square feet 78,782  78,782  413,560  413,560  1,139,359  1,139,359 
Prior rent per square foot $ 31.74  $ 31.74  $ 24.92  $ 24.92  $ 21.91  $ 21.91 
New rent per square foot $ 35.30  $ 34.74  $ 27.81  $ 27.35  $ 24.64  $ 24.27 
Same space weighted average lease term (years) 5.1  5.1  4.8  4.8  5.4  5.4 
Same space TIs per square foot N/A $ —  N/A $ —  N/A $ 0.26 
Rent spread 11.2  % 9.5  % 11.6  % 9.8  % 12.5  % 10.8  %
Total New Leases and Renewals & Options
Number of leases executed 26  26  71  71  162  162 
Total square feet 198,993  198,993  617,951  617,951  1,500,050  1,500,050 
Number of same space leases 22  22  63  63  144  144 
Same space square feet 168,693  168,693  562,290  562,290  1,345,107  1,345,107 
Prior rent per square foot $ 23.32  $ 23.71  $ 22.55  $ 22.81  $ 22.13  $ 22.34 
New rent per square foot $ 27.79  $ 26.25  $ 26.97  $ 25.87  $ 26.36  $ 25.55 
Same space weighted average lease term (years) 9.3  9.3  6.7  6.7  6.0  6.0 
Same space TIs per square foot N/A $ 8.40  N/A $ 6.85  N/A $ 6.19 
Rent spread 19.2  % 10.7  % 19.6  % 13.4  % 19.1  % 14.4  %
(1) Rents are not calculated on a straight-line (GAAP) basis. Previous/expiring rent is the rent at expiry. New rent is the rent paid at commencement.
(2) Rents are calculated on a straight-line (GAAP) basis.










23

URBAN EDGE PROPERTIES
LEASES EXECUTED BUT NOT YET RENT COMMENCED
As of June 30, 2026

The Company has signed leases that have not yet rent commenced that are expected to generate an incremental $22.0 million of future annual gross rent, representing approximately 7% of annualized NOI as of June 30, 2026. Approximately $16.0 million of this amount pertains to leases included in Active Development, Redevelopment and Anchor Repositioning Projects on page 31. National and regional tenants represent approximately 90% of the leased but not yet rent commenced pipeline. The below table illustrates the incremental gross rent expected to be recognized in the remainder of 2026 and the following three years, in the respective periods, from commencement of these leases.
chart-49ea325c51ff4815a42.jpg
Gross rents illustrated in the table above and their impact on same-property metrics in the respective years, based on the current full-year 2026 same-property pool, are as follows:
(in thousands)
2026(1)
2027 2028 2029
Same-property $ 1,500  $ 9,300  $ 11,600  $ 12,500 
(1) Remainder of 2026.

The below table summarizes the changes in annualized gross rent from leases executed but not yet rent commenced since March 31, 2026:
(in thousands) Annualized Gross Rent
Leases executed but not yet rent commenced as of March 31, 2026 $ 21,700 
Less: Leases commenced during the second quarter
 (2,600)
Plus: Leases executed during the second quarter
 2,900 
Leases executed but not yet rent commenced as of June 30, 2026
 $ 22,000 

24

URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE
As of June 30, 2026


ANCHOR TENANTS (SF>=10,000) SHOP TENANTS (SF<10,000) TOTAL TENANTS
Year(1)
# of leases Square Feet % of Total SF
Weighted Avg ABR PSF(2)
# of leases Square Feet % of Total SF
Weighted Avg ABR PSF(2)
# of leases Square Feet % of Total SF
Weighted Avg ABR PSF(2)
M-T-M 1  23,000  0.2% $ 5.25  16  29,000  1.0% $ 35.06  17  52,000  0.3% $ 21.88 
2026 2  44,000  0.3% 17.92  22  50,000  1.8% 47.54  24  94,000  0.6% 33.67 
2027 24  939,000  7.1% 12.17  115  357,000  12.5% 37.05  139  1,296,000  8.1% 19.02 
2028 28  943,000  7.2% 20.96  99  309,000  10.9% 44.10  127  1,252,000  7.8% 26.67 
2029 59  2,404,000  18.3% 21.86  109  361,000  12.7% 44.45  168  2,765,000  17.3% 24.81 
2030 44  2,304,000  17.5% 13.20  67  232,000  8.1% 46.58  111  2,536,000  15.9% 16.25 
2031 32  1,586,000  12.1% 18.08  83  284,000  10.0% 39.69  115  1,870,000  11.7% 21.36 
2032 17  564,000  4.3% 17.88  58  204,000  7.2% 37.14  75  768,000  4.8% 23.00 
2033 22  722,000  5.5% 18.86  41  138,000  4.8% 41.41  63  860,000  5.4% 22.48 
2034 21  830,000  6.3% 20.05  48  168,000  5.9% 39.46  69  998,000  6.2% 23.32 
2035 20  758,000  5.8% 20.13  51  187,000  6.6% 38.88  71  945,000  5.9% 23.84 
2036 12  379,000  2.9% 15.12  37  145,000  5.1% 38.65  49  524,000  3.3% 21.63 
Thereafter 26  1,337,000  10.1% 19.06  37  148,000  5.1% 38.60  63  1,485,000  9.3% 21.01 
Subtotal/Average 308  12,833,000  97.6% $ 17.97  783  2,612,000  91.7% $ 40.96  1,091  15,445,000  96.6% $ 21.85 
Vacant 12  312,000  2.4%  N/A 101  235,000  8.3%  N/A 113  547,000  3.4%  N/A
Total/Average 320  13,145,000  100.0%  N/A 884  2,847,000  100.0%  N/A 1,204  15,992,000  100.0  %  N/A
(1) Year of expiration excludes tenant renewal options.
(2) Weighted average annual base rent per square foot is calculated by annualizing tenants' base cash rent, including ground rent, and excludes tenant reimbursements and concessions and storage rent.


Note: Amounts shown in the table above include both current leases and signed leases that have not commenced on vacant spaces for all retail properties (excludes Sunrise Mall and includes properties in redevelopment) and excludes 58,000 sf of self-storage space.
25

URBAN EDGE PROPERTIES
RETAIL PORTFOLIO LEASE EXPIRATION SCHEDULE ASSUMING EXERCISE OF ALL OPTIONS
As of June 30, 2026


ANCHOR TENANTS (SF>=10,000) SHOP TENANTS (SF<10,000) TOTAL TENANTS
Year(1)
# of leases Square Feet % of Total SF
Weighted Avg ABR PSF(2)
# of leases Square Feet % of Total SF
Weighted Avg ABR PSF(2)
# of leases Square Feet % of Total SF
Weighted Avg ABR PSF(2)
M-T-M 1  23,000  0.2% $ 5.25  16  29,000  1.0% $ 35.06  17  52,000  0.3% $ 21.88 
2026 2  44,000  0.3% 17.92  18  43,000  1.5% 49.41  20  87,000  0.5% 33.49 
2027 5  64,000  0.5% 23.29  73  189,000  6.6% 41.46  78  253,000  1.6% 36.87 
2028 5  229,000  1.7% 19.34  57  155,000  5.4% 46.05  62  384,000  2.4% 30.12 
2029 14  364,000  2.8% 23.07  59  171,000  6.0% 46.94  73  535,000  3.3% 30.70 
2030 12  381,000  2.9% 18.60  40  128,000  4.5% 44.64  52  509,000  3.2% 25.15 
2031 8  263,000  2.0% 20.66  40  103,000  3.6% 44.74  48  366,000  2.3% 27.43 
2032 6  219,000  1.7% 23.33  43  136,000  4.8% 40.69  49  355,000  2.2% 29.98 
2033 14  317,000  2.4% 31.23  27  71,000  2.5% 57.77  41  388,000  2.4% 36.08 
2034 20  622,000  4.7% 24.87  47  162,000  5.7% 43.35  67  784,000  4.9% 28.69 
2035 12  196,000  1.5% 23.55  25  91,000  3.2% 47.53  37  287,000  1.8% 31.16 
2036 7  127,000  1.0% 22.50  38  151,000  5.3% 41.80  45  278,000  1.7% 32.98 
Thereafter 202  9,984,000  75.9% 23.73  300  1,183,000  41.6% 52.37  502  11,167,000  70.0% 26.76 
Subtotal/Average 308  12,833,000  97.6% $ 23.58  783  2,612,000  91.7% $ 48.18  1,091  15,445,000  96.6% $ 27.74 
Vacant 12  312,000  2.4%  N/A 101  235,000  8.3%  N/A 113  547,000  3.4%  N/A
Total/Average 320  13,145,000  100.0%  N/A 884  2,847,000  100.0%  N/A 1,204  15,992,000  100.0%  N/A
(1) Year of expiration includes tenant renewal options.
(2) Weighted average annual base rent per square foot is calculated by annualizing tenants' base cash rent, including ground rent, and excludes tenant reimbursements and concessions and storage rent and is adjusted for assumed exercised options using option rents specified in the underlying leases. Weighted average annual base rent for leases whose future option rent is based on fair market value or CPI is reported at the last stated option rent in the respective lease.


Note: Amounts shown in table above include both current leases and signed leases that have not commenced on vacant spaces for all retail properties (excludes Sunrise Mall and includes properties in redevelopment) and excludes 58,000 sf of self-storage space.
26
        
                                        

URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2026
(dollars in thousands, except per sf amounts)

Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(6)
Major Tenants
RETAIL PORTFOLIO:
California:
Walnut Creek (Mt. Diablo)(4)
7,000  100.0% $71.67 — Sweetgreen
Walnut Creek (Olympic) 31,000  100.0% 80.50 — Anthropologie
Connecticut:
Newington Commons 189,000  90.0% 10.57 $15,393 Walmart, Bob's Discount Furniture
Maryland:
Goucher Commons 155,000  100.0% 26.74 — Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy, La-Z-Boy
Rockville Town Center 98,000  100.0% 13.47 — Regal Entertainment Group
The Village at Waugh Chapel 382,000  97.9% 25.25 $56,141 Safeway, Marshalls, HomeGoods, T.J. Maxx, LA Fitness
Wheaton (leased through 2060)(3)
66,000  100.0% 20.07 — Best Buy
Woodmore Towne Centre 714,000  98.7% 18.50 $117,200 Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Brighton Mills(5)
91,000  100.0% 26.85 — Star Market, Petco
Cambridge (leased through 2033)(3)
48,000  100.0% 30.53 — PetSmart, Central Rock Gym
Gateway Center 640,000  100.0% 9.89 — Costco, Target, Home Depot, Total Wine, Boot Barn
Shoppers World 756,000  100.0% 23.66 $123,600 T.J. Maxx, Marshalls, HomeSense, Sierra Trading Post, Public Lands, Golf Galaxy, Nordstrom Rack, Hobby Lobby, AMC, Kohl's, Best Buy
The Shops at Riverwood 79,000  100.0% 27.45 $20,379 Price Rite, Planet Fitness, Goodwill
Wonderland Marketplace 140,000  100.0% 14.51 — Planet Fitness, Marshalls, Burlington, Get Air
Missouri:
Manchester Plaza 131,000  100.0% 12.28 $12,500 Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102)(3)
39,000  100.0% 10.82 — Fun City
New Jersey:
Bergen Town Center - East(5)
209,000  100.0% 20.40 — Lowe's, Best Buy
Bergen Town Center - West 1,011,000  98.1% 34.74 $286,052 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's, World Market
Briarcliff Commons(5)(8)
180,000  100.0% 25.91 $30,000 Uncle Giuseppe's, Kohl's
Brick Commons 281,000  100.0% 22.77 $50,000 ShopRite, Kohl's, Marshalls, Old Navy
Brunswick Commons 427,000  100.0% 16.52 $63,000 Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness
Carlstadt Commons (leased through 2050)(3)
78,000  98.3% 21.80 — Food Bazaar
Garfield Commons 298,000  98.1% 16.19 $37,746 Walmart, Burlington, Marshalls, PetSmart, Ulta
Greenbrook Commons 170,000  100.0% 20.36 $31,000 BJ's Wholesale Club, Aldi
Hackensack Commons 275,000  100.0% 27.36 $66,400 The Home Depot, 99 Ranch, Staples, Petco
Hanover Commons 343,000  90.3% 24.19 $58,304 The Home Depot, Dick's Sporting Goods, Marshalls
Heritage Square 87,000  100.0% 31.77 — HomeSense, Sierra Trading Post, Ulta
Hudson Commons 236,000  96.1% 14.91 — Lowe's, P.C. Richard & Son, Boot Barn
Hudson Mall 359,000  80.8% 21.28 — Marshalls, Retro Fitness, Staples, Old Navy, Burlington, HomeGoods (lease not commenced)
27
        
                                        

URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2026
(dollars in thousands, except per sf amounts)

Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(6)
Major Tenants
Kearny Commons 123,000  100.0% 26.62 — LA Fitness, Marshalls, Ulta
Ledgewood Commons 447,000  93.4% 16.47 $50,000 Walmart, Ashley Furniture, Barnes & Noble, Burlington, DSW, Marshalls, Old Navy, Ulta, Restaurant Depot (lease not commenced)
Lodi Commons 43,000  100.0% 21.43 — Dollar Tree
Manalapan Commons 200,000  99.0% 23.67 — Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health, Nordstrom Rack
Marlton Commons 224,000  100.0% 19.46 $34,919 ShopRite, Kohl's, PetSmart
Millburn Gateway Center 104,000  84.8% 34.00 $20,748 Trader Joe's, CVS, PetSmart
Montclair 18,000  100.0% 35.20 $7,127 Whole Foods Market
Paramus (leased through 2033)(3)
63,000  100.0% 49.97 — 24 Hour Fitness
Plaza at Cherry Hill 414,000  67.3% 16.51 — Aldi, Total Wine, Raymour & Flanigan, Guitar Center
Plaza at Woodbridge 295,000  97.3% 22.79 $62,500 Trader Joe's, Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym, Ross Dress for Less
Rockaway River Commons 189,000  96.4% 15.71 $25,352 ShopRite, T.J. Maxx
Rutherford Commons (leased through 2099)(3)
196,000  100.0% 14.10 $23,000 Lowe's
Stelton Commons (leased through 2039)(3)
56,000  100.0% 22.77 — Staples, Party City
The Village at Bridgewater Commons(5)
92,000  95.5% 38.43 — Summit Health, Chipotle, Cava, Starbucks, Shake Shack
Tonnelle Commons 411,000  100.0% 23.67 $92,394 BJ's Wholesale Club, Walmart, PetSmart
Totowa Commons 272,000  100.0% 22.58 $50,800 The Home Depot, Staples, Tesla, Lidl, Boot Barn
Town Brook Commons 232,000  99.1% 15.14 $28,634 Stop & Shop, Kohl's, Iron Revolution Gym (lease not commenced)
West Branch Commons 279,000  100.0% 17.75 — Lowe's, Burlington
West End Commons 241,000  100.0% 11.99 — Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Woodbridge Commons 225,000  84.0% 15.43 $22,100 Walmart, Dollar Tree, Advance Auto Parts
New York:
Amherst Commons 311,000  98.1% 11.35 — BJ's Wholesale Club, Burlington, LA Fitness, Ross Dress for Less, Bob's Discount Furniture
Bruckner Commons(5)
329,000  99.4% 40.79 — ShopRite, Burlington, BJ's Wholesale Club (lease not commenced), two national off-price retailers (leases not commenced)
Burnside Commons 101,000  91.6% 18.63 — Bingo Wholesale
Cross Bay Commons 44,000  100.0% 43.46 — Northwell Health
Dewitt (leased through 2041)(3)
46,000  100.0% 19.36 — Best Buy
Forest Commons 165,000  92.6% 27.02 — Western Beef, Planet Fitness, Advance Auto Parts, NYC Public School
Gun Hill Commons 81,000  100.0% 40.82 — Aldi, Planet Fitness
Henrietta Commons (leased through 2056)(3)
165,000  97.9% 5.21 — Kohl's
Huntington Commons 208,000  100.0% 23.14 $43,454 ShopRite, Marshalls, Old Navy, Petco, Burlington
Kingswood Crossing 108,000  100.0% 48.25 — Target, Marshalls, Maimonides Medical, Visiting Nurse Services, Emblem Health
Meadowbrook Commons (leased through 2040)(3)
44,000  100.0% 24.54 — Bob's Discount Furniture
Mount Kisco Commons 189,000  100.0% 18.18 $9,231 Target, Stop & Shop
New Hyde Park (leased through 2029)(3)
101,000  100.0% 23.41 — Stop & Shop
Shops at Bruckner(5)
113,000  100.0% 40.01 $36,582 Aldi, Marshalls, Five Below, Old Navy
28
        
                                        

URBAN EDGE PROPERTIES
PROPERTY STATUS REPORT
As of June 30, 2026
(dollars in thousands, except per sf amounts)

Property
Total Square Feet (1)
Percent Leased(1)
Weighted Average ABR PSF(2)
Mortgage Debt(6)
Major Tenants
Yonkers Gateway
 447,000  93.2% 21.04 $50,000 Burlington, Marshalls, HomeSense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema, Trader Joe's (lease not commenced)
Pennsylvania:
Broomall Commons(5)
170,000  100.0% 15.91 — Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital
Lincoln Plaza 228,000  100.0% 5.73 — Lowe's, Community Aid, Mattress Firm
Marten Commons 185,000  97.8% 16.14 — Kohl's, Ross Dress for Less, Staples, Petco
Wilkes-Barre Commons 184,000  79.6% 14.14 — Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco
Wyomissing (leased through 2065)(3)
76,000  100.0% 16.61 — LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063)(3)
45,000  100.0% 16.43 — Best Buy
Virginia:
Norfolk (leased through 2069)(3)
114,000  100.0% 8.56 — BJ's Wholesale Club
Puerto Rico:
Shops at Caguas 356,000  96.5% 34.05 $79,190 Sector Sixty6, Old Navy, Foot Locker
The Outlets at Montehiedra(5)
538,000  96.9% 25.23 $70,316 Ralph's Food Warehouse, The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, T.J. Maxx, Burlington
Total Retail Portfolio 15,992,000  96.6% $21.85 $1,674,062
Sunrise Mall(4)(5)(7)
17,000  53.5% 39.57 — Held for future redevelopment
Total Urban Edge Properties 16,009,000  96.5% $21.86 $1,674,062
(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease, excluding temporary tenants. The Company excludes 58,000 sf of self-storage from the report above.
(2) Weighted average annual base rent per square foot including ground leases and executed leases for which rent has not commenced is calculated by annualizing tenants' current base rent (excluding any free rent periods), and excluding tenant reimbursements, concessions and storage rent. Excluding the ground leases where the Company is the lessor, the weighted average annual base rent per square foot for our retail portfolio is $24.45 per square foot.
(3) The Company is a lessee under a ground or building lease. The total square feet disclosed for the building will revert to the lessor upon lease expiration.
(4) We own 95% of Walnut Creek (Mt. Diablo) and 82.5% of Sunrise Mall with the remaining portions in each case owned by joint venture partners.
(5) Not included in the same-property pool for the purposes of calculating same-property metrics for the quarters ended June 30, 2026 and 2025.
(6) Mortgage debt balances exclude unamortized debt issuance costs.
(7) A portion of the property is under a ground lease through 2069. Leasable area excludes 1.2 million sf as the asset is being held for future redevelopment.
(8) This property is classified as held for sale and the mortgage secured by the property has been reclassified and is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets as of June 30, 2026.


29

URBAN EDGE PROPERTIES
PROPERTY ACQUISITIONS AND DISPOSITIONS
For the six months ended June 30, 2026
(dollars in thousands)

2026 Property Acquisitions:
Date Acquired Property Name City State GLA Price
3/30/2026 The Village at Bridgewater Commons Bridgewater NJ 92,000  $ 54,325 
6/25/2026
Shoppers World (Leasehold Interest)(1)
Framingham MA —  $ 10,675 
2026 Property Dispositions:
Date Disposed Property Name City State GLA Price
None.
(1) Pertains to the acquisition of a leasehold interest in a ground lease at the property to take over as lessor for the underlying tenant.





30

URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2026
(in thousands, except square footage data)

Active Projects
Estimated Gross Cost(1)
Incurred as of 6/30/26
Target Stabilization(2)
Description and Status
Bruckner Commons (Phase A)(5)
$ 57,900  $ 44,500  2Q27 Retenanting a portion of the former Kmart box with BJ's Wholesale Club
Bruckner Commons (Phase C)(5)
17,200  9,700  3Q27 Retenanting remainder of the former Kmart box with national off-price retailers
Bruckner Commons (Phase B)(5)
11,500  7,000  1Q27 Redeveloping Toys "R" Us box with two new pads for Chick-fil-A and Chipotle
Yonkers Gateway Center (Phase C)(3)
8,400  5,100  1Q27 Redemising multiple suites for Trader Joe's and Hallmark relocation
Bergen Town Center (Phase F)(3)
8,100 1,700  4Q27 Developing new 10,000± sf pad for Tommy's Tavern + Tap
Millburn Gateway Center(3)
7,600 500  3Q27 Retenanting portion of vacant Motion Fitness with Barry's Bootcamp and small shops
Manalapan Commons (Phase B)(3)
7,500  6,300  3Q26 Backfilling vacant Bed Bath & Beyond with Nordstrom Rack (open) and Fidelity
Plaza at Woodbridge (Phase C)(3)
5,900 300  4Q28 Developing new 8,000± sf multi-tenant pad for Cava and small shops
Kingswood Crossing (Phase A)(3)
5,300 5,000  4Q26 Adding 17,000± sf Emblem Health (open)
Bergen Town Center (Phase G)(3)
4,100 4,000  4Q26 Adding Capon's Burgers and Tatte Bakery & Cafe (open)
Woodmore Towne Centre (Phase B)(3)
3,800 100  2Q28 Developing new 4,600± sf pad for Patriot Urgent Care and national quick-service restaurant
The Outlets at Montehiedra (Phase F)(5)
3,500 800  4Q26 Terminated below-market 10,000± sf lease and backfilling with Coach and Bath & Body Works (open)
Hudson Mall (Phase B)(3)
3,100 600  2Q27 Retenanting former Big Lots with HomeGoods
Ledgewood Commons (Phase B)(3)
2,900 —  3Q28 Retenanting rear portion of the former At Home box with Restaurant Depot
Woodmore Towne Centre (Phase A)(3)
1,900 700  1Q27 Developing new pad for free standing Bank of America
Ledgewood Commons (Phase A)(3)
1,700 200  4Q26 Developing new restaurant pad for Tommy's Tavern + Tap
Bergen Town Center (Phase H)(3)
1,600 1,200  3Q26 Retenanting vacancy with Adidas
The Outlets at Montehiedra (Phase G)(5)
1,500 100  2Q27 Developing new pad for First Bank
Plaza at Woodbridge (Phase B)(3)
1,500 500  4Q27 Expanding existing ExtraSpace self-storage by 13,000± sf in vacant space
Total $ 155,000 
(4)
 $ 88,300 
(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.
(2) Target Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Target Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table on page 32. The Target Stabilization date is an estimate and is subject to change resulting from uncertainties inherent in the development process and not wholly under the Company's control.
(3) Results from these properties are included in our same-property metrics for the quarter ended June 30, 2026.
(4) The estimated, unleveraged yield for total Active Projects is 12% based on total estimated project costs and the incremental, unleveraged NOI directly attributable to the projects unless otherwise noted. The incremental, unleveraged NOI for Active Projects excludes NOI generated outside the project scope such as the impact on future lease rollovers or on the long-term value of the property. The unleveraged yield for projects related to vacant spaces is based on the total NOI directly attributable to the project and the estimated project costs.
(5) Results from these properties are included in our same-property including redevelopment metrics for the quarter ended June 30, 2026.












31

URBAN EDGE PROPERTIES
DEVELOPMENT, REDEVELOPMENT AND ANCHOR REPOSITIONING PROJECTS
As of June 30, 2026
(in thousands, except square footage data)

Completed Projects
Estimated Gross Cost(1)
Incurred as of 6/30/26
Stabilization(2)
Description
Hudson Mall (Phase A)(3)
$ 12,700  $ 12,300  2Q26 Retenanted former Toys "R" Us box with Burlington
Plaza at Woodbridge (Phase A)(3)
2,100  1,900  1Q26 Retenanted 40,000 sf of former Bed Bath & Beyond with Trader Joe's and Ross Dress for Less
Totowa Commons (Phase B)(3)
1,900  1,800  1Q26 Retenanted vacant space with 27,000 sf Lidl and 18,000 sf Boot Barn
The Outlets at Montehiedra (Phase B)(6)
1,700 1,400  1Q26 Delivered new 6,000± sf pad for Texas Roadhouse
Plaza at Cherry Hill (Phase C)(3)
1,100 1,100  1Q26 Backfilled vacant space with 10,000 sf Big Blue Swim School
Totowa Commons (Phase A)(3)
5,700 5,600  4Q25 Backfilled former Bed Bath & Beyond box with Tesla
Bergen Town Center (Phase E)(3)
3,400 3,400  4Q25 Backfilled vacant Midas space with First Watch
Yonkers Gateway Center (Phase B)(3)
2,600 2,600  4Q25 Relocated Red Wing Shoes, added Dave's Hot Chicken into vacant shop space and expanded Best Buy in former Red Wing Shoes
Newington Commons(3)
1,400  1,400  3Q25 Backfilled former Staples with Bob's Discount Furniture
Total $ 32,600 
(4)
 $ 31,500 



Future Redevelopment(5)
Location Opportunity
Brunswick Commons(3)
East Brunswick, NJ Develop new pad
Hudson Mall(3)
Jersey City, NJ Reposition mall with retail and amenity upgrades and consideration of alternate uses
The Plaza at Cherry Hill(3)
Cherry Hill, NJ Renovate exterior of center and common areas and upgrade tenancy
Sunrise Mall Massapequa, NY Redevelop mall including consideration of alternate uses

(1) Estimated gross cost includes the allocation of internal costs such as labor, interest and taxes.
(2) Stabilization reflects the first quarter in which at least 80% of the expected NOI from the project has commenced. A project achieving Stabilization is classified as Completed whether or not all costs have been expended and remains listed as a Completed project for one year in the table above.
(3) Results from these properties are included in our same-property metrics for the quarter ended June 30, 2026.
(4) The estimated unleveraged yield for Completed projects is 25% based on total estimated project costs and the incremental, unleveraged NOI directly attributable to the projects unless otherwise noted. The incremental, unleveraged NOI for Completed projects excludes NOI generated outside the project scope such as the impact on future lease rollovers or on the long-term value of the property. The unleveraged yield for projects related to vacant spaces as a result of bankruptcy is based on the total NOI directly attributable to the project and the estimated project costs.
(5) The Company has identified future redevelopment opportunities which are, or will soon be, in planning phases and as such, may not ultimately become active projects. Proceeding with these investments is subject to many factors outside of the Company's control, and it is possible that municipal or other approvals may delay or suspend our ability to proceed with such plans. The execution of these projects is discretionary and we are under no current obligation to fund these projects.
(6) Results from these properties are included in our same-property including redevelopment metrics for the quarter ended June 30, 2026.

32

URBAN EDGE PROPERTIES
DEBT SUMMARY
As of June 30, 2026 and December 31, 2025
(in thousands)
June 30, 2026 December 31, 2025
Secured fixed rate debt $ 1,644,062  $ 1,619,388 
Unsecured variable rate debt 55,000  — 
Total debt(1)
$ 1,699,062  $ 1,619,388 
% Secured fixed rate debt 96.8  % 100.0  %
% Unsecured variable rate debt 3.2  % —  %
Total 100.0  % 100.0  %
Secured mortgage debt $ 1,644,062  $ 1,619,388 
Unsecured debt(2)
55,000  — 
Total debt(1)
$ 1,699,062  $ 1,619,388 
% Secured mortgage debt 96.8  % 100.0  %
% Unsecured debt 3.2  % —  %
Total 100.0  % 100.0  %
Weighted average remaining maturity on secured mortgage debt(3)
3.3 years 3.7 years
Weighted average remaining maturity on unsecured debt 5 years N/A
Total market capitalization (see page 20) $ 4,753,470 
% Secured mortgage debt 34.6  %
% Unsecured debt 1.2  %
Total debt: Total market capitalization 35.8  %
Weighted average interest rate on secured mortgage debt(4)
5.02  % 5.03  %
Weighted average interest rate on unsecured debt(4)
4.63  % —  %
Total debt 5.01  % 5.03  %
Note: All amounts and calculations exclude unamortized debt issuance costs on mortgages payable.
(1) Total debt excludes unamortized debt issuance costs of $11.9 million and the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026.
(2) As of June 30, 2026, there was $55 million outstanding under our unsecured line of credit, which has a maturity date of June 28, 2030 with two six-month extension options. Borrowings under the unsecured line of credit bear interest at SOFR plus 1.00% with an annual facility fee of 0.15% based on the Company's current leverage ratio. As of June 30, 2026, the Company had obtained seven letters of credit issued under the unsecured line of credit aggregating $20.5 million which were provided to mortgage lenders and other entities to secure its obligations for certain capital requirements. The letters of credit remain undrawn but have reduced the amount available under the unsecured line of credit commensurate with their face values.
(3) Weighted average remaining maturity on secured mortgage debt excludes the $30.0 million mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. Including the $30.0 million held for sale mortgage, the weighted average remaining maturity on secured debt is 3.4 years.
(4) Weighted average interest rate is calculated based on balances outstanding at the respective dates and excludes the $30.0 million, 5.47% fixed rate mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. Including the mortgage secured by our property in Morris Plains, NJ, the weighted average interest rate on secured mortgage debt and total debt is 5.03% and 5.01%, respectively.
33

URBAN EDGE PROPERTIES
MORTGAGE DEBT SUMMARY
As of June 30, 2026 and December 31, 2025
(dollars in thousands)

Property Maturity Date Rate
June 30,
2026
 December 31, 2025
Percent of Mortgage Debt at
June 30, 2026
Town Brook Commons 12/1/2026 3.78  % $ 28,634  $ 28,965  1.7  %
Rockaway River Commons 12/1/2026 3.78  % 25,352  25,645  1.5  %
Hanover Commons 12/10/2026 4.03  % 58,304  58,935  3.5  %
Tonnelle Commons 4/1/2027 4.18  % 92,394  93,377  5.5  %
Manchester Plaza 6/1/2027 4.32  % 12,500  12,500  0.7  %
Millburn Gateway Center 6/1/2027 3.97  % 20,748  21,013  1.2  %
Totowa Commons 12/1/2027 4.33  % 50,800  50,800  3.0  %
Woodbridge Commons 12/1/2027 4.36  % 22,100  22,100  1.3  %
Brunswick Commons 12/6/2027 4.38  % 63,000  63,000  3.8  %
Rutherford Commons 1/6/2028 4.49  % 23,000  23,000  1.4  %
Hackensack Commons 3/1/2028 4.36  % 66,400  66,400  4.0  %
Marlton Commons 12/1/2028 3.86  % 34,919  35,295  2.1  %
Yonkers Gateway Center 4/10/2029 6.30  % 50,000  50,000  3.0  %
Ledgewood Commons 5/5/2029 6.03  % 50,000  50,000  3.0  %
The Shops at Riverwood 6/24/2029 4.25  % 20,379  20,577  1.2  %
Shops at Bruckner 7/1/2029 6.00  % 36,582  36,848  2.2  %
Shoppers World(1)
8/15/2029 5.12  % 123,600  123,600  7.4  %
Greenbrook Commons 9/1/2029 6.03  % 31,000  31,000  1.9  %
Huntington Commons 12/5/2029 6.29  % 43,454  43,704  2.6  %
Bergen Town Center 4/10/2030 6.30  % 286,052  287,779  17.0  %
The Outlets at Montehiedra 6/1/2030 5.00  % 70,316  71,412  4.2  %
Montclair(2)
8/15/2030 3.15  % 7,127  7,201  0.4  %
Garfield Commons 12/1/2030 4.14  % 37,746  38,134  2.3  %
Shops at Caguas 1/31/2031 6.15  % 79,190  79,983  4.7  %
The Village at Waugh Chapel(3)
12/1/2031 3.76  % 56,141  55,784  3.4  %
Brick Commons 12/10/2031 5.20  % 50,000  50,000  3.0  %
Woodmore Towne Centre 1/6/2032 3.39  % 117,200  117,200  7.0  %
Plaza at Woodbridge(4)
3/18/2033 5.03  % 62,500  —  3.7  %
Newington Commons 7/1/2033 6.00  % 15,393  15,505  0.9  %
Briarcliff Commons(5)
10/1/2034 5.47  % 30,000  30,000  1.8  %
Mount Kisco Commons(6)
11/15/2034 6.40  % 9,231  9,631  0.6  %
Total mortgage debt 5.03  % $ 1,674,062  $ 1,619,388  100.0  %
Less: Briarcliff Commons (held for sale)(5)
10/1/2034 (5.47) % (30,000) — 
Total mortgage debt, excluding held for sale 5.02  % 1,644,062  1,619,388 
Total unamortized debt issuance costs (11,866) (12,614)
Less: Briarcliff Commons (held for sale) unamortized debt issuance costs(5)
784  — 
Total mortgage debt, net excluding held for sale $ 1,632,980  $ 1,606,774 
(1)Bears interest at SOFR plus 170 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.12%, which expires at the maturity of the loan.
(2)Bears interest at SOFR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan.
(3)The mortgage payable balance includes unamortized debt mark-to-market discount of $3.9 million.
(4)Bears interest at SOFR plus 155 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.03%, which expires on March 18, 2031.
(5)The mortgage is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets as of June 30, 2026 as the property securing it is classified as held for sale.
(6)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.5 million.





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URBAN EDGE PROPERTIES
DEBT MATURITY SCHEDULE
As of June 30, 2026
(dollars in thousands)

Year Amortization Balloon Payments
Unsecured Line of Credit(1)
Premium/(Discount) Amortization Total Weighted Average Interest rate at maturity Percent of Debt Maturing
   2026(2)
$ 8,329  $ 111,228  $ —  $ (385) $ 119,172  4.0% 7.0  %
2027 13,608  259,526  —  (774) 272,360  4.3% 16.0  %
2028 13,536  122,402  —  (773) 135,165  4.4% 8.0  %
2029 12,452  348,590  —  (773) 360,269  5.7% 21.2  %
2030 6,668  372,252  —  (773) 378,147  5.8% 22.2  %
2031 1,691  180,552  55,000  (713) 236,530  5.0% 13.9  %
2032 1,607  117,200  —  (60) 118,747  3.4% 7.0  %
2033 1,538  75,919  —  (60) 77,397  5.2% 4.6  %
2034 1,333  —  —  (58) 1,275  6.4% 0.1  %
Total $ 60,762  $ 1,587,669  $ 55,000  $ (4,369) $ 1,699,062  5.0% 100  %
Unamortized debt issuance costs (11,082)
Total outstanding debt, net(3)
$ 1,687,980 
(1) Our $700 million unsecured line of credit matures on June 28, 2030, plus two six-month extensions at our option, to June 28, 2031.
(2) Remainder of 2026.
(3) Total debt excludes the $30.0 million outstanding mortgage secured by our property in Morris Plains, NJ which is classified as held for sale as of June 30, 2026. The table also excludes the related unamortized debt issuance costs of $0.8 million.

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